As we age, at some point we’re going to have to start thinking about Long Term Care. If your like most people, it’s something we don’t want to think about or we just keep putting it off. Statistics show that almost 70% of people will need Long Term Care at some point in their life.
There are several options on getting Long Term Care coverage. The standard LTC policy is one option, but can be very expensive, depending on your health status and your age. There are a couple of other options, which have gained some popularity recently. Life insurance plans and some annuities have riders built into the policy which cover LTC. You pretty much have to sit down with an agent to discuss each one to better understand how they work. But what does Medicare cover? Does my current health policy have any Long Term Care benefits? These are just a couple of questions we need to take a look at to better understand what our Long Term Care needs are.
If you want to learn more about the different options for Long Term care, call the office at Cornerstone and I would be happy to explain the different options you have for Long Term care, or if your turning 65 and want to know your Medicare options.
–Dave Obregon | 888-355-1599
Although Medicare is usually thought of as coverage for hospital stays (Part A) and doctor visits (part B), it also has an application to senior living. When I speak to groups of people who are considering moving to a retirement community—specifically continuing care retirement communities (CCRCs)—I’m often asked how Medicare plays into the decision. I’ll address this in another post next week, but first, it’s important to understand a few important details about Medicare.
Neither Medicare nor Medicare supplement plans provide coverage for assisted living—if that is the ONLY type of care needed. Assisted living, sometimes referred to as custodial care or personal care, involves non-medical care, such as assistance with bathing, dressing, eating, toileting, etc. No matter whether such services are received in the home or in a community-based setting, Medicare will not cover the cost of assisted living services. (click here)