There are huge misconceptions about what Medicare covers and if it will pay for long-term care needs. Some people believe they are covered because they have Medicare and a Medicare supplement plan, but unfortunately this is not the case. It’s important to understand what your plans cover before you need long-term care.
In a recent survey, 34% of people believed Medicare would pay for long-term care, and 27% had no idea what Medicare would pay for. Our goal is to help educate people about these common misconceptions so they can be prepared when situations arise.
Medicare will pay for short stays in nursing or rehab facilities, but if you need continual care at home or at a facility you will need an alternative way to pay for care. And for younger people, most private insurance plans will not cover long-term care services like a nursing home or ongoing care provided by a licensed home health care aide.
However, when surveyed, 18% of people believed their private insurance plan would cover ongoing nursing home care, and 25% believed their private insurance plan would pay for ongoing care at home.
The reality is that most people don’t want to think about these things. As a result, another government program called Medicaid is used for over half of long-term care needs. Of course, when you are using Medicaid your choices are much more limited. It cannot be overstated how limited your choices may become, so this is why advance planning is essential.
“Medicaid is a federally funded and state funded needs-based benefits that will provide for various types of Long-Term Care depending on the state’s regulations.” As stated, the program paid in 2013 for over half of all long-term care needs in America yet over half of people surveyed do not expect to need to use Medicaid in their lifetimes.
At our free dinner seminar next Tuesday, we will discuss these topics and we will go into greater detail. Please reserve your spot by following the link below. If you are not in the Concord, North Carolina area, we would be happy to arrange a time to speak to you and to answer your questions. Please call 704.717.4848.