Wednesday, April 11, 2012

How People Pay for Long-Term Care Services

One of the biggest misconceptions about long-term care insurance is that it is paid for by Medicare. This is far from the truth, on the Medicare website it even states "Generally, Medicare doesn't pay for long-term care." Medicare pays for a very limited amount of time for some medically necessary care in a skilled nursing home facility or in the home. To even receive these care benefits you must meet certain requirements.

Most long-term care is paid by personal funds, long-term care insurance or by government programs. By using personal funds you may have to use your retirement savings, retirement income, assets, or adult children may have to bear the responsibility for these costs.

Medicaid is a government program that is designed to provide care for the poor. In most states to qualify for Medicaid, you would be only allowed to have $2,000 countable assets in your name.

That leaves long-term care insurance! WSJ wrote a great article "Don't Grow Old Without It".

Visit http://www.ltcsolutions.net/ltc.htm to learn more!

1 comment:

  1. Fortunately I still have my Medicare and will use it as long as possible, instead of this wonderful Obamacare they implement. I would rather use instant money for unforseen medical bills than Insure myself untill everything is settled with the reform.

    ReplyDelete