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What do Medicare and Medicaid Cover?
Will Medicare or Medicaid cover Long Term Care Expenses - What about Long Term Care Insurance?
Medicare and Medicaid are clearly not
designed for the choosy person or the individual who wants to be in
control of what happens to them when they are in need of custodial
care (or long term care). If you are interested in knowing your options for long
term care insurance coverage, you need to be aware of what Medicare
and Medicaid are intended for and what they do and do not cover.
Here's the simple explanation - If and when you get to the ripe old
age that calls for the same care that an infant needs, Medicare will
cover you (as long as you sign up for Medicare) for the first 20
days of your need - in full. From day 21 up until day 100, you
will be covered, in part, by Medicare...you will have to pay ~$98
per day as a co-pay during this period of time. This equates
to about $8000 out of pocket up until day 100. Past day 100,
Medicare will cover NOTHING; after day 100, you are on your own.
Surely the Government will step in, you say? Sure, as long as
you spend down all over your assets! Medicaid would cover you
past day 100 as long as you qualify...and the moon and stars must be
in perfect alignment!
Would you want to be covered by Medicaid anyway? Would you want to be on a waiting list to get into the old folks home of the Government's choosing or would you like to be able to choose for yourself? This is the benefit of having your own long term care insurance policy. You don't have to spend down your assets, you don't have to risk losing your nest egg that you worked so hard for, and you don't have to burden your family.
In the section on "long term care
insurance features" I mentioned that Medicare and Medicaid had
something to do with the elimination period. Here's why:
If Medicare covers you up until 20 days and you are liable (at least
in part) after 20 days, you may want to consider a shorter
elimination period (waiting period; time deductible). If you
don't mind the out of pocket co-pay expense from day 21 until day
100, you would do best to go with a 100 day elimination period (or
thereabout). If you really want to bear a great deal of the
initial burden before the policy kicks in, many policies offer up to
180 days of elimination or waiting period. Keep in mind that
the shorter the waiting period, the more expensive the long term
care insurance policy.
For the difficult explanation, consult with the Medicare and
Medicaid Departments!
GE Long Term Care Insurance covers the insured whether they
want facility care, at-home care; skilled nursing facility care, or
nursing home care.
Medicare and Medicaid will only last so long and will only cover you
under certain circumstances. Trust me, you do not want to
leave this uncovered risk up to the government! If you rely
upon Medicare and Medicaid, you will end up at the mercy of "the
system". Further, Long Term Care costs are very high - in some
States the cost of care is around $300 per day! Don't let this
deplete your family's resources - get a long term care insurance
policy as soon as possible while you still qualify medically and
while you are in your money making years.
I want to invite you to read more
about long term care insurance and the benefits of getting a long
term care insurance policy. I appreciate your comments and
emails and I look forward to working with you to achieve the
financial security and comfort that you have worked so hard for.
Please read on:
GE Long Term Care Insurance
Long Term Care Insurance Features
What do Medicare and Medicaid cover (and not cover!); What about
Medicare and Medicaid?
GE Long Term Care Insurance is the
only Long Term Care Insurance Product you need!
Request your quote for long term care insurance coverage today by clicking here
- Your quote will be emailed to you right away.
