Planning for your golden years is very important, and since Americans are living longer than ever it is highly likely that you will need assisted care. Most people do need assistance with activities like bathing and dressing when they get to a certain age. For some people this may mean hiring an in-home aide, and others may wish to move into an assisted living facility.
However, both of these options cost money. Many people believe that Medicare will help them pay for long-term care costs, but this is not true. According to LongTermCare.gov, Medicare will only cover acute care needs.
What are acute care needs?
Essentially, Medicare will only pay for long-term care in reaction to an immediate need. For example, if you have been in the hospital for at least 3 days and then go to a Medicare-certified nursing facility to receive skilled care at the order of a doctor, Medicare will help cover these costs.
However, even this situation has its limits. Medicare will only pay 100% for the first 20 days of your stay at the facility. On day 21 through day 100, you will need to pay an additional $164.50 her yay as a copay. After day 100, Medicare will no longer pay for you to stay in the facility.
Are there any other exceptions?
Medicare will also assist with part-time nursing care, physical therapy, and social services if a doctor reorders them for you every 60 days. Medicare will also assist in preventing further decline due to specific medical conditions. These may include, Alzheimer’s, Parkinson’s, multiple sclerosis, and stroke.
Finally, Medicare does assist with hospice care in the event of terminal illness. However, for long-term care needs, you will need to fund these yourself.