Is Long Term Care Covered by Medicare?

According to the U.S Department of Health and Services, 70% of Americans who reach 65 will need long term care at some point of their lives. Despite this numbers, people still underestimate the cost of long-term care. 

The cost of care is soaring nowadays actually. As a matter of fact, National Health Policy Forum reported last March 2014 that the annual median cost of a semi-private room in a nursing home in 2012 was $81,030 and $90,520 for a private room. Most people think that Medicare will cover their long term care expenses but the truth is, it doesn’t cover custodial care or the core of long term care.

You can receive long term care in a skilled nursing for 100 days but only after a hospital stay of at least three days and only if you will need medical attention. Medicare will only pay 100% of the cost of your first 20 days in the facility and after that you are responsible to shell out about $157.50 per day. 

Paying for long term care can burn a hole in your pocket so it’s imperative to plan for this as early as possible. Planning for this pressing need can mitigate the potential cost of long term care and thus helping you to protect your assets and as well as your loved ones.

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Medicare Doesn’t Cover Long Term Care

The most common misunderstanding about Medicare is that it provides coverage for the core of long term care like nursing homes, assisted living facilities, CCRCs and adult day care. The truth is this, Medicare will only cover your expenses when recovering from an injury or illness. Other than that, there’s nothing more. 

According to Medicare.gov, covers skilled care nursing facility for up to 100 days or until you recover. Only the first 20 days are covered and after that you need to shoulder everything. In addition to that, Medicare also covers short-term skilled care but only upon the advice of your doctor and as well as hospice care. 

Long term care is definitely expensive and can exhaust your nest egg if you don’t plan for this. You can consider buying long term care insurance coverage to cover your long term care expenses. It is a bit pricey too but if you purchase early, avail couple or group discounts and design a policy that is just right for you, then you can enjoy more affordable rates. 

Original Source: http://blogs.wsj.com/experts/2014/11/11/dont-count-on-medicare-for-all-your-long-term-care-costs/

5 Ways to Cover Health Care Costs in Retirement

One of the biggest concerns that people face during retirement is the high cost of healthcare and long term care. A lot of people think that government programs such as Medicare will cover their medical needs but this not the case for most Americans. According to a report by Fidelity, a couple who retired on 2013 will require more than $220,000 to cover their medical expenses. In order to avoid burning your pocket and exhausting all your assets, here are five practical ways to save money on healthcare and long term care after retirement: 

1. Get Medicare Supplemental Plan
2. Enroll in Medicaid Part D
3. Save money through prescriptions
4. Life a healthy and active lifestyle
5. Purchase ltc insurance

Visit this website for more information on how to cover your expensive long term care and healthcare cost.