Medicare & Long Term Care Coverage
It is simply not true that the government will cover for long term costs through Medicare. However, Medicare covers a limited amount of skilled care in specific situations. That is it.
To qualify for government assistance, a person who has been honest and hard working their whole life would have to give up their accumulated assets to the point of poverty. Welfare, government assistance, is not what a proud American strives for. Regardless, the majority of Medicare long term care expenses fall on the individual to pay.
Medicare Long Term Care Insurance is a very important insurance. To determine as to whether this Secondary Supplement Insurance is suitable for you, the following should be considered:
Current assets. A long term care policy should not be purchased in case the person feels that he or she will not be able to afford it at present or in the future. On the flip side, People who have substantial assets may wish to save it for their family, a Medicare long term care insurance policy is an important purchase.
Your life expectancy. Your family members life expectancy is a good indication of how long you can expect to live. The longer the life then the greater risk for needing Medicaid long term care. Term life insurance tables will give you a good indication of life expectancy.
Your health. Are there health issues that put you at risk for needing Medicare long term care? Has your family needed Medicare long term care?
Your gender. Women
live longer. Women are at a greater risk for needing Medicare long
term care. Women, on average, actually spend considerable amount of time in a nursing
home, much more than men due to their long expectancy in life.
Research, Research, Research. The Medicare benefits, types of coverage, premiums of various long term care insurance companies. Nursing home only policies are available to more comprehensive plans which cover confinement in several types of facilities. Your Medicare long term care insurance agent will offer you a proposal for you that will give you an opportunity to see what the Medicare long term care insurance industry is offering.
Ask questions. Ask your insurance agent questions. You deserve clear answers.