Who pays the cost of long term health care costs?
Are you under the impression that Medicare pays long term care costs? A lot of retired people who think that are risking their income, lifestyle and financial security.
Medicare was never intended to pay for long term care costs and this is one reason long term health care insurance was invented. In fact, Medicare only gives you 100 days of skilled nursing benefits. After you use those 100 days up you have nothing. Zero, nada, zilch!
Flat out: Medicare will not pay your long term care cost.
Not now, not in the future, not ever. And remember, for Medicare to pay any portion of your long term care costs you must need skilled nursing. If you’ve had a stroke and don’t need stitches tended to or bandages changed then you might be considered “custodial” only.
If and when you do qualify for skilled nursing then you only have 20 days of fully paid Medicare coverage. Beginning on day 21 you have to pay the co-pay (unless you have supplemental insurance that covers those charges). The co-pay can change but has stayed right around $100 dollars with incremental increases since 2000. When you get to day 100 you’re on your own. With charges averaging $5,000-$7,000 a month this can add up in a hurry.
To learn more about Medicare and what it really pays for you can get the Medicare Skilled Nursing Guide click here now
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