Does Medicare Pay for Long Term Care Expenses? | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






Does Medicare Pay for Long Term Care Expenses?

June 4, 2019

Filed under: Estate Planning — Laura Pennington @ 10:56 am

Far too many families find themselves in the position of realizing that Medicare doesn’t pay any or very little of the long term care expenses that can emerge when a loved one suddenly needs to enter the nursing home. Caring for a loved one at home might not be an option for your family. It may become stressful at the beginning and eventually become completely unmanageable.

Social Security card and Medicare enrollment form

If you are able to afford it, an assisted living facility is one optional solution. However, many people don’t have the financial means necessary to put a loved one in assisted living. One of the best protections against the rising cost of long term care and health expenses in older age is long term care insurance, but too few people know about it or have an active policy that could help them in the event of a sudden disability or long term care event.

Medicaid is another planning option but you must ensure that you have a Medicaid strategy and plan in place. This is because Medicaid has specific requirements about what it fully takes to meet the grounds for eligibility. Most people have no idea how the Medicaid process works. According to the US Department of Health and Human Services, up to 75% of Americans aged 65 and above will need long term care for a period of between one and three years, but fewer than 30% of Americans over age 40 have set aside any money to pay for it.

This could be a catastrophic mistake for you and your loved ones if something suddenly happens to you and you are unable to care for yourself. It’s better to set aside time to speak with an experienced estate planning and Medicaid planning attorney today to learn more about how best to protect yourself.      

Leave a Reply

Your email address will not be published. Required fields are marked *