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Medicare does not cover care for the activities of daily living, which is a central component of long-term care. However, Medicare will cover certain care you may receive while in long-term care. If you need additional help funding long-term care, you can apply for Medicaid or purchase long-term care insurance in advance to prepare for the possibility of needing long-term care.
Long Term Care Explained
Long-term care encompasses a range of services that care for your daily needs. These needs are often called the activities of daily living and include things like bathing, dressing, and using the restroom. Some facilities also help with the instrumental activities of daily living, including managing a household or your finances, getting groceries, caring for your pet, and preparing meals. Medicare does not cover these services but may cover other medically necessary services you receive while in long-term care.
What Medicare Covers
Medicare covers limited medically necessary skilled care services if you need short-term skilled care for an illness or injury and you meet certain conditions.
With a Medicare Advantage plan, you may be able to access coverage for nursing home care. In that instance, your plan will have contracted with the nursing home.
When you have Medicare Part D prescription drug coverage, you will be able to receive your covered prescriptions through a long-term care pharmacy.
How to Pay for Long Term Care
Medicaid is funded by the state and federal governments and is a health insurance program designed to help people with low incomes and limited resources afford their health care. Most nursing homes accept Medicaid coverage, and when you have both Medicare and Medicaid, most of your long-term care costs will be covered.
Even if you have applied for Medicaid in the past and have not been accepted, you may have higher chances of qualifying for the program when you live in a nursing home or other long-term care facility. Some states have higher income limits for people who live in nursing homes, and when you have lived in one long enough, your assets may have diminished to the point that you qualify.
Long-term care insurance is another great option for people who are planning ahead. If you believe you may need some form of long-term care in the future, you can invest in long-term care insurance. Most policies will help pay for care in a nursing home, assisted living facility, home health care, and more. You can expect to receive reimbursement of a daily payment amount.
Personal resources are the fallback option. Hopefully, you will have built up some savings or hold some assets that you can liquidize to help pay for long-term care. You may be able to borrow against your life insurance policy to pay for the care. Speak with an insurance provider to find out what your options may be.
If you need help finding affordable Medicare coverage, the insurance experts at Insured for Life can help match you with the plan you need. Contact us today for more information.
