4.
Won't the government pay my bills for long term care?
This is a misconception held by many. In
actuality, Medicare pays on average 7% of nursing home stays, only covers
skilled care, and only pays for a limited time. The average stay in a
Nursing Home is less than 3 years; moreover, the average number of home visits
is 169. No one likes to think that they will ever need nursing home or
even home health care; rather, we all assume and want to believe we will live a
healthy life until we die. The fact is, a 65-year-old living today has a
fifty percent chance of needing at least one type of care - nursing home or home
care. Fifty percent of those who enter a nursing home will stay at least a
year. Twenty-one percent will remain five years or longer. Failure
to prepare for the cost of long-term care is the primary cause of impoverishment
among the elderly.
There is a "good news-bad news"
scenario that comes into play regarding government aid. The good news is that
the government will assist once you are on Medicaid. The bad news is that
to become eligible for Medicaid assistance, you must first spend down your
assets to poverty level, losing your independence, your personal freedom and the
choices you thought you would have.
5. Doesn't my medical insurance
or Medicare pay LTC expenses?
The bottom line is, "Neither Medicare,
Medicare supplements insurance nor the health insurance purchased by you or
provided by an employer will pay for most long term care expenses."
