Cindy Eisenhower, Long-Term Care Consultant for ACSIA Partners, explores the issues of long-term care.
Your Health Insurance Doesn’t Pay
Many people believe their health insurance will pay for long-term care. It doesn’t. Your health insurance pays for acute care, not chronic care.
Your Disability Insurance Doesn’t Pay
Your Disability Insurance does not pay for long-term care. Disability insurance is designed to replace your income, not pay for long-term care expenses.
Medicare Doesn’t Pay (Much)
Medicare pays for acute medical care for the elderly and the disabled, including hospital and physician services. Nursing home, home health care and hospice benefits are available, but only if the care meets very limited requirements. Medicare Supplements do not pay for long-term care expenses either.
Medicaid Does Pay, but …
Although Medicaid does pay for long-term care, significant eligibility requirements established by both the Federal government and your State government must be met.
These requirements include limitations on income and assets as well as other eligibility requirements in order to qualify for long-term care benefits. These limitations apply both to the benefit recipient and their spouse, creating hardships for the family member who doesn’t need long-term care.
Placing the Financial Demand on You!
As your health insurance and Medicare don’t pay for long-term care, and Medicaid requires you to spend down your assets and income, only you are left to pay the long-term care expenses for you and your family.
Fortunately, you can transfer the risks associated with paying for long-term care yourself with long-term care planning.
Speak to a long-term care professional today to protect yourself and your family.