Insurance Broker Explains if Medicare Pays For Long Term Care
As an experienced certified Insurance Broker, I regularly get asked if Medicare pays for long term care. Medicare may pay for long term care, but if so the benefits would be very limited. Remember, Medicare is really health insurance. Medicare is designed to cure a person who has an acute condition. It’s not designed for those with chronic illnesses or injuries.
For example, in order to qualify for Medicare an individual would have to be in the hospital for three consecutive days and immediately transfer to a facility. In that case, Medicare would pay 100% of the cost for the first 20 days. That’s why a 20 or 30 day waiting period on a long term care insurance policy is advisable. However, after the 20th day, so from the 21st day up until the 100th day, there is a co-payment. Medicare pays roughly half of the cost, but that’s only while an individual is receiving skilled care. On average, someone determines that around the 23rd day an individual no longer requires skilled care so then Medicare stops paying.
Do you know what Medicare can pay for? Contact our experienced Insurance Brokers for advice.