SignifiCats are proactive with their money. That statement is true enough. But the real reason I’m talking about Medicare and nursing homes today is that my dad has just bumped up against this stark reality and it breaks my heart: Medicare does not pay for nursing home care.
My step mom has ben having a lot of health problems. She’s been in and out of the hospital and different care facilities. She’s in a good one now that appears to be meeting her needs, yet they are planning to discharge her next week regardless of her condition. There is simply a time limit around how long the insurance will pay for her to stay there.
I totally felt like the bearer of bad news as I explained to my dad that Medicare doesn’t pay for long-term care, which includes nursing homes. I further explained that Medicaid does cover nursing home care, but you have to be poor to qualify for Medicaid. Unfortunately, after paying out-of-pocket for a nursing home stay, many people ultimately do qualify for Medicaid because they burned through their assets to cover the necessary care.
So while many people don’t want to talk about getting long term care insurance, it’s really important to look at getting it before it’s too late. Ideally, we suggest people get a long term care insurance policy in place before they turn 60. It may seem like an unnecessary expense, but it’s a whole lot less expensive than paying six or eight thousand dollars a month on an ongoing basis.
I hope you find this information useful. I hate to see people struggle when the problem could have been avoided. Please be proactive with your money and make sure you have these key insurances in place:
- Health
- Auto
- Home or Renter’s
- Term life
- Long term care
