How can I plan for Medicare costs if I expect to need long-term custodial care in a nursing home or assisted living facility?
Answered by 10 licensed agents
Answered by Steven Bleicher on May 4, 2025
Broker Licensed in AZ
Answered by Larry Dalton on May 5, 2025
Broker Licensed in OK & TX
Answered by David Quintal on May 4, 2025
Broker Licensed in NH, AL, AZ & 14 other states
Answered by Angie Templin on May 5, 2025
Broker Licensed in TX
Here are options on how to plan for these costs:
Long-Term Care Insurance:
This type of insurance can help cover the costs of custodial care in a nursing home or assisted living facility, or for in-home care. You'll typically need to qualify for a payout, often requiring assistance with at least two activities of daily living or evidence of cognitive impairment.
Private Pay:
Many individuals and families pay for long-term care out of pocket, using savings, investments, or even selling assets like property. Be aware that using up these resources may eventually make Medicaid an option.
Medicaid:
This program, funded by the federal government but administered by individual states, provides coverage for long-term care, including nursing home care, for people with low incomes & limited assets. Eligibility requirements vary by state but typically involve strict income & asset limits.
Savings & Investments:
Building a dedicated fund for LTC expenses through consistent saving & strategic investing can help offset future costs.
Health Savings Accounts (HSAs):
If you have a high-deductible health insurance plan, funding a HSA can be a way to save for long-term care expenses & potentially minimize the tax bite.
Consider Alternate LTC Options:.
The National Council on Aging (NCOA) suggests exploring options like community-based care services, subsidized senior housing, & Continuing Care Retirement Communities (CCRCs).
Important Considerations:
Medicare Supplement: While Med Supp plans (Medigap) can help cover some costs associated with Original Medicare they don't cover LTC or care lasting more than 100 days.
Medicare Advantage: Medicare Advantage plans may help cover some LTC costs but coverage costs can vary significantly between plans.
Answered by Fred Manas on May 5, 2025
Agent Licensed in NY, CT, DC & 7 other states
They are quite easy to calculate the cost for because you really only need about three pieces of information to fill out an application and get a quote on what those will cost. About all you need to know is the amount of money needed per month, and the period of time that you want the Benefits to run, and finally What waiting period to use before your benefits begin after you qualify to start receiving benefits. Typically.those would be 60 or 90 days and it acts like a deductible!
Answered by Ross Landon on May 5, 2025
Agent Licensed in UT
Answered by Fran Lovelace on May 4, 2025
Agent Licensed in NC, SC & VA
Answered by Michael Hixson on May 7, 2025
Broker Licensed in OK, AR & TX
Long-term care insurance is quite pricey if you are in your 50s or older. Talk to a Medicare agent that is also licensed to handle annuities. The agent can help you utilize your 401(k) to roll it tax free into something like an immediate annuity that would handle the payments For long-term care without losing your money.
Answered by Jim Willis on May 5, 2025
Agent Licensed in AZ
Answered by China Conley on May 5, 2025
Broker Licensed in IN
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