Question: Will Medicare pay for my long term care needs?
Answer: No, statistically, Medicare pays for less than 2 percent of long term health care costs. Medicare will pay for long term care in nursing home if certain requirements are met.
The kind of care is generally skilled care provided to the individual in the nursing facility. This means continuous 24 hour/day care provided by medical professionals under the supervision of a physician. The problem is that very few nursing home residents receive skilled care; most residents get some kind of intermediate or custodial care such as nurse aides who provide assistance with such things as eating and bathing.
Moreover, to qualify for Medicare reimbursement the nursing facility must be a Medicare participating nursing facility and the care the individual receives must be “restorative” in nature (patient must be getting better).
Comment: Even if an individual meets all the requirements (I didn’t give you all the requirements for purposes of this question), Medicare still only pays for 100 days or less. It is generally the chronic ailments such as Alzheimer’s and Parkinson patients who may fare the worst.
As always, if you have questions or would like to know more about retirement plans and beneficiary restrictions please contact Steven E. Shane at:
firstname.lastname@example.org | 301.575.0313.
Steve provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates.