Long-term care is an essential element of your overall financial plan because the likelihood of needing care to perform normal daily activities – like eating, dressing, bathing – is high. In fact, 70% of people 65 and older will someday need long-term care, according to the Department of Health and Human Services.
What about Medicare? Medicare is not long-term care insurance. Medicare pays only for approved charges, only for skilled and rehabilitative care, only after three days and nights of hospitalization, and only for a maximum of 100 days per diagnosis.
The Medicaid program will pay for required care only after your existing assets have been spent down to meet state and federal guidelines.