Senior Myth Five:
Medicare pays for long-term care.
False. Let’s clear up some of the confusion surrounding this issue. First, let’s define ‘long-term’. The quick answer is long-term care is care that last longer than three months. While Medicare Part A covers up to 100 days of rehabilitation and skilled nursing, this is considered short-term. Requirements include hospital admission of three days or more and a doctor’s order for rehabilitation therapy or skilled nursing. Long-term care insurance policies can have a 90 day (or more) waiting period to receive benefits for long-term assisted living.*
Overall, there are only three options for long-term care: Long-term Care insurance, your own resources, and if you have no resources, Medicaid. Veteran’s Aid and Attendance can also pay a portion of care and there may be some subsidies available through a state.
*Insurance policies vary