News Flash: Medicare Does NOT Cover Long Term Care

According to an article published by Life Health Pro, many people think that Medicare will help them cover ongoing long term care costs, but it does not.

Medicare Does NOT Cover Long Term Care Needs

According to the survey quoted:

  • 11 percent said they would expect their children to provide care or pay for care;
  • 13 percent said they had private long-term care insurance (LTCI);
  • 20 percent said they would depend on Medicaid — a program for the poor that does pay for nursing home care — to cover their LTC costs;
  • 52 percent said they expect Medicare — a program that does not normally cover the cost of nursing home care or assisted living facility care — to pay for their care;
  • 54 percent of the survey participants said they were familiar with the concept of LTCI but had not yet bought a policy;
  • 34 percent said they were unfamiliar with product; and
  • 40 percent of the participants said they had been caregivers.

Acting as a caregiver increased the likelihood that a boomer had at least considered buying LTCI coverage to 24 percent, from 15 percent for the general boomer population.”

Medicare Remolded While Boomers Age

A related article correctly states that “(i)novations in health care coupled with individuals living healthier lives has left many boomers expecting to live longer than once anticipated. The issue now becomes funding these extra years…boomers in general have watched the retirement planning environment change right in front of their eyes during their working lives. They have seen the switch from defined benefit to defined contribution plans all while programs like Medicare and Social Security have been remolded, reshaped and taken on and off the government’s chopping block. This, coupled with the financial crisis cutting down nest eggs, have left many middle income boomers unsure when they will be able to retire.  Three in four survey respondents reported that they will retire based on their financial situation, not age.  Middle income boomers reported that they expect to live more active and mentally stimulating lives with more personal satisfaction than previous generations, but readily admit they will have less health insurance from previous employers, less financial security and less care provided by family members than past generations.  While middle income boomers admit they will have less financial security in their retirement when compared with previous generations, they severely underestimate both the chances of needing and the cost of long-term care.”

What motivated you to obtain Long Term Care Insurance?  Please share your stories in the comments section below, or on our facebook page.

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