Medicare also only pays for skilled care, and patients are normally able to collect for only about 23 of 100 days spent in a nursing home . This leaves Medicaid, to pay for 40% of the national aveage of long-term care annually. Medicare pays for skilled care in a nursing home only for the short period during which you are recuperating following a hospital stay (only up to 100 days). Once your care needs stabilize, and you need personal or custodial care, Medicare will not pay these costs according to Paul Contris. The average cost for a person who needs long-term care is $40,000 to $70,000 annually, depending on where you live, plus the cost to the family caregiver who may have to leave their job.
Medicare only pays for 20 days of nursing home care, and only under limited circumstances. As such, only 8 percent of people meet the necessary requirements. Medicare supplements insurance or the major medical health insurance provided by most employers however. Nationally, individuals and families pay one-third of all nursing home expenses out-of-pocket and about half are paid by state Medicaid programs. Medicare supplement insurance and health insurance you may have at work usually will not pay for long-term care. Minnesota Long-term care insurance will pay for some or all of your long-term care.
Medicare, which provides health coverage for all Americans over the age of 65, pays a share of the ‘capitated’ annual fee per member for elder care in Minnesota. Medicaid pays the remainder for those who qualify on grounds of low income. Medicare only pays about 5% of long term care costs, with the other 95% paid either privately or by Medicaid (the health program for America’s needy). Long Term Care Insurance is designed to help Americans plan for their future long term care needs.
Filed under: Product reviews and shopping