For the most part, if you of a loved one needs long-term care in a nursing facility, an assisted living setting or your own home, you’re on your own financially. However, there are some limited circumstances when original Medicare will pay for this care for a short time. If you’ve been treated in a hospital for an injury or illness that requires rehabilitation, Medicare will pay 100% for care at a skilled nursing facility for 20 days. After that, it will cover most of the costs of that care for days 21 to 100. You’ll need to cover coinsurance of $185.50 per day.
The catch, if you want to think of it that way, is that you have to have been admitted to a hospital for at least 3 days before going to a rehab center. Medicare will also pay for some home care after a hospital stay, including intermittent nursing services or physical or occupational therapy. But it won’t pay for custodial care, like help with bathing and dressing or help with shopping or housecleaning.
You might be eligible for some financial care that Medicare doesn’t cover. Check out whether you or your family member’s income qualifies you or them for Medicare. You can also investigate private long-term care insurance policies.
Source: Dena Bunis-AARP
Marc has 36 years in financial services and 6 years in teaching.
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