Seniors need to plan what to do if long-term care ever becomes necessary. Besides the development of illnesses that could put you in a nursing home, there is also the possibility of being in a car accident, having a heart attack, or developing dementia, which could put you in need of that kind of care.
The possibility means you must be prepared for it so you can decide how to get prepared. Medicare will not pay for it. They may cover up to 100 days after a hospital stay if you do not need personal care or supervision.
Medicaid Coverage
Although Medicaid will help pay for it, this state-funded service usually requires getting rid of (spend-down) your assets and having less than $2,000 per month in income. The terms will depend on where you live.
Partnership Policies
In the 1990s, the federal government created partnership policies. These government-approved policies work with people who own a long-term care insurance policy. Because many people were afraid to lose their assets if their long-term care policy ran out of money, partnership policies enable people to get Medicaid help for long-term health care without spending down their assets.
The Need for Nursing Home Care
While no one can predict whether they will ever need nursing home care, many people will.
Forbes reports that an individual’s health at 65 helps predict who will need nursing home care. About 30 percent of those in good health will not need it, but only about 5 percent of those with poor health will not need it.
