Long-Term Care

A question we receive often during a Medicare consultation is whether Medicare covers long-term care or not. Unfortunately, the assumption for many people is that Medicare covers long-term care (nursing home care) and that the individual does not need to create a financial plan for how to pay for these services or factor the potential need for long-term care into their retirement strategy.

Medicare does not cover long-term care, unless it is medically necessary. If you or a loved one needs assistance with basic daily tasks or activities of daily living (bathing, dressing, toileting, eating, getting in/out of bed, etc.) long-term care in a nursing home setting or having someone come into the home to assist with these activities can be a great option! These services do come at a significant price tag though.

*You are responsible for 100% of the cost of non-Medicare covered services.

According to the 2020 Genworth Cost of Care Survey, the average cost is $10,038 for a semiprivate room and $10,828 for a private room per month. Pennsylvania has a high average cost of nursing homes compared to other states according to the study.

The U.S. Department of Health & Human Services issued a report in 2019 that the average nursing home stay was 485 days. If we divide the average stay by 30 days (1 month approximately) and multiply that by $10,000 per month (average cost per month) the resident will incur over $160,000+ in nursing home expenses.

With that being said, it is important that during the planning for retirement process the cost associated with possibly needing long-term care is factored in and planned for as well. There are a variety of options that can help with planning for long-term care services. If you are interested in exploring those options contact Jocelyn Wolf, Licensed Sales Agent Specializing in Medicare & Co-Founder of Evolve Insurance Group, at 814.201.9708 or jocelyn@evolveinsurancegrp.com.

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Other Medicare Questions? We can be reached at 814.201.9708 or at jocelyn@evolveinsurancegrp.com.