Will Medicare Cover Long-Term Care Costs?

In response to the public’s desire to want to believe Medicare will cover long-term care costs, Medicare is now making its position known on its website: Medicare.gov.  It states “Long-term care insurance gives you financial protection against the cost of long term care services.”

The Medicare website goes on to say:  “A study conducted by the U.S. Department of Health and Human Services says, ‘people who reach age 65 will likely have a 40 percent chance of entering a nursing home.  About 10 percent of the people who enter will stay there five years or more!

This year alone, about 7 million men and women over the age of 65 will need long-term care.  By 2020, this number will grow to over 12 million.’ ”

Remember, a CT. semi-private nursing home bed averages over $92,000 a year!  Long Term Care Insurance helps pay for these costs … so your family and loved ones won’t have to… and gives you more control over your care choices.

Don’t forget, now is a good time to look at this, especially for business owners.  Many sole proprietors, partnerships, S-Corps, and C-Corps elect to take advantage of the favorable tax treatment before year end.