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: “This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 70 percent chance of requiring some long-term care services at some point in their lives. Furthermore, people who reach age 65 will likely have a 40 percent changes of entering a nursing home. About 10 percent of the people who enter a nursing home 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 $135,000 a year! (April 2012; CT O.P.M.) 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.