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Isn't long-term care covered under Medicare?

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Isn't long-term care covered under Medicare?

That is a big fallacy. A lot of people think Medicare covers long-term care. If you are hospitalized for three days or longer, Medicare will pay for approximately a hundred days of skilled nursing. But the problem is a lot of people or never in a hospital first and they started going downhill over her quickly and it need long-term care and also hundred days is not a very long time. The purpose of long-term care insurance is to cover a very long period. Some people are in need of care for twenty years. I have a travel agent who was sixty three years of age. When she was sixty two, her husband call me up and said “my wife has severe dementia”. Just a year prior than that, she was eligible for super preferred rate on life insurance so she may live a long time. But she has severe dementia. Now my client has a few million dollars that he saved over his lifetime and as retirement plan. If he had to payout a hundred thousand dollars a year for a long-term care for his wife, he would ultimately dissipate all of his savings and his lifestyle would be ruined so the purpose of long-term care is really long-term and not whether you need tariff for thirty days or hundred days. That is really if you are going to need care for a long period of time.

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Elliot Matloff

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Isn't long-term care covered under Medicare?

Isn't long-term care covered under Medicare?

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