Studies show that almost 70 percent of elderly who are 65 and above will require some sort of long-term health care, no matter if it is an assisted living care or a nursing care. Assisted living care allows senior citizens to retain some amount of independence since it offers what we call a custodial care, which assists them with things like dressing & bathing.
On the other hand, nursing homes can be more appropriate for seniors facing medical disorders or who require constant monitoring.
Even though Medicare offers important health benefits to seniors who’re retired, it does not cover services like dental, vision and other long-term care that come under assisted living. Majority of the assisted living centers offer services that typically doesn’t fall under custodial care. Meaning your Medicare policy won’t pay for it since it doesn’t fall under medical care category traditionally.
On contrary, Medicare pays for skilled nursing care or home health care if a person needs specialized care after a major injury or surgery. The major difference here is that in such a scenario, you would require more than simply custodial care so as to recover properly. Also, once you opt for skilled nursing care, Medicare is likely to restrict the total days you receive coverage for.
If you buy a suitable coverage when you are younger, it might allow you to minimize assisted living costs when you finally require it. Also, the sooner you proceed with your application, the better your odds are to not only get eligible for the coverage but also receive a health-based concession.
As per the research, over 50 percent applicants of long-term care coverage in their fifties are able to qualify for health-based concessions. The above percentage reduces to 42 percent, however, for those applying in their sixties, & further reduces to 24 percent for seniors applying in their 70s.
If you are truly serious about making sure that your insurance costs for long-term care stay at manageable levels, then it might be worth to consider it prior to your health starts declining.
To conclude, it is highly unlikely that neither Medicare nor Medicare Supplement Plans will be able to cover your cost of assisted living in the near future. So, it is wise to take the matter in your own hands before it’s too late.