How Would You Pay for Long-Term Care?
How Would You Pay for Long-Term Care?
According to the U.S. Department of Health and Human Services, seven out of 10 people age 65 and over will need some type of long-term care. Medicare only pays for skilled services or rehabilitative care in a nursing home for a maximum of 100 days, and unfortunately, it does not pay for non-skilled assistance with activities of daily living, including walking, bathing, dressing, and many other long-term care services.
Despite this limited coverage, almost half of Americans age 65 and older said that Medicare would be the main source of funding if they or a loved one entered a nursing home due to a long-term illness or disability. And only 6% identified Medicaid, even though it is the primary source of such funding.
Source: Kaiser Family Foundation, 2023 (may not total 100% due to rounding)
Susan H. Stewart, CPM, JD,
Senior Vice President – Financial Advisor
Senior Portfolio Manager – Portfolio Focus
NMLS #830330 through City National Bank
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