Several times a year I hear about a family that is struggling with taking care of a sick relative.
In many of these cases this involves an adult child assisting an elderly parent. With an elderly person the medicare coverage is typically utilized.
Here is a very basic overview on how the medicare benefit pays.
Days 1 – 20
Medicare pays the full cost for each benefit period.
Days 21 – 100
Medicare pays all but a daily coinsurance. In 2017, it is $164.50 coinsurance per day.
After 100 days
Medicare provides no coverage after 100 days.
The question is after 100 days, then what?
For each person the options will be different depending on what they have selected for insurance.
My first question to any individuals reviewing their options is, Do you have Long Term Care Insurance?
The greatest benefit of Long Term Care Insurance is that this affords you more options for your care after your 100 days.
The statistics are that most people will spend two to three years needing long term care in the future.
This care is not covered by medicare.
Consider your family and friends….. Do you know someone who needed Long ‘Term Care?
If you are aged 50 or over, now is the time to look into your Long Term Care Insurance Options.
Your family members with thank you! Herlihy Insurance Group looks forward to assisting you with any Long Term Care Insurance questions. It is never too early to learn the facts about this over looked coverage.