Will This Help Cover my Costs?
When discussing long-term care, many individuals have questions on whether certain programs already in place, may help cover the cost of their long- term care. For many it is unclear whether programs such as Medicare, Life insurance, and Disability insurance may be of aide when it comes to long-term Care. To add some clarity to the subject we have compiled some of the most commonly asked questions regarding other programs and long-term care.
Can Long-Term Care Costs be Deducted?
In the case that you meet all requirements of a 1966 federal tax law you may be eligible to deduct qualified costs associated with long-term care through HIPAA. Given that you meet all requirements under federal law these expenses could include personal care and homemaker services to be deducted as medical costs.
Does Medicare Cover Nursing Home Costs?
Medicare pays for less than 10% of all nursing home costs , as it only covers costs associated with medical and rehabilitative care for a short period of time. Nursing home residents are more often than not those afflicted with chronic and long term illnesses thus, requiring care for more than a short period of time. This care is often referred to as personal and custodial care and therefore, is not covered by medicare.
Does Medicare Cover in Home Long-term Care?
Given that you meet certain requirements for the medicare program, medicare will cover that cost of your in home care for a distinct period of time. You must certify that you are homebound and in need of skilled nursing care for several times weekly and that your care can oonly be provided by a licensed professional. The care you receive must be administered from a home health care agency compatible with your medicare. You should note that if you do not require extensive medical care medicare will not cover any personal services and medicare will also not cover tasks such as laundry, cleaning, shopping.
Does Disability insurance cover Long-Term Care?
Disability insurance will NOT pay for long term care. This type of insurance is only designed to cover a portion of one’s income in the event that they were working and now unable to work due to disability.
Does Life Insurance Cover Long-term Care?
Sometimes. Some life insurance policies may include a rider with some long- term care benefits. These benefits can usually only be accessed upon certain condition being met such as terminal illness or having received care for over six months.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.