By Gregory F. Quinn
Clients sometimes ask, “Will Medicare cover nursing home expenses?” Here are three surprising facts you can’t ignore.
On its website, the Medicare program talks about the number of people who will eventually need nursing home care. They provide the following information.
Are you sitting down?
1) By 2020, 12 million older Americans will need long term care.
2) People who reach the age of 65 will likely have a 40 percent chance of entering a nursing home.
3) About 10 percent of the people who enter a nursing home will stay there five years or more.
It is not unusual for nursing home care to cost $6,500.00 a month or more. Privately paying for a nursing home can often cost seniors in excess of $75,000.00 per year. Given this cost, long term care can quickly take a devastating toll on a family’s budget. These costs can completely drain someone’s life savings. Most people are generally familiar with the Medicare program and that it pays for certain health care costs for people 65 years old or older. But will Medicare pay for long term care? […]