I have received several calls over the past week asking if Medicare covers acute care, not long-term custodial care. The up to 100 days in a skilled-nursing facility is not for long-term/custodial care; it is for needed skilled care, i.e., physical therapy 2x day to recover from total hip surgery. Even then, when someone has plateaued (they are no longer improving), they will not be eligible to remain in the skilled nursing bed. If they want to remain, they will be responsible for the full cost of a nursing home bed.
If you are unable to perform at least 2 of the daily activities of living (i.e., bathing, dressing, eating, etc.) for 90 days or more, or if you have Alzheimer’s, Long-Term Care Insurance is the insurance that will assist you with covering the expense of caregivers at your home, with the monthly cost for assisted living, or with the cost of care in a nursing home.
When you need Long-Term Care Insurance, but you don’t already have a policy in place, you will have to undergo health history underwriting and more than likely you will not be eligible for coverage.
Like any insurance, you have it in place in hopes that you will not need it, but you are glad that it is there when you do need it.