Will My Medicare Supplemental Help Me With Long Term Care?
Medicare supplement plans will cover gaps in traditional Medicare. Depending on the plan that a person has, he may find that a Medicare supplement plan will cover his long term care for an additional amount of days. Unfortunately, the extended coverage only lasts for a few extra days. After these days get used up, neither Medicare nor a Medigap policy will cover the bills. Another health insurance policy must take over the burden, or a person must exhaust all of his or her resources. Once an individual’s resources are exhausted, a person that requires long term care may find himself covered by his state’s Medicaid program.
How Long Does Medicare and a Medicare Supplemental Plan Cover?
Standard Medicare coverage only allows for a little over 20 days in a skilled nursing facility. A Medicare supplemental plan can extend the number of days a person is allowed in his lifetime, but it does not extend them indefinitely. If a person is taken out of the facility before the coverage ends, the remaining days are the days he can expect Medicare to cover in his lifetime. This benefit does not reset every year, unlike other types of Medicare benefit days. Hospice care is covered under different programs.
Can This Bankrupt Me?
A person with a Medicare supplement plan took one out to reduce his liability. Long-term care in a nursing home or similar facility can cause someone to go bankrupt and lose any money he intended to pass onto his children. Neither Medicare itself nor a Medicare supplemental plan was intended to cover the months or even years a person might need to spend in a nursing home. An estate planner can help a person avoid this downfall and make sure his descendants get the inheritance he intends to pass on to them. Not planning for this can have disastrous consequences.