Question

5.         Which of the following statements concerning paying for long-term care is correct?

1.        Thankfully Medicare covers the cost of long-term care no matter the patient asset level
2.        Thankfully Medicaid covers the cost of long-term care no matter the patient asset level
3.        Everyone should have long-term care insurance
4.        You can self-insure for long-term care

Answer 1

Answer : B : Thankfully Medicaid covers the cost of long-term care no matter the patient asset level

Explanation for the answer :

Medicaid will pay for 100% of their nursing home costs at a Medicaid approved skilled nursing facility. Medicaid's eligibility requirements vary depending on the age, marital status, and state of residence of the applicant. In addition, they change each year.

Medicare covers medically necessary care for acute care, such as doctor visits, drugs, and hospital stays. Except for the specific circumstances described below, Medicare does not pay for most long-term care services or personal care— such as help with bathing or for supervision (often referred to as custodial care)

The conventional wisdom of financial planners on whether to buy long-term care insurance is this: If you're wealthy enough to self-insure, you should. If you're poor, you can expect Medicaid to pay your long-term care costs.