Medicare and Long-Term Care: What Cherry Hill, NJ Residents Need to Know

If you're a Cherry Hill, NJ resident approaching retirement, or if you're caring for an aging loved one, it's important to understand how Medicare and long-term care work together. Medicare is a government health insurance program that provides coverage for people age 65 and older, as well as certain people with disabilities. Long-term care is a type of care that people need when they are unable to perform basic activities of daily living (ADLs) on their own, such as bathing, dressing, and eating. Long-term care can be provided in a variety of settings, including nursing homes, assisted living facilities, and at home.

Medicare covers some long-term care services, but not all. For example, Medicare covers skilled nursing care and rehabilitation services for a limited time, provided they are medically necessary. However, Medicare does not cover custodial care, which is the type of care that most people need in a long-term care setting.

If you need long-term care for more than a few weeks, you will likely need to pay for it out of pocket. This can be very expensive, especially if you need care in a nursing home. The average cost of a nursing home in New Jersey is over $11,000 per month.

There are a few ways to pay for long-term care, including:

• Medicaid: Medicaid is a government health insurance program for low-income individuals and families. It covers long-term care services for people who qualify. However, Medicaid has strict income and asset limits.

• Medicare Advantage: Medicare Advantage plans are private health insurance plans that offer Medicare benefits plus additional benefits, such as long-term care coverage. However, not all Medicare Advantage plans offer long-term care coverage, and those that do typically have high premiums and deductibles.

• Medicare supplement plans (Medigap): Medigap plans can help pay for out-of-pocket costs associated with Medicare, such as deductibles, copays, and coinsurance. However, Medigap plans do not cover long-term care expenses.

• Long-term care insurance: Long-term care insurance is a private insurance policy that can help pay for long-term care expenses. However, long-term care insurance can be expensive, and it's important to compare policies carefully before you buy one.

If you're concerned about paying for long-term care, it's important to start planning early. Talk to your financial advisor about your options and develop a plan that is right for you.

Schedule a consultation with Medicare and Money in Cherry Hill, NJ today to learn more about your Medicare and long-term care options. We can help you develop a plan that will protect your assets and ensure that you have the care you need when you need it.