Coverage for skilled-nursing care is limited by insurers, however. (For ex-
For a primer on LTC and LTC insurance, visit the Department of Health and Human Services (HHS) National Clearinghouse for Long-Term Care Information at
www.longtermcare.gov.
ample, Medicare’s limit is 100 days.) Often, incidences of medical care are resolved within the coverage period. Many individuals in skilled-nursing facilities improve or recover from their circumstances. LTC patients, on
the other hand, usu- ally are not expected to see improvement
in their circumstances. Theirs might be a long period of physical incapacity or even decline. If there is no insurance in place, LTC must be funded from a patient’s savings or investments, by the sale of assets, or through the contribu- tions of family members.
Will you need LTC?
The National Association of Insurance Commissioners estimated in 2009 about 44 percent of individuals who reach age 65 will require a stay in a nurs- ing home sometime in their life. Of those who do enter a nursing home, about 53 percent will stay for one year or more.
According to HHS, these factors increase your risk of needing LTC:
• Age: The risk generally increases as you get older. • Marital status: Single people are more likely to need LTC. • Gender: Women are at a higher risk than men, primarily because they tend to live longer.
• Lifestyle: Poor diet and exercise habits can increase your risk. • Health and family history also can increase your risk.
Who pays for LTC?
Let’s start with who doesn’t pay. Medicare doesn’t. Major medical plans don’t ei- ther. Neither does TRICARE, including TRICARE For Life, or any Medigap plan. Medicaid might pay, if your financial resourc- es are limited. (With an annuity guaranteed for life, most retired military officers will never qualify for Med- icaid, though a surviv- ing spouse might).
Military and Federal
Currently serving and retired uniformed servicemembers and their qualified relatives are eligible to apply for LTC insurance under the Federal Long Term Care Insurance Program. See www
.ltcfeds.com for details.
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