Will Medicare and Medicaid Shoulder Long Term Care?
Most financial experts admit that the biggest obstacle for the public to realize the importance of long term care is the misconception that Medicare and Medicaid-the country’s sole payer for LTC–will shoulder all the expenses and bear the brunt. It’s not surprising, though, that many Americans insure their house, their cars, and their properties, but they don’t insure their health. Many don’t realise the need of getting long term care insurance, unless something happens wrongly that their finances are left at risk.
The government clearly shows signs that long term care has been an overload to the country’s budget. There have been various programs created since 1990s such as the Deficit Reduction Act of 2005 and Partnership Programs to reduce the expenditures shouldered by both Medicaid and Medicare. Until today, the government is conducting programs to address LTC problems. Now the question: Will Medicare pay for long term care?
Medicare is a traditional health care plan that pays for skilled services performed by physicians and other medical practitioners. Again, it does not provide long term care services. Medicare will pay up to maximum of 100 days of limited services in a nursing home. Limited home care can also be provided by Medicare to those who wish to stay in their homes. Again, these services are not offered long-term.