If your clients bring up Medicare or Medicaid as their fallback option for long-term care, make sure they truly understand what they’re getting into. Actually, make sure YOU understand what they’re getting into if they choose to rely on these programs.
Medicare: Short-term rehabilitative care. To qualify, you must spend three nights in a hospital and be deemed rehabilitative. Only the first 20 days are covered in full. Your client will pay a copay for days 21-100. After that? They’re on their own.
Medicaid: A federally funded, state-run welfare program for the impoverished. This won’t cover assisted living or in-home care. This is for nursing homes. Chances are, that’s not your clients first choice.
Help clear up any misconceptions about Medicare and Medicaid. Ask your clients:
Planning gives your clients the freedom and independence to get care in the place that’s going to make them the most comfortable. As opposed to the government saying, “This is where you’re going to go.”
The M-Words are just one piece of the long-term care discussion.
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