IT COULD HAPPEN - REQUIRING CUSTODIAL CARE AND WILL MY MEDICARE COVER THE EXPENSES?
Many seniors are not aware, or they are misinformed about what is covered by Medicare. There is a probability that six out of ten seniors over the age of 65 will need some level of long-term care services during their retirement years. Most needing custodial care just to be able to perform help with bathing, transferring, eating, toileting, dressing, or caring for incontinence during some point of their retirement years. Custodial care is not covered by Medicare. Medicare will pay for a short stay in a skilled nursing facility after a three day stay in a hospital, and pay a portion of the cost up to 100 days.
We need to balance our retirement savings and plan for that type of risk. Studies today show that there is a 70% probability of a senior risking over $250,000 in expenses for long-term care services performed by In-Home care, Assisted Living Facilities, or Nursing Home care. Have you developed a plan for dealing with this potential expense?
A lot of people cannot potentially afford Long-Term care, and it’s an outcome that most people don’t want to talk about. I have helped many seniors over the last decade with those very same concerns and looked at options that would fit most retirement plans. When it’s a right time for you to look at your options, you can reach out to Senior Educational Advocates at (817) 718-6794 if you want to talk. Please stay safe and have a blessed day and tomorrow.