When you are in the process of estate planning, it is important to make provisions for where and how you will live if you find yourself unable to take care of your own daily needs. People are living longer and longer these days, which is a good thing, but it can also make end-of-life planning more stressful. Many people are planning to rely on Medicare to help them cover any necessary assisted living costs as they age. However, according to LongTermCare.gov, Medicare does not pay for the majority of long-term or personal care services.
Medicare will only pay for stays in skilled nursing facilities under specific conditions. Medicare will pay for this if you were in the hospital for at least 3 days, and then were admitted to a Medicare-certified nursing facility within 30 days of that hospital stay. Finally, your doctor will need to specifically say that you need skilled care of some sort.
If you meet these requirements, Medicare will cover the cost of being in a nursing home for up to 100 days in various portions. However, if you simply need assistance in your everyday life, Medicare will not pay for assisted living services.
Basically, Medicare will cover nursing home services in the event of an emergency or acute condition. You should not factor Medicare into your estate planning processes.
Medicaid will indeed cover long-term care services to a certain extent. However, you need to be below a certain income threshold in order to be eligible for Medicaid to pay for your long-term care needs.
It is important to sit down with a professional and ensure that you will have access to the assistance you need during your golden years.