Costs of Coverage Infographic Text
What are the requirements for public care coverage?
Medicare does not cover long-term care. It pays for short-term medical expenses based on age and other qualifications. There are three ways to qualify for Medicare. The first is to be 65 or older. The second is to be disabled, regardless of your age. The third is to have end-stage renal disease, regardless of your age.
Medicaid may pay for specific long-term care services based on income and other qualifications. In 2016, you must have monthly income of $2,199 or less for a single person and $4,398 or less for a couple. Your savings must be $2,000 or less for a single person or $3,000 or less for a couple. Your home equity must be $552,000 or less. You may not have transferred income or assets during the past 60 months. You must have a medical necessity for the services.
What are the requirements for private care coverage?
Medicare supplement insurance may pay for long-term care expenses. To purchase a policy, you must qualify for Medicare and pay the policy’s premiums.
Long-term care insurance is the best way to protect your family and make sure your long-term needs are met. To obtain coverage, you must select a policy that meets your needs, meet the policy’s health requirements, and pay the premiums.