Medicare will definitely not cover all of the expenses associated with your long term care, and it may not even cover any of the costs. Under the following limited circumstances, Medicare may pay for a portion of the duration of a stay in a skilled nursing care facility:
- Entry into the skilled nursing facility was preceded by an inpatient hospital stay of at least 3 consecutive nights;
- Your doctor has ordered skilled nursing care that can only be provided on an inpatient basis;
- The skilled nursing care is needed for the same reason as the hospitalization; and
- Admittance to the skilled nursing facility occurs within 30 days of the hospital stay.
Once these requirements are met and coverage is approved, Medicare will cover the entire cost of the first 20 days of skilled nursing care. After the first 20 days, a daily copay is required for days 21-100 days. After 100 days Medicare will no longer pay for any of the skilled nursing facility.
Given Medicare's limited coverage, it is very important to consider long term care costs in your estate planning. Please contact us to discuss your long term care planning goals.