Whether you have experience with Medicare or are just exploring enrollment for yourself or a family member, it is likely a large surprise when you learn that Medicare does not cover custodial care. Custodial care, also referred to as long-term care, is non-medical assistance, such as that provided in a nursing home, assisted living facility, or in connection with an in-home care program. Custodial care is characterized by the need for assistance with activities of daily living — bathing, eating, dressing — without an ongoing need for skilled medical care.
Like Medicare, private health insurance and major medical plans do not generally cover custodial or long-term care. And custodial care comes at a tremendous price. A private room in a nursing home can cost an average of $90,000 per year. Too often this knowledge hits families at the worst time, as they find themselves suddenly looking into living options for an aging loved one. Considering the likelihood that every American turning 65 will need some form of long-term care, which the U.S. Department of Health and Human services estimates at 70 percent, planning ahead is the best way to ensure both you and your family are protected.
Planning for long-term care typically involves analysis between Medicaid and a special kind of insurance called long-term care insurance. Private companies offer long-term care insurance, and though the premiums can be expensive, these policies provide peace of mind and choice in living facilities. Medicaid, on the other hand, is a need-based service. It is only available to people with low income and few assets, though eligibility can be gained through creation of a trust.
Call the Seasoned Attorneys at Giro Attorneys at Law, LLP Today
If you are grappling with long-term care decisions in New Jersey or New York, schedule an appointment with one of the experienced Elder Law attorneys at Giro Attorneys at Law, LLP, today by calling (201) 690-1642.