Did You Know Medicare Doesn’t Cover Most Long Term Care?

What happens if you or a loved one need to stay in a Massachusetts nursing home? Do you have a plan?

If you are planning ahead for the future of your older years and are assuming that Medicare might pick up the tab, if and when you need a nursing home, that’s not always the case. One of the biggest potential costs in your personal retirement could be the need for the expense for long term care. In 2017, according to the research completed and shared in the Genworth Cost of Care Study, a private room in a nursing home cost over $97,000 on average across the country.

A room in an assisted living facility costs more than $45,000 and having a home health aide come to your personal home for 44 hours of care per week is nearly $50,000. Medicare provides for certain services when it comes to nursing, but not for custodial care which is often common with long term care needs.

Custodial care includes activities of daily living, such as dressing and bathing. Using a combination of a life insurance policy and long term care policy or covering these costs on your own is one way to ensure that you have money set aside to pay for long term care. Many people are not in a financial situation to be able to afford time in a nursing home or even the support of a home health aide.

Important planning in advance needs to be completed so that you can be clear about your financial picture and understand whether or not you might qualify for other options, such as Medicaid. Schedule a consultation with an elder lawyer to learn more and to set up a plan to protect you into the future.

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.

About Tiffany A. O'Connell, JD, LLM, CELA, AEP

Tiffany A. O'Connell, JD, LLM, CELA, AEP is the CEO and Founding Partner of O'Connell Law, an estate planning and elder law firm serving clients across Massachusetts, New Hampshire, and Vermont. She is one of a select group of attorneys in Massachusetts certified by the National Elder Law Foundation as a Certified Elder Law Attorney (CELA). Tiffany focuses her practice on estate planning, trust and probate administration, Medicaid planning, long-term care planning, Alzheimer's planning, charitable planning, and retirement and wealth strategies. She has been helping families plan for their futures since opening her practice in 2010.

Credentials: JD, LLM, CELA (Certified Elder Law Attorney — National Elder Law Foundation), AEP (Accredited Estate Planner)

Licensed in: Massachusetts

Areas of Practice: Estate Planning, Elder Law, Medicaid Planning, Probate & Trust Administration, Alzheimer's Planning, Asset Protection

View all posts by Tiffany A. O'Connell, JD, LLM, CELA, AEP →

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.