Elder care is not something that Medicare coverage is long on. In fact, the monetary assistance offered under this is so limited that it covers only 100 days of care per patient, and this is conditional upon immediately prior hospitalization of at least three days, which qualifies the patient for coverage.
There is up to 20 days of full cost skilled nursing care included in the package following qualification, provided that the patient enters the nursing facility for the same reason they were hospitalized. After the period of 20 days, Medicare covers in home senior care costs that fall over $114 per day, over a period of the next 80 days.
Medigap or Medicare supplemental insurance plans supplement plans from Medicare even pick up the daily costs inside $114, if the patient is insured at the time. Following the 100 total days of coverage, Medicare stops paying for the senior’s nursing. This is usually just a small portion of the needs of many elders, with average nursing home stay stretching to 2.4 years.
Coverage under Medicaid
This is a program subsidized by the Federal Government and run by the state, which gives out basic nursing home care services for the poor and indigent. This only avails the individual if they have impoverished themselves by the time of need. Depending on the state, they should have only the last couple of thousand dollars of their money, or less. Some of the assets under their name are not included in the evaluation. The state usually puts a lien on these to recover the costs, before inheritance is established.
Long-Term Care Insurance
This scheme is to cover the costs for long-term custodial if the patient has long existing conditions that necessitate it. This is different from in home senior care. The policies here provide up to a set amount per day, and when there is a medical indication of the need for in home senior care, even that is covered. In many states, they have developed what they call ‘long-term care partnership programs’. These take out the Medicaid liability if you are taking out the same amount in what is long-term care coverage.
At an average, skilled nursing home care costs between $190 and $240 per day, which comes up to $69,360 to $87,000 per year. Cost of in home senior care also varies with the location you are in, with an average cost of $16 and $23 per hour for care services.