Long-term care can cost a lot. Medicare sometimes picks up a small piece of the cost. Medicaid can cover a lot of the cost. Paying out-of-pocket for long-term care tends to be extremely expensive. Here are some key facts on Medicaid, Medicare and long-term care:
- Fact: Medicaid covers about two-thirds of all long-term care spending, about $131 billion in 2011. 87% of Medicaid spending on older adults is for long-term care. One in three older adults with Medicaid receive long-term care through Medicaid.
- Fact: 43% of people with Medicaid needing long-term care are under the age of 65.
- Fact: Medicare does not cover long-term custodial care, nor does standard health insurance. Medicare contributed 21% to long-term care in 2011, because it covers skilled nursing care and skilled therapy services for a limited time post-hospitalization.
Here’s more from Just Care on aging in place and long-term care services and supports:
- PACE helps older adults age in their communities
- It’s not too soon to start thinking about long-term services and supports
- Nursing homes can be cool places to live: The Eden Alternative