How do you fund Long Term Care?

We would like to thank Phillip Mrozinski for providing this summary of options for funding long term care. For further guidance you are encouraged to contact a financial planner with Medicare, Medicaid and long term insurance knowledge.

Phillip D. Mrozinski, Lutc, MBA
Financial Planner
(561) 477-1484
E-mail: pdmroz@gmail.com

Medicare – A Federal government-sponsored health care program funded and operated by the Social Security Administration, providing medical benefits for individuals over age 65 and some disabled persons.

Medicare Part A Health Insurance – Is the health insurance part of the benefits program that covers expenses for inpatient hospital care and medical care (other than for the doctors fees).

Medicare Part B – Supplementary Medical Insurance which covers the physicians services, outpatient care, medical equipment and supplies and a variety of other medical services not covered by Part A.

Medicare Supplement or Medigap – Is a private insurance policy that supplements Medicare benefits by covering co-payments and deductibles for medical and hospital expenses. Insurance companies market these policies and DO NOT include coverage for personal or custodial care, medications, dental or other services ordinarily covered by Medicare. For insurance rates and benefits. http://www.insbuyer.com/mrozinski.htm

Medicaid – A joint federal and state welfare program that pays for medical care for those with very low incomes. It will cover nursing home costs and some very limited home health care but only after you have spent down your assets to $2,000.00.

Medicaid Planning – Financial and Estate Planning Techniques used to preserve your assets so that you can transfer your wealth to loved ones, children, grandchildren or a charity and still be able to qualify for the government’s Medicaid program. Fifty to Sixty percent of all nursing home residents are getting assistance from Medicaid.

Long Term Care Insurance – Insurance available through private insurance companies as a means for individuals to protect themselves against the high cost of long term care. Covers expenses incurred for Home Health Care, assisted living, day care and skilled nursing home care. For insurance rates and benefits. http://www.insbuyer.com/morzinski.htm

“What are the Costs?”

Caregiver costs vary according to many factors. Billing rate determinants include, but are not limited to, the following:

  • The length of stay
  • The certification or licensing of the caregiver
  • The unique qualifications of the caregiver
  • The job description unique to the care requirements of the client and the client’s home
  • Care for two or more clients residing together, using services simultaneously
  • Use of the caregiver’s auto for the benefit of the client
  • Length of time for reimbursement
  • Administration of insurance claims
  • Recognized holidays

Actual costs can be determined only after an on-site assessment from a Champion Home Health Care representative.