Medicare Open Enrollment starts October 15, 2020 and if you’re new to Medicare or if you need to review and make changes, it’s time to talk with your financial professional to ensure your future medical needs will be covered. Additionally, the CARES Act has provided some changes that you should take into consideration.
Medicare is a benefit we are all eligible to receive once we reach age 65. When it comes to your long-term care needs, people believe Medicare will pay for all your long-term care needs, but this is not entirely true. Medicare will pay for some needs, but your long-term indefinite care costs will be your responsibility.
For example, if you end up in a rehab facility for whatever reason, Medicare will pay for your stay there for up to 100 days and so long as you’re progressing in your recovery. So, if you become flat, decline, or otherwise don’t continue to progress, Medicare will stop payments and you will have to look to other resources to cover the costs.
Consider that on average an assisted living facility could be $4,000-$6,000/month and full-scale nursing care could reach $12,000/month. Costs like this can quickly decimate your savings unless you have planned far enough in advance and have other assets in place such as long-term care insurance or a permanent life insurance policy.
None of us know what tomorrow will look like but understanding Medicare and setting up proper insurance policies can provide peace of mind for you and your family. Call today to ask questions, make changes, and make sure your estate plan will be ready for whatever life throws your way.