Long-Term Care insurance is a necessary part of Long-Term Care Awareness Month created by Congress when the resolution was passed. Why was this passed by Congress? The government recognizes that millions of individuals tap into hard-earned savings to pay for their long-term care unless they have a plan in advance for handling these large expenses. Advance planning for this expense will help protect caregivers’ health, financial security and quality of life.
Many people think that the government (Medicare) will take care of their long-term care needs. Medicare does provide long-term care for people who are over 65 and covered by Medicare, but only about 5-8% of nursing-home care given is paid for by Medicare. This type of funding is often quite restricted: it may pay only for medically necessary, skilled care given in a nursing home, and the benefit periods are limited to 100 days each.
Today, no one knows for sure what role Medicare will continue to have in helping seniors with their long-term care needs.