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.
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.
By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.