When planning your estate, it is important to take into consideration your potential need for long-term care. People in North Carolina and across the United States are living longer than ever, largely due to the wonder of modern medicine. However, this means that there is an increased likelihood of you needing additional care for everyday tasks as you age. Many people believe that Medicare will help them cover the costs of assisted living as they age. However, according to the AARP, Medicare will not cover extended long-term care.
The only time that Medicare will cover nursing home care is if your doctor prescribes it to you in the aftermath of an injury or illness. Even in this instance, Medicare will only cover nursing home care up to a limited length of time. Medicare will also help you defray the costs of hospice care should you need it.
However, if you simply need assistance in everyday activities, Medicare will not help you mitigate these costs. You will need to come up with a plan to help you pay for assisted living if you require it. Some individuals prefer to purchase long-term care insurance, and others are able to rely on their assets, such as a house. In this case, the person will sell their house and use that money to pay for assisted living care. If you or your spouse has served in the military, there is also assistance available for veterans needing long-term care.
There are plenty of options, but it is important to be aware of them and plan ahead. Medicare will not cover these costs.