Next Avenue recently asked readers to send us their questions about Medicare, Medicaid and long-term care coverage. The most popular ones:
- What is offered by Medicare and Medicaid for long-term care?
- If my assets are too high, should I forget about Medicaid?
- Why does Medicare coverage only pay for skilled care?
Today, we’ll answer those questions.
This topic is weighing heavily on the minds of many Americans, and for two good reasons: 70 percent of people 65 and older will need some kind of long-term care eventually and long-term care costs are astronomical. The median annual fee for a private room in a nursing home, for instance, is $97,455 and hiring a home health aide runs roughly $49,000 a year, according to the 2017 Genworth Cost of Care Report.