Medicare Insurance Is Not The Answer To Long Term Care

Armen Hareyan's picture
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Social Security Statement, unread by many people, recommends private Long Term Care Insurance (LTC). The statement says "Medicare does not pay for long term care, so you may want to consider options for private insurance."

Medicare is not long term care insurance.

"Many Americans assume that Medicare will cover their long-term care expenses," says Cameron Truesdell, CEO of LTC Financial Partners LLC (LTCFP), one of the nation's largest and most experienced long term care insurance agencies. "But it just isn't so. The Government expects people to cover the expenses on their own -- out of pocket or through long term care insurance."

The Government's position on Medicare and long term care coverage is plainly stated in the Social Security Statement, available online and sent in print form to Social Security recipients. "But not everyone reads the fine print," Truesdell says. He recommends that everyone do so, at: http://www.socialsecurity.gov/mystatement/sample4.htm.

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The section that recommends private long term care Insurance is titled "About Social Security and Medicare" and reads as follows:

Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors' fees, drugs and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long term care, so you may want to consider options for private insurance.

"Unless you're without means and qualify for Medicaid," Truesdell emphasizes, "the Government is just not prepared to help you when you need extended care for performing the tasks of daily living." He says it is vital, especially in recessionary times, "to do exactly what the Government says, look into private LTC insurance options."

Truesdell's organization offers help from over 550 independent long term care insurance agents. "They're available by phone or in person to advise everyone on the best policies from leading insurance companies," he says. "They know which policy options fit specific needs; and they know which companies have the best track records."

A listing of Long Term Care Insurance Financial Partners agents, by state, is available at http://web.ltcfp.com/ltcfp/find-agent.aspx.

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