All About Long Term
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Many people incorrectly believe that their basic health or hospitalization insurance will pay for their nursing home or home health care. Neither Medicare nor Medicare supplement insurance will cover the entire costs of long-term care. The AARP Life Answers web page states, "The cost of serious or long-term care illness is a major burden for many older Americans because Medicare does not cover all costs."

In her book, The Nine Steps to Financial Freedom, Suze Orman, renowned financial planner states, "Why do you think you'd need long-term care insurance if you already have health insurance? Because there is not one health insurance policy in existence that covers long-term care."

Without long-term care insurance, a reduction in retirement security happens very quickly with high nursing and home health care costs. Two-thirds of patients who try to pay for their own care become eligible for Medicaid within a year*, which means they are financially destitute. Also, Medicaid does not pay for home health care or an assisted living facility, which are preferred methods of care over a nursing home.

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* Department of Health and Human Resources

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