Health insurance typically pays for hospital bills and doctor visits. For those over age 65, Medicare is available to pay for short term skilled nursing following a hospital stay of 3 days or more. Medicare does not cover long-term skilled nursing care. Medicare also does not cover assisted living or memory care.
There are two basic public programs to pay for long-term care. These are VA Aid and Attendance and Medi-Cal. VA Aid and Attendance is potentially available to Veterans, Veterans’ Spouses, and Veterans’ Surviving Spouses. Medi-Cal, on the other hand, only covers care in a skilled nursing facility.
Many clients opt for long-term care insurance to help offset the costs of assisted living care, memory care, and long-term skilled nursing care. Only about 10% of my clients carry long-term care insurance. I believe many clients are underinsured in this regard.