Part A (Hospital Insurance). This part covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes while working.

Part B (Medical Insurance). Part B helps cover medically necessary services like doctor’s visits, outpatient care, home health services, durable medical equipment, and some preventive services. Part B requires a monthly premium, which varies based on income.

Part D (Prescription Drug Coverage).This part adds prescription drug coverage to Medicare. Part D plans are offered by private insurance companies approved by Medicare. It helps cover the cost of prescription drugs and provides protection against higher costs in the future.

Part C (Medicare Advantage). Medicare Advantage Plans are an alternative to Original Medicare. These plans are offered by private companies approved by Medicare and include all benefits and services covered under Parts A and B, usually Part D, and may offer extra benefits like vision, hearing, and dental.

Short-Term vs. Long-Term Care. Medicare primarily covers short-term care in a skilled nursing facility following a hospital stay, typically up to 100 days. This coverage is contingent upon meeting specific criteria, such as having a qualifying hospital stay of at least three days and needing skilled nursing or rehabilitation services.

Exclusion of Long-Term Care. Medicare does not cover long-term care services, which include custodial care for individuals who need help with activities of daily living (ADLs) such as bathing, dressing, eating, transferring, toileting, and continence. Long-term care services are usually provided in nursing homes, assisted living facilities, or through in-home care.

Long-Term Care Insurance. This type of insurance is specifically designed to cover long-term care services. Policies vary, so it’s important to choose one that fits your needs and budget. Purchasing long-term care insurance at a younger age can result in lower premiums.

Medicaid. Medicaid is a state and federal program that provides health coverage for individuals with low income and limited resources. Unlike Medicare, Medicaid does cover long-term care services. However, qualifying for Medicaid often requires spending down assets to meet the eligibility criteria.

Personal Savings. Setting aside savings specifically for long-term care can provide a financial safety net. This can include utilizing retirement accounts, investments, or other savings vehicles.

Veterans Benefits. Veterans and their spouses may be eligible for long-term care benefits through the Department of Veterans Affairs (VA). These benefits can help cover the cost of care in VA facilities or through certain approved providers.

Medicare and Medicaid Planning. An elder law attorney can guide you through the intricacies of Medicare and Medicaid, helping you understand eligibility requirements, benefits, and how to maximize your coverage.

Long-Term Care Planning. They can assist in creating a long-term care plan tailored to your needs and financial situation, including advising on long-term care insurance, asset protection, and Medicaid planning.

Estate Planning. An elder law attorney can help ensure your estate plan aligns with your long-term care plan, protecting your assets and providing for your future healthcare needs.