|
GOOD MORNING.
|
|
|
THE LEAD
|
|
Medicare open enrollment runs through December 7, and as you compare plans, it is worth knowing about one large cost that no Medicare plan will cover.
|
|
That cost is long term care. Federal health officials estimate that someone turning 65 today has almost a 70% chance of needing some type of long term care. Women need it longer, about 3.7 years on average, compared with 2.2 years for men.
|
|
Here is the part that surprises many retirees. Most long term care is not medical care. It is help with everyday tasks like bathing, dressing, eating, and getting out of bed. This is called custodial care. Medicare does not pay for custodial care when that is the only care you need. Medigap supplement policies do not cover it either.
|
See This Building?
|
|
|
|
It's set to become the largest building in the world when it's completed...
|
|
And it's where Elon is set to generate 50 times MORE computing power than an entire global industry today.
|
|
Some people are saying Elon has lost his mind.
|
|
But tech expert Jeff Brown says it's all part of his plan to dominate AI in 2027.
|
|
And he’s already approached a little-known supplier he will need before he can ever get production online.
|
|
Jeff will show you how you can stake a claim in it before the partnership is announced.
|
|
Click here to see the details on what he calls "Elon Musk’s New AI masterplan."
|
|
What Medicare does cover is short term skilled care, the kind you might need to recover after surgery or a serious illness. The rules are strict:
|
|
You must first spend at least three days admitted to a hospital as an inpatient. Time spent under "observation" does not count, even if you slept in a hospital bed.
|
|
Medicare then pays in full for the first 20 days in a skilled nursing facility.
|
|
From day 21 through day 100, you pay $217 a day in 2026.
|
|
After day 100, Medicare pays nothing.
|
|
Coverage also ends once you no longer need daily skilled care and only need help with daily living.
|
|
So what does long term care actually cost? According to the 2025 CareScout Cost of Care Survey, the national median for a semiprivate nursing home room is $114,975 a year. A private room runs about $129,575. Assisted living costs about $74,400 a year. An in home caregiver for 44 hours a week costs about $80,080.
|
|
|
|
There are four main ways families pay for this care.
|
|
Your own savings. Many retirees plan to cover care from their nest egg. That can work, but a few years of care can take a large bite out of what you meant to leave a spouse or children.
|
|
Long term care insurance. Traditional policies pay a set daily or monthly amount. Premiums rise with age and health problems, so the decision is easier in your 50s and 60s than in your late 70s.
|
|
Hybrid policies. These combine life insurance or an annuity with a long term care benefit. If you never need care, the policy still pays out, often to your heirs.
|
|
Medicaid. Medicaid does pay for nursing homes, but only after you have spent down most of your assets. It also looks back five years at gifts and transfers, so last minute moves often do not work.
|
|
The practical takeaway: decide how you would pay for care before you need it. Look up costs in your area, ask whether your savings could cover two or three years of care without leaving your spouse short, and talk with a qualified advisor about whether insurance makes sense for you.
|
| |
THE NUMBER THAT MATTERS
|
$217
|
|
A Daily Cost Many Medigap Plans Cover in Full
|
|
That is what you pay each day for a Medicare covered stay in a skilled nursing facility from day 21 through day 100 in 2026. Medicare pays the first 20 days in full. After that, this daily charge kicks in.
|
|
The math adds up quickly. If you need all 80 of those days, your share comes to $17,360. That is for care Medicare does cover, before you ever reach the custodial care it does not.
|
|
This is one reason many retirees choose a Medigap supplement policy. Six of the ten standard Medigap plans cover this daily charge in full, and two more cover part of it. Many Medicare Advantage plans set their own daily charges for skilled nursing care, which can be higher or lower.
|
|
If you are comparing plans this fall, look for this line item. It is easy to overlook until you or your spouse needs rehab after a fall or surgery.
|
|
| |
|
Both Scenarios Start With the Index Up 10%
|
|
|
|
By the end of day two, the same 3× ETF could be down 5.45% or up 69% in our simplified examples. What changed?
|
|
Watch the full episode on The Patriot Investor’s official YouTube channel to see how daily compounding can work for or against you.
|
|
|
|
|
WHAT WE’RE WATCHING THIS WEEK
|
INFLATION DATA
|
MEDICARE: Open Enrollment Ends December 7
|
|
You have until December 7 to change your Medicare Advantage or Part D drug plan for 2027. Plans can change their premiums, their lists of covered drugs, and their networks of doctors every year, so last year's plan may not be the best fit now. The Medicare Plan Finder at Medicare.gov lets you enter your prescriptions and compare your total yearly cost, not just the premium. If you have a Medigap policy, know that switching to a different one outside your first enrollment window may require health questions in most states. Make any change with care, because you may not be able to switch back.
|
|
|
SMART MONEY SIGNAL
|
MEDICARE COSTS: The 2027 Part B Premium Is Coming Soon
|
|
Medicare usually announces next year's Part B premium in the fall. The program's trustees projected it would rise to about $209.50 a month in 2027, up from $202.90 this year. Most retirees have this premium taken straight out of their Social Security check, so it reduces the raise you actually see. Higher income retirees pay more through a surcharge based on their tax return from two years earlier. That means income you report in 2027 can raise your Medicare costs in 2029. Keep that in mind when planning large IRA withdrawals or asset sales.
|
|
|
WORTH KNOWING
|
FAMILY: Thanksgiving Is a Good Time for the Care Conversation
|
|
Thanksgiving falls on November 26 this year, and for many families it is the one day everyone is in the same room. It can be a good time for a short, calm talk about the future. Where would you want to receive care if you needed it: at home, near a child, or in a community? Who would help coordinate it? Do your children know where your important papers are kept? You do not need to settle everything at the dinner table. But starting the conversation now, while everyone is healthy, can spare your family hard guesses later.
|
| |
| |
|
Medicare pays for short stays to help you recover, not for years of help with daily living. Most people will need some long term care, and it is expensive. Decide now how you would pay for it, while you still have the most choices.
|
|
|
|
| |
|
Tidak ada komentar:
Posting Komentar