If you’re 65 or older, you should certainly learn what you can about Medicare – especially if you’ve worked, you have paid into the system!
If you are any age and have a disability, you should also learn what you can about Medicare.
Think of Medicare as a health insurance program that is run by the state. Just like most insurance policies, you pay monthly premiums, and part of the costs through deductibles. It is not free, but it sure is more affordable than many policies.
Medicare and Nursing Home Coverage
Medicare has a limited nursing home benefit that does not exceed 100 days. You will only receive the full 100 day Medicare benefit as long as your health improves at the nursing home. If your health plateaus, you will no longer be eligible for Medicare benefits at the nursing home.
Many people think that Medicare will pay entirely for the first 100 days in a nursing home. This is not true!
While you are Medicare eligible, Medicare will pay the entire bill at the nursing home for the first 20 days. During days 21-100, if you are still Medicare eligible, Medicare will pay the entire bill except for $185.50/day. You are responsible for the $185.50/day. This is called the “Medicare co-pay” but most people have a supplemental health insurance policy that pays this co-pay.
Watch this video that explains how it works.