If you are over the age of 65, then you are likely familiar with the benefits of Medicare. Utilizing this service to offset the costs of your medical treatments is no small boon. However, on its own, Medicare is probably not enough. While it is good for short-term care, when it comes to long-term needs, you are best to supplement you insurance with something more suited to the big picture. Medicare does not cover the majority of long-term care considerations.

According to the 2015 Medicare and You, provided by the Centers for Medicare and Medicaid Services, at least 75% of senior citizens over the age of 65 will need long-term care at some point in their lives. Not only that, but, according to longtermcare.gov, it is estimated that a semi-private room in an assisted living home costs on average $6,235 a month – and the average length of stay in an assisted living facility is 892 days. Even without needing an assisted living home, the costs of home aids and other non-Medicare covered expenses can be astronomical.

Supplementing Medicare

Because of the high cost of long-term care, it is important to go above and beyond Medicare. For low-income applicants, Medicaid might be the answer. If you meet the requirements for Medicaid, then it can help cover many of these long-term costs. However, even if you are not qualified for Medicaid, you can be prepared for a long-term need.

For starters, before you get to the point where you need the care, you can begin saving for the day that you will need it. Having personal savings on hand is a great way to help protect yourself from the high cost of long-term aid.

However, there are other options. You can get private long-term care insurance to offset your Medicare and make sure you are protected financially and medically in the future – for as long into the future as you need. Some employers offer long-term care benefits. There are veteran’s benefits, and sometimes life insurance plans allow you to pay for your long-term care. The best way to decide on the option that is right for you is to talk to an insurance agent who will be able to take all of your factors, age, income, savings, etc., into consideration as he or she walks you through your options.

Planning for Life

Long-term care is expensive, but it does not have to be a financial burden. You’ve taken care to pay off debts and reach financial stability your whole life. Don’t let the final phase of your life be any different. Make sure you are prepared for the future with a little pre-planning.

Just because you’ve reached the golden years of senior citizenship, does not mean your life is over, either literally or figuratively. You have many good years ahead, and that is why it is important to plan for them just as you have planned for every other stage of your life.

If you would like to learn more about Medicare and Medicare supplements, then visit our contactpage and find out about our great insurance options.