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(continued)
What Portion Of These Expenses Will Be Paid By Medicare?
Medicare Medicare is a federal assistance health care program that offers financial assistance to all people age 65 and over who are entitled to social security benefits. Although Medicare will help pay for hospital and medical expenses, it is intended to pay for acute short-term care and it will not pay for ongoing costs of nursing home stay. Medigap (Medicare supplement insurance) is intended to cover costs Medicare does not, such as co- payments, deductibles or excess fees. But, if Medicare does not cover a particular service, neither will Medigap. Therefore, it is not advisable to rely solely on Medicare/Medigap for long-term care coverage.
A study conducted in 1987* showed that Medicare paid for less than 2% of the costs and private insurance paid for even less. Medicaid paid for 42% of the expenses, and the patient or his or her family paid over one-half of these costs.
*The National Public Accountant, June 1996, v. 41, n.6
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