Medicare and Medicaid or Long Term Care Insurance

[angelinawalker]

Which is more useful Medicare and Medicaid or Long Term Care Insurance?

[Bizdoc]

Different animals dealing with different problems. If you are already on Medicare, LTC insurance is probably not an option as your premiums are likely to be *very* expensive. Remember, LTC insurance will potentially pay out over $100K - they need to collect at least that much in premiums to make money on the policy. If they figure you will need long term care 3 years from now, they would need to collect over $30K per year.

Medicare doesn't really pay for long term care (other than post hospitalization rehab care). Medicaid varies by state and often has waiting lists. It is also needs based, so if you can afford those large LTC insurance premiums, you probably won't get Medicaid.

[valeriesmith]

I think long term care insurance (http://www.infolongtermcare.org/long-term-care-insurance-costs/) is more useful since it has most of the services needed by senior citizens. Medicare and Medicaid are of course good also. However, if I am the one needing care of course I will choose the one that is complete.