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People often begin paying for long term care services on their own, but find that their savings will only cover care for a limited amount of time. Long term care typically isn’t covered by traditional health insurance plans. You may plan to rely on your health insurance or government programs, like Medicare or Medicaid,* to help you. Medicare provides limited coverage for skilled care only after a hospital stay, does not cover chronic conditions, and you usually must be at least 65 to be eligible. Medicaid pays for skilled and custodial care only after you meet the requirements for income and assets.
Having a plan in place to pay for care is important – and the financial professionals at MassMutual can help.
*For more information regarding benefits provided by Medicare or Medicaid, visit www.cms.hhs.gov. Medicaid guidelines vary by state. Contact your local Medicaid office for details.
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