Medicare Does Not Pay for Chronic Illnesses

When it comes to health insurance people like to believe they are covered for services when they need care. It is very surprising to find out that health insurance and Medicare may only provide coverage as long as you are going to get better. But you may need to pay out of your own pocket if you need  care for an extended period of time.  

 A Fall 2011 John Hancock survey uncovered the lack of knowledge about and lack of planning for funding long-term care expenses:

  • About 50% of the respondents mistakenly believe Medicare will pay for care of chronic illnesses
  • 85% of people do not have a plan to pay for their potential expenses
  • 94% claim not to be VERY knowledgeable about Medicaid 

Learning about your health insurance coverage prepares you for minimizing the shock if an unexpected event happens in your life. 40% of people needing chronic care for a long-term care illness are under 65.  It’s easy to learn more.  Just call my trusted colleague, Rachel Faiga (203) 319-1131, for a  free review.

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