Planning for retirement is a big deal—where you’ll live, how you’ll spend your time, and most importantly, how you’ll afford it all. Should you stay put, downsize, or move to a senior living community? And the million-dollar question: will Medicare help cover the costs of a retirement home or long-term care?
Medicare can feel like a maze, and understanding what it does and doesn’t cover is crucial to making smart financial and healthcare choices. We’re here to break it down for you!
What Does Medicare Cover?
Medicare is a federal health insurance program primarily for those 65 and older, as well as some younger individuals with qualifying conditions. Here’s a quick rundown of its four main parts:
Medicare Part A (Hospital Insurance) covers:
- Inpatient hospital stays (acute care, critical access, and long-term care hospitals)
- Skilled nursing facility care (short-term stays following hospitalization)
- Home health care services (for illness or injury recovery)
- Hospice care (end-of-life support, medications, and nursing care)
Medicare Part B (Medical Insurance) covers:
- Doctor visits and outpatient care
- Durable medical equipment (wheelchairs, oxygen equipment, hospital beds, etc.)
- Ambulance services
- Mental health care and substance use treatment
- Preventative services like screenings, vaccines, and wellness visits
Medicare Part C (Medicare Advantage) combines Parts A and B into private insurance plans, often adding extra perks like dental, vision, hearing, and fitness benefits.
Medicare Part D helps with the cost of prescription drugs, covering both brand-name and generic medications.
Will Medicare Cover Your Retirement Home?
Your retirement home should be a place of comfort, connection, and well-earned relaxation. But will Medicare foot the bill? Unfortunately, Medicare does not cover the cost of a retirement home, assisted living, or independent living communities. However, it will cover certain medical expenses while you’re living in one. Let’s break it down:
Assisted Living
If you need help with daily activities like bathing, dressing, and eating, assisted living may be the right fit. But Medicare won’t cover the cost of residing in an assisted living facility. It will, however, continue to pay for medical services like hospital stays, doctor visits, and preventative screenings.
Independent or Active Retirement Living
Independent living is designed for seniors who don’t require daily medical assistance. Since there’s no medical necessity involved, Medicare won’t cover the cost of living in these communities.
Memory Care
For seniors with Alzheimer’s or other forms of dementia, memory care provides specialized support. While Medicare doesn’t cover room and board in memory care facilities, it does cover:
- Up to 100 days in a skilled nursing facility after a qualifying hospital stay
- Prescription medications for dementia-related conditions
- Cognitive assessments for dementia diagnosis
- Hospice care for those with a life expectancy of six months or less
- Care planning services for newly diagnosed dementia patients
Explore a Maintenance-Free Lifestyle with Connect 55+
At Connect 55+ Active Lifestyle Communities, we know how important it is to find a retirement community that fits your needs and budget. Our vibrant, welcoming communities offer a maintenance-free lifestyle with endless opportunities to connect with others, stay active, and enjoy your golden years to the fullest.
Want to learn more? Contact a Connect 55+ representative today to schedule a tour or explore your payment options. Your dream retirement home is just a call away!
