Apr 08 2008
Reverse Mortgages California or Medicare
If you need funds for medical expenses, then you will probably consider Medicare as a financial resource in lieu of a reverse mortgage.
If you are 65 years or older your probably already have Medicare. Medicare is a god-send for many people! There are however, some significant holes, especially with the recent reforms that affect people who spend a lot of money on medications. These and other gaps in Medicare coverage can sometimes be covered by Medicare Supplemental plans or with a reverse mortgage.
If nursing home care is needed, Medicare will cover the cost only if the senior went to a skilled-nursing home (not assisted living) directly from the hospital, will be staying longer than three days, and requires ongoing skilled-care that was prescribed by her doctor. Even then, Medicare covers all nursing home care costs for only 20 days, and supplements them for no more than 100 days. It does not cover non-medical care such as assisted living and in-home care. If you need those services, they will cost tens of thousands each year, so you should seriously consider a reverse mortgage. For more information see http://www.medicare.gov/Nursing/Payment.asp
