David Scholl is a Grand Rapids, MI, financial advisor who engages as a member of the Solutions Investment Group. With an emphasis on meeting diverse client needs ranging from wealth accumulation to insurance, David Scholl and his Grand Rapids colleagues provide knowledgeable counsel.
One area of focus is long-term care and its relationship to Medicare coverage. The unfortunate fact is that Medicare doesn’t cover everything past a certain point. For example, the first 20 days at a skilled nursing care location following a three-day stay in the hospital are fully covered, as is everything but $157.50 each day for the next 80 days. After that, Medicare coverage abruptly stops.
While needed non-medical care for those with disabilities or chronic illness may be provided by friends and family members, it can become a major burden. The two options primary for funding outside care are long-term care insurance and self-insurance. The latter is the default of many and involves the use of personal savings and investments. Just which allocation mix is right is something that should be talked about with a trusted financial advisor well in advance.
One area of focus is long-term care and its relationship to Medicare coverage. The unfortunate fact is that Medicare doesn’t cover everything past a certain point. For example, the first 20 days at a skilled nursing care location following a three-day stay in the hospital are fully covered, as is everything but $157.50 each day for the next 80 days. After that, Medicare coverage abruptly stops.
While needed non-medical care for those with disabilities or chronic illness may be provided by friends and family members, it can become a major burden. The two options primary for funding outside care are long-term care insurance and self-insurance. The latter is the default of many and involves the use of personal savings and investments. Just which allocation mix is right is something that should be talked about with a trusted financial advisor well in advance.
