How to Use the Medicare Long Term Care Planning Tool

Jun 28, 2010
Carol Finch

How Does the Medicare Long Term Care Planner Work? - Image by immrchris

Those considering options for long term care in later life may find it useful to use the planning tool on the Medicare website. What does this planner do?

It is hard to predict the type and level of long term care that may be needed later in life. Those investigating their options as part of the overall retirement planning process may find it useful to get some ideas from the Medicare long term care planning tool. How does this planner work and what information can it give?

What is the Medicare Long Term Care Planning Tool?

This interactive tool is designed to give a general indication of the long term care and cost options for an individual. Those starting the process of retirement or health care cost planning may find that the planner gives them a useful introduction, some ideas and an indication of the services that they may need in the future.

How Does the Medicare Long Term Care Planner Work?

The Medicare planner is an interactive tool that guides the individual through a series of questions. The answers to these questions help the system to bring together data, suggestions and resources that technically match the needs of the person using it. Questions asked include:

Age, gender and location.
Current and previous health status.
Issues that impact on independent living.
Income, savings and any existing means that could pay for long term care.

Once the online form has been completed the planner will give three sets of results tailored to the individual's circumstances.

What Information Does the Medicare Long Term Care Planning Tool Give?

The Medicare planner creates three individual reports that give the user certain types of information on the long term care process. The reports are organized by:

Long term care projected costs: This report compares the user with other individuals who have had similar types of care needs in the past and gives average costs. It can, for example, give an estimate of how many people in the same situation actually needed care and how much it cost those that did. It also shows the types of care services that were typically used.
Long term care services: This report uses the data that was inputted to estimate the types of care that may be needed by the individual. It gives a basic summary of each option with links to further information.
Long term care financing: This report lists the most relevant options for financing the care options that were chosen for the individual. Again, this gives a basic summary and links for those that wish to find out more.

The Medicare long term care planning tool may be useful to those that want to learn more about care options, costs and financing. Keep in mind that these results will not necessarily be 100% accurate and are based on averages and estimates. Nobody can predict what will happen in the future but the core information here may make the decision making process a little easier.

Those interested in investigating long term care options and the financial implications to their retirement plans may also find the following articles useful:

Source: Medicare.gov