Elderly Healthcare: What Are My Options?
Are you or a loved one in need of elderly healthcare?
Getting the proper healthcare for someone in advanced age starts with understanding what’s available. In this post, we’re going to help you by telling you what your options are and what you can expect when you seek out healthcare solutions.
Everyone’s got different needs, so it’s important to approach this subject with a wide scope. It’s important to not only plan for the present but plan for the future as well. Read on and you’ll see that there are many options, you just have to select the one that makes the most sense for you.
Medicare is the federal health insurance program for seniors over the age of 65 who have worked full-time for at least 10 years. The funding comes from a mandatory payroll tax, as well as the government and monthly enrolee premiums. It’s divided into the following 4 categories:
Medicare part A is free for most people. It covers hospitalizations, hospice care, nursing facility care, as well as some home care.
Medicare part B covers services like doctors visits, lab appointments, surgeries, clinical trials, mental health care, preventative care, and medical supplies/equipment. The coverage is around $100/month.
Medicare part C is also known as “Medicare Advantage”, and allows people to enroll in health insurance plans offered up by private companies. The costs vary.
Medicare part D simply covers prescription drugs.
No type of Medicare offers free healthcare. The amount that each individual has to pay depends on things like the type and amount of care needed, the coverage they have, and whether the healthcare provider charges more or less than Medicare funding provides.
Medicaid is a state-run, partially federal-funded insurance program, mostly meant for lower income individuals. While a senior may be eligible for both Medicare and Medicaid, the requirements vary from state to state. In most cases, they’ll have to exhausted all other healthcare options before being made eligible for Medicaid.
It pays for many kinds of long-term healthcare, like nursing homes, at-home care, and hospice care.
The idea behind Medigap is that it takes care of extra expenses, like deductibles, co-pays, and co-insurance, which isn’t covered by Medicare. Medigap policies are available for seniors that have Medicare part A and B; it kicks in once Medicare pays for its share of the expenses.
It should be noted that Medigap policies don’t cover dental care, vision care, hearing aids, private nursing, or long-term care. You can purchase Medigap through private health insurance companies.
Which Type of Elderly Healthcare Is Right for You?
Now that you have a better understanding of the different types of elderly healthcare, you can make the big decision on which type is best suited for your needs. There’s also private healthcare, but this can get quite expensive because the insurance companies evaluate based on age, health, and other risk factors. The state and federal healthcare options cover most important needs, but you need to think about what your specific situation requires before making the decision.
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