Pays Medicaid for home care
The cost of a serious illness, surgery, or lengthy hospital stay can easily wipe out your elder's nest egg. The more you know about health insurance (state and private), the better prepared you will be to keep your elderly as healthy as possible physically, mentally, and financially.
Medicare is a government health insurance program that provides health and outpatient health insurance for eligible people over 65 years of age (as well as younger people with disabilities or end-stage kidney disease). The benefits, premiums, deductibles, and copay requirements are the same in every state. Most older Americans who were employed or married to someone who was employed are eligible. Everyone who is entitled to social security benefits will automatically receive an application at the age of 65.
The original Medicare plan
The original Medicare plan is at the heart of Medicare, the largest health insurance company in the country. It is divided into Part A and Part B. Part A helps cover hospital stays. It pays off for home nursing (for a
very limited period after a three-day hospital stay). Part A also pays for hospice care and certain home health services. There are no monthly bonuses for Part A.If your elder is hospitalized under Part A, they will be responsible for an initial deductible ($ 840 in 2003) for each benefit period. (A benefit period begins on the day of hospital admission and ends 60 days after discharge.) If your loved one is re-admitted within these 60 days, he or she does not have to pay an additional deductible. However, if she is re-admitted after these 60 days, she will be responsible for a second deductible. After a deductible is paid, Medicare will pay the full amount of the eligible fees for up to 60 days. After that, your elder has to split the cost burden with heavy copies. In 2003, the copay was set at $ 210 per day for days 61 to 90 and $ 420 per day for days 91 to 150. After 150 days in the hospital, your elder is responsible for 100 percent of the cost of each additional day. Part B includes medical bills, most doctor fees, diagnostic tests, outpatient treatments, and some medical equipment. Your elder pays a Part B premium ($ 58.70 per month in 2003). The premium will be deducted from their monthly social security checks. A $ 100 deductible must also be paid before Medicare covers any portion of the doctor's fees. Once the deductible is met, your elder pays 20 percent and Medicare pays 80 percent of all eligible medical expenses.
Before approving treatment, check with your doctor and your local Medicare office to see if Medicare will cover the suggested benefits or fees.
Medicare + Choice
Congress created the Medicare + Choice program to give older adults more choice. This program enables companies (under contract with Medicare) to manage Medicare services for their subscribers. It works like this: Medicare pays a certain amount of money each month towards a private health plan to care for your elderly. Medicare + Choice includes two different plans: Medicare Managed Care Plans (HMOs) and Medicare Private Service plans.
If your elder chooses a Medicare HMO plan, they will still have Part A and Part B in the original Medicare plan coverage and still pay the premium, but they may also have to pay an additional premium to be on the HMO plan. In return, the HMO can demand lower deductibles and copays or eliminate them entirely. The HMO can also have benefits not included in the original Medicare plan (such as prescription drugs, glasses, and dental care). But in this plan, your elderly usually needs to see the health professionals who are in the HMO network of providers.
The other plan, the Medicare Private Fee Plan, also covers everything in Part A and Part B of the original Medicare plan. In addition to the usual Part B bonus, your supervisor pays a bonus for the fee plan. This plan can also offer additional services and requires deductibles and copies. One of the most important perks for some veterans is that this plan allows them to see any provider that accepts Medicare.
Medicare + Choice Plans are not available in all states. Recently, many private insurance companies have stopped participating because they cannot make a profit. Others have had to increase their rewards while cutting their benefits to stay in the game.
Medigap (Medicare supplementary insurance)
is a cute nickname for the private health insurance your elder can buy to cover costs that the original Medicare plan doesn't. Medigap guidelines in each state (except Massachusetts, Minnesota, and Wisconsin) are standardized (named A through J) so you can easily compare them. Each of these guidelines offer a different combination of benefits. Additionally, any of the ten standardized policies can be sold as a Medicare Select policy. Medicare Select Policies require policyholders to use certain hospitals and, in certain cases, certain doctors in order to receive full coverage. If your elder is enrolled on the Medicare Managed Care Plan (HMO) or the Medicare Private Fee-for-Service Plan, a Medigap policy is not required. In fact, it may be illegal for anyone to sell your older Medigap policy if they are enrolled on one of these health plans.
Compare Medigap plans and get the names and contact information of the insurance companies in your area that offer them by visiting Medicare online. Click Medigap Compare.
If your elder decides a Medigap policy is the way to go, buy the policy during the open enrollment period (a six month period that begins on the first day of the month your elder is 65 years old and signs up for Medicare Part B. During this period, care cannot be refused due to existing illnesses. If your elder doesn't enroll during the open period, he may not be able to buy the plan he wants later, or he may be able to pay more for the same policy.
(sometimes called medical assistance) provides free medical care to people with low incomes and limited resources. The federal and state governments share the cost of Medicaid, but the state manages the program. Eligibility requirements vary from state to state, and the complex rules change frequently. To qualify, your elder must be a US citizen (with a few exceptions) and meet income and wealth requirements. The elder's house and car may be exempt from eligibility. Long waiting times and complicated application forms are the norm. The good news is that each state must allow a certain range of providers, and if your elder is Medicare and Medicaid (Medi-Cal in California), most hospital stays and medical expenses are paid in full. Medicaid covers home care and outpatient prescription drugs. If your elder is already in a nursing home, paying out of pocket for care and running out of money, nursing home staff can apply for Medicaid on their behalf.
Private insurers sell long-term care insurance for medical and non-medical needs. The older your elder gets (and the more disease states he accumulates), the more expensive the policy will be. Investigate this option well in advance of a crisis.
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