Being unprepared for the long term care of a family member can crush you financially; caregiving is just that expensive. Luckily, a number of ways exist that allow you to keep from having to spend so much.
The programs below could help you prepare for caring for an elderly person. When you know the basics of these programs, you can avoid unnecessary overpayments and/or delays.
Government-Sponsored Health Care Programs
Medicare: a federally controlled health plan for individuals 65 or older
A person is eligible for Medicare benefits as long as he or she has paid into social security during the years he or she worked. Medicare part A covers hospitalization, while part B or a monthly fee deducted from one’s social security check covers doctors’ visits and lab fees.
Only the first 60 days of hospitalization are covered; a deductible is required after that, which can lead to extensive charges and co-pays. Long-term care is not covered, but does cover hospice costs for patients with terminal illnesses. Medicare will also cover skilled nursing and post-hospitalization care. Medicare also does not cover the cost of a medical device, such as a hearing aid. In addition, the cost of medication is only reimbursed if an individual is hospitalized.
Medicaid: a health insurance program for disabled or low-income individuals
Medicaid will pay for care in a nursing home if an elderly person qualifies financially; this, unfortunately, means that an individual’s savings can be depleted before he or she would qualify. Medicaid, additionally, pays for basic medical care.
Medigap Insurance: a plan that supplements Medicare in exchange for a premium of approximately $70 to $150 per month
Medigap will cover some deductibles and prescription medications that are otherwise not covered by Medicare. In other words, it fills in the “gaps” that aren’t paid by Medicare.
Health Maintenance Organizations (HMOs): a type of health insurance that provides individuals with an alternative to Medigap for supplementation of a Medicare plan. If an HMO has a Medicare contract, Medicare will pay for it. Only doctors on the HMO list can be seen, and emergency services are only paid if they are received in a designated geographical area.
Social Security: a monthly amount paid to workers who have been employed and have paid taxes for a minimum of forty quarters (10 years)
A widow can collect at age 60 if her spouse has fulfilled the work requirement. The full payment amount can be received at age 65, while a reduced amount can be collected at age 62.
Long-Term Care Insurance: a type of private insurance that pays for long-term care
Those who have assets that are not depleted can choose this health care coverage to reduce the costs not covered by Medicaid. Make sure you include essential long-term care for your spouse or loved one into your monthly budget.
Medical Assistance and Clinical Trials: an option for those who need help in paying for medical assistance.
Anyone who meets income, age, or disability criteria may be eligible for this type of assistance. It is also possible – depending on the nature of your particular medical condition – to access additional financial help through local charities and organizations. Many charities exist to assist people suffering from specific illnesses.
Lastly, if one is willing, clinical trials can also provide some monetary relief. Many trials provide free health care for the duration of the trial and volunteers will have access to medical specialist they may not otherwise be able to consult.
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