See what help and options you have when it comes to long term health care…
What are your options when it comes to long term health care?
This long term care review’s purpose is to inform you of the possibilities regarding your long term care health and insurance options.
Usually, an individual who is in need of long term heath care will be responsible for paying the bills. In some cases a family member or in rare cases a friend may volunteer to pay for the cost of long term care.
Whoever signs as the responsible party for payment of services carries the burden of paying the costs of care.
If an individual has Medicare insurance, Medicare will only pay for a small amount of long term care and does not pay for all the care that is available, like private nursing or live-in aid.
When a person is in a nursing home and over the age of 65, Medicare will be the first to pick up the charges for long term care. After a 3 day hospital stay, and the physician refers you to a skilled nursing facility or nursing home, then Medicare will pay for 21 days, after that there are daily charges for the patient.
Afterwards any assets you may have may be sold to pay for the long term medical care that is required.
Medicaid insurance is a state and federal program for low income families and individuals.
You must apply and qualify for this aid. Medicaid will only reimburse a small portion of long term health care.
You would qualify for Medicaid after Medicare pays their share and your assets are depleted.
What is Medicare Supplement or Medigap?
Medigap is supplemental insurance for Medicare that assists when the Medicare benefits for long term care is restricted or where a “gap” exists in your Medicare Plan. It is sold by private insurers.
The Medigap supplemental health insurance will help defray some of the cost that are not picked up by Medicare such as hospital stays, Medicare B covered services or skilled nursing facility stays.
There are 10 different Medigap plans labeled from A to J – starting with basic supplemental benefits, each adding on more coverage.
Medigap premiums do not replace Medicare B costs. It also does not cover your spouse’s health care. There are some legal guidelines also. So look carefully into this aspect of insurance.
When premiums are maintained and renewed, Medigap policies are guaranteed renewable.
Medigap policies are required to cover pre-existing conditions 6-months after the policy has been in effect. The grace period varies with each insurance company.
Some health care insurance will help with the cost of long term care expenses. A person needs to check into each health care plan. If you have a policy from your place employment find out if they pick up the cost of long term care.
In some areas of the U.S. there are community and state programs such as COP (Home & Community-Based Long Term Care Services), aging and disability resources.
To find out more about the kinds of long term care options available to you, get a free long term care insurance quote today.