Medicare, the government health insurance plan for older americans, offers minimal coverage for health care costs. Existing gaps in this basic insurance program mean that your elder may be unprotected from today’s soaring health care expenses. A chronic illness such as arthritis or diabetes can put the financial resources of the entire family at serious risk, since Medicare won’t pay for the kind of day-to-day care these illnesses demand.
If your elder’s medical bills aren’t at least partially covered by an employer’s insurance plan and he or she doesn’t carry a “Medigap” policy, the wealth of the family is at serious risk.
Medicare benefits exclude chronically ill elders who need some form or long term, general nursing care as a result of strokes, Alzheimer’s and arthritis for example.
The key to buying supplemental health insurance is to review and compare policy differences.
Today more than 75% of those who receive nursing home care become impoverished in just one year!
People often assume that if they do nothing, the government will pay for their long-term care and that it’s easy to get on Medicaid. In reality, by not thinking or worrying about it, and worse by not planning for long-term care, your elder’s access to quality care can be severely restricted.
What does long-term care insurance buy?
Long-term care can provide an aide who carries out the basic support tasks of daily living when a person is incapacitated due to an illness, injury, or cognitive impairment. More than nursing home care, long-term care covers help with activities such as eating, dressing, mobility, bathing, homemaker chores, supervision, and respite (time off for the family care giver).