If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.
More than 53 million Americans are unpaid caregivers for family members. The majority are women—often, an adult daughter who lives closest to an aging parent starts out helping with daily activities. As the parent/care recipient requires more assistance, the daughter cuts back on work hours– risking her own financial security.
Health care already accounts for about 10% of spending, on average, by households headed by seniors. 2021 brings more bad news for the pocketbooks of seniors on Original Medicare.
Nursing homes are expensive with an average cost in the United States of $7,698 per month (2020 average). Most people cannot afford this expense, but they are in desperate need of the services provided by nursing homes (long-term care facilities).
For people age 65 or older in that situation, Medicare is generally the solution. While some in that age group might already have signed up at age 65 when first eligible for coverage, others may have delayed fully enrolling, due to qualifying for health insurance elsewhere — i.e., through their job (or their spouse’s).
President Trump’s top Medicare official said Tuesday that expanded access to telemedicine should continue after the coronavirus pandemic recedes and that officials are examining ways to act without waiting for legislation from Congress.
Unfortunately, over a decade, the number of observation stays has increased exponentially and is being used, even when patients have a diagnosis and have been admitted by their own physicians.
If someone offers you a COVID-19 test in exchange for your Medicare information, run in the other direction.
The value of long-term care insurance (LTCI) is an ongoing conundrum. There’s no doubt we’re living longer. According to LongTermCare.gov, a site provided by the U.S. Department of Health and Human Services, at least 70 percent of people 65 and older will need long-term care services and support at some time in their lives.
Certain costs are adjusted yearly by the government and can affect premiums, deductibles and other cost-sharing aspects of Medicare. Even though each change doesn’t necessarily involve huge dollar amounts, they can add up and should be factored into your monthly health-care spending.
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