Popular Insurance Plans for People with Elderly Parents

Popular Insurance Plans for People with Elderly Parents

Health Care in the United States is a huge issue that has just begun to be dealt with. People with elderly parents are finding out that one type of insurance does not cover every need. Other insurance options are available and may be necessary to fully care for elderly parents.

Medicare is a health insurance program that covers many of the health insurance costs for people over the age of 65. Hospital and medical insurance are the two types of insurance for the elderly within Medicare. Hospital insurance under Medicare covers the cost of a patient while in the hospital. The coverage only lasts while the diagnosis of the patient is deemed medically necessary. Depending on the diagnosis, elderly patients who are hospitalized usually need long-term assistance provided by a nursing home. The problem with this is that if the long-term assistance is not deemed necessary, which means a direct result of the diagnosis that caused the hospitalization, then Medicare will not cover it. If daily nursing home assistance is necessary, then Medicare will cover only 60 days immediately after discharge from the hospital. Medical insurance under Medicare, on the other hand, covers the monthly necessary medical services for most elderly parents. Physician office visits and referral outpatient services are covered by Medicare. This type of insurance does not cover everything, though, and while the insured elderly does not pay a co-payment, they are required to pay a monthly premium.

Medicaid is a government program that offers medical assistance for the elderly with low or limited income. Recently the income requirements to qualify for Medicaid have been raised because the prior requirements caused people to avoid doing anything to advance their income, from fear of not qualifying. The biggest benefit that Medicaid offers the elderly is paying for long-term assistance at nursing homes. Other services that Medicaid covers are health-clinic services, family-planning services, X-ray services and office visits to the physician. If your elderly parent needs hospice or another type of home health care, Medicaid will cover it once qualified. Medicaid is a popular choice among supplemental insurance. It most commonly kicks in after a Medicare plan, and covers the remaining balance due.

Medigap is supplemental insurance offered by private companies to pay balances left from Medicare or to cover procedures that Medicare won’t. Medigap is a popular option for the elderly parents who do not qualify for Medicaid. This type of insurance is specifically meant to cover charges only after a Medicare Plan. Another important factor to be aware of is that Medigap plans are identified by letters. Even though it is good practice to shop around to get the best quote, the majority of insurance companies sell the same standardized Medigap policies. Most insurance companies offer the same benefits because of the requirements by federal and state regulations. Always be careful of insurance companies offering false Medigap supplemental insurance. If the insurance is legitimate Medigap insurance, then it will officially be identified as Medicare Supplement Insurance. Depending on the company Medigap usually covers the deductible and the co-payment. There are certain Medigap plans that allow for more coverage when it comes to charges like, doctors who charge excessively on Medicare Part A or B. Medigap can be wonderful, but there are some procedures that are still not covered, like long-term care for nursing homes, dental, contacts or glasses or any type of hearing-assistance device.

Long Term Care is another type of insurance for elderly parents. Long Term Care is usually given in nursing homes, home health care or assisted-living facilities. Long Term Care insurance is very popular among elderly parents who have dementia, Parkinson’s disease, heart problems or have had a stroke. The most common form of Long Term Care is provided in the home, and assistance is given with daily activities. Cooking, bathing, eating, dressing and using the restroom would be constitute a few of the things assisted by an aide or nurse. There is a lot involved when it comes to the care of elderly parents. Consider not only price but coverage when it comes to choosing a plan for your elderly parents. After assessing the needs and financial situation of your elderly parents, you should be able to figure out which insurances will provide the best overall care.