Health Care Options and Costs for Seniors
As you grow in age, your income begins to dwindle as you struggle to pay for the increasing cost of health care. Seniors who are not buoyant financially will run into debts to pay for to cover the cost of their health bills. However, there are governmental and non-governmental programs that offer subsidized health care to seniors. Most of these health care options include.
Medicare is a federal health insurance program which is dedicated to seniors aged 65 and above that must have had a full-time employment for a period not less than 10 years. The cost of Medicare is covered in the compulsory 2.9% tax paid by both the employee and the government. This health program consists of four parts with distinct functions and coverage.
This health insurance program is an initiative of the respective state governments but assisted by the government at the center. It is the last hope of the senior and any low-income individual. Your level of insolvency will determine whether you are eligible for the program or not. Medicaid is designed to cover the cost of long-term health care like hospice care, nursing home care and skilled services. Most of the seniors who are under Medicaid can also enjoy Medicare; hence they are called ‘dual eligible’. It is important for you to make findings to know the regulations for Medicaid in your state because the rules can be very complicated.
Private Insurance Health Plan
Employers or individuals can purchase a Private Health Insurance Plan which is often part of the employee’s pension plan. However, the amount to spend on this plan as a senior depends on your present health condition. If you have a debilitating health condition, there is the tendency that you will be denied coverage or be made to pay higher premium rates.
Supplemental Health Insurance (Medigap)
The health coverage which is provided in Medicare may not be sufficient for most seniors with serious health concerns, hence they should migrate to a higher scheme such as Medigap. This health insurance program assists seniors to pay for high medical expenses that are not available in Medicare. The program is made to supplement the benefits in Medicare but does not cover most long-term care such as eye treatments, hearing aids, dental care, private nursing, etc. Consider a AARP supplement plan at https://www.bestmedicaresupplementplans2019.com/aarp-medicare-supplement-2019/
This is a long-term health option for individuals who require to be assisted daily for dressing, meals, bathing, medication management etc. The cost of this plan may vary based on the type of services you need and the size of apartment.