A lot of people believe that once they receive Medicare and the insurance coverage that this provides that their senior care is taken care of. Unfortunately, this isn’t quite true. While there are a lot of things that Medicare will help offset the cost of, senior care doesn’t get as much attention from Medicare as it should.
My goal today with this quick blog entry is to highlight what aspects of care Medicare will cover. Knowing what you’re up against is one of the easiest ways to prepare for the future and ensure that there are no surprises when it comes to getting access to the assistance that you and your family need as we age.
Medicare
Medicare is the government sponsored insurance program that is available to people aged 65 or older, or those suffering from some sort of disability. Medicare does not cover long term senior care. However, there are instances when Medicare will cover some of the short term costs associated with care. This must take place after a hospital stay and certain criteria must be met in order for this to be covered. Depending on the physical needs present, this could include a nursing home stay or in-home health care assistance. Typically, this cannot last longer than 28 days.
Medi-Cal
Medi-Cal is California’s version of Medicaid. Like Medicare, it is also a government sponsored insurance program. It is geared toward those with less financial resources. Medi-Cal covers senior care, but not all aspects of it and it limits your choices. Not all providers accept this type of insurance.
Long Term Care Insurance
Long term care insurance is typically issued by private insurers. Because of this, there’s no set standard for what a policy will cover. However, there are some similarities that tend to run from one policy to another. Most policies cover a type of care (such as, nursing home, in-home, or assisted living), a number of days that will be covered (such as, two years), and a maximum amount of cost covered per day (such as, $125). There are usually add-ons (called “riders”) that can be added to the policy for an extra cost.
If this is something that you think will be beneficial, you will likely need to open up a policy well before it is needed. Reaching out to an insurance provider that you know and trust can be a good place to start.
Other Sources
Depending on your background, you might have other options available to you, such as the VA. There’s not enough space to go into details on these, but if they are available to you, they might be ideal at helping to cover your costs.
Do you have more questions about how senior care will be paid for? One of our professional caregivers would be happy to talk more with you about your options. Reach out to us today to talk more about senior care, paying for it, and how it fits in with your family’s life. There is no cost and no obligation on your end. The goal is to get you steered in the right direction.
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