According to a recently published survey, an overwhelming majority of Americans would prefer that Medicare pay for senior care. Although it was an informal survey, the results were very clear: more than 77 percent of respondents favored having Medicare cover these needs.
As of right now, Medicare does not cover senior care, though. And unfortunately, no matter what people wish were the case, that is just not how health insurance works. Right now is a tumultuous time for health insurance and it is uncertain what will happen in the future. This uncertainty extends into senior care, too. For those that are currently senior citizens, or those that will be in the next few years, this is a time when you should be thinking about adding more coverage. However, the way it looks now, odds are there will be less coverage for you.
Knowledge of the situation is the first step. Doing something about it is the next. Relying on insurance is a choice, but policies under the supervision of the government can change, especially when there are radical changes within the White House and Congress. The point is, although insurance can be helpful to you, it is always good to know what other options exist for your family.
So, what are your options? When it comes to paying for senior care, you have several. The first is paying out of pocket. In this case, that would mean paying for care directly with money that has been saved or set aside especially for the purpose of senior care. This is an option for some, but only a very small number of people.
The next option is to pay for care with specialized insurance. To be clear, this does not include Medicare or Medi-Cal, but rather long term care insurance. These policies typically need to be purchased well before your senior years, and the monthly or yearly premiums need to be kept up with if the policies are going to remain in force for when you need them. Although they can be expensive, the earlier you purchase them in life, the less you will actually spend because of the tiny premiums. Because more than 50 percent of seniors will need some sort of long term care, these policies can be a great choice. Again, they are not for everyone.
Medi-Cal, or for those that live outside of California, Medicaid, can also help cover some costs. This insurance is for low income individuals, and depending on where you live, your choices of senior care will be limited. In some states, Medicaid can be used for in-home care, for example, while in other states it cannot be used for this. However, it does cover stays in nursing homes after certain financial requirements have been met.
Family care can also be of help. This encompasses paid or unpaid care provided by a family member. Many families use this method. The benefit is that family members know the person they are caring for better than a professional possibly could. The downside is that family members usually do not have professional training.
What’s best for you? If you’re unsure, get in touch with an expert today.
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