Because we are already several days into Medicare’s Annual Election Period, it is worth looking at what Medicare is–and what it’s not. Having the right benefits in your Medicare coverage plan can help offset senior care costs in some instances, but most people do not currently have this type of policy in place.
The Annual Election Period for changes in Medicare policies is between October 15th and December 7th. If you already have a Medicare part A and Part B plan in place, you do not need to renew either at this time, but if you want to add drug coverage, or if you want to take advantage of a Medicare Advantage add-on policy, this is the time to do it. Just remember, although Medicare is extremely helpful, it doesn’t always do much in terms of the type of senior care that you will be entitled to.
Many elderly folk also have Medicaid, or Medi-Cal, if you live in California. This is also a public form of health insurance, but unlike just being available for all elderly individuals, Medicaid qualifications are based upon income. If you have questions about whether or not this is right for you, then be sure to contact your local Department of Social Services.
Medicare and Medicaid are not the same things. Also, if these are your only sources of insurance when it comes to senior care coverage, you may find that you (or a loved one) are seriously limited when it comes to what you can have paid for when it comes to things like in-home care or assisted living. Making sure that you have the coverage that you need well before you need to use it is the best way to avoid any sort of surprises or unexpected costs. Speaking with an impartial insurance specialist can help you to get a better feel for what you need to do. Preferably, you will want to talk with someone who does not operate off of a commission if you purchase a policy from them, but rather someone who truly has your best interests in mind.
In order to ensure that you or your loved ones have the best senior care options for your specific set of needs, then it is important to know what your current coverage is first. Take a look at what insurance policies you have in place, if any, and what types of care they cover. You might be surprised to find that you do not have the senior care coverage that you thought you had. If you need help with this, make sure that you do so with someone that you trust. If you don’t have the care coverage that you want, the sooner you sort this out, the cheaper it will be. As a general rule, additional long term care policies (if needed) are cheaper when you purchase them at a younger age than if you wait until later in life to do so. And if you want to ensure that you can choose the type of care that you want with more freedom, then these types of policies will be worth looking at.
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