The “sandwich generation” is confronted today with the dilemma that millions of other Americans already face: how to take care of loved ones who cannot do so for themselves.
The options on how to provide long-term care come as a shock to most people who find themselves in this situation. Medicare pays only for temporary nursing home stays, and regular health insurance policies don’t cover long-term care. Medicaid does, but only if a person spends down hard-earned assets to be poor enough to qualify. Oh, and when Medicaid does kick in, it tends to be skewed toward putting someone in costly nursing homes, rather than finding ways to help people stay in their own homes and communities as long as possible.
Your doctor must recommend that you need a mobility scooter. This will help in the decision with Medicare. Medicare might cover 80% of the cost if your doctor recommends that you could benefit from the use of a power wheelchair. Your secondary insurance carrier will usually cover the balance of the cost. However in order for Medicare to cover 80% they must be your primary insurance carrier. If you have another insurance carrier as your primary you may have to file a claim with them and wait until you are reimbursed. Then file a claim with Medicare to cover the remaining cost.
Medigap Plans besides offering the peace of mind to senior citizens, covered under Medicare plans, also gives them a sense of economic security. This is because in a majority of cases the coverage provided by Medicare is not enough to cover the entire expenses of medical services. The overhead expenses of prescriptions, co-payments, in home care, stays in nursing facilities and hospital visits can result in the costs of healthcare going beyond the seniors’ reach, if they have not enrolled for a proper Medigap policy.
However, with numerous different policies present in the market, choosing the right Medigap Plan can be quite confusing for most seniors. In this scenario it is always advisable to hire the services of an experienced insurance broker, who can guide the seniors in selecting the most cost effective Medigap insurance plan with the maximum coverage and benefits as per their requirements.
Given the history of government-run insurance programs and budgetary sleights of hand, sound long-term financing is a valid concern. CLASS might or might not be the best approach; other proposals would tweak Medicaid to help people stay at home longer, though they don’t address the need to be poor enough to qualify.
Whatever the approach, there can be little dispute that long-term care deserves as much attention as the “public option” or other flashpoints. More than 10 million people now need long-term care. That number is expected to soar as the Baby Boom generation ages and lifespan increase. The government should reward consumers who purchase long-term care insurance with substantial tax credits. By encouraging individuals to plan for their own care would take a big load off the state’s Medicaid program
Sinji Mikami presents the following posts
you may be able to access the difference in the form of a home equity loan or Home Equity Line of Credit.
Fixed Rate Home Equity Line of Credit – What are the Pros and Cons?
Home Equity Line of Credit vs. Second Mortgages