Almost two-hundred thousand Americans have taken out private long term health care insurance. This is one of the fastest growing types of insurance, in part, experts say, because this country’s over – 65 population is growing rapidly. More people recognize that without such policies they may have to liquidate their savings to pay nursing home expenses.
There are a variety of health care plans designed specifically for elderly people in the United States. Some of these programs are government mandates given to citizens at the age of 65, while others utilize private companies to fulfill the health care needs of the oldest Americans.
Obtaining health insurance coverage is important for the elderly. Here are a few details about health insurance plans that are available from the government and private insurers for the elderly:
Medicare Plans
The government offers elderly people two main levels of coverage. “Part A” will cover hospital stays and other various medical expenses, while “Part B” pays for some additional services and items like health related devices.
Most seniors become eligible for “Part A” without paying. “Part B” coverage can cost around $96 a month, more for people who have high income levels. “Part B” is subtracted from govt. benefits or billed quarterly.
Medicare “Part A” is one of the most prevalent plans. This government plan covers any citizen over the age of 65 with hospital stays and short periods in a skilled nursing facility.
Part B of the Medicare insurance program allows for outpatient medical care. This plan covers physician and nursing care, a variety of procedures, and medical equipment such as canes and wheelchairs.
Elderly U.S. citizens typically become eligible for government-supplied Medicare insurance if they.
1.) Have reached 65 years of age.
2.) Have worked ten years or more in jobs where Medicare taxes were paid. (Or have a husband/wife who did this).
Additional Plans
Many insurers offer supplemental coverage for the elderly, which helps to pay for costs not covered (or partially covered) by Medicare. Prescription drug plans are available as part of this coverage, or separately.
Additional insurance can be useful to pay for services such as yearly physical exams, treatment in other countries, and prescribed medications. Some of these plans also pay the regular Medicare coinsurance and/or deductibles.
Overall
The vast majority of elderly people can obtain “Part A” Medicare coverage, and “Part B” is affordable for many. Fairly inexpensive supplemental plans may prevent substantial out-of-pocket expenses following treatment, while covering some additional services.