Healthcare is Critical for older persons
Healthcare is an important part of life, but it can sometimes be difficult for people to maintain their health, especially as they grow older. As people age, it becomes more and more difficult for them to find affordable healthcare, especially when their income has been substantially reduced. However, there are several options that senior citizens and their loved ones can utilize when the need arises.
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Federal Medicare Program
First choice for older personaMedicare is a federal health insurance program that is specifically designed for seniors 65 and older. One of the requirements is that the applicants must have worked full time for at least 10 years. It is paid for by payroll taxes, premiums, and government payouts. Medicare covers hospitalization, nursing, and hospice care, as well as in-home care. It even covers doctor visits, lab tests, most surgeries, and mental health care.
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State Medicaid Program
Medicaid is available for qualified personsMedicaid is a health insurance program that is run by individual states and is partially funded through government taxes. In order to qualify for Medicaid, applicants must “spend down” most of their available assets as it is only available to lower income individuals. Because of this, many potential applicants consult a Medicaid lawyer in order to see if Medicaid is right for them, or if there are ways to keep their assets.
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Miller Trust
A helpful suppliment to MedicaidOne of the most popular ways for individuals to keep their assets while on Medicaid is known as a “Qualified Income Trust” or a “Miller Trust.” A Miller trust gradually pays the Medicaid recipient a small daily allowance for personal needs, and the spouse receives a monthly allowance as well. Medicaid also receives a stipend in order to cover the costs of care. This stipend might also extend after the recipient’s death if he or she dies while on Medicaid.
Private Healthcare Options
Medicare and Medicaid are two of the most common and popular options for healthcare for the elderly, but these are not the only ones available. Many private insurance companies provide healthcare policies that cover medical procedures that Medicare and Medicaid may not cover, though they can be more expensive and restrictive. Medicare supplement insurance is also available which will pay the insured’s share of medical bills that Medicare does not pay.