Medicare is a healthcare safety net for seniors in the U.S. The federally run program provides free hospital insurance and low-cost medical insurance for qualified seniors over the age of 65. But like all safety nets, Medicare has a few holes — more practically known as gaps in coverage. Depending on the type and frequency of the medical services you need, those gaps can be costly.
Category: Senior Care
While palliative care and hospice care have a lot of similarities, there are some key differences to consider when thinking about which option is right for you or your loved ones. In this post, we’ll talk about what palliative and hospice care are and who can benefit from each.
In the wake of the coronavirus pandemic, many seniors are left with questions about the status of services and how to stay connected with loved ones. To help, we’ve compiled this comprehensive resource guide for seniors that covers essential coronavirus questions along with several resources to help stay updated and ensure your well-being throughout the situation.
With the spread of the novel coronavirus or COVID-19, people are being asked to practice social distancing and to stay at home to help staunch the transmission of the disease. Transmission of COVID-19 happens person to person and, therefore, it’s essential that we practice social distancing and isolation especially for those who are elderly or have compromised immune systems.
When you start shopping for long-term care insurance, you’ll realize quickly that it’s pricey and complicated. And that can leave you wondering whether this form of coverage is worth it. Unfortunately, there’s no short answer to that question. Long-term care insurance can add value in certain situations, depending on the coverage, as well as your net worth, your age, and your health history. Before you can fully evaluate how long-term health insurance would fit into your life, though, it’s wise to master the basics of how this coverage works.
There’s a lot of questions and uncertainty about the ongoing coronavirus situation, but we do know that one group is especially at risk and needs to take extra precautions: seniors. The Chinese Center for Disease Control (which has been studying the virus since the outbreak began in Wuhan) found the fatality rate for people under 50 was 0.5%, but this number rose to 3.6% for individuals aged 60-69, 8% for elderly people 70-79, and 14.8% for people 80 years old and above.
How much does assisted living cost, and what are your options for covering these expenses? According to a government census, 10,000 baby boomers will turn 65 every day until 2030 and the U.S. Department of Health and Human Services notes 70% of these individuals will require some type of long-term care services. Pensions have become less common and many people don’t have adequate retirement savings to cover these costs out of pocket—so what options do you have?
Providing care for an aging parents can be hard. Getting older comes with emotional, physical, and sometimes, financial stress. As each generation gets older and we are faced with the issue of caregiving, we start thinking about how we can help our parents live happy and fulfilled lives.
Medicaid spend down is a financial strategy used to qualify for Medicaid nursing home coverage. In short, “spending down” involves reducing one’s income or assets to the point of eligibility. Medicaid law allows you to do so under some complex guidelines. You would typically pursue a spend down on behalf of a family member who needs pricey, long-term care.