In this day and age of sky high pricing for medical related expenses, health insurance is a top priority; especially for those growing older. With a large fraction of our loved ones growing older it is time to start preparing for the future. But if your loved one isn’t covered by private insurance, or if they could benefit from additional coverage, where do you start?
Here at Freedom Home Care we know that figuring out the best way to assist a loved one is to know about all of the options available. To help ensure your loved one makes the best use of a Medicare insurance program, it’s a good idea to educate yourself along with them. Here are a few simple tips to get started.
- Know your ABCs… No, not those ABCs! Medicare is divided into four parts according to the coverage each provides. Knowing each division of coverage will help you assist your loved one find the best options for them.
- Part A helps pay for hospitalization, some hospice, skilled nursing facility, and home health. If your parent or loved one has worked and therefore paid at least 10 years, this part is provided for free. If they have not done those provisions they can still take part by paying a yearly premium for coverage.
- Part B will assist in paying for doctors’ visits and services. This part also assists with outpatient care, some home health care, lab tests, physicals, occupational therapy, screenings, and preventative services including wellness visits and exams. Part B is covered by a monthly premium, and when combined with part A this is traditionally what is referred to as Medicare.
- Part C consists of Medicare-approved plans and is commonly known as the Medicare Advantage. This part is basically made up of Medicare approved plans offered by private insurance companies. Some of these plans do also cover Medicare drug coverage, and some services that Traditional Medicare does not cover.
- Part D encompasses Medicare’s prescription drug benefit plan. Those eligible for Part D can purchase the plan through a private insurance company or as part of the Medicare Advantage Plan. Every plan is different, but drugs that are medically needed are covered.
In order to automatically obtain Medicare you must be 65 to be enrolled in Traditional Medicare. If your loved one is not yet at the milestone age they can start enrollment early by finding details regarding the current enrollment period online or by calling the local Social Security office.
Make sure you understand your loved one’s coverage and know how to help fill the void of uncovered charges by using the Medicare.gov tool, which allows you to compare plans and estimate out of pocket costs. Some people opt for Medicare supplemental insurance, commonly known as Medigap, to help cover these costs. With rising age could come a need for change in coverage, and open enrollment every year allows for just that. If your loved one needs a different coverage for care in the future it can be changed easily.
We here at Freedom Home Care pride ourselves on bettering the lives of our clients and their loved ones. We’re here to help whether it’s a free in-home assessment or advice on Medicare assistance. Our goal is to improve your life and the life of your loved one.