Medical Insurance for Seniors
Medical insurance can be complicated enough – for seniors, it seems the
picture is often more confusing. Most seniors don’t work and many are in ill
health or have special medical needs. And many seniors rely on government funded
assistant living facilities – an estimated 1 million seniors live in around
30,000 assisted living facilities throughout the country.
Most seniors qualify for either Medicare or Medicaid, depending on their income
and situation. Medicare is available to those who are at least 65 years old, and
have legally lived in the US for at least 5 years before applying. Medigap
insurance is supplemental health insurance taken out by some seniors as a way of
supplementing their Medicare insurance.
Medicaid is funded by the government and administered by individual states under
their department of insurance. Qualification for Medicaid also depends on an
individual’s assets, income and type of residence. Medicaid will usually cover
most or all of the costs of nursing home admission and the accompanying care
that is necessary.
Some seniors, because of a particularly low income or a specific disability, may
also qualify for Supplemental Security Income (SSI) a program administered by
the Social Security Administration. This program offers several benefits
including providing monthly supplemental payments, food stamps and assistance
with hospital visits and drug costs.
If you don’t qualify for Medicaid, what is known as long term care insurance can
be purchased for long term stays in nursing homes or assisted living facilities.
If you are shopping for long term insurance, you should consider what other
benefits are covered under the plan, the costs of premiums and whether the
policy covers pre-existing conditions.
Seniors may also find themselves using the services of Health Maintenance
Organizations (HMOs) HMOs generally accept Medicare payment and offer lower cost
deductibles or co-payments. They also put an emphasis on preventative medicine
as well as the actual treatment, and many provide eye care, dental services and
emergency care when necessary.
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