Planning for senior care can feel complicated, especially when it comes to understanding your insurance options. This guide will walk you through the key insurance types that can help you cover senior care costs, making the process clearer and more manageable.
Medicare
Medicare is the federal health insurance program for people who are 65 or older and some younger people with disabilities. However, its coverage for long-term care is quite limited.
- Hospital and short-term care – Medicare Part A generally covers short-term stays in a skilled nursing facility, but only after a qualifying hospital stay. It doesn’t cover long-term custodial care, which includes help with daily activities like bathing and dressing.
- Home health care – Medicare may cover part-time or intermittent skilled nursing care, physical therapy, and other services at home if you’re certified as homebound by a doctor. Again, this doesn’t extend to long-term assistance with daily living.
Some Medicare Advantage plans include coverage for in-home respite care. Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Home Care Assistance, a trusted provider of respite care Tucson seniors and their families can depend on.
Medicaid
Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources. Unlike Medicare, Medicaid is a major payer for long-term care services in the U.S.
- Eligibility – Eligibility rules for Medicaid are complex and vary by state. They’re typically based on income and assets. Many people “spend down” their assets to qualify for coverage.
- Services covered – Medicaid can cover a range of services, including nursing home care and, in many states, in-home care services. Check with your state’s Medicaid agency to understand the specific benefits available.
Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading provider of homecare in Tucson and nearby areas. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.
Long-Term Care Insurance
Long-term care (LTC) insurance is a specific type of policy designed to cover the costs of long-term care services, which are generally not covered by traditional health insurance or Medicare.
- How it works – You pay regular premiums to an insurance company. If you later need long-term care, the policy will pay for a certain amount of services for a specified period.
- Coverage options – Policies can cover care in various settings, including your home, an assisted living facility, or a nursing home.
- When to buy – The best time to purchase LTC insurance is typically in your 50s or early 60s. Premiums are lower when you’re younger and healthier.
Life Insurance and Annuities
Some life insurance policies and annuities offer features that can help you pay for senior care. These are often called hybrid policies.
- Life insurance with a long-term care rider – This allows you to use a portion of your life insurance death benefit to pay for long-term care expenses while you’re still alive. If you don’t use the long-term care benefit, your beneficiaries receive the full death benefit.
- Annuities with long-term care benefits – Certain annuities can provide a stream of income that can be used for long-term care. These can be a good option for those who may not qualify for traditional LTC insurance due to health reasons.
Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional home care. Whether you need respite from your caregiving duties or your aging loved one needs live-in care, Tucson Home Care Assistance can meet your family’s care needs. Our dedicated caregivers are available around the clock to provide transportation to doctor’s appointments, ensure seniors take their prescribed medications, and help with a variety of tasks in and outside the home. Call us today at (520) 276-6555 to learn about our high-quality in-home care services.