Home Care Survival » Medicare

Paying For Elder Care Resources

Tom — Fri, 25 Jun 2010 19:04:05 +0000

Contact Medicare 1-800-633-4227 or Medicare.gov for information about Medicare and how it can help pay for your parent’s care. Medicare paid for my father-in-law’s dialysis, hospital stays, rehab stays, hospital bed rental and visits to the doctor. Between Medicare and AARP supplemental insurance most of his care was covered. We estimate that his care over seven years cost close to $1,000,000.

To find out what other programs are available go to http://www.benefitscheckup.com/ and fill out the questionnaire. It takes about thirty minutes to complete but when you finish you will know all the local, state, and federal programs that can help you pay for you mom’s care.

Use the Institute of Financial Planners at www.ICFP.org or call 1-800-322-4237 to find a certified financial planner to help you sort through your parent’s financial affairs.

A reverse mortgage could free up money to pay for their care. There are issues you need to consider when thinking about a reverse mortgage. Go to the National Center for Home Equity Conversion at www.reverse.org for critical information.

I have other phone numbers and web sites for the legal, housing, and medical aspects of eldercare that I’ll get out to you shortly.

Or you can go to HomeCareSurvival.com and sign up for my Action and Implementation Program.

Paying For Elder Care

Tom — Wed, 17 Feb 2010 17:11:31 +0000

Medicaid is a Federal and state health insurance program for people with limited financial resources. In determining what are financial assets your elderly parent’s home, furniture, car or insurance policies with a cash value of $5,000 or less are not counted as assets.

The guidelines for what is covered vary from state to state and the amount of money available to pay for Medicaid covered services are subject to political forces. To find out what those guidelines are in your state and which program is the best for your elderly parent, contact your local Area Agency on Aging.

The Qualified Medical Beneficiary Program is for those people who are at or below the poverty level which is defined as $4,000 in financial assets for an individual or $6,000 for a couple. The state will cover the premiums and deductibles.

Specified Low Income Medicare Beneficiary Program is for those people who are 10% above the poverty level.

If you plan on using Medicaid for your elderly LO you should contact an elder law attorney who specializes in filing Medicaid applications. The attorney will also advise you on how to manage your LO’s financial assets.

You need advice of what expenses are eligible and which are not. You do not want the state to come after you to reclaim money to reimburse it for the expenses they covered. Go to naela.com for a listing of elder law attorneys.

Hospitalization, doctors’ visits, and medications are covered. Not all doctors take Medicaid so you have to find one that does and be prepared to wait for an appointment. If you can’t wait for an appointment then you will have to go to the emergency room for treatment.

Most states have a waiver program that pays for services at home instead of placing your LO in a nursing home. If your LO qualifies for admission to a nursing home but would prefer to live at home you might be eligible for PACE (Programs of All-Inclusive Care for the Elderly). Your LO will be provided with all that he/she needs to live safely in their home.

Visit Medicare.gov/Nursing/alternatives/PACE.asp for more details.

Call your Area Agency on Aging or the State Health Insurance Assistance Program (SHIP) for information on the PACE program or any other issues regarding Medicare or Medicaid.

Paying For Elder Care: Medicare HMO

Tom — Wed, 27 Jan 2010 02:28:17 +0000

Medicare HMO
If you don’t want Medi-gap insurance you can enroll your elderly parent in a Medicare HMO. He/she has to keep Medicare A & B but they use the doctors and hospitals in the HMO. One nice thing about an HMO is that it covers preventative care that is not covered by Medicare. An HMO also covers hearing aides (if you can your LO to wear one), dental care, and eye glasses. You pay monthly premiums to the HMO.

Be aware that if your LO wants to get out of the HMO they have to apply for Medi-Gap insurance which could be more difficult if they develop a new health issue. They may not get guaranteed access to a policy.
Doctors and hospitals can go in and out of an HMO which may leave you with fewer options. When you inquire about joining an HMO find out how many doctors have left. Ask about switching doctors if your doctor leaves or if you are dissatisfied with his/her service.
Since the elderly use so many prescriptions, be sure they can fill your current medications. Find out how often they update their formulary. How and who determine what is medically necessary and how can you appeal that decision? What happens when your LO needs emergency care while traveling beyond the area covered by the HMO?