1. How much should I pay for home care?
2. What payment options cover home care?
3. How much should I pay for facility-based care?
4. What payment options, based upon qualifying, cover facility-based care?
5. What payment options cover respite care?
6. What payment options cover hospice care?
7. What does Medicare Part A cover?
8. What does Medicare Part B cover?
9. What does Medicare Part D cover?
10. What is Medigap/Medicare Advantage?
11. How do I qualify for Medicaid?
12. If qualified, what programs are available to Veterans?
13. Who can benefit the most from Long –Term Care Insurance?
14. What should I keep in mind when looking for a Long-Term Insurance policy?
15. What other options besides Medicare, Medigap, Medicaid, Long-Term Care and Veteran’s Benefits work in conjunction with these plans?
1. How much should I pay for home care?
- $7.50-$15.00 per hour for housecleaning, personal care assistants and companions
- $16.00-$25.00+ per hour for home health aides and skilled nursing care
- $200.00+ a day for live-in care
2. What payment options cover home care?
- Medicare
- Medicaid
- Veterans benefits
- Private Insurance
- Long-term care insurance
3. How much should I pay for facility-based care?
- $24,000 per year, on average, for assisted living housing
- $50,000+ per year for a nursing home
4. What payment options, based upon qualifying, cover facility-based care?
- Long-term care insurance
- Medicare
- Medicaid
- Veterans benefits
- Managed care
5. What payment options cover respite care?
- Insurance – Medical insurance usually doesn’t cover respite unless medical professionals are involved, but long-term care usually covers services for a limited time or dollar amount.
- Medicaid – Medicaid won’t directly cover respite, but in some states, waivers are used to apply federal funds for those with specific conditions. Check with your state office on aging.
- Veterans benefits – The VA will pay inpatient respite costs for up to 30 days per year for qualified veterans. Other coverage varies depending on the state of residence.
- Nonprofit and disability organizations – Research different organizations such as The United Way and the Alzheimer’s Association, which may offer respite money in your area.
6. What payment options cover hospice care?
Medicare, Medicaid, and many private insurance plans provide hospice coverage, but certain conditions must be met in order to qualify:
- Your loved one is eligible for Medicare Part A (Hospital Insurance).
- The attending physician and the hospice medical director certify that your loved one has a terminal illness and death may be expected in six months or less.
- Your loved one signs a statement choosing hospice care instead of curative Medicare covered benefits.
- Your loved one signs up with a Medicare-approved hospice program. Most hospices receive funding from charitable foundations, which helps cover expenses for those who have limited funds and can’t afford the co-pay, or who aren’t covered by Medicare, Medicaid, or private insurance.
7. What does Medicare Part A cover?
- Hospice care
- Home health care
- Skilled nursing after a hospital stay
- Inpatient hospital stay
8. What does Medicare Part B cover?
- Doctor’s bills
- Outpatient hospital care
- Home-based physical therapy
- Lab tests
9. What does Medicare Part D cover?
10. What is Medigap/Medicare Advantage?
- Supplemental policy offered by private insurance companies
- Covers co-payments, deductibles and some services not covered by Medicare
11. How do I qualify for Medicaid?
- General Medicaid eligibility requirements - Be age 65 or older or permanently disabled or blind, be a US citizen or meet immigration requirements, and be a resident of the state where they’re applying.
- Functional requirements - A medical specialist in the state evaluates your loved one’s care needs, determining if help is needed with activities of daily living (ADLs), such as bathing, dressing, eating, and taking medications.
- Financial requirements - Medicaid was designed for those who have very few, if any, assets (usually under $2,000, not including home, car, or possessions) and have an income of about $400 per month.
12. If qualified, what programs are available to Veterans?
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CHAMPVA provides coverage to the spouse or widow (er) and children of veterans who have died on active duty or from a service-connected injury or disability, or who have been permanently and totally disabled. See more details about eligibility at www.va.gov
- TRICARE provides coverage for active duty and retired military, their families, and survivors who aren’t eligible for Medicare. See more details about eligibility at www.va.gov
13. Who can benefit the most from Long – Term Care Insurance?
- People in their 60s – usually around 65 – have the best odds of benefiting because the older your parents are, the more expensive the premiums. Pre-existing conditions can drive up the price
- Those who have liquid assets between $200,000 and $1.5 million and/or a sizeable retirement income
- Those without family who can accommodate them.
14. What should I keep in mind when looking for a Long-Term Insurance policy?
- High financial ratings. You want a company that’s still going to be around in 10 or 20 years. You can also check online ratings from A.M. Best, Moody’s, Standard & Poor’s, or Weiss (at www.ambest.com; www.moodys.com; www.standardandpoors.com; and www.weissratings.com)
- Flexibility. Look for a policy that requires a person be unable to perform no more than two activities of daily living. Make sure bathing and dressing are included; these are commonly the first things people need help with.
- Coverage for assisted-living facilities, as well as nursing homes Inflation protection. If your parents or loved ones are relatively young, go for the longest period of inflation protection.
15. What other options besides Medicare, Medigap, Medicaid, Long-Term Care and Veteran’s Benefits work in conjunction with these plans?
- Family members who are willing and able to care for your parents or older loved ones
- Life insurance policies sold to a third party may help pay for long-term care
- Reverse mortgage that gradually converts the built-up equity in a home into money
- Long-term care annuities
- Selling a home
- Savings accounts, assets, and investments
