Americans Shocked to Learn that Medicare Does Not Pay for All Healthcare Expenses

Forty percent of Americans believe that Medicarehowever, Medicare stops paying at day 100. It is
pays for all healthcare needs after age 65. Theat this point individuals are personally and financially
majority of older adults are unprepared andresponsible for their own care. Even if an individual
shocked to learn they have to pay out of pocketdoes not need an extended skilled nursing facility
for expenses they believed to be reimbursed bystay, Medicare does not pay for home care that
Medicare insurance.is considered non-skilled and custodial in nature.
Getting older and having healthcare issues can beThis is actually the type of care that most
financially and personally disastrous especially forindividuals need to remain independent at home.
those who are unprepared. What happens whenLong term care insurance is the best option to
your expenses for maintaining your home andpay for this type of care, however it must be
your healthcare expenses exceed your income?purchased in advance of the need.
What happens when you require a lengthy stay inIn addition to traditional Medicare Parts A and B,
a skilled nursing facility and have to pay $128 perthere are two other options. The first is called
day out of pocket? Just when you thought thingsPart C which is a Medicare Advantage Plan.
could not possibly get worse, the costs startPerhaps the most common recognizable plan
adding up quickly. If you have not saved properlyunder this option is Kaiser Permanente. Kaiser
you may have to re-mortgage or sell your homeoffers benefits within a predefined network of
to pay healthcare bills. If you are single ordoctors, hospitals and other healthcare providers.
widowed and lack a support system, the stressIf you go to an out of network doctor, the plan
of the situation can wreak havoc with your lifemay pay a lesser benefit or none at all. Some
and your health.Medicare Advantage providers also offer a private
Medicare pays for hospitalization and inpatientfee for service plan which do not limit you to a
rehabilitation, hospice (Part A). The hospitalizationspecific network of providers. If you are
co-pay in 2008 is $1024 for days 1-60; $256 forconcerned about lowering your total healthcare
days 61-90; and there are 90 renewable dayscosts and do not mind being limited to a network
assuming there are at least 60 days without aof healthcare providers, a Medicare Advantage
subsequent inpatient hospital admission.Plan may be beneficial.
Additionally, there are 60 lifetime reserve daysOriginal Medicare is still the most popular program.
when the 90 renewable days are used first. TheAs an alternate to Medicare Part C Advantage
co-pay for the lifetime days is $512 per day.Plans, Medigap insurance exists. These plans are
After 150 days, coverage endslabeled A through L and offer various benefits
A skilled nursing facility stay is covered if thedepending on the chosen plan. You cannot be
patient has been hospitalized three consecutivedenied Medigap insurance if you enroll during the
days or if the patient enters the facility within 30open enrollment period which is the six month
days of discharge from hospital for the sameperiod beginning the first month you are covered
reason hospitalization occurred. Insurance coversunder Medicare Part B and are age 65 or older. If
days 1-20 at 100 percent and for days 21-100 theyou miss this window you can be denied
individual is responsible for a daily co-insurancecoverage based on pre-existing medical conditions.
amount of $128 per day; at 100 days coverageDepending on the plan that you choose your
ends. This coverage is provided only if there ispremiums may increase yearly. Some of these
weekly documented improvement in therapy andplans supplement traditional Medicare by paying
health. If documented improvement plateaus, thefor Part A hospital co-pays and daily skilled nursing
individual is discharged back home or can continuefacility co-pays.
to live in the skilled facility at the current privateThe goal is to plan ahead prior to Medicare
pay rate which averages $200 per day in 2008.eligibility to do investigative work to determine the
Medicare Part B covers physician and somebest plan for you. And remember it is important
preventative services. There is a monthlyto sign up for both Part A and Part B when the
payment of $96.40 per month if income is lesseligibility period becomes available. Not doing so
than $82,000 per year. The Part B deductible ismay subject you to an increase in Part B
$135.premiums for every period after the initial
Most Americans believe that Medicare pays forenrollment period.
long term care in traditional skilled nursing facilities,