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Older Americans are living and working longer than their parents, and health care plans have evolved to meet those needs. The best source of advice on any insurance purchase for an elderly person is a qualified, reputable agent or broker.
Medicare
All citizens may register for this government-operated, worker-subscription supported health program at age 65. Part A covers inpatient hospital services; Part B covers outpatient services and doctors fees; Part D covers some drugs.
Medicare Health Plans
Also called "Part C", "Medicare Plus" or "Medicare Advantage," these private-provider plans provide complete coverage, combining Medicare and uncovered expenses. They operate as HMO (Health Maintenance), PPO (Preferred Provider) or POS (Point of Service) networks.
Supplemental Plans
Often called "medigap" because they cover expenses not covered by Medicare, these supplemental plans provide coverage for uncovered drugs, dental, vision and hearing care. Supplements and long-term care plans may be offered by employers.
Long-Term Care Plans
Long-term care plans offer part- and full-time rehabilitative or nursing care in facilities or at home. They vary widely in benefits--and relevance--depending on state insurance regulations and public medical aid programs.
Medicaid
Patients must meet income and asset limits for this federally funded health care program that is administered by each state. Some applicants with excessive medical bills may also qualify.
Final Cost Plans
Life insurance becomes prohibitively expensive as policy holders age. Inexpensive term life policies cover the "final costs" of burial.
Source:
U.S. Department of Health and Human Services: Medicare Options Comparison
Centers for Medicare and Medicaid Services: Medicaid Overview
Agency for Healthcare Research and Quality: Choosing a Health Plan that's Right for You
More Information:
U.S Department of Health and Human Services: Aging Topics and Resources
Agency for Healthcare Research and Quality: Answers About Health Insurance
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