Medicare Plans Demystified

With open enrollment for Medicare starting in just a few days (enrollment spans October 15 through December 7), it is important that your senior understands which plan is best suited to their needs. Eldercare professionals know that there are many details to consider when choosing the right care for seniors, and Medicare plays a major role in the financial aspect of this issue. But senior health professionals believe that with the right information you and your senior can make choosing the best Medicare plan easy. Below are some of the highlights of Medicare Part C and D, two of the most popular plans.

Medicare Part C
Formerly called Medicare + Choice and often referred to as Medicare Advantage, this plan is a supplement to Parts A and B. As such, seniors must have Parts A and B in order to qualify for enrollment in Part C. Part A covers services that are paid for by Social Security, including inpatient care at the hospital, hospice care, and skilled nursing. Part B, which is funded by monthly premiums and supplemented by the U.S. Treasury, pertains to fees regarding appointments with doctors, outpatient hospital procedures, and other medical attention that Part A does not cover.

Part C allows for the ability to choose the provider organization through which all of these services are offered. Ultimately, having Medicare Part C can result in lower medical costs and additional benefits, so it is worth looking into depending upon your senior’s individual needs.

Medicare Part D
Prescriptions are, for many seniors, a major financial burden. Medicare Part D helps to alleviate this burden by covering prescription medications. Completely optional in nature, this aspect of the Medicare program is covered by monthly premiums and requires seniors to opt in through an application and enrollment process.

Choosing the Right Plan
The plan that will best cover your senior depends upon their unique needs, as elderly individuals require differing levels of medical care and support. Talk with your senior and their doctor to ensure that they are signing up for the right plan, as this can help save them a great deal of money and financial stress.

Programs that Assist Seniors with Health Care Costs

Homecare and other forms of care for elderly individuals can become quite costly, although they are imperative to the wellbeing of many seniors. Despite the critical nature of such eldercare, though, many seniors find themselves having to forgo the support that they need due to financial limitations.

If your senior needs care but cannot afford it, there may be hope yet. There are actually several organizations that provide assistance to seniors who need help paying healthcare expenses. According to an article published by the Huffington Post, Medicare Savings Program and Extra Help are two initiatives that can assist elderly individuals in paying down their medical costs and maintaining the level of care that they need to stay as safe and healthy as possible.1

Medicare Savings Program
The Medicare Savings Program, or MSP, is an initiative that serves to assist Medicare beneficiaries who are at lower income brackets to pay for the costs associated with Medicare Parts A and B. With several different levels, MSP offers differing amounts of support based upon several factors.

Qualifying for this support occurs under the direction of Medicare. Seniors must make less than 135 percent of the federal poverty level and are subject to an asset test. The requirements may vary from one state to the next, though, so it is important that seniors get information from the local Medicare organization.

Extra Help
Prescription medications are often extremely costly, and many seniors have a difficult time keeping up with their prescriptions because they are so expensive. The Extra Help Program is able to assist with Part D prescription drug deductibles and premiums, as well as co pays, depending upon the level of income that your senior receives each month.

Qualifying for this assistance requires seniors to make less than $1,436 per month and to hold less than $13,300 in assets. To apply, seniors can contact the local Social Security office.

Paying for healthcare is something with which many elderly individuals struggle. With the assistance of these two programs, though, your senior may find it easier to keep up with the financial aspect of their physical wellbeing.

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1 http://www.huffingtonpost.com/jim-t-miller/assistance-programs-that-help-seniors-with-health-care-costs_b_3809723.html