To provide those over the age of 65 with medical coverage, the government created the Medicare program. However, on its own it may not be enough to cover the increasing costs associated with health care during this time period. Even with the provisions to cover prescriptions and doctor and emergency room visits, other insurance may be needed as a Medicare supplement.
Medicare Advantage, Part C, is offered by many private insurance companies to help cover the extra costs not afforded by Parts A and B. To be eligible, a person must have both of these, affording the premiums for Part B on their own without government assistance. They may not have end stage renal disease either.
This insurance is used to help bridge the gap that often occurs in the use of Medicare coverage resulting from enrollment to the time when the plan will cover medical expenses. This is why it is known as Medigap. It may also help to cover the costs of coinsurance and deductible payments in some cases.
Aging can be very costly and place a person's assets in risk of being depleted. For this reason, long-term care insurance may be purchased to provide money to cover expenditures associated with assistance for daily activities, skilled nursing care, rehabilitative services, or even to live in a nursing home. Generally, Medicare does not help with these.
Insurance policies to help cover the expenses associated with long-term care are often offered from various companies that sell these types of products. They range in price and the amount of coverage that they provide. Rather than burden a child or other relative, this may be an appropriate method of planning for future needs.
A Medicare supplement of a long-term care or Medigap policy can help to reduce the ill side effects of rising medical expenses as a person grows older. Rather than significantly reduce accumulated assets or rely on the government's health plan, these can effectively reduce expenditures and provide peace of mind.
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