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Medicare is a government program created to provide healthcare coverage for people who are 65 or older, certain younger people with disabilities, and those on Social Security. It covers hospital stays, doctor visits, lab tests, eye exams, and more.

Medicare has many options for beneficiaries, including traditional Medicare (Parts A & B), which is full-service coverage but only includes items that are medically necessary or preventive in nature; a Prescription Drug Plan (Part D), which provides prescription drug coverage; and an Advantage plan or Part C that combines both Parts A &B plus supplemental medical insurance.

Long-Term Care Costs

Medicare Part A covers certain portions of long-term care at skilled nursing facilities, depending on the number of days that have elapsed. The breakdown coverage is listed below.

  • From 1 to 20 days, Medicare will cover all costs for stays at long term care facilities
  • Days 21 to 100 will require a copay of $176 per day
  • Anything longer than 100 days is not covered by Medicare

Clearly, stays at these facilities can get extremely expensive, especially after 100 days when you and your parents will become responsible for 100% of the bill. This is why finding a Medicare insurance advisor who is also a NAIFA member is so important.

Finding an Advisor Who Is a NAIFA Member        

NAIFA members can offer more affordable rates for Medicare plans.  These advisors are specifically contracted to assist elderly couples in becoming financially prepared for life as seniors in coordination with their children.

Advisors that are NAIFA members can help you and your parents come up with a plan to cover extended stays in long-term care facilities. This includes getting your parents signed up for Medicare Parts B and C and coming up with a financial game plan if an additional copay is still necessary.

One specific strategy used is purchasing an annuity plan that would cover the cost of long-term care if it ever comes a permanent situation. Advisors will help seniors purchase these annuities by helping them tap into an individual retirement account (IRA) or 401(k).

Conclusion

Adult children are often the ones who take on the task of helping their parents prepare for Medicare. If you're wondering how to help your aging loved one, don't worry- there's plenty that can be done! One way is by using the free find an advisor tool. This website will provide information about Medicare and help connect you with an advisor that can help families navigate these stressful times.  With 12% of Americans turning 65 each year, this could be something every senior citizen should know more about. Seniors and family members can contact us for questions and support.

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