The cost of senior healthcare can quickly stretch budgets, but knowing that financial help is available can offer some comfort. Two of the most commonly used programs are Medicare and Medicaid, and both offer financial assistance that allows seniors to maintain good health as they age.
Medicare for the elderly
The Medicare program was created by the U.S. government to provide health insurance to retired Americans. Individuals can enroll in Parts A and B when they turn 65 and disabled people under age 65 can enroll at any age.
Disadvantages of Medicare
Seniors shouldn’t depend on Medicare for all of their healthcare needs because it’s primarily meant for short-term care. Medicare does not pay for all types of senior care, including:
- Assisted Living
- Residential care homes
- Long-term nursing home care
- Any other type of long-term care
Medicare supplemental health insurance, often called medigap insurance, is also available to cover expenses not eligible for reimbursement. Plans vary and interested families should contact a health insurance provider or broker to learn more.