Helping an aging parent manage new life challenges can be daunting for older children. When the time comes, many of those older children find themselves overwhelmed as they navigate Medicare, Medicaid and long-term care options.
These three resources are often misunderstood, and knowing the basics before a disaster can protect both parents and children.
What Medicare does and does not cover
Medicare is a valuable health insurance policy that can replace your company health insurance, and you can start accessing it at the age of 65. They are usually more affordable than private insurance companies, but there are gaps. For example, Medicare does not want to cover long-term care such as the cost of assisted living facilities. You usually need separate long-term care insurance for that coverage.
That may surprise us. More than half (58%) of respondents to a National Long-Term Care survey released last year mistakenly thought Medicare would pay for long-term care. And while Medicare can cover hospital care, doctor visits, prescriptions and limited skilled nursing care after a qualifying hospital stay, you’ll likely still face out-of-pocket costs, prescriptions and premiums.
If your elderly parents don’t already have Medicare set up, you should do some research and gather the necessary documents and login information to prepare for a medical emergency. It is also important to have a Medicare card.
How Medicaid fits into long-term care planning
Medicaid can pay for long-term care in some cases, but coverage varies from state to state. Solid income and asset limits are part of eligibility.
Take immediate action by contacting your state Medicaid office or elder law attorney to discuss next steps and whether your elderly parents may be eligible.
Long-term care options should be discussed by families
Older adults have many long-term care options, and discussing them with your parents before they become necessary will make the transition easier. Aging in home allows seniors to stay active, and senior day services can provide socialization. Assisted living, memory care for people with Alzheimer’s, nursing homes and family care are all viable options.
The right choice depends on several factors, including your parents’ health and travel, finances, accommodation and personal preferences.
It is important for older children to talk to their parents early, while they are still able to express what they want. That may include recording important information, such as insurance information, doctors and passwords. The Eldercare Locator can be a good start.
Discussing options with your parents now helps ensure that you don’t have to make hasty decisions in hospital corridors or under financial pressure. Your parents get more autonomy in their decisions, and you have more time to plan what plans to consider.
