Aging has long been associated with retirement, and enjoying the golden years, which means doing things you enjoy, over those things you are obligated to do. Many seniors are discovering, social security benefits alone, will not compensate for all of their required cost of living needs.
Fact 1: Seniors will be asked to pay accommodation fees, in addition to daily care fees.
Fact 2: Seniors, who own assets that exceed two and one-half times the basic age pension, will be asked to pay an accommodation bond, for services received in a low level care home.
Fact 3: Medicare will not pay for all services received for those on Medicare.
Fact 4: Medicare will only cover 80% of medical fees, leaving the senior with the 20% out-of-pocket balance.
Fact 5: Medicare eligibility begins at age 65
Fact 6: You must meet certain criteria in order to receive Medicare benefits for long term care, such as: A recent hospital stay of at least three days, you must be admitted to a Medicare-certified nursing facility, and you require a skilled service, for example; physical therapy following a stroke.
Fact 7: Medicare part A and B will not include prescription drug coverage. Medicare part A will only cover hospital services, and Medicare part B will only cover Doctorâ€™s visits, and diagnostics, such as lab work, and imaging.
Fact 8: Medicare beneficiaries will need additional coverage for prescription drugs, also known as part Medicare part D.
Fact 9: Medicare offers savings programs for people with low incomes to help pay for Medicare part D premiums, co-pays, and deductibles.
Fact 10: Medicare part D drug coverage may fall under certain criteria, when filling a prescription, for example: prior authorization requirements for that particular drug. Some part D Medicare plans will have a quantity limit on a particular prescription drug.