Medicare is a health insurance program that helps older people pay for health care services. It is funded by the Federal government. In 2012 coverage Medicare used was about 51.4 million people. Of these, 42 million were age 65 and older, and 9 million were younger but had some irreversible damage. Although Medicare is financed by the government, to its application by private insurance companies, called intermediaries.

Medicare offers health insurance plans of two types: the original Medicare plan (part A and part B) and Medicare Part C, known as Medicare Advantage. Medicare part C, offers alternative health insurance plans, including organized medical care and service with the fee payment system. Medicare part D offers coverage for prescription drugs. Please visit https://www.comparemedicaresupplementplans2019.com/ if you want to know more info about this.

Additional Insurance

Some older people have additional insurance that helps them pay the copayment, Medicare and other medical expenses that are not covered by Medicare. Such insurance is sometimes provided by the former employer of an elderly person in retirement benefits. Other people buy additional health insurance from private insurance companies. Old people with low incomes and a small number of assets may be eligible to receive additional insurance coverage through state-funded Medicaid. Because Medicare does not cover long-term care services, some seniors purchase additional insurance to pay for long-term care. The decision to purchase insurance for long-term care depends in part on whether people expect that they need help paying for long-term care and can they afford insurance for long-term care.

Who Needs Insurance For Long-term Care?

Because people are living longer, they will need a long-term care. Long-term care provides people assistance to enable them to better perform their vital functions. It includes assistance in performing everyday activities such as cooking, bathing and dressing, and medical care. Long-term care can be provided at home or in a long-term care facility such as a nursing home.

The long-term care is expensive and as follows from its very name, is usually required for a long time. Many people mistakenly believe that Medicare pays for long-term care.

Whether you are looking to buy insurance for long-term care depends on a number of factors:

The need: is there a need for insurance for long-term care facilities?

People who do not require such insurance include:

• People whose income comes from social security and who have limited assets;
• People eligible for participation in the Medicaid program, or people who will soon become eligible after moving to the nursing home that accepts Medicaid insurance;
• People with large financial reserves that can afford to pay for long-term care without insurance.

People who should consider purchasing such insurance to include people with average incomes, which are:

• Want to protect your assets or the assets of a member of his family;
• Don’t want to depend on a family member in caregiving;
• Want to provide high-quality care.

That is to say that most seniors buy a long-term insurance for making their life better.