Disease: Alzheimer's Disease Financial Planning

    Introduction

    As you and your family evaluate your long-term care needs for dealing with Alzheimer's disease, it is important to consider financing options including health coverage, Medicare, and Medicaid. Long-term financial planning is important for everyone -- but is essential if you are coping with the expense of a long-term illness, such as Alzheimer's disease. Many people pay careful attention to their health after they are diagnosed with Alzheimer's. They research their treatment plan, take their medications on schedule, and consult with their physician regularly. However, it may take some time for patients and caregivers to realize that a progressive illness like Alzheimer's can have a tremendous effect on their financial well-being.

    This article offers some basic information on how to handle your finances while living with Alzheimer's disease.

    Developing a Plan

    Alzheimer's disease gets worse over time, and dealing with a progressive illness is difficult. There is no way to know how you will feel or what you will be able to do days, months, or years from now. But for your own security and that of your family, you need to plan ahead, knowing that Alzheimer's disease will lead to increasing disability. There are professional financial managers and medical lawyers who deal with financial planning for people with long-term or progressive illnesses. Ask your doctor for a referral, or speak with a national association or support group to find a reputable professional in this area.

    Medical Coverage

    • If you are insured, either through your employer or a retirement policy, read all of the policies pertaining to long-term/progressive illnesses. If you are unsure about the language or terminology, contact the personnel department or your financial planner.

    • If you are unemployed and you do not have coverage, you should look for the highest level of coverage that you can afford. The Alzheimer's Association may be able to give you a list of insurers with a high level of Alzheimer's coverage.

    • If you are 65 or over, you qualify for Medicare. You can supplement this insurance with a "Medigap" policy available through a private insurer. Note also that many states have prescription assistance/reimbursement programs for low-income senior citizens.

    • If you are disabled but too young to qualify for Social Security, you may be eligible to receive a form of Medicare for the disabled.

    • If you cannot get insurance and your income is low, you may qualify for Medicaid, a government "safety net" program that pays for medical costs that exceed a person's ability to pay.

    © 2005-2015 WebMD, LLC. All rights reserved.
    Source article on WebMD

    Investigate Long- and Short-term Disability Insurance

    Check to see if your employer has private disability insurance, and contact your human resources department to investigate your eligibility, the cost of enrolling, and how much of your salary it will cover.

    • If you are unable to continue working.

    • If you are too young to qualify for Social Security, you should consider state-run disability programs, unless you are enrolled in your employer's disability coverage.

    • If your total income is below a certain level, you may qualify for federally subsidized Supplemental Security Income (SSI). If you collect SSI, regardless of your age, you are a candidate for Medicaid.

    Medicare and Medicaid

    What Is Medicare?

    Medicare is a federal health insurance program providing health care benefits to all Americans age 65 and over, as well as some disabled individuals under age 65. Eligibility for Medicare is linked to Social Security and railroad retirement benefits.

    Medicare has co-payments and deductibles. A deductible is an initial amount you are responsible for paying before Medicare coverage begins. A co-payment is a percentage of the amount of covered expense you are required to pay.

    What Are Medicare's Coverage Options?

    Medicare has two parts:

    1. Part A (hospital insurance)

    2. Part B (medical insurance)

    Part A Medicare coverage includes:

    • All normal hospital services.

    • Skilled nursing facility care.

    • Home health services, including a visiting nurse or a physical, occupational, or speech therapist.

    • Medical supplies.

    • Hospice services.

    Part B Medicare coverage includes:

    • Eighty percent of reasonable charges from doctors and other health care professionals (after the annual deductible is met).

    • Medicare Coverage of Skilled Nursing Care Facilities

      In order to receive care in a nursing home under Medicare:

      • You must have had a three-day hospital stay prior to admission into the skilled nursing facility.

      • You must be admitted into the skilled nursing facility within 30 days of discharge from the hospital.

      • You must enter the skilled nursing facility for treatment of the same condition for which you were hospitalized.

      • You must require daily skilled care.

      • The condition must be one that can be improved by admission to the facility.

      • The facility must be Medicare-certified.

      • Your physician must write a care plan. The care plan must be carried out by the skilled nursing facility. (Once the patient meets the level of functioning laid out in the care plan, Medicare will no longer pay for services.)

      Medicare Coverage of Home Care

      In order to receive home care under Medicare:

      • The patient must be homebound.

      • The physician must certify a plan of care.

      • Care must be needed on a non-continuous basis.

      • Care cannot exceed 35 hours per week or 8 hours per day.

      • Physical or speech therapy must be provided on a "necessary and reasonable" basis. There are no restrictions on the number of days or hours per week of these therapies.

      • If a person qualifies for home health care, he or she is entitled to a home health aide to provide some personal care.

      © 2005-2015 WebMD, LLC. All rights reserved.
      Source article on WebMD

      Investigate Long- and Short-term Disability Insurance

      Check to see if your employer has private disability insurance, and contact your human resources department to investigate your eligibility, the cost of enrolling, and how much of your salary it will cover.

      • If you are unable to continue working.

      • If you are too young to qualify for Social Security, you should consider state-run disability programs, unless you are enrolled in your employer's disability coverage.

      • If your total income is below a certain level, you may qualify for federally subsidized Supplemental Security Income (SSI). If you collect SSI, regardless of your age, you are a candidate for Medicaid.

      Medicare and Medicaid

      What Is Medicare?

      Medicare is a federal health insurance program providing health care benefits to all Americans age 65 and over, as well as some disabled individuals under age 65. Eligibility for Medicare is linked to Social Security and railroad retirement benefits.

      Medicare has co-payments and deductibles. A deductible is an initial amount you are responsible for paying before Medicare coverage begins. A co-payment is a percentage of the amount of covered expense you are required to pay.

      What Are Medicare's Coverage Options?

      Medicare has two parts:

      1. Part A (hospital insurance)

      2. Part B (medical insurance)

      Part A Medicare coverage includes:

      • All normal hospital services.

      • Skilled nursing facility care.

      • Home health services, including a visiting nurse or a physical, occupational, or speech therapist.

      • Medical supplies.

      • Hospice services.

      Part B Medicare coverage includes:

      • Eighty percent of reasonable charges from doctors and other health care professionals (after the annual deductible is met).

      • Medicare Coverage of Skilled Nursing Care Facilities

        In order to receive care in a nursing home under Medicare:

        • You must have had a three-day hospital stay prior to admission into the skilled nursing facility.

        • You must be admitted into the skilled nursing facility within 30 days of discharge from the hospital.

        • You must enter the skilled nursing facility for treatment of the same condition for which you were hospitalized.

        • You must require daily skilled care.

        • The condition must be one that can be improved by admission to the facility.

        • The facility must be Medicare-certified.

        • Your physician must write a care plan. The care plan must be carried out by the skilled nursing facility. (Once the patient meets the level of functioning laid out in the care plan, Medicare will no longer pay for services.)

        Medicare Coverage of Home Care

        In order to receive home care under Medicare:

        • The patient must be homebound.

        • The physician must certify a plan of care.

        • Care must be needed on a non-continuous basis.

        • Care cannot exceed 35 hours per week or 8 hours per day.

        • Physical or speech therapy must be provided on a "necessary and reasonable" basis. There are no restrictions on the number of days or hours per week of these therapies.

        • If a person qualifies for home health care, he or she is entitled to a home health aide to provide some personal care.

        © 2005-2015 WebMD, LLC. All rights reserved.
        Source article on WebMD

        Source: http://www.rxlist.com

    In order to receive home care under Medicare:

    • The patient must be homebound.

    • The physician must certify a plan of care.

    • Care must be needed on a non-continuous basis.

    • Care cannot exceed 35 hours per week or 8 hours per day.

    • Physical or speech therapy must be provided on a "necessary and reasonable" basis. There are no restrictions on the number of days or hours per week of these therapies.

    • If a person qualifies for home health care, he or she is entitled to a home health aide to provide some personal care.

      Source: http://www.rxlist.com

    Health Services in

    Define Common Diseases

    Skincare Health Center helps you find information, definitaions and treatement options for most common diseases, sicknesses, illnesses and medical conditions. Find what diseases you have quick and now.