Navigating the world of aging and elderly care is new and unfamiliar to many, as aging parents and relatives near the time in the life of needing to live in a safer place than their home, without proper care and community. In addition to round, the clock staff of nurses and caregivers at assisted living facilities, the benefits of having others to socialize and have friendships with is just as important to many. Living in a safe place with healthy meals, game times and other activities, as well as grooming onsite like hair cuts is something so many enjoy in their senior years. Medicare is often a similar topic of conversation when discussing plans for geriatric and senior populations. Of course, all of this has a cost, and sometimes a high one, though the benefits can prove well worth the cost of coverage. A few common terms to keep in mind for clarity when navigating the new world of assisted living and medicare are:
Cost related terms: Coinsurance is known as a portion of the cost of a visit or procedure that the patient or caretaker is responsible for paying. Co-payment, or commonly known as copay, is a preset cost paid for a doctor appointment, paying for a prescription and other services provided. Deductibles are known as an amount to be paid before insurance coverage takes over. HSAs have been created and more widely used in recent years as a tax-sheltered account to pay deductibles and other approved medical expenses. HSAs are fascinating because they are such a threefold tax benefit, can be invested and are not limited to being used within a single year like the once more common FSA. Premiums are the usual monthly cost associated with maintaining an insurance coverage plan. Premiums are generally the minimum amount to maintain coverage, while the others mentioned are required upon services rendered or products received or used.
There are many many more terms associated with Medicare, which can be found by doing terminology specific research when needed. Medicare Part B, Out of Pocket Limit and Silver & Fit are some other common terms used. Out of pocket limit is self-explanatory, there’s a set limit for a defined period of time in which a patient or person covered can be expected to pay out of pocket. After hitting that limit, Medicare pays the remainder of the balance, whatever it may be. Silver & Fit is a program for seniors to keep and maintain good physical health, with incentives to do so. There are an abundant amount of benefits to Medicare and assisted living facilities, which can be experienced as preventative and proactive measures in many cases, such as the Silver & Fit program, or upon specific needs such as doctors visits and hospital stays, and prescription coverage. Whatever the need, be informed and reap the many benefits with ease.
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