Health insurance 

Cost of health care for seniors

On average, the cost of health care for seniors is $5,531 a year. Family members not only provide hands-on care but often take money out of their own pockets to pay for other expenses including groceries, drugs and medicines, medical equipment such as wheelchairs, toilet seat lifts, and transportation. Many times family members have to miss work and lose income to care for their elderly relatives.

Many family members take out loans, skip vacations, and often ignore their own health. The government should start offering tax deductions and credits to family caregivers.

Expenses incurred on healthcare for seniors are increasing rapidly and reaching astronomical heights. Seniors have many special needs when it comes to healthcare. One is often frustrated when there are gaps in insurance coverage. Medicare programs offer only minimal assistance for serious health conditions.

There are some programs that cover seniors. Covers hospital expenses and doctor visits, even if you continue working. All you have to do is pay a premium every month. These programs are popular with a large number of seniors.

It is necessary to apply for these programs before turning 65 years old. In case you don’t, you will have to pay a high premium. You also have the option of enrolling in these programs after retirement.

The premium you pay depends on your income and the company from which you will purchase coverage. Low-income seniors are also eligible for full Medicare coverage.

Prescription medications used to treat a wide variety of illnesses and ailments are fully covered if one has private insurance coverage. If you don’t have private insurance, this could be a cause for serious concern. Sometimes drug prices are simply not affordable, forcing seniors to give up other necessities to pay for medications.

The recent Medicare legislation has been a major disappointment for seniors, as drug coverage remains limited and fails to reduce the rising cost of medications. Many seniors are forced to manage their health plan on their own.

The pharmaceutical industry sometimes provides free medications to those in need who are not covered by any private insurance or government programs. Surrounding retail stores offer medicines at discounted prices. There are several drug manufacturing companies that offer assistance to low-income seniors. One can look for these discount programs if they have a financial need.

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