On average, the cost of health care for seniors is $5,531 per year. Family members not only provide convenient care, but often dip into their own pockets to pay for other expenses, including groceries, medications and medicines, medical equipment such as wheelchairs, booster seats toiletries and transportation. Often family members have to miss work and lose their income to care for elderly family members.
Many family members take out loans, skip vacations, and are often unaware of their own health. The government needs to start offering tax deductions and tax credits to family caregivers.
Spending on health care for the elderly is growing rapidly and reaching astronomical heights. Seniors have many unique health care needs. We are often frustrated when there are gaps in insurance coverage. Health insurance programs provide only minimal assistance for serious health conditions.
There are programs that cover seniors. It covers hospitalization costs and doctor’s visits, even if you continue to work. All you have to do is pay a premium each month. These programs are popular with a large number of seniors.
You must enroll in these programs before you reach the age of 65. Otherwise, you have to pay a high premium. One also has the option of enrolling in these programs after retirement.
The premium you pay depends on your income and the company you buy coverage from. Low-income seniors are also eligible for full Medicare coverage.
Prescription drugs that are used to treat a wide variety of illnesses and conditions are fully covered if one has private insurance coverage. If you don’t have private insurance, this could be a serious concern. Sometimes drug prices are simply not affordable, forcing older people to give up other needs to pay for the drugs.
Recent Medicare legislation has been a major disappointment for seniors as drug coverage continues to be limited and fails to reduce rising drug costs. Many seniors are forced to manage their health insurance plans themselves.
Sometimes the pharmaceutical industry provides free drugs to needy people who are not covered by private insurance or a government program. Nearby retail stores offer medications at discounted rates. There are various drug manufacturing companies that provide assistance to low income seniors. One can seek out these discount programs if they have a financial need.