Elder Law | Healthcare is a large expense for individuals as they get older. As you sit down and begin planning your estate, it’s important to understand the benefits of Medicare, and what is considered covered versus out of pocket. If you are over the age of 65, you or your spouse likely qualify for Medicare.
When examining your health bills, it’s important to understand the different types of Medicare:
Part A: This type of Medicare offers a higher deductible and covers hospital expenses and hospice or home health care. If you have paid taxes to Medicare for at least 10 years, you are likely qualified for a premium free Part A.
Part B: This is essentially your general health insurance coverage that would be used to treat any illness or services related to medical treatment. This also covers mobility devices like wheelchairs or walkers. You will likely pay a deductible and a premium.
Part C: This is an alternative to parts A and B and include an option for private insurance. This is also called Medicare advantage.
Part D: This covers your prescription drugs and helps lower the cost of prescriptions. This is the newest addition to the Medicare coverage options.
While Medicare does not cover though is any vision, dental, nontraditional or long-term care like nursing home treatment. Long term care, like nursing home bills, would fall under Medicaid, and should be discussed with an estate planning lawyer that can aid you on qualifying and applying to this government program.
If you’re interested in learning more about qualifying for Medicare or Medicaid or a qualified elder law attorney, contact The Law Office of Michelangelo Mortellaro for a confidential consultation on your estate planning goals.
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