Global Courant
On average, the cost of elder care is $5,531 per year. Family members not only provide hands-on care, but often dig into their own pockets to pay for other expenses such as groceries, medicines and drugs, medical equipment such as wheelchairs, toilet seat risers, and transportation. Often, family members have to miss work and lose out on income to care for elderly relatives.
Many family members take out loans, skip vacations, and often neglect their own health. The government should start providing tax deductions and tax credits for family caregivers.
Expenditure on care for the elderly is increasing rapidly and reaching astronomical heights. The elderly have many special needs when it comes to health care. One often gets frustrated when there are gaps in insurance coverage. Medicare programs provide only minimal help for serious health problems.
There are some programs that relate to senior citizens. It covers hospital costs and doctor visits, even if you continue to work. All you have to do is pay a premium every month. These programs are popular with a large number of seniors.
You must apply for these programs before you reach age 65. If you don’t, you will have to pay a high premium. One also has the option to enroll in these programs after retirement.
The premium you pay depends on your income and which company you buy cover from. Low-income seniors are also eligible for full Medicare coverage.
Prescription drugs used to treat a wide variety of illnesses and conditions are fully covered if one has private insurance. If you don’t have private insurance, this can be a major concern. Sometimes the prices of medicines are just not affordable, forcing the seniors to forego other needs to pay for medicines.
The recent Medicare legislation has been a major disappointment for seniors, as drug coverage is still limited and unable to mitigate the rising cost of drugs. Many seniors are forced to manage their medical plan on their own.
Sometimes the pharmaceutical industry provides free medicines to those in need who are not covered by private insurance or a government program. Nearby shops offer medicines at discounted rates. There are several drug companies that provide assistance to the elderly on lower incomes. One can seek out these discount programs if they have a financial need.
Cost of elderly care
World News,Next Big Thing in Public Knowledg
#Cost #elderly #care
