The Truth About Elderly Healthcare Costs
Healthcare expenses can be exorbitant for seniors, but few people realize the exact costs that are necessary to properly care for their aging loved ones. As a matter of fact, healthcare will most likely be the largest expense for seniors after retirement. If caregivers use an agency like Angel Companions, the high cost of medical care and assistance for retirees can be significantly lower. Eight common misconceptions about the cost of healthcare for seniors includes:
Medicare covers all medical costs. Medicare covers routine office visits and hospitalizations, but prescriptions are an extra cost. It typically doesn’t cover optical needs, dental or hearing care either.
Supplemental policies are too expensive. It’s important to have a supplemental insurance to cover the various health-related costs that Medicare doesn’t cover.
It’s futile to try to save for healthcare costs. Set aside money for a health savings account. This money is tax-deferred, and when needed for healthcare costs, it’s tax-free. You can also utilize these funds before retirement, if necessary.
Staying healthy decreases future medical costs. Being fit and healthy is always best, but with longer life expectancies, it can be difficult to anticipate your future healthcare needs. You may find it necessary to hire an Angel Companion or other type of aide to help with bathing and hygiene, exercising, light housework, doctor’s appointment transportation, companionship, or other needs.
Aging at home is less expensive. This is often true, but you have to consider unexpected costs, such as adding a ramp to your home for wheelchair access, having a special bathtub, or adding grab bars to areas of your home. All these necessities can be expensive.
Sixty-five is the right age to draw Social Security. Seniors should calculate the risks of drawing their Social Security at age 65. It may be prudent to wait until later to start drawing it since you will have more money coming in each month.
Talking with a financial advisor isn’t necessary. An experienced and professional financial planner helps you formulate a plan to keep your financial needs separate from your healthcare needs. Being prepared helps you plan for the expected costs as well as the unexpected.
Long-term care insurance policies aren’t necessary. Having a long-term care insurance policy gives you and your family members peace of mind. It is designed to help cover the astronomical costs of long-term care, so that the entire financial burden won’t fall on your family members.
The professional, compassionate, and trustworthy team at Angel Companions Senior Care helps ensure that the next journey for your beloved senior citizen is one that is filled with an exceptional quality of life and optimism.
If you are stuggling to understand your options for in home senior care and that costs associated give us a call today and we can talk you through the entire process. We will help to make sure you get the caregiver help that you need to keep you in your home.