Cost of health care for the elderly

On average, the cost of healthcare for seniors is $5,531 per year. Family members not only provide hands-on care, but often dip into their own pockets to pay for other expenses including groceries, medicines and medications, medical equipment such as wheelchairs, toilet lifts, and transportation. Many times, family members have to miss work and lose their income to care for older family members.

Many family members take loans, skip vacations, and are often ignorant of their own health. The government should start providing tax deductions and tax credits to family caregivers.

The expenses incurred for the health care of the elderly are increasing rapidly and reaching astronomical heights. The elderly have many special needs when it comes to health care. Often one is 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. It covers hospital expenses 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 turn 65. In case you don’t, 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’re buying coverage from. Low-income seniors are also eligible for full Medicare coverage.

Prescription drugs used to treat a wide variety of diseases and ailments are fully covered if one has private insurance coverage. If you do not have private insurance, this could be a major concern. Sometimes drug prices are simply not affordable, forcing seniors to forgo other necessities to pay for drugs.

Recent Medicare legislation has been a major disappointment for seniors, as drug coverage remains limited and fails to reduce rising drug costs. Many seniors are forced to manage their health plan on their own.

Sometimes the pharmaceutical industry provides free drugs to those in need who are not covered by private insurance or any government program. Nearby retail stores offer medications at reduced prices. There are several drug manufacturing companies that offer assistance to low-income seniors. One can search for these discount programs if they have a financial need.

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