Comparing Senior Funding Options

-Medicare

Medicare financing for Nursing Home coverage defined by the U.S. Department of Health and Human Services (HHS):

Definition - Medicare is a Health Insurance Program for people age 65 or older, some disabled people under age 65, and people of all ages with End-Stage Renal Disease (permanent kidney failure treated with dialysis or a transplant).

Part A (Hospital Insurance): Helps pay for care in hospitals as an inpatient, critical access hospitals (small facilities that give limited outpatient and inpatient services to people in rural areas), skilled nursing facilities at 100% for 20 days and with a co-pay for 80 additional days (not custodial or long-term care), hospice care, and some home health care.

Part B (Medical Insurance): Helps pay for doctors' services, outpatient hospital care, and some other medical services that Part A doesn't cover, such as the services of physical and occupational therapists, and some home health care. Part B helps pay for these covered services and supplies when they are medically necessary.

Eligibility -

• You can get Part A at age 65 without having to pay premiums if:
• You already get retirement benefits from Social Security or the Railroad Retirement Board.
• You are eligible to get Social Security or Railroad benefits but haven't yet filed for them.
• You or your spouse had Medicare-covered government employment.
• While you don’t have to pay a premium for Part A if you meet one of those conditions, you must pay for Part B if you want it. The Part B monthly premium in 2008 is $96.40.

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