Medicare
In general, all persons 65 years of age or older who have been legal residents of the United States for at least 5 years are eligible for Medicare. People with disabilities under 65 may also be eligible if they receive Social Security Disability Insurance (SSDI) benefits. Specific medical conditions may also help people become eligible to enroll in Medicare.
People qualify for Medicare coverage, and Medicare Part A premiums are entirely waived, if the following circumstances apply:
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They are 65 years or older and U.S. citizens or have been permanent legal residents for 5 continuous years, andthey or their spouse (or qualifying ex-spouse) has paid Medicare taxes for at least 10 years.
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They are under 65, disabled, and have been receiving either Social Security SSDI benefits or Railroad Retirement Board disability benefits; they must receive one of these benefits for at least 24 months from date of entitlement (eligibility for first disability payment) before becoming eligible to enroll in Medicare.
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They get continuing dialysis for end stage renal disease or need a kidney transplant.
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They are eligible for Social Security Disability Insurance and have amyotrophic lateral sclerosis (known as ALS or Lou Gehrig's disease).
Those who are 65 and older who choose to enroll in Part A Medicare must pay a monthly premium to remain enrolled in Medicare Part A iftthey or their spouse have not paid the qualifying Medicare payroll taxes.[12]
Long Term Care Insurance
Unlike traditional health insurance, long-term care insuranceis designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The cost of your long-term care policy is based on:
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How old you are when you buy the policy
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The maximum amount that a policy will pay per day
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The maximum number of days (years) that a policy will pay
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The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate. Some group policies do not require underwriting.