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Page outline > Introduction > Health care insurance > Personal resources > Social Security Disability > Supplemental Security Income > Related resources

Introduction

You may be worried about the cost of your future care and if you will have enough money to cover these costs. Discussing your immediate and future financial needs and goals will help protect you, the people who depend on you financially, and the people who will care for you. Work with a financial adviser and trusted family member or friend to determine the following:

• potential care expenses, such as follow-up physician visits, prescription medications, care services, and housing

• current sources of income, such as insurance, personal savings, investments, and employee or retirement benefits

• other financial resources available through government assistance or community based organizations

Health care insurance

Health care insurance may include private and retiree insurance and Medicare.

• Medicare
  Medicare is a federal health insurance program generally for people age 65 or older who are receiving Social Security retirement benefits. Medicare covers inpatient hospital care and a portion of the doctor’s fees and other medical expenses. There are specific eligibility requirements in order for a person to receive assistance from this program. Medicare covers some, but not all, of the services a person with Alzheimer’s disease may require. Applications for Medicare may be sent to a local Social Security office.

For more information:

• Planning Ahead (Resources)

• Medicare Advocacy Project

• Medigap
  Medicare coverage can be supplemented with Medigap, a private insurance that covers copayments and deductibles required by Medicare. The more expensive policies may cover prescription drugs.

To find Medigap information on Medicare’s Web site, go to: http://www.medicare.gov/MGcompare/home.asp

• Medicare HMO (Medicare Managed Care)
  A Medicare HMO offers some additional benefits and less paperwork in exchange for restrictions on choices of hospitals, doctors, and other professionals. Most Medicare HMOs cover nursing home and home health care for limited periods only under special circumstances.

For more information, visit Medicare’s Web site: http://www.medicare.gov.

• Medicaid
  Because Medicaid is a federal program typically administered by each state’s welfare agency, eligibility and benefits vary from state to state. The program is typically administered by a state welfare agency. Medicaid covers all or a portion of nursing home costs. A person with Alzheimer’s can qualify for long-term care only if he or she has minimal income and cash assets.

For more information, visit the Health Care Financing Administration (HCFA) Web site: http://www.cms.hhs.gov/medicaid/.

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Personal resources

Retirement benefits that provide critical financial resources include retirement plans, individual retirement accounts (IRAs), annuities, and Social Security.

Investment assets (stocks and bonds, savings accounts, real estate, etc.) and personal property (jewelry and artwork) can be sources of income. Money from the sale of a home can be invested, or a reverse mortgage can be taken out on a home.

Social Security disability

This is a program to assist wage earners under 65 who can no longer work because they are disabled. To apply, you must have worked a minimum of five nonconsecutive years in the past ten years and establish disability status. You do this by submitting physician statements and other documentation to your local Social Security office.

For more information, visit the Social Security Administration’s Web site: http://www.ssa.gov.

Supplemental Security Income program

This program guarantees a minimum monthly income to persons who are age 65 or over, disabled, or blind and have limited income and assets. It is important to apply soon after a diagnosis is made because payments ordinarily begin with the date of application or eligibility.

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Related resources

Planning Ahead