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MONEY MATTERS > More on Money Matters > MM 8


Healthcare in Retirement: Part III

By Paul A. Pouliot

Healthcare in Retirement:   What health care benefits are available in retirement?  We have already covered Medicare, Medigap and Medicaid.

Military benefits

Disability benefits, health-care benefits, and long-term care benefits are available through various military as the Veterans Administration. Health care for veterans is typically available at VA hospitals and health-care facilities. In general, active service members, retirees, and veterans other than those who were dishonorably discharged are eligible for military benefits. Survivors of servicemembers and veterans are also generally eligible for some of the same benefits. However, the rules surrounding these benefits can be complex and may change frequently. It is best to check with your military personnel office or local VA office if you have questions about any of these benefits.

Choosing a continuing care retirement community

Continuing care retirement communities (CCRCs) are retirement facilities that offer housing, meals, activities, and health care to their residents. These communities appeal to people who are currently in good health but who worry that they may need nursing care later on. The CCRC and the resident sign a contract guaranteeing that the CCRC will provide housing and nursing home care throughout the resident’s life and that, in return, the resident pays an entrance fee and a monthly fee. In choosing a CCRC, you should consider factors such as the entrance fee and monthly fees, insurance requirements, the financial stability of the CCRC, its facilities and activities, and the quality of medical care provided to residents.  (Click Here for More Information on CCRC’s)

Choosing a nursing home

A nursing home is a licensed facility that provides skilled nursing care, intermediate care, and custodial care. Although you may prefer in-home care, you may have to enter a nursing home if you need round-the-clock care, especially if you can’t get help from family or an in-home caregiver. When choosing a nursing home, you should consider factors such as the cost of the home, the quality of medical care provided, the appearance and the safety of the facilities, the ratio of staff to residents, and recreational opportunities. (Click Here for More Information on Choosing a Nursing Home).

Paying for nursing home care

Nursing home care can be extremely expensive, and paying for this care is a problem that weighs heavily on the minds of older Americans and their families. There are several resources you can use in planning for this expense, including self-insurance, long-term care insurance, Medicare (limited benefits), Medicaid, and military benefits.

Choosing a Private Pay Home Care Agency

In-home care may be suitable and affordable for you. It is important you do your research.

For more information: Contact: Paul A. Pouliot & Associates; Paul A. Pouliot, Senior Financial Advisor, 116 South River Rd, Coldstream Park, Bldg E, Bedford NH 03110. PH: (603) 296-0030 or Toll Free: (888) 810-8590. Email: paul.a.pouliot@ampf.com / www.ameripriseadvisors.com/paul.a.pouliot


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