I’m trying to study for my Health & Medical course and I need some help to understand this question.
Write a 175- to 265-word response to the following:
- What are some finance options for lifespan management facilities and services? How will those options influence the services provided? Provide details.
Read and respond to the two of discussion posts below. Be constructive and professional with your thoughts, feedback, or suggestions.
1. Personal funds, government programs, and private financing option are three ways to pay for lifespan management facilities and services. Personal funds may include savings, pension, stocks and bonds, and revenue from the sale of a home. Home based care is often paid out of pocket. As a person’s needs increase and family and friends can no longer help with everything required paid services may be helpful. Assisted living is often paid for with personal funds. Medicaid will help some people who meet the health and financial requirements in some states. Medicaid, medicare, Program of All-Inclusive Care for the Elderly (PACE), state health insurance assistance program, department of veteran affairs, and social security disability are some government programs that can help pay the costs of healthcare. PACE covers medical, social service, and long term care for the frail. Not all states have PACE. Private financing options include long term care insurance, a reverse mortgage, life insurance, annuities, and trusts. The costs for long term care insurance goes up as you age so it may be a good idea to get insurance when you are younger.
Paying for Care. (n.d.). Retrieved from https://www.nia.nih.gov/health/paying-care
2. One option to a finance lifespan management facility and service is to private pay also called out of pocket. A client can use their personal savings, a pension or other retirement fund, income from stocks and bonds, or proceeds from the sale of a home for services from a lifespan management facility. With paying for services out of pocket, family and friends are usually involved with care. They will work with the lifespan management team and come up with a plan for their loved one. The plan could be the loved one staying at home while receiving lifespan services in their home or attending day program. Another option is the loved one residing in a facility where total care is needed. The depends on the level of care needed which the lifespan management team will go over with the family. When a family is paying out of pocket they have more access to services that a lifespan management facility can offer. They are able to attend more private therapy sessions or even obtain a private nurse that helps with managing their health. Another financial option for lifespan management services is Medicare. Medicare is a Federal Government health insurance program that pays some medical costs for people age 65 and older. The difference with Medicare and private pay is Medicare doesn’t pay for personal care at home. A lifespan management facility can have certain services paid by Medicare. Medicare Part A will help a lifespan management facility with short stays for individuals to begin their lifespan management journey. Medicare Part B will help a lifespan management facility with the cost of services from a doctor, outpatient care, and other medical services for their patients. Medicare Part D will help a lifespan management with some medication cost for their patients. According to “Medicaid Vs. Private Pay: Is The Quality of Nursing Home Care the Same”(2019), “Under the Nursing Home Reform Act of 1983, a federal law, it is illegal for a nursing home to discriminate in the care that it provides to residents on the basis of their source of payment”.
Medicaid vs. Private Pay: Is the quality of nursing home care the same (2019). Retrieved from http://coulsonelderlaw.com/medicaid-vs-private-pay…
Paying for Care (2019). Retrieved from https://www.nia.nih.gov/health/paying-care