What is the best insurance available to cover hospice/medical expenses for family elderly care?
Hospice care is provided by Medicare nationwide, by Medicaid in 47 states, and by most private insurance providers.
The Medicare Hospice Benefit covers the full scope of medical and support services for a life-limiting illness. Hospice care also supports the family and loved ones of the person through a variety of services. This benefit covers almost all aspects of hospice care with little expense to the patient or family. The first thing hospice will do is assist families in finding out whether the patient is eligible for any coverage they may not be aware of. Barring this, some hospices will provide for anyone who cannot pay using money raised from the community or from memorial or foundation gifts.
To be sure of coverage, check with their employer or health insurance provider. I would also suggest you consult with a CERTIFIED FINANCIAL PLANNER™ professional from the Financial Planning Association and an attorney who has experience in this area to help guide you and provide specific financial planning advice. The above information is informational only and not knowing the full extent of your situation, and no formal financial planning engagement in place, I would recommend you seek advice from your attorney and/or financial professional for more detailed information.
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