How To Pay For Inpatient Hospice Care

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Understanding Your Options To Pay For Hospice Care

Medicare Hospice Benefit

The Medicare Hospice Benefit is a vital resource for those 65 and older who are navigating end-of-life care. Medicare covers a significant portion of inpatient hospice care costs, easing financial burdens for families. For instance, Martha, a 67-year-old with terminal cancer, qualified for this benefit, ensuring most of her expenses were covered. This alleviated the financial strain on her loved ones, allowing them to focus on her comfort and emotional well-being.

Medicaid Hospice Coverage

Medicaid, a state and federal program, assists low-income individuals and families with inpatient hospice care costs. James, a 58-year-old with a terminal illness, benefited from Medicaid in his state. His inpatient hospice care expenses were mostly covered, providing his family peace of mind during an already challenging time. Medicaid’s support ensures that financial limitations do not hinder access to essential end-of-life care.

Private Health Insurance

Private health insurance plans often include hospice care provisions. Rebecca, a 50-year-old terminal patient, had her corporate health insurance plan cover 80% of her inpatient hospice care costs. This significantly reduced the financial burden on her family, allowing them to focus on her needs and comfort. Understanding your private health insurance policy can provide substantial financial relief during end-of-life care.

Long-term Care Insurance

Long-term care insurance, purchased separately from regular health insurance, often includes hospice care provisions. Robert, 72, had the foresight to purchase long-term care insurance a decade ago. Now, with a terminal illness, his policy covers the bulk of his inpatient hospice care costs. This advanced planning demonstrated the value of long-term care insurance in ensuring financial stability during end-of-life care.

Charitable and Nonprofit Organizations

Certain charitable organizations provide financial support for inpatient hospice care to those in need. Anna, 63, found solace in a local charity that paid for a portion of her hospice care. This assistance ensured she received the care she deserved despite limited savings and no insurance. Exploring charitable resources can significantly reduce financial stress during this critical time.

Out-of-Pocket Payments

Some families choose or need to pay for inpatient hospice care out-of-pocket due to a lack of insurance or specific care preferences. Mike, 55, opted for a hospice facility not covered by his insurance. His family paid for it out-of-pocket, ensuring his last days were spent where he wanted. Many hospice facilities offer sliding-scale fees based on financial ability, providing flexible payment options.

How We Can Help

At The Annuity Expert, we understand the complexities and emotional toll of end-of-life care. As an insurance agency, annuity broker, and retirement planner with 15 years of experience, we are dedicated to finding the best solutions at the lowest costs. We believe in easing the financial burdens during these challenging times, ensuring you can focus on what truly matters—comfort and peace for your loved ones.

Your Core Problem and Our Solution

The primary challenge many face is the overwhelming cost of inpatient hospice care. The symptoms of this problem include financial stress, limited care options, and emotional strain on families. These symptoms can lead to feelings of helplessness and anxiety. We recognize these challenges and are here to provide support and solutions tailored to your needs.

Who Pays For Inpatient Hospice Care

What We Recommend

Step 1: Initial Consultation

Contact us for a free initial consultation. During this session, we will discuss your specific situation, understand your needs, and identify the best financial support options available. The main benefit is personalized advice that eases your financial concerns.

Step 2: Customized Plan

We will create a customized plan that includes exploring Medicare, Medicaid, private insurance, long-term care insurance, charitable organizations, and out-of-pocket options. This plan will detail the steps to secure financial support for inpatient hospice care, providing you with clarity and peace of mind.

Step 3: Implementation and Support

We will assist you in implementing the plan, from filling out necessary paperwork to liaising with insurance companies and charitable organizations. The positive result is a seamless process that ensures financial support is in place, allowing you to focus on the emotional and spiritual well-being of your loved one.

Features and Benefits

  • Personalized Advice: Tailored financial plans ensure the best support for your unique needs.
  • Comprehensive Support: From consultation to implementation, we handle all aspects of securing financial support.
  • Expertise: 15 years of experience in insurance and retirement planning guarantee you are in capable hands.
  • Peace of Mind: Financial stability during end-of-life care allows you to focus on what truly matters.

Overcoming Objections

Some may feel overwhelmed by the complexity of insurance and financial planning. We simplify the process, offering clear guidance and support at every step. The negative consequences of not working with us include potential financial strain and missed opportunities for support. Conversely, partnering with us ensures financial stability, emotional peace, and a focus on quality end-of-life care.

Contact us today for free advice or a quote. Let us help you navigate the financial aspects of inpatient hospice care, ensuring comfort and dignity for your loved ones.

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Frequently Asked Questions

What are the fast 7 criteria for hospice?

The “FAST” (Functional Assessment Staging Test) scale is commonly used to assess the progression of Alzheimer’s disease and may be used as part of the criteria for hospice eligibility. A FAST score of 7 indicates severe dementia, often characterized by an inability to speak or walk. Meeting this or similar criteria may make an individual eligible for hospice care under Medicare, Medicaid, or private insurance, depending on the policy’s terms.

What happens if you live longer than 6 months in hospice?

You can still receive hospice services if you live longer than the initial 6-month hospice care period. Eligibility is re-evaluated at regular intervals, and if you continue to meet the criteria, services can be extended for additional 60- or 90-day periods as needed.

Who is eligible for hospice care?

Eligibility for hospice care generally requires a terminal diagnosis with a life expectancy of 6 months or less, as certified by a physician. The focus shifts from curative treatment to comfort and palliative care.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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