Medicare benefits are divided into two parts. Part A primarily covers inpatient hospital, skilled nursing facility care and home health care. Once enrolled in Medicare, you will receive these benefits automatically and do not pay premiums for them (you've already paid for them through your taxes). A life insurance policy is a contract with an insurance company.
In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner. Generally, short-term care insurance has no "elimination period, " or waiting period, so the policy starts paying out as soon as you start using care.
In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner. Generally, short-term care insurance has no "elimination period, " or waiting period, so the policy starts paying out as soon as you start using care.
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Term insurance is like leasing a car. You purchase death benefits for a specified period -usually 5, 10, 20 or 30 years. When the period is over, it's like turning in the leased car. The deal is done and you walk away. Term insurance pays a specific lump sum to your designated beneficiary if you should die during the term of the policy.
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Because Medicare coverage has limitations, many people purchase supplemental insurance policies that are specifically designed to cover some of the gaps. This supplemental insurance is provided by private health insurance companies, not the government, although it is typically called Medigap. In general, you will not need a Medigap policy if your Medicare coverage is through a Medicare Advantage plan or if you are covered by Medicaid.
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