As the years pass, you start to value the health and well-being of your loved ones more than ever. If you have aging parents, you’re likely no stranger to the concern about how to provide them with the best possible healthcare.
With the number of seniors in the U.S. rising, understanding how to navigate the complexities of affordable healthcare is crucial. The number of people aged 65 or older will rise from 336 million in 2023 to 373 million in 2053. This demographic shift highlights the pressing need to find cost-effective healthcare solutions for aging parents.
In this guide, we’ll explore four practical ways to ensure your parents receive the healthcare they deserve without breaking the bank.
Explore Medicaid Program Benefits
When it comes to ensuring cost-effective healthcare for your elderly parents, understanding the Medicaid program’s benefits can make all the difference. Medicaid is a lifeline that can significantly ease the financial burden on both you and your parents.
For those who are still lagging behind in enrollment, here are some of the well-known benefits of Medicaid programs:
- Financial relief: Medicaid offers financial assistance to cover healthcare costs, ensuring that your parents don’t deplete their savings to stay healthy. This can provide immense relief, knowing that their financial security remains intact.
- Comprehensive coverage: Medicaid doesn’t stop at basic healthcare. It can cover a wide range of services, including doctor visits, medications, and even long-term care, among others. This all-inclusive coverage ensures that your parents get high-quality care without having to be concerned about the expenses.
In recent years, several states have taken steps to make sure that Medicaid programs work well. Take Maryland as an example, where more and more people have enrolled in Medicaid over the past few years. From late 2013 to late 2022, the number of people enrolled in Maryland’s Medicaid/CHIP program went up by 95%. By November 2022, there were 1,673,179 individuals enrolled in Medicaid/CHIP in Maryland.
Likewise, Texas is making an effort to make sure that its residents receive all the advantages of these programs. By September 30, 2022, about 5.3 million people had joined Medicaid programs in Texas. Enrolling in these programs is simple, as you’ll need to submit the necessary documents for eligibility.
However, providers often struggle with claims submission. The Texas Medicaid & Healthcare Partnership (TMHP) handles administrative functions but doesn’t make billing easy. Medicaid’s rules and regulations can lead to mistakes by providers when submitting claims, potentially resulting in incomplete payments or penalties during audits.
These errors are often due to the complexity of the rules rather than intentional wrongdoing. Fortunately, a TMHP billing solution simplifies the process, reducing errors and financial risks for providers.
According to Millin Associates, an effective TMHP billing solution adapts to different program requirements, streamlining billing complexities for Texas Medicaid providers.
Optimize Prescription Medication Costs
When it comes to managing the healthcare expenses of aging parents, seeking guidance from healthcare professionals can be invaluable. As per the American Academy of Family Physicians, physicians often employ practical strategies to help patients afford their prescriptions.
Here are a few strategies:
- Evaluate medication necessity: Physicians can review the necessity of each medication prescribed to your parents. If a medication is no longer needed or if there’s room for simplification, a deprescribing trial can be initiated. This ensures that your parents are only taking essential medications, reducing costs.
- Leverage extended prescriptions: Physicians can offer extended prescriptions, such as 90-day supplies, which not only reduce copayments but also improve medication adherence. This approach also reduces the administrative burden of processing frequent refills, making it more convenient for both you and your parents.
- Consider cost-effective alternatives: Physicians can explore cost-effective alternatives to medications or recommend using discount programs like the “$4 lists” offered by many large chain pharmacies. Even if your parents have insurance coverage, these alternatives are less costly.
- Use online resources: Patients can take advantage of websites and apps like GoodRx. These tools provide cost comparisons between pharmacies and offer coupons for prescription medications. This, in turn, helps you find the best deals on your parents’ required medications.
These strategies are especially important in states like Maryland, where the prices of prescription drugs keep going up. The Altarum’s Consumer Healthcare Experience State Survey revealed apprehensions among residents of Maryland about the growing costs of prescription medicines. The survey was conducted among more than 1,300 Maryland adults.
They really wanted policymakers to find solutions to this problem. In fact, nearly 49% of participants said they were somewhat or very concerned about affording the cost of prescription drugs. The data highlights the significance of optimizing prescription medication costs.
Explore Community Health Resources
In your quest for cost-effective healthcare solutions for aging parents, don’t overlook the invaluable resources available within your community. These resources play a pivotal role in providing affordable, accessible, and quality care to vulnerable populations.
Every state has community health resources dedicated to helping vulnerable groups like the elderly. Take Maryland, for example, where the Maryland Community Health Resources Commission (CHRC) is taking significant steps to bolster community health initiatives.
Recently, the commission issued 21 grants totaling an impressive $8.5 million, which will be directed toward programs throughout the state. These initiatives are tailored to address the unique healthcare needs of underserved communities, benefiting over 14,000 Marylanders.
By delving into local health resources, you open up avenues that can significantly impact the well-being of your aging parents. Community-based programs often offer services that cater to specific needs, such as preventive care, wellness programs, etc. This targeted approach can lead to more efficient and cost-effective healthcare outcomes.
Look For Effective In-Home Care Options
A survey by the American Association of Retired Persons found that 77% of adults aged 50 and older preferred aging in their own homes. The findings indicate the pressing need for effective in-home care options for seniors who are ailing with one or more diseases.
In-home care offers numerous benefits, including comfort and familiarity for your parents, but you should make informed choices. Effective in-home care should align with your parents’ specific needs and budget. Options like home health aides, who can provide medical assistance, can be tailored to suit your parents’ requirements. You can also consider non-medical caregivers for companionship and daily tasks.
Moreover, these options are more popular in certain states than in others. For example, in-home care is common in Maryland. If you are from the state, it’s useful to understand how much it typically costs. On average, seniors receive about 44 hours of home care per week, which adds up to roughly 176 hours of care per month. In Maryland, this kind of care usually comes at an average rate of $26 per hour.
To put it simply, families, on average, spend around $4,601 each month for in-home senior care, as indicated by the survey.
Summing Up
Ensuring cost-effective healthcare for aging parents is both a practical and compassionate endeavor. By prioritizing these strategies, you can provide the best possible care for your loved ones without compromising their financial stability.
The well-being of your parents is a shared responsibility, and these approaches can help you navigate the healthcare landscape more effectively.
