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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Describe the benefits provided by the traditional Medicare program
  • Explain how Medicare supplement policies dovetail with traditional Medicare coverage
  • Explain the alternatives to the traditional Medicare coverages that were added to the Medicare program by the Medicare Advantage coverage options
  • Describe the features of long-term care insurance
  • Identify and briefly explain the alternatives to long-term care insurance
  • In general terms, identify the qualification requirements for Medicaid and explain the way in which the Medicaid program provides for financing of long-term care needs
  • Explain what is meant by Medicaid planning and describe the legislative restrictions that have been imposed on the process

In this chapter, we turn our attention to health insurance for the elderly. We believe the health insurance needs of the elderly, and the manner in which it is provided, are sufficiently different from the needs and health insurance options for the population to justify a separate discussion.

Because they often need more extensive care than other members of society and because their resources are often limited, senior citizens face special problems with health care costs. Three broad types of coverage exist for insuring the health care needs of the elderly:

  1. Medicare
  2. Medicare supplement (or Medigap) policies ...

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