What You Need to Know about Health Care Credit Cards for Seniors

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Saving up for retirement while in the job market is always the goal, but sometimes unplanned, necessary expenses may accumulate. And with everyday expenses for both elderly parents and the descendants of elderly parents, investing in a health care credit card may help with emergency plans or charges.

Similar to a health savings account, health care credit cards can be used on the spot for all approved health-related expenses. The keyword in this statement is approved. With this in mind, Columbus Home Care Assistance offers four tips for how and when to use a health care credit card.

  1. Know what health insurance will cover in full. Before using a health care credit card know what current insurance will cover. Become familiar with your own health insurance or that of your senior parents. Whether health care is paid by Medicare, Medicaid or family health insurance add-ons, know which routine and/or occasional exams are already covered to avoid unnecessary credit card charges. There’s no point in paying for the same procedure twice.
  2. Review covered expenses for live-in home care. There may come a time when your parents need extra assistance in their homes. For live-in health care companies that assist in day-to-day activities, carefully review what duties are covered in daily, monthly and annual assistance. Speak with your loved one’s doctor to find out what physical activities are safe to perform and which ones may be too strenuous. Compare those results with what services that live-in health care companies provide, and use a health care credit card for the latter tasks.
  3. Become a financial authority. Depending on the severity of a health care issue, some seniors may easily be able to handle their finances. A change in physical state does not mean a change in mental state. However, if there is the possibility of financial concerns with health care credit card spending, make sure an eligible adult is required to sign off on all credit card charges. This helps to keep both parents and adult children in the loop on the credit card balance, personal bank accounts, health insurance bills and so forth.
  4. Consider an extra savings account. Even with deferred payments, health care credit cards must eventually be paid in full. Don’t rely too heavily on paying later as opposed to paying for procedures when money is immediately available from either adult child or parental income. Pay on a timely basis so that parents can maintain a good financial reputation.

Interested in learning more about senior care? Contact Home Care Assistance of Columbus at 614-481-8888 and schedule a complimentary, no-obligation consultation with a friendly and knowledgeable Care Manager.


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