A child paralyzed in a tragic accident; a spouse diagnosed with Parkinson’s disease and then placed in assisted living after a terrible fall; mounting medical bills. How does one plan for a situation such as this? Kate Michelman certainly thought she and her husband had planned for every eventuality—she is a well-known and well-to-do public figure, they have excellent medical insurance, long-term care insurance—and yet still they found themselves “on the brink of losing everything”.
Michelman’s story is frightening precisely because it could happen (and is happening) to any of us. The unfortunate truth about medical insurance, long-term care insurance, and Medicare / Medi-Cal for those who qualify, is that they often cover “most of the cost” of medical treatment—but “most” is woefully lacking when faced with the reality of the high cost of medical care. Deductibles, Co-payments, Share of Cost, the Medicare Prescription Drug “donut hole” and “uncovered services” can sometimes create a huge personal obligation.
And so we ask again, how does one plan for a situation such as this? The answer begins with “help”. The medical industry, insurance industry, and government benefits programs are staggeringly convoluted and confusing. Enlist help in navigating their requirements and regulations. Find a professional who can help you build a plan to make the best use of those systems and what they offer. Find other professionals who are well-versed in peripheral systems who can support that plan.
Medical care in the United States has become a mountain of cost, and even the young and healthy cannot afford to ignore it any longer.