If long term care is needed, you may need to turn to Medicaid instead of trying to find available resources through Medicare.  Many health insurance companies are eliminating their Medicare HMO plans, so you or your parents may be in danger of being uninsured altogether.

 If you are approaching retirement age, and discover that your Medicare benefits will not adequately meet your needs, you can always plan ahead by starting a Medical Savings Account (MSA). 

 An MSA is a tax-deferred program available to the self employed or for those employed by small companies of 50 or fewer employees.  It’s a way to set aside 100% tax-deductible funds for your health care costs.

 It cannot, however, be a stand-alone method of ensuring your needs are met.  Each MSA must be paired with a health care policy – even if it’s just a Major Medical Plan with a high deductible.

  For any senior citizen – or someone who is approaching the age where they may need additional coverage after retirement, it’s best to do your homework and find out what rules and regulations your company has set aside for retired employees and their health care options.