Will Medicare Cover COVID-19 Treatment?
Posted on January 5, 2021 by shieldsandboris
The federal government has announced that the treatment will be available with no cost-sharing for patients.
Money Talks News’s recent article entitled “Medicare to Cover New Coronavirus Treatment” says that treatments in settings such as a doctor’s office, nursing home, or infusion center will now be covered without cost-sharing for those with Medicare, the federal health insurance program for seniors and people with certain disabilities.
This COVID-19 coverage (which started on November 10) is for monoclonal antibody infusions in facilities where “safety precautions can be met,” according to the Centers for Medicare & Medicaid Services, or CMS.
This coverage includes having access to medications that can treat anaphylaxis and other severe infusion reactions.
The day before the CMS announcement, the FDA issued an emergency use authorization for an investigational monoclonal antibody therapy for the treatment of mild to moderate cases of COVID-19 in patients at high risk for becoming severely ill, and/or who are likely to require hospitalization. It’s called bamlanivimab.
The CMS announcement is the most recent expansion of Medicare coverage to help treat the disease.
Medicare and private insurance will also pay for any coronavirus vaccine that is approved early.
Medicare is a federal program that provides health insurance to Americans. It’s frequently called Original Medicare. It has two parts—Part A and Part B. Part A covers inpatient hospital and skilled nursing care, and Part B covers doctor visits and outpatient care.
Private Medicare plans are optional and provide more coverage. Medicare Advantage plans (also known as Part C) combine Part A and Part B coverage and may have drug coverage and other benefits you don’t receive with Original Medicare.
Medicare prescription drug plans (Part D) help pay for medications. Seniors can buy a standalone Part D plan or get a Medicare Advantage plan that includes drug coverage.
Medicare supplement insurance or “Medigap” helps pay some or all costs not paid by Original Medicare, such as deductibles, copays and coinsurance.
Reference: Money Talks News (Nov. 12, 2020) “Medicare to Cover New Coronavirus Treatment”
A Guide to Alzheimer's Care
Planning for someone who has Alzheimer’s disease can be complicated. Proper planning in advance can help alleviate many frustrations as the disease progresses. The time to act is now. Learn the steps for proper planning from our eBook to ensure that things are handled according to your wishes and that you’ve taken the best steps possible to protect your loved ones and your family’s financial security.
When Someday Arrives
We wrote this book for retirees and child caregivers as a tool to allow you to stay at home as long as possible and as a guide of what to do if you or a loved one cannot stay at home. We believe every family has a legacy to protect, and it is our job to protect that legacy. The greatest risk to today’s retiree is a long-term care health crisis. Request your copy today to prepare for what the future holds.
What To Do When A Loved One Dies
Consumers and financial planners, use this book as a down-to-earth primer of estate planning and elder law! Learn about the duties, rights, and responsibilities of the executor or administrator of an estate and what you should expect from competent legal counsel when you have to probate an estate. Find tools such as a guide to help you retain competent counsel and even an estate organizer so you can organize your own affairs.
Don't Go Broke in a Nursing Home
Take back control of your life and provide excellent long-term care for your aging loved ones without going broke in the process. Find creative financial strategies to protect your assets and the quality of care you receive. In addition, learn about little-known tax incentives, how to choose the right home care providers, long-term care facilities, and how to manage the crisis.