RetirementHomes.com - Medicare

A short look at long-term care insurance

aadmin — Wed, 03 Apr 2013 12:01:11 +0000

As we so often hear, people are living longer and longer lives, and able to survive illnesses that would have been fatal not long ago. However, living longer than expected, even while remaining healthy, can be a strain on retirement savings, and an illness or chronic condition that requires extended care will quickly deplete those savings.

If you are willing to put some current savings dollars toward insurance premiums, long-term care insurance can make your retirement more secure, no matter what health challenges you may face.

What is it?

Long term care insurance pays a benefit towards the costs of home care or facility care when you need it. Once the qualifying conditions are met, the long term care benefit is paid out over time, up to the policy limits, daily, weekly or monthly. Every carrier’s policies are slightly different, so look for one that best suit your needs and budget.

Home and facility care can stand alone or can be combined. A plan with both home and facility coverage can take you through different stages as your care needs may change over time. You can choose the length of the benefit period, either to be paid for a certain number of years, your lifetime, or in some cases up to a maximum benefit dollar amount.

Premiums can be paid for the length of the policy until a claim is made, or for a set number of years so that the policy can be completely paid up long before you need the care. Premiums can be kept lower by opting for longer waiting periods or choosing a shorter a benefit period. And as with all insurance, the younger and healthier you are when you apply, the lower your premiums will be.

No one can know exactly the amount of care they may need, or for how long, and claims may be decades away. To offset some potential “what ifs….” additional policy riders are available. Riders can be added to ensure the benefits rise with inflation or to return eligible premiums if you die before making a claim. Some insurance carriers provide shared coverage, where there is a maximum benefit available to a couple, so a greater portion of the benefit can go to one person if he or she needs it.

Who is it for?

The short answer is everyone. Long term care insurance may be particularly helpful for individuals who have little or no pension or guaranteed income in place for their retirement years. It can provide stability to offset retirement savings and may enable you to preserve your savings or keep assets including your home.

If you know that you will be faced with providing care for parents, grandparents or another family member in the future, a long term care policy is a step to secure their future care without jeopardizing your future finances. Paying, or sharing in the payment of a policy with siblings or the insured makes paying for care a small predictable expense now compared to a larger, more difficult expense later.

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Health and Wellness

Medicare

Connecticut senate candidates debate social security

aadmin — Fri, 28 Sep 2012 12:14:21 +0000

In the United States, 2012 is a national election year when the country will choose its next president. But in addition to the presidential election, there are also thousands of municipal, congressional and senate races going on. And like the contest between Barack Obama and Mitt Romney, many of these local campaigns have a strong focus on senior issues.

In the Connecticut senate race, voters will choose between Republican Linda McMahon and Democrat Chris Murphy. And as reported recently by WIBV.com, the two top candidates are regularly attacking each other on the topics of Medicare and Social Security.

“Obviously, the issue of Medicare and Social Security are very important to people who are utilizing it every day to live,” AARP’s Connecticut director Nora Duncan told the news source.

One of the main contentions is a position by McMahon that supports reviewing Connecticut’s Social Security policy every 10 to 15 years to ensure it is being funded appropriately, but her opponent Murphy says that is just a smokescreen in her longer-term plan to eliminate Social Security altogether.

In the campaign, McMahon’s spokesperson said she has visited more than two dozen Connecticut assisted living communities, while Murphy recently spoke with a number of seniors to discuss his candidacy.

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Why seniors in small towns are having trouble finding doctors

aadmin — Mon, 10 Sep 2012 17:59:32 +0000

For Baby Boomers, one of the biggest factors in deciding where they should plan to retire is the availability of healthcare offerings, including clinics, hospitals or doctors.

But as a recent article from NPR.com showed, many seniors who choose to retire in smaller, rural areas are finding it increasingly difficult to find doctors, especially doctors who are accepting new patients.

“We are always trying to recruit doctors. We are barely keeping even,” Lyle Jackson of the Mid-Rogue Independent Physician Association in Grants Pass, Oregon.

According to the news source, the shortage of doctors in rural areas is due to a number of factors. One reason is that bigger cities offer more opportunities for schools for their children, employment for their spouses, and thus attract more doctors.

Additionally, Medicare pays rural doctors less per medical procedure than urban doctors, which is based on the assumption that the costs run lower than in larger cities.

With all these factors combined, fewer doctors are relocating to smaller towns, and more doctors are leaving those locations.

With the number of Baby Boomers reaching the age of 65 hitting about 10,000 per day, the doctor shortage will make it harder for seniors to retire in rural locales, but may mean more move-ins to assisted living communities, many of which have doctors on location.

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Health and Wellness

Medicare

Florida and Medicare: Paul Ryan visits retirement community

aadmin — Fri, 17 Aug 2012 11:06:58 +0000

If you’ve been looking for more of a senior focus in the U.S. presidential election, then watch out, because it’s about to happen.

As reported recently by ABC News, Republican vice-presidential candidate Paul Ryan is traveling to the world’s largest retirement community today with his mother Elizabeth, who is close to 80 years old and who splits her time between Wisconsin and Florida.

Ryan will be at The Villages, a master-planned community in Florida which is home to more than 50,000 people about 70 miles southwest of Daytona Beach.

In a tight and contested presidential election, issues such as Medicare and Social Security are sure to be top of mind for many Baby Boomers and seniors alike, and Ryan’s visit is likely an attempt to connect with seniors living in the Florida assisted living community.

ABC News reports that four years ago, as many as 60,000 seniors heard Republican vice-presidential candidate Sarah Palin speak, but Democratic candidate Barack Obama ended up carrying the state in the November 2008 election.

No matter where you stand on the political spectrum, Medicare is an important issue for all Baby Boomers and seniors, whether you live at home or in a Florida assisted living community.

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Health and Wellness

Medicare

Obamacare and Seniors: Two Opposing Views

aadmin — Tue, 31 Jul 2012 12:28:36 +0000

On June 28, the US Supreme Court ruled that The Affordable Care Act – also known as Obamacare – is constitutional. That means that moving forward, all Americans, including seniors, will be part of the Act.

That’s making many Americans very happy, but many others very unhappy. In fact, a recent Kaiser Health Tracking Poll shows a very sharp divide, with 47 per cent of Americans in favor of the Affordable Care Act, while slightly less, 43 per cent, are opposed.

But beyond the politics, what does the Affordable Care Act, or Obamacare, mean for seniors? What will its effect be? To help clarify a complicated situation, RetirementHomes.com spoke to two organizations on opposite sides of the debate: AARP, a major proponent of the healthcare law, and the American Seniors Association (ASA), which bills itself as the ‘Conservative Alternative to the AARP,’ which opposes the law.

“I understand that the philosophy of this (Obama) administration is that it wants to reach the uninsured,” said Phil Kent, CEO of the ASA. “The problem is that it’s very expensive, the way they’re doing it is tyrannical, and it also causes the rationing of healthcare.”

The Affordable Care Act, which requires every American, with some exceptions, to have basic health insurance, or face a monetary penalty, not only takes away the individual’s choice about their healthcare decisions, but also will cause higher expenses for medical equipment manufacturers, among other vendors, who will then pass on added costs to customers, hurting seniors specifically, Kent said.

But AARP, which has lobbied aggressively for the Affordable Care Act, disagrees.

Ariel Gonzalez, AARP’s Director of Federal Health and Family Advocacy, told RetirementHomes.com that his organization favors the Act because it seeks to eliminate the ‘Donut Hole.’ The Donut Hole, also known as the Medicare Part D coverage gap, is the time between when a person’s Medicare prescription drug coverage has ended, and the length of time which that person still needs to take their medications.

The U.S. Department of Health and Human Services in 2010 estimated that more than one in four Medicare recipients had stopped taking their medications once their funding ended, but an early provision of the Act has already mailed a few hundred dollars to four million Americans to help narrow the coverage gap.

Phil Kent, however, said that money has to come from somewhere, and Medicare in general will be taking a hit with Obamacare, and seniors are turning against the Act.

“Seniors are aware of the 500 billion dollar cut in Medicare with Obamacare, he said. “This act means the rationing of healthcare; we will have to do with less.”

But according to Gonzales, when Americans, including seniors, are asked about specific areas of the Affordable Care Act, many of them are in favor, so the Act as a whole remains too detailed for most people.

“It’s a big law,” he said. “It’s a lot for folks to grasp and understand, so AARP is taking a leadership role in terms of educating individuals and educating seniors about the benefits of the law.”

For Kent and the ASA, however, seniors don’t oppose the Affordable Care Act due to a lack of education.

“I think America’s seniors are getting more educated by the month, and polls show Obamacare remains very unpopular,” Kent said.

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Health and Wellness

Medicare

Buying Medicare Supplement Insurance? Read these 5 tips first...

aadmin — Mon, 18 Jun 2012 17:05:19 +0000

In the United States, Medicare is the government-funded system where the healthcare needs of Americans over the age of 65, with some exceptions, is covered by providing them with health insurance.

Medicare provides support to nearly 50 million people in the U.S., but for many of them, it’s coverage just doesn’t go far enough.
Thus, Medigap was born.

Medigap is a supplement to Medicare offered to recipients and allows them to purchase additional coverage not ordinarily covered, and almost one-fifth of Medicare beneficiaries have bought this type of supplemental insurance.

To qualify, you must be over the age of 65, and be a recipient of Part A and B, the most basic coverage areas. Although it varies in some states, typically there are 10 supplemental Medigap plans available for purchase.

If you’re looking for a supplemental insurance which will take over where Medicare left off, remember these five tips:

1/ Know what kind of coverage you’re looking for, and for who: Medigap can be a confusing maze to navigate, so doing research needs to be the first step in the process. Medigap policies are paid out of your pocket, and Medicare does not help pay for it. Additionally, Medigap policies are individual, meaning that two spouses would need two individual plans. Some of the coverage in Medigap includes hospice care, skilled living care, foreign travel emergency, to name a few.

2/ Know what billing schedule works best for you: Some providers have an annual billing schedule, while others are monthly. Can you afford to pay every month, or would paying once a year provide you with enough time to find the money?

3/ Compare compare compare! When it comes to Medigap, like any other kind of insurance, comparisons are key to find not just the best deal, but the best deal for you. Visit SeniorSurance.com for free quotes where you can evaluate different providers and see their prices, coverage, and even the billing date.

4/ Talk to your friends, neighbors and relatives: You are not the first person to turn 65, so take advantage of everyone else who is older than you and get their thoughts on which plans worked for them? Don’t forget to ask which plans your friends, neighbors and relatives don’t like; it can help you avoid problems down the road if you know what to expect.

5/ Beware of illegal companies: Buying Medigap is an investment in your health and future, and it’s a big decision, so it is very important to take your time in comparing quotes and avoiding high-pressure situations where you may make a decision you will regret.

For free Medigap quotes, visit SeniorSurance.com

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Health and Wellness

Medicare

Shorter Hospital Stays Reduce Costs and Deliver Higher Value

aadmin — Mon, 11 Jun 2012 13:36:57 +0000

Being in hospital is often uncomfortable and can lead to trauma for in-patients on top of a financial burden. Acute Care for Elders (ACE), a part of the University of California San Francisco (UCSF) is setting out to minimize hospital stays for elderly patients.

According to MedicalXpress, the ACE project is being piloted in 200 hospitals in the USA, serving approximately 100,000 patients per year.

Seth Landefeld, MD, chief of the UCSF Division of Geriatrics told MedicalXpress that the cost of hospital stays is one of the fastest growing components of health care. “This was really an opportunity to look at how you can deliver higher value care while maintaining or improving quality and reducing cost.”

Research found that patients in the ACE program had shorter stays in hospitals. Complementing these findings is that patients in the ACE program incurred lower hospital costs, a savings of nearly $1000.00 per patient. Landefeld projected a one percent saving of all Medicare expenditures or $6 billion a year.

Deborah Barnes, PhD, MPH, an associate professor in the departments of Psychiatry and Epidemiology & Biostatistics at UCSF, said the study showed that the ACE project saves money while maintaining the quality of care.

The UCSF researchers maintain that minor changes in the health care model can lead to significant results. Landefeld told MedicalXpress: "Leaving patients in their hospital beds, or constantly interrupting them in the middle of the night for disruptive evaluations, can lead to longer recovery time and longer hospital stays."

ACE works on the premise that elderly want to leave hospital as soon as possible and go home. Landefeld said that cuts down on hospital stays through superior communication. “It’s a worthwhile investment because you’re saving about half a day of hospitalization for these patients.”

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Medicare

More Medicare scams are targeting seniors

aadmin — Fri, 16 Mar 2012 17:34:52 +0000

When it comes to scams, seniors are a favorite target. It’s a sad reality, but retirees need to take precautions to protect themselves from becoming victims.

According to a recent report on Keloland.com, seniors in South Dakota have recently been receiving phone calls from people claiming to be selling medical supplies. However, the catch is that in order to take advantage of these free, or deeply discounted medical supplies, seniors need to provide their Medicare number, as well as personal information. But there are no medical supplies being offered; it’s a scam to steal identities.

“There are legitimate providers that provide these services, but they're not going to call you. If you're on the do not call list, it's illegal to call you and solicit to sell these products,” Delane Smith, Director of Consumer Protection with the South Dakota state government, told the news source.

Smith added that Medicare does not make unsolicited calls, and neither do companies which work with Medicare.

According to the news source, Medicare fraud is one of the primary reasons for increasing healthcare costs and taxes, and while seniors and retirees can’t stop those fees, they can protect themselves by refusing to give out personal information in unsolicited calls.

For seniors living in assisted living and Alzheimer’s care communities, refusing to give out personal information can save thousands of dollars.

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Health and Wellness

Medicare

Medicare fraud is about to get a lot harder

aadmin — Wed, 07 Mar 2012 16:13:37 +0000

Seniors are frequently a favorite target of scam artists, who attempt to have older people pay for services that they don’t need, or which are never delivered. One such scam is Medicare fraud, which can often include double-billing for seniors, who end up being charged for medical services which are never performed.

But as reported recently in the Washington Post, Medicare’s website is launching a new form which will help seniors better understand the complex system, and will feature larger print and more explanations of acronyms and abbreviations. These shortcuts often cause confusion, and allow many seniors to be targeted for scams, but the new changes will allow Medicare recipients to better understand the program.

“If they are paying attention to these documents, they are going to be the best defense we have,” Erin Pressley with the Centers for Medicare and Medicaid Services, told the newspaper. “It shouldn’t be a scavenger hunt.”

In addition to the new online format, physical forms will be introduced in early 2013.

Currently, seniors use forms which, according to the media outlet, can be as long as 12 pages, and log everything from new treatments to doctor visits. The new initiative will hopefully allow seniors, whether they live at home, in assisted living or Alzheimer’s Care communities, or anywhere else, better protection against fraud.

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Health and Wellness

Medicare

When I'm 65: Retirees should be aware of Medicare options

aadmin — Thu, 19 May 2011 12:04:02 +0000

Now that around 10,000 baby boomers are turning 65 each day, many are considering their options when it comes to Medicare. This can be a tedious process with a lot more questions than answers, but it pays to scrutinize every opportunity before making a final decision.

Imperial Valley News reports that the first question retirees may want to ask is when they should enroll. Overall, older adults have seven months to successfully enroll - three months before, the month of, and three months after their 65th birthday.

Generally, beneficiaries enroll in Medicare Part A, which covers hospital visits, as well as Part B for doctor and outpatient services.

Part C is Medicare Advantage, which combines A and B. Part D is prescription coverage.

It's important to know that, even if retirees are still covered by an employer's plan, it can pay to enroll in Medicare Part A, because it's a free service that could come in handy in the future. However, workers can choose to defer the other parts of the plan.

This can be a critical thing to remember for healthy retirement living, because if deferrals aren't approved, retirees are charged with fines for late registration.

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