December 12, 2018

Filling the Medicare Gap: Funding Options for Long-Term Care

Filed under: Health Insurance,Long Term Care,Medicaid,Medicare — Tags: , , — seniorlivingguide @ 2:31 pm

Courtesy of Janet Campbell

A rapidly-aging population and the ever-increasing cost of care means that a lot of Americans will be forced to figure out how to pay for long-term care. Those who Filling the Medicare Gapdelay preparing and planning could be in for a difficult time and high debt levels: the average cost of a private nursing home room is $75,000 annually, and the median cost of engaging a licensed home health aide is about $152 a day. It is projected that these costs will only continue to climb as the Baby Boomer generation ages, which means that now’s the time to begin structuring a financial plan. The cost of delaying is simply too high. Here are a few options to consider as you look to the future.

Medicare Advantage plans

Seniors are all too aware that the older we get, the more our healthcare costs tend to rise. For that reason, many people 65 and older have a Medicare plan, but unfortunately, it won’t cover all of your medical expenses. That’s a big reason why 1 in 3 Medicare recipients have a Medicare Advantage (or Medicare Part C) plan to help pay for some long-term care costs, like dental and vision care, as well as prescription medications. If you already receive Medicare, it’s worth your while to look into an Advantage plan, especially because some of them offer $0 premiums. If you’re getting close to age 65 or are currently eligible for Medicare, be aware of enrollment dates and requirements so you’re prepared ahead of time; depending on the type of plan you get, your disability status and your employment history, you initial sign-up date will vary.

Long-term care insurance

This is one of the more obvious alternatives, but it’s often considered a cost-prohibitive option by many people. Long-term care insurance does become more expensive the longer you wait to enroll (for example, a yearly premium may cost you approximately $2,000 if you go this route at age 55). Many financial advisers recommend not waiting so long, and that there’s nothing wrong with taking out a policy in your 30s or 40s, especially if it’ll save you hundreds of dollars a year in premiums.

Insurance rider

A life insurance policy rider can give you early access to death benefits to help pay for long-term care. This allows you to access benefits early if you meet certain criteria, such as being diagnosed with a cognitive impairment. Benefits paid out early are deducted from the payout to beneficiaries after the policyholder’s death. Also, be aware that you may be able to sell a life insurance policy to free up cash for long-term care expenses.

Personal savings

A 2015 Department of Health and Human Services study found that most Americans required fewer than two years of long-term care, and that saving $70,000 could be sufficient to meet the need. Setting aside part of your investment earnings or long-term, interest-bearing savings can carry you a long way toward meeting that financial objective, and it’ll keep you from having to come up with an annual or monthly premium payment.

Health savings

If you have a high-deductible health insurance policy, you may be eligible for a health savings account (HSA) to help defray the cost of rising long-term health care expenses. HSA contributions roll over from year to year, and withdrawals can be made tax free as long as you use them to pay for healthcare expenses – that includes long-term care insurance payments. Contributions are tax deductible up to $3,450, and nearly double that if you have a family plan.

Medicaid

Medicaid is an alternative to Medicare, which does not pay for long-term care. Medicaid covers long-term care expenses if you’ve gone through all other financial resources, though eligibility differs from state to state. One problem is that you’re limited as to where you can go if you require nursing home care, since not every facility accepts Medicaid.

Long-term care can be prohibitively expensive, but that doesn’t mean it has to put a strain on your financial resources. Preparing early, whether that means buying long-term care insurance or starting a health savings account, is an excellent way to be ready if you or a loved one needs long-term care.

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June 29, 2018

Be In The Senior Housing Know: Skilled Nursing and Rehabilitation

Filed under: Assisted Living,Medicare,Nursing and Rehab,SeniorLivingGuide.com — Tags: , — seniorlivingguide @ 10:31 am

By: Darleen Mahoney

The level of health care and personal care provided varies greatly between a skilled nursing facility and an assisted living facility.  An assisted living facility (ALF) is a long term living environment where the resident’s care is customized based on health and personal needs. A skilled nursing facility (SNF) is a temporary facility based on hospitalization or a significant decline in health.

Skilled nursing facilities include room and board, any necessary physical and/or Senior Housing Skilled Nursingoccupational therapy, social services, medication, speech, audiology, and all care is provided by registered professional nurses. The level of care that they provide may include rehabilitation, tube feedings, intravenous, and rapidly declining health services.

Skilled nursing facilities are also required to meet federal criteria for Medicaid and Medicare reimbursement for nursing care. Skilled care is covered by Medicare for typically up to 100 days after a hospitalization. Once you use 100 days, your current benefit period must end before you renew your SNF benefits. Custodial care may be needed for an extended period. The Centers for Medicaid and Medicare Services provides detail on what is covered under each of their plans.

Before choosing a Skilled Nursing Facility, consider the following:

  • Make sure you have a recent medical evaluation with a recommendation for a Skilled Nursing Facility vs. another housing option
  • If 24/7 medical care is required, a skilled nursing facility is best. If custodial needs are required, consider an Assisted Living Facility.
  • Because a Skilled Nursing Facility is temporary, consider the medical needs of the patient and make sure that there may not be an alternate plan. If a family can fill in the gaps in care with adult day care programs, home health care, or respite care there may be alternatives to consider.

If you feel that you or a family member needs a Skilled Nursing/Rehabilitation facility, please visit www.SeniorLivingGuide.com, click on “Skilled Nursing/Rehabilitation”, and your state or area of interest. You will be able to choose from multiple options and review in detail what each one offers and if it meets your needs. Do your research and make the best possible decision for you and your family.

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May 17, 2012

Boomers and the Minefield of Medicare

Filed under: Boomer,Medicare,Senior Housing Events — seniorlivingguide @ 8:37 am

An interactive, sildenafil educational workshop on Medicare. Open to all the mature, ambulance adult children of the mature, capsule adult grandchildren of the mature.

Call Edna Massey, (804) 750-1110, to schedule one of the following convenient dates:
Thursday June 14th 3:30 to 5:15 PM
Wednesday July 18th 9:15 to 11:00 AM
Tuesday August 14th 6:15 to 8:00 PM
Monday Sept 17th 10:00 to 11:45 AM

8401 Patterson Ave
Suite 105
Richmond, VA 23229

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January 25, 2012

Boomers and the Minefield of Medicare

Filed under: Medicare,Senior Housing Events — seniorlivingguide @ 3:50 pm

A hands-on, sick interactive, remedy educational workshop on Medicare

Thursday, February 16th, 6:15 – 8:00 PM

Wednesday, February 19th, 10:00 – 11:45 AM

Tuesday, March 13th, 10:00 – 11:45 AM

Wednesday, March 28th, 6:15 – 8:00 PM

Location:  8401 Patterson Ave, Suite 105, Richmond, VA 23229

Reservations required.  Call Edna Massey, 804-750-1110

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July 1, 2011

100 Testimonials and Growing: My Medicare Planner

Filed under: Medicare — seniorlivingguide @ 6:39 am

my medicare planner

The maze of Medicare plans is more complicated today than ever before. My Medicare Planner takes the guesswork out of choosing a Medicare plan. As your Advisor we can guide you through the Medicare process and help you choose the plan that is right for you.

We are independent advisors not captured agents. A “captured agent” can only offer the company he or she is contractually bound to offer. Simply put they will always steer you to the products of that company. We believe one shoe does not fit everyone. Consequently we know that by handling multiple companies we insure that our clients get the best coverage at the lowest cost.

We call this Freedom of Choice all in one location with more Medicare Insurance companies than anyone else. This guarantees that you will have the best plan at the best premium.

EXCLUSIVE OFFER – We actually run all you prescriptions through Medicare’s Plan Finder & put the report in your hands and then enroll you in the best plan. Read what Esther Koch, seek a noted gerontologist, cialis sale says about the Medicare’s Plan Finder on our website.

Tom Chamouris, owner of My Medicare Planner, is passionate about protecting senior citizens and providing straight answers to their questions.  With 20 plus years of experience Tom’s  unique ability to analyze the needs of each client, results in savings of hundreds and sometimes thousands of dollars annually to his client.

That’s right, YOU GET IT ALL, the best plan, premiums and our expertise.

– At no additional cost to you.

Call Tom Chamouris

20 Years of Experience • Honesty • Integrity

804-788-1965

Tom is also a seasoned speaker on Medicare topics, available upon request for your community or group.  Take a look at the testimonials of his many happy clients:

http://www.mymedicareplanner.com/

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