Are You Prepared For Your Long Term Care?

Posted on

Jun 28, 2016

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"If I insure myself against the minimal risks affecting my home, my car, and my overall acute health needs issues, why haven't I insured against this far greater risk of an eventual Long Term Care event?"
Seven out of ten of us are going to require a period of extended care before we die. At present, this risk statically spans an average of three years with the cost of care ranging from $92,000, to $276,000 annually! For couples, this number rises to nine in ten that at least one person will be impacted by the need for custodial or skilled care, ranging from assistance with activities of daily living (bathing, dressing, toileting, eating, transferring, and incontinence) or some form of cognitive impairment such as dementia or Alzheimers care. Medicare does not cover the costs of Long Term Care.

Greater longevity, advances in medicine and medical science, means that our society will continue to age. Baby Boomers are now turning 65 at the rate of 10,000 per day.

Many have already lived this nightmare with parents and other family members, often having to place beloved family members in facilities funded by Medicaid but onlyafter having to spend down their assets to a poverty level and relinquish their independence.

More than ever, there is now a choice to be had; an insurance policy that guards against families losing their hard saved earnings, and individuals losing their independence, dignity, and access to quality care.

The long term care industry has been around since 1974, and several of the major carriers are launching some very creative solutions that address this pandemic issue as well as providing the public with choices that include linking long term care insurance benefits with those of life insurance and annuities.

Since health qualification is a hurdle that confounds a good number of applicants, it is best to look at this coverage as early as age 40. Younger ages not only bode well with passing underwriting criteria, but also keeps premiums at a very modest level.

So ask yourself, "If I insure myself against the minimal risks affecting my home, my car, and my overall acute health needs issues, why haven't I insured against this far greater risk of an eventual Long Term Care event?"



Editors Note: This article was submitted by Western Slope Long Term Care Solutions. You may reach Phyllis Hoffman CLTC at 970-675-5029 or [email protected] and Scharee Atchison LTCi at 719-640-1300 or [email protected]. Both Phyllis and Scharee manage their business from Cedaredge, CO.

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Medicare/Medicaid/Insurance in Lafayette, CO

When an older adult needs help at home and sees several clinicians, a coverage decision can affect everything from prescription refills to rides. If youre considering TRU PACE in Lafayette, start by asking how enrollment would change the care and coverage you already use. How Medicare and Medicaid Fit Into PACEPACE is the Program of All-Inclusive Care for the Elderly. It coordinates healthcare and support for eligible adults who meet a state standard for nursing home-level care and can live safely in the community with PACE support at enrollment. Applicants must also be 55 or older and live in the programs service area.  TRU PACE and Your Current CoveragePhone: 303-665-0115Medicare says people with Medicaid pay no monthly PACE premium. Medicare beneficiaries without Medicaid pay premiums for the long-term care portion and Medicare Part D drugs. Medicare also says participants owe no deductible, copayment, or coinsurance for drugs, services, or care approved by their PACE team. Ask TRU PACE for an estimate based on your individual coverage before enrolling.  Doctors, Prescriptions, and Existing ServicesTRU PACE says it becomes the participants insurance provider at enrollment. Participants generally receive care through the programs provider network. Bring a list of your doctors, medications, and scheduled services. Ask which providers are in the network and how the team would coordinate any changes.  Why This Matters in LafayetteIf you regularly see a clinician near home or have a specialist visit scheduled outside Lafayette, give the enrollment team the names and dates. Ask which appointments can continue and what to do about any refill due around the enrollment date. How to Get Started1. Gather Your Coverage InformationHave your Medicare and Medicaid information, if applicable, along with details of any current plan. List the appointments and prescriptions you rely on most.2. Ask for an Enrollment and Cost ReviewCall TRU PACE and ask for your expected monthly cost, when any coverage change would take effect, and who would help coordinate the transition.  Related Seniors Blue Book CategoriesPACE Adult Day Services Care Management

Reviewing Medicare Advantage Plans in Mobile, AL

Each year, Medicare beneficiaries receive information about changes to their healthcare coverage. Some notices explain premium adjustments, while others describe new prescription costs, provider network updates, or changes to supplemental benefits.For older adults in Mobile, Alabama, reviewing these documents is an important part of preparing for the upcoming year.A Medicare Advantage plan that worked well in 2026 may have different costs or benefits in 2027. A preferred specialist may have changed network participation. A prescription may move to another formulary tier. 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Personalized Senior Service in Mobile, AL

For an older driver, a vehicle repair can affect the entire week. Without the car, it may be harder to reach appointments, buy groceries, or visit family. The concern is often as much about understanding the repair and planning transportation as it is about the mechanical problem itself. What personalized service means for vehicle carePersonalized service involves clear discussion of the customers vehicle, priorities, schedule, and decisions. For an older adult, that can mean asking for an explanation in everyday language or involving a trusted family member with permission.The listing category does not establish a medical service, driving assessment, or special senior benefit. Ask directly about any accommodation, transportation arrangement, or discount rather than assuming one is available.Begin with the problem you have noticedWrite down the vehicles year, make, model, and the concern. 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