The good news? People are living longer. The bad? Costs for Long Term Care (LTC) are increasing steadily with each passing years, outpacing inflation. Should you need care after an accident or illness, you may find that savings can rapidly deplete when paying for the care you need. It is estimated that over two-thirds of the over 65 population will need some form of long term care, whether it is in as assisted living facility, adult day care facility, or home health services. Medicare offers some basic skilled care in a nursing home, but is limited to 100 days. When faced with a long term illness which impairs your ability to perform the basic activities of living, such as eating, bathing, or dressing, it is imperative to have access to continuous care. Long Term Care insurance helps you maintain your dignity and financial freedom and gives you the ability to contribute to the choices that affect your care — about the services you receive, where you receive them and who provides the care you need.
Posts Tagged ‘health care costs’
Long Term Care Costs Continue To Rise
Thursday, January 20th, 2011High Deductible Health Plans and HSA’s Growing in both Group & Individual Markets
Thursday, January 13th, 2011According to studies done in 2010, High Deductible Health Plans increased significantly in both the group and individual markets. Many found that taking on higher out of pocket plans greatly reduced their premiums, while not affecting first dollar benefits, such as preventive care or doctor office visits. It was shown that individual enrollment in HDHP’s increased from 39% in 2007 to 51% in 2010. Numbers were similar when reviewing group enrollment in HDHP’s. It is believed that as more information is provided to potential enrollees of HDHP’s regarding the benefits of adding on a health savings account, more people wanted to take advantage of the tax benefits as well. Overall, many feel that these plans gave them more control over their health care needs and costs as a whole.
Expired COBRA Subsidy Leads to Coverage Lapses
Tuesday, September 14th, 2010The COBRA subsidy program remains in limbo, and as a result many enrollees are choosing to discontinue coverage altogether. This program, which was intended for anyone terminated from September 1, 2008 to May 31, 2010, offered a 65% subsidy for up to 15 months. The subsidy, however, would be less for anyone whose modified gross income exceeds $125,000. While this is of great assistance to COBRA enrollees, anyone who has exhausted their 15 months or is newly unemployed, relief seem to be nowhere on the horizon.
Doctors Face Major Cuts in Medicare Reimbursement Rates
Monday, August 16th, 2010The American Medical Association is working diligently to fight the cuts in Medicare reimbursement rates, which is about 21% less than current compensation rates. Though the House delayed the cuts via HR 3962 (Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010) until at least November of this year, many physicians see this as only a temporary fix to a flawed system. Congress states they have no other choice, as mounting deficits play a role in their decision. Medicare overall is in a difficult financial state, leaving little to no room for improvements. The only choice doctors will have, other than dropping Medicare patients altogether, will be getting more patients in the door. Either way, patient care will be compromised if the Medicare pay cuts occur.
Healthcare Reform and the Prevention of Chronic Illnesses
Thursday, July 1st, 2010However you may feel about health care reform and the changes it will bring, one major outcome will be the mandatory implementation of preventative care on all policies. It is proposed that preventive care will be covered without any co pays or deductibles. Considering it is thought that half the conditions we treat in our health care system could be avoidable, the expansion of preventive screenings and vaccinations should help to bring down the number of chronic conditions that we see today.
Is There a Answer for COBRA Subsidies?
Monday, January 18th, 2010Children with Insurance Have Brighter Prognosis in Hospitals
Thursday, December 10th, 2009Disturbing news shows that children without insurance are 60% more likely to die from a serious illness, such as pneumonia or asthma. This is most likely due to the fact that care is not sought out until it is much farther advanced. This is tough to swallow, but keep in mind there are always options to ensure that your children are not without the coverage they need.
Do Americans Really Pay More For Their Health Care?
Thursday, December 3rd, 2009Recent studies show that the United States spends almost 44% more for health care than Switzerland, though Switzerland has the second higher per capita health care costs. Even with these escalated costs, Americans have fewer visits and spend less time with their doctors, as well as experience shorter hospital stays than any other industrialized nation.
