Long Term Care Awareness Month

LTC Awareness Month >>>
Eight Things People Should Know

*REPOST* Brought to you by: Mutual of Omaha

November is LTC Awareness Month – time again to devote your efforts to helping people understand the importance of planning for their future long-term care needs.

This can be challenging...especially for those who find it hard to see themselves needing help with the most basic daily activities, like bathing or dressing. Yet, taking accountability for their future care and planning for that day is something everyone should do.

Here are eight things they should consider when developing a plan for long-term care:

1. Planning for long-term care is important. Most people will tell you they plan to live a long life. But with age comes the need for help with some of the things they always did for themselves. According to the U.S. Department of Health and Human Services, 70 percent of people who reach age 65 will need LTC services at some point in their lives
2. LTC services are expensive. Mutual of Omaha’s cost-of-care survey revealed that just one year in a nursing home can cost nearly $80,000 (based on national averages). Home health care is less expensive, but people still can expect to pay over $36,000 per year on average for care they receive at home.
3. You can’t rely on Medicare. Many people mistakenly believe their LTC needs are already covered. In reality, Medicare only covers services for a short time – typically just long enough to help people get back on their feet after an illness or injury.
4. Medicaid isn’t for everyone. It’s true. Medicaid does cover LTC services. But it’s important to remember that Medicaid is a program for people with low incomes and limited resources. That may mean your clients would have to spend down their assets just to qualify. Not an attractive option for people who want to protect the assets they worked a lifetime to accumulate and leave a legacy for their children.
5. There’s a hidden cost to family caregivers. It’s easy to say, "My family will take care of me." But a spouse may not be physically able to provide all the care that’s needed. And children have their own family and career obligations. The fact is family caregivers frequently suffer from stress and illness themselves. Not to mention lost wages if they have to give up a job or reduce work hours.
6. The best time to start planning is now. How will you pay for the care you need? Where will you live? Who will take care of you? These are questions people need to ask themselves now while they’re young and in good health. The need for LTC services can arise at any time. Having a plan in place when that day comes can help alleviate the emotional strain many families face. It also can help ensure your clients get to make the important decisions about the care they receive and the setting they prefer.
7. The cost of waiting can be high. The ability to obtain an LTCi policy is based on age and good health. So it’s important for people to understand that if something happens to cause a change in their health status, they may not be able to purchase LTCi at any price.
8. Some coverage is better than none. Many people who think they can’t afford an LTCi policy neglect to consider what would happen if they didn’t have one. Without a policy to help pay the bills for LTC services, they may have to liquidate assets, sell stocks, dip into savings or retirement accounts or sell property to come up with the cash they need. Even a modest LTCi policy offers some protection for their important assets.

Read More @: http://www.mutualofomaha.com/yourchoice/tips-tools-training/article-eight-things-people-should-know.php

Countdown to Open Enrollment

THE MEDICARE BLOG

*Repost* Brought to you by Medicare.Gov https://blog.medicare.gov/…/medicare-open-enrollment-ready…/

THE OFFICIAL BLOG FOR THE U.S. MEDICARE PROGRAM. FOR MORE INFORMATION, PLEASE VISIT WWW.MEDICARE.GOV

MEDICARE OPEN ENROLLMENT: ARE YOU READY TO PICK A PLAN?

It’s picking season—pumpkins, apples, Halloween candy… and a Medicare health or drug plan. Medicare Open Enrollment runs from October 15–December 7!

Picking a plan is an important and personal decision. Each person has a unique set of priorities. When you sit down to review your Medicare health and drug plan choices this year, keep track of the things you may want in a plan, and pick one that’s right for you.

Here are some things to keep in mind while you consider your choices:

Does the plan cover the services you need?

Future health care needs can be hard to predict, but changes happen. Make sure you understand what services and benefits you’re likely to use in the coming year and find coverage that meets your needs. If you have other types of health or prescription drug coverage, make sure you understandhow that coverage works with Medicare. And, if you travel a lot, look to see if your plan covers you when you’re away from home.

No matter what plan you pick, you’ll get these benefits:

• A discount of 60% on covered brand-name drugs if you reach the Part D prescription drug coverage gap (“donut hole”)
• A free yearly “wellness” visit, so you can sit down with your doctor and talk about your health concerns and the best ways to stay healthy
• A host of preventive tests and screenings—including cancer screenings—most at no cost to you

What’s the cost?

The lowest-cost health plan option might not be the best choice for you—consider things like the cost of premiums and deductibles, how much you pay for hospital stays and doctor visits, and whether it’s important for you to have expenses balanced throughout the year.

How about convenience?

Your time is valuable. Ask yourself these questions: Where are the doctors’ offices? What are their hours? Which pharmacies can you use? Can you get prescriptions by mail? Do the doctors useelectronic health records or prescribe electronically?

Quality is important!

Not all health care is created equal, and the doctors, hospitals and facilities you choose can impact your health. Open Enrollment is also a good time to ask yourself whether you’re truly satisfied with your medical care. Look for plans with a 5‑star performance rating—the right expertise and care can make a difference.

Remember, even if you’re happy with your current plan, these answers might change from year to year, so it’s important to take the time to compare. The Medicare Plan Finder makes it easy to compare plans based on all of these factors, so you can pick a plan that meets your needs.

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Medicare 101: What is Medicare Part B?

TransAmerica Page: Medicare 101: What is Medicare Part B?

Now that you’ve learned about Medicare Part A, you may also be wondering what Part B can do for you. While Part A will help you with things like hospital stays and skilled nursing facility care, Medicare Part B helps with other areas in which you may need coverage. Find out what Medicare Part B covers and if it’s for you.

What does Medicare Part B cover?

You may remember that in Part A, we explained Original Medicare is the term used when a plan combines Part A with Part B. That’s because in addition to the benefits Part A will give you, Part Bcovers clinical research, ambulance services, durable medical equipment, mental health (inpatient, outpatient, and partial hospitalization), the ability to get a pre-surgery second opinion, and limited outpatient prescription drugs.

Who qualifies?

If you aren’t eligible for premium-free Medicare Part A, not to worry; you can buy Part B without having to buy Part A. Here are the qualifications you need to meet:
• 65 years or over
• A U.S. Citizen or permanent resident who has legally been in the country for five consecutive years

When should I enroll?

Much like with Medicare Part A, Part B’s has a seven-month Initial Enrollment Period. This means anywhere between the three months prior to month you turn 65, and the three months after that. For example, if your birthday is in April, you are eligible from January through July.

However, if you don’t sign up within that time, you may have to pay a late enrollment penalty for the entire time you have Part B. According to Medicare.gov, “Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B, and coverage will start July 1 of that year.”

How much does it cost?

If you signed up for Part B when you became eligible, then you’ll likely pay a $104.90 premium each month, according to Medicare.gov. Though, this premium can change based on your income, and recent reports indicate it will cost more for a few select groups in the future.

There are some people who automatically get Part B. If you receive Social Security benefits, Railroad Retirement Board (RBB) benefits, are under 65 years old with a disability, have ALS, or live in Puerto Rico and receive Social Security or RBB benefits, then you are eligible for automatic enrollment.

With these benefits, it’s possible that you still don’t feel like you’re getting the coverage that you need. In that case, you can get supplemental Medicare insurance plans.

For more information on Medicare, check out Transamerica Center for Health Studies^®‘s handy guide.

About Transamerica Center for Health Studies^®.
The Transamerica Center for Health Studies^® (TCHS) is a division of the Transamerica Institute^®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

Medicare 101: What is Medicare Part A?

Medicare 101: What is Medicare Part A?

TransAmerica Page: Medicare 101: What is Medicare Part A?

Medicare can be confusing, but don’t worry. You aren’t the only one feeling that way. Although there are many benefits to Medicare, with its different components and enrollment periods, it can get a little confusing. In this three-part series, we’ll break down Parts A, B, C and D of Medicare down to their essentials. Here are simple answers to the most-asked questions about Part A:

What does Medicare Part A cover?

Medicare Part A combined with Part B, make up what is known as Original Medicare. Part A covers emergency care, hospital stays, some nursing home care, and other long-term visits such as home health services and hospice care.

Who qualifies?

• Seniors (age 65 and above) who are U.S. citizens and permanent residents.
• Individuals with qualified disabilities (age 64 and below).

When should I enroll?

You can enroll during your Initial Enrollment Period (IEP), which usually lasts 7 months:

• Three months before your 65th birthday or 25th disability check.
• Month of your 65th birthday or 25th disability check.
• Three months after your 65th birthday or 25th disability check.

If you miss your Initial Enrollment Period, you can sign up during the General Enrollment Period, which is from January 1 to March 31. If you sign up during this time, your coverage will start July 1. Please note that if you enroll during the General Enrollment Period you may have to pay a higher premium for late enrollment.

Fall Open Enrollment occurs every year between October 15th and December 7th and allows those who already have Medicare to change their coverage. We recommend you review your coverage every year, as this is the one time when all people with Medicare can make changes to their plans for the next year.

How much does it cost?

Part A plans are provided to you at no cost if you or your spouse have worked and paid taxes for at least 40 quarters (or 10 years).

If this isn’t the case, you will pay a monthly premium of up to $407. The exact amount you’ll pay is determined by different factors such as your income and assets.

If you’re concerned about the costs involved that aren’t covered by Medicare, Medicare Supplement Insurance can help cover expenses that you’ll have to pay out of pocket.

For more info, check out Medicare.gov and this chart published by the Transamerica Center for Health Studies®.

The Transamerica Center for Health Studies® (TCHS) is a division of the Transamerica Institute®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

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