NEW LTC 16-hour class scheduled! Friday, July 23rd at the DTC location. Call our office to enroll. (303)-973-6636
MEDICARE UPDATE: The Medicare program has implemented a 21.3% paycut for reimbursement to physicans starting 6/1/2010. CMS (Centers for Medicare and Medicaid Services) has instructed carriers to hold claims for first 10 business days of June. Will your doctor still accept original Medicare (or a supplement plan)?
Our 5 hour refresher, and our 16 hour partnerhsip training/licensing courses are the lowest in the state. Receive top notch training from Long Term Care experts Tammey Sullivan and Aaron Eisenach. All LTC class credits count as CE toward your life/health license renewal. Find a class near you!
immediate impact of HealthCare reform of Medicare: $250 refund for US residents entering the Coverage Gap for 2010. No other qualification announced to this point.
New information about Long Term Care is coming out on a dialy basis. Education is the key, the more people are aware the more they will be able to make the best decisions regarding their families situation. Don’t just take our word for it! Research for yourself!
As the aging of America continues to roll upon us. We are going to have more concerns on how to care for us all. I like to call it the “Silver Tsunami” it is the aging baby boomers. As 10,000 per DAY turn 65 starting in 2011 and continue to do so for the next 20 years or so, we do have to be concerned with all kinds of future planning. Americans need to open our eyes and realize that there will be more “have not’s” than “haves” and taking from one to give to the other is not the answer. We need to hunker down and take personal responsibility and stop being cry babies and want, want want now we need to plan, plan, plan.
Everything from how am I going to pay for my Medicare part B premium to groceries to mortgage to Long Term Care needs and not out live my money should I live to be 100. We do need to get back to basics in America, save prior to purchase just like our parents did. Go back to the basic values we all grew up with. Were they so bad? I think we had it just fine with less stuff and more togetherness and less worry about what we don’t have instead of what we do have.
Medicare part B premiums are changing for 2010. For the first time ever there will be different premium amounts for people who are already in Medicare and those who are just aging in or just picking up their part B. Since 2008 and again in 2010 people who have been in Medicare and their gross income is $82,000 if single and $164,000 if married will again pay $96.40 per month per person for their part B. In 2010 people who are just picking up Medicare part B will be charged more their monthly premium looks to be somewhere around $ 104.00. People with high incomes above the previous mentioned amounts will pay more EVEN IF THEY ALREADY HAVE Medicare part B, their 2010 premiums are going up. So as we see our country struggle with less productivity and less tax base and more and more people aging who need more public services, we will continue to see more diversity in how much Medicare will cost and possibly how Medicare will pay. Stay tuned for further updates.
According to the Denver Post July 28 2009 more and more people are becoming eligible for Medicaid. This is due two a couple of factors, one is more people are losing their jobs and qualifying and the second is the stimulus package has risen the income levels of families so they are now eligible. As of June 30 there were 467,556 Coloradans on Medicaid that is 79,488 or 20.5% more than in the same month a year before so now we have almost 10% of the states residents enrolled in Medicaid. We want to help people but the state is becoming increasingly unable to sustain this level of increase. Health Care Policy and Financing (HCPF) our state Medicaid department has a budget of 4 billion, 64% is spent on direct medical costs. Our state budget crisis has more than a 2 billion shortfall over the next 3 years. So Governor Ritter said the next round of cuts is going to be more painful than the last and there is no way that this program will be spared. So how do we think that when an elderly person becomes ill and needs nursing home care that the family will just transfer assets to their children and go on Medicaid? Those days are quickly coming to an end so people need to start planning many years in the future to help them if a long term care need arises. That is why Governor Ritter rolled out the Own Your Future campaign, he is encouraging people to start planning in their 40’s,50’s and 60’s and not wait until it is too late and care is already needed. To find out more about the campaign call 1-866-PLANLTC or 752-6582
I am asked all the time, “What is the best long-Term Care insurance policy today?”. Well that is an easy question with a harder answer. First of all there is no perfect policy, if there was deciding what is best would be easy. There are several excellent Long Term Care insurance policies today. The newest innovation being added to polices are a CASH benefit. All policies give you the choice of getting your services through a Home Care Agency and then the insurance reimburses you for the billed service. What the CASH option does is gives you 40%-50% of the benefit to you in cash and you get to decide who you want to care for you. You can have a neighbor, family member or even a spouse if you wanted. In the future you can use the money for new kinds of care we have not thought of yet like “robots and senors” that other policies without a cash benefit might not cover. Costs of policies will vary depending on how much it will pay out to you in cash, the higher the cash percentage the higher the premium. There are some policies that still don’t offer this option, so as always shop around and get several quotes. If you want a quote give me a call or blog or email me.
Long Term Care consists of in home care, assisted living care and nursing home care. The cost of care is what makes so many people afraid. Home care in the Denver metro area will range from about $12.00 per hour for a companion through a non-certified agency up to $25.00 an hour with a minimum of 2-hours. Assisted living facility care ranges from $2500-$4500 per month depending on the size of room and the amount of personal care and supervision needed. And Nursing home care ranges from $6200 to $7500 per month again depending on the facility and private or semi-private room. So as you can see, care is costly so what is your long term care plan? Self insure, Long term care insurance, Life insurance, Annuity, Reverse Mortgage, Medicaid? No matter which one you choose prior planning is important and the earlier the better. People in their late 40’s and early 50’s are planning even though they may not need care for many years. What about you?