Try: When purchasing ltc insurance it is important to consider including a guaranteed renewability provision of the contract if a policy is guaranteed renewable the insurance company cannot change your benefits if you pay your premiums on time but it can increase your premium on a policy anniversary as long as it makes a similar premium increase for your entire class of policyholders this provision is important because of possible future changes in ltc and the general longer time frame before benefits are claimed although a guaranteed renewability provision may increase the cost of premiums it is important to make sure the insurance purchaser will have coverage in the future also consider state laws as they may also dictate under what circumstances insurance policies may be canceled

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Categories: Financial, Medical Physical

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: When looking at ltc coverage and comparing policies it is crucial to have a policy that suits the purchaser’s needs additionally there are several key aspects of the policy that can affect the price and coverage buyers should consider the following aspects of ltc coverage dollar amount of coverage with most policies the insurance company will guarantee a daily dollar maximum this is the maximum amount of coverage per day that the insured individual can receive it is important to note that this amount is often selected by the individual when purchasing the policy another method to increase benefits is to purchase an insurance rider but this can substantially raise the cost of premiums link to inflation rider length of coverage the insurance purchaser will also have to decide the length of coverage for future benefits again the longer the coverage period the higher the premiums will cost some insurance companies will allow plans that offer benefits periods for the purchaser’s remaining life or offer a plan that caps the benefits with a dollar amount overall most insurance companies offer a length of benefits and insurance purchasers generally select between 3 to 5 years waiting period many insurance companies also include a waiting period before benefits begin it functions similarly to a deductible no benefits are paid during the first 30-120 days of an otherwise covered ltc situation the insurance purchaser will be able to choose the waiting period length when buying the policy the shorter the waiting period the higher the premiums

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Categories: Financial, Medical Physical

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: The biggest problem with long term care ltc insurance policies is the high cost of premiums and the refusal of some insurance companies to guarantee rates another problem with ltc insurance is that by the time many people purchase policies they are uninsurable due to health problems one solution is to purchase policies while at an earlier age when buying ltc insurance be sure to look at multiple insurance companies every company has its own underwriting criteria individuals also want to buy from a solid insurance company because many will not need coverage for a few decades and the company must still be in existence at that time the younger you purchase a policy the lower the premiums will be that being said most people do not consider ltc in their 40s however if you wait until you are in your 70s the premiums will be extremely high and you may be uninsurable due to health reasons the best time to purchase ltc is probably in your 50s and 60s before the premiums become unmanageable when determining the appropriate amount of ltc coverage consider your other financial obligations if you still have dependents or a spouse this could alter your needs but if you do not have dependents or they are on their own you may want to purchase more ltc insurances as opposed to more life insurance reference to estimate your potential long term health care costs visit medicare’s website at www medicare gov and follow the links to resource locater and long term care planning

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Note this fact sheet is based on the healthcare reform bill future changes in the law could change the accuracy of this information beginning in 2011 the federal government will begin offering long term care ltc insurance the new health reform law establishes a federal voluntary long-term care insurance program known as community living assistance services and supports or class working-age adults will be able to choose to have premiums deducted from their paychecks to purchase public long-term care insurance through class class is a voluntary program employers may elect to enroll their workers automatically but if so a worker will be able to opt out after paying premiums for five years and you must have worked for three of those five years workers are eligible for a benefit of at least 50 per day class will provide a daily cash benefit to insured individuals who become limited in several basic activities of daily living the cash benefit can be used to help the beneficiary continue living and working in the community or to defray part of the cost of institutional care if that becomes necessary class will supplement , not replace , family care personal saving and private insurance the benefit will be modest around 50 per day so other resources may be necessary one of the stated benefits of the class act is that individuals cannot be rejected for coverage because of health so it could help individuals with medical conditions who don’t qualify for private long-term-care insurance although many of the details of the class act are yet to be determined this ltc insurance option is something to consider in the future

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Inflation could seriously reduce the value of your long term care ltc insurance and the type of care you can afford 100 or 150 dollars a day may be adequate to cover the cost of ltc today but what about 20 years from now when buying ltc insurance consider adding an inflation rider that will help protect your future coverage against inflation buyers of ltc insurance are usually given the option of purchasing an inflation rider with the policy which typically provides that the daily benefit increases by a certain amount each year 5 percent a year for example depending on the policy the benefit will be increased by either a flat or compound basis inflation protection can significantly increase the annual premiums therefore the cost and benefit for the protection needs to be thoroughly analyzed although the rider increases premium costs it should benefit the purchaser if the coverage will not be used for several years a suggested rule is that if you do not anticipate using the insurance for 10 of 15 years it is probably helpful to purchase an inflation rider this can vary based on age health and overall circumstances check with your insurance provider about ltc insurance most major companies offer some type of coverage consider the amount of daily coverage that the policy covers and the specific details of the inflation rider if available contact several insurance providers and compare premiums and benefits so that you can make an informed decision that is the best for your specific circumstances

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Medicare part b has a somewhat more complex financing structure than medicare part a medicare part b is financed through monthly premiums and general federal tax revenues this is different than medicare part a which is financed through a payroll tax on workers the cost of premiums for enrollees is determined by the federal statute the program is financed through a 25 -75 cost structure enrollees pay 25 of the programs cost and the federal government pays the remaining 75 from general tax revenues for example in 2010 the monthly premium was set at 110 50 which should cover 25 of the programs cost higher income individuals however have to pay a higher percentage of medicare part b’s costs starting with enrollees having an adjusted gross income above 85 000 the monthly premium is greater than 25

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Medicare is the primary insurance provider for seniors over the age of 65 medicare has four major programs for healthcare parts a b c and d medicare part a hospital insurance helps cover inpatient care in hospitals helps cover skilled nursing facility hospice and home health care medicare part b medical insurance helps cover doctors services hospital outpatient care and home health care helps cover some preventive services to help maintain your health and to keep certain illnesses from getting worse medicare part c medicare advantage plans medicare advantage plans like an hmo or ppo are health plans run by medicare approved private insurance companies medicare advantage plans also called part c include part a part b and usually other coverage like medicare prescription drug coverage part d sometimes for an extra cost if you join a medicare advantage plan the plan will provide all of your part a hospital insurance and part b medical insurance coverage in all types of medicare advantage plans you’re always covered for emergency and urgent care medicare advantage plans may offer extra coverage such as vision hearing dental and or health and wellness programs medicare part d prescription drug coverage a prescription drug option run by medicare-approved private insurance companies helps cover the cost of prescription drugs may help lower your prescription drug costs and help protect against higher costs in the future

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Medicare is the primary insurance provider for seniors over the age of 65 medicare has four major programs for healthcare parts a b c and d medicare part a hospital insurance helps cover inpatient care in hospitals helps cover skilled nursing facility hospice and home health care medicare part b medical insurance helps cover doctors services hospital outpatient care and home health care helps cover some preventive services to help maintain your health and to keep certain illnesses from getting worse medicare part c medicare advantage plans medicare advantage plans like an hmo or ppo are health plans run by medicare approved private insurance companies medicare advantage plans also called part c include part a part b and usually other coverage like medicare prescription drug coverage part d sometimes for an extra cost if you join a medicare advantage plan the plan will provide all of your part a hospital insurance and part b medical insurance coverage in all types of medicare advantage plans you’re always covered for emergency and urgent care medicare advantage plans may offer extra coverage such as vision hearing dental and or health and wellness programs medicare part d prescription drug coverage a prescription drug option run by medicare-approved private insurance companies helps cover the cost of prescription drugs may help lower your prescription drug costs and help protect against higher costs in the future

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Categories: Financial

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: It is important for you as the caregiver to be aware of what important financial legal medical and personal documents and records are needed for the care recipient gather up and store all of these records in an appropriate place organize the records so that they can be easily accessed when needed provide all caregivers and family members with an index or list of all of the important documents and where they are stored it is important to do this sooner than later you do not want to wait until you have a crisis on your hands and then try to track down important papers and documents under what could be stressful conditions with tight deadlines here is a helpful list of important records and documents that are needed for most care recipients professional contacts names addresses and phone numbers         doctors                     attorneys tax advisor accountant stockbroker clergy financial planner professional and or social organizations plumber electrician outside maintenance security system company         cleaning lawn         mowing snow and         leaf removal personal contacts names addresses and phone numbers         family members                               friends neighbors church acquaintances basic documents         birth certificate               marriage certificate divorce decree adoption papers military discharge papers citizenship naturalization papers social security card certificate for cemetery plot spouse’s death certificate safe location and combination will original and copies bank safe deposit key and location trusts power of attorney for health care recent income tax returns power of attorney for finances credit card information will original and copies passport burial and cremation policy or plans receipts for tax deductions do not resuscitate order location assets         checking account               savings account deferred compensation property owned bond and stock certificates mutual fund shares 401 k plans iras keogh plans mortgages owed or owned promissory notes owned contracts to sell real estate owned debts owed to elder amounts due from claims royalties annuities judgments pension plans military retirement benefits profit-sharing plans insurance         life insurance policies         automobile insurance policies homeowner’s insurance policy renter’s insurance policy liability insurance policy umbrella insurance policy disability insurance policy health accident insurance policies long-term care insurance policy valuables insurance policies automobiles and boats         titles                                                 maintenance and repair records real estate         real estate deeds                       rents owed to elder real estate mortgages vacation home or timeshare household inventory         room by room list and                     easements rights-of-way photographic record loans         bank loans-business                     bank loans-personal credit union loans automobile loans and leases personal loans installment loans finance company loans references adapted from eldercare for dummies by rachelle zukerman phd

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Categories: Financial, Legal, Maintenance, Medical Physical

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*This information is listed as a Fact Sheet and is not explicitly medically licensed

Try: Suggest that cr arrange for direct deposit of checks such as retirement pension or social security benefits encourage cr to meet with his her bank branch manager to discuss how they may be able to assist him her with keeping track of his her accounts and record keeping they may provide special services for certain customers at little or no charge

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Categories: Sage, Topic, Financial

Information: Phone numbers names ideas appointments your address and directions to your home place sticky notes around the house when you need to remember things try to label cupboards and drawers with words or pictures that describe their contents place important phone numbers in large print next to the phone ask a friend or family member to call and remind you of important things that you need to do in the day like meal times medication times and appointments use a calendar to keep track of time and to remember important dates use photos of people you see often labeled with their names keep track of phone messages by using an answering machine

References: Adapted from www webmd com alzheimer alzheimer’s disease tips for maintaining a normal life by brunilda nazario 2011

Keywords: Banking finances money

*This information is listed as a Tip and is not explicitly medically licensed