| |
| |
|
Insurance Information |
|
|
|
Senior Health Care Insurance
Health Insurance For Seniors On The Net When a good friend of mine inquired where he could obtain information about medical insurance for his out-of-state, elderly mother, I told him to try the Internet. He reported back to me about a week later, in desperation: "I am giving up, I am too confused." He had taken on an overwhelming project with his widowed mother, living in another state. As the only child, and following the sudden death of his father, it was his responsibility to care for his mother. In this world of technology, the family unit is often living in different geographical areas and the family members are usually quite involved with their own lives, careers, and families. In addition, when both parents are alive, often one or both parents are quite independent and do not require a lot of assistance. As time goes on things, of course, change, and sometimes change very suddenly. There can be a crisis, with regard to the health care needs of one or both aging parents. With our baby boomers facing this problem in ever increasing numbers, and with the information highway in full bloom, there is a definite need for planning. Protecting your parent's assets and health is a huge and daunting undertaking, which requires a tremendous amount of education and practical application. Our seniors face many diverse responsibilities upon reaching age 65. To name just a few: Estate planning, taxation, Medicare, social security, wills, insurance, and various other legal and financial matters. All of these different areas require expertise from accountants, lawyers, estate planners, insurance agents, home brokers, financial advisors, and others. The Internet is a good starting point for most people to find resources for questions and solutions for your problems. There is, however, no replacement for good solid intelligent advice from an expert. Twenty years ago, insurance for elders was sold by "senior insurance specialists", with just a handful of companies in each state. The programs were most often Medi-gap or Medicare supplemental policies, which covered the expenses not covered by Medicare, including hospital and doctor deductibles, durable medical devices, and non-approved Medicare costs. Ironically these specialists did not sell a lot of nursing care policies, even though Medicare paid a national average of less than 2% of these expenses. With the advent of "financial and estate planning" and more insurance companies entering this market, a more broad and diversified product line became available to agents, brokers, planners, and seniors. Part of this new diversification was the "home health care plan", sold by itself, and in conjunction with senior health insurance products. The appeal of the "home health care policy" was that a senior could stay at home and still receive medical and custodial benefits, allowing a person to recuperate in the comfort of their own home. This was the answer to a huge problem. The last place an older person wanted to go was a "retirement home", or "rest home", or, God forbid, the "nursing home." It appeared that seniors could now rely on this new innovation without worry of having to move out of their home environment in the event of a health problem. As with most things," if it is too good to be true".... The home health care policy is no exception. The problem is, there is not enough coverage for a lengthy illness or recuperation time. The fact is, the new trend is toward an "all in one" type facility, allowing for a variety of levels of care all in one location. In other words a senior could start off with little or no health care concerns in an independent, less expensive area, and then go to an assisted living, or nursing care facility, all within the same compound. A "nursing home" requires a nurse on the premises 24 hours per day, assisted living is just eight hours. The advantages to this are financial. The patient or senior is only charged according to the care level required during the time he or she is admitted to that facility. Another benefit is it alleviates a lot of planning because the care is delivered, as it is needed. The medical attention is available to all residents regardless of their current health. Some people are offered a lifetime package, which covers their care for the rest of their life, regardless of their current age. It also allows for social outlets to an otherwise somewhat isolated group. On-line shopping services have become a huge business. It is definitely here to stay and many insurance policies are purchased from Internet quotes and on-line applications. There are literally hundreds of thousands of insurance agents and brokers advertising on the Internet. Most of them will provide instant on-line quotes and even applications for the potential insured. I highly discourage a layperson to purchase insurance in this fashion. A little knowledge can be dangerous. The federal government has mandated to all states through legislation, the standardized senior health insurance policy guidelines, which are governed and regulated by each state insurance department. There are plans for almost every level of health. Some are designed and priced for a less than healthy individual. Others are for a person with minimal health concerns. . The whole concept of insurance is to provide protection for "unanticipated" sickness or injury, especially catastrophic expenses, which would devastate a person's net worth. The more small expenses a person is willing or able to pay (self-insure), the lower the rate. I recommend this strategy when evaluating your insurance options. Another consideration when reviewing various insurance plans is to look at the company itself. How long has the company been selling this type of insurance? Do they have a lot of complaints filed with the local department of insurance? Are the rates stable? Does it pay claims on time? Service? Most agents talk about the rating. These ratings are as follows: A+, A, A-, B+, B, B-, C+, C, C-, or "not rated". Do not be fooled by rating alone. It is good to have a high rating, but it is far better to have a company that has longevity, stability, innovation, service, and expertise. The problem is that some companies enter into a market and quickly leave without explanation. This does not give security to the policyholder. The most important consideration should be a review of the profit/loss ratio for that product. This will establish stability, and longevity in the market. An insurance company with a moderate profit in a particular line of business will remain in that market. On the other hand, a company with losses will make changes and possibly even withdraw. This is information not normally available to Internet users. Before entering into an insurance contract, the senior person, the family, and other advisors must be realistic, and a careful evaluation of the entire picture must be examined. The age, the health of the senior, the financial resources, the personality and attitude of the senior, and most importantly the desires of the senior, should all be considered. Early planning is important, as qualification becomes increasingly more difficult as the applicant's health declines. The senior health care market is complex. I will offer some words of advice to attempt to alleviate potential pitfalls. *Choose a well-informed, seasoned, and service oriented agent or broker to assist your decision making process. The professional can offer invaluable information, but do not be afraid to ask a lot of questions and even get a second opinion. *Do not wait until your parent or loved one is sick, or injured. Plan ahead and take the time needed to cover all the options. *Choose an experienced insurance company. A Company that has been in the marketplace for a significant time and has maintained a balance of rates and benefits and sound risk selection with moderate rate increases over time is your best bet. *The plan should be flexible, with a broad range of options and benefit selections to the insured. There should be no tricks, or complicated language for the coverage. An incredibly low rate is a red flag for trouble in the future. *Do not rush or be rushed by an over aggressive sales person. This policy will not be inexpensive and will need to be read and reviewed for a clear understanding of the contents. This is one advantage to the Internet. You are allowed to read indefinitely before you act. A long-term care program, with or without insurance coverage, will only work if the senior has input into the care selection process. If there are any questions about the accreditation of a facility please call the "Continuing Care Accreditation Commission at 202-783-7286. About The Author William H. Pritchett Sr. BIO: Mr. Pritchett has been involved in the senior care health field for over 20 years. He is the former president of Great Republic Health Company, and is the founder/CEO of Empire Homecare resources, Inc., a national website for seniors and the disabled. He is a graduate of the University of Washington, and has written "Caring For A Family Member At Home" and has produced several home health care videos. willprt@cs.com http://www.empirehealthstore.com
MORE RESOURCES:
Insurance - Google News |
|
|
|
RELATED ARTICLES
Disaster Decision - Do You Need Insurance? The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Private Health Insurance: A Sense of Dissatisfaction The three C's, customization, consumerization and customer-satisfaction, seem to be at the core of the business mantra for every service provider. The health insurance provider industry is no exception to this rule. Talking to Your Parents About Insurance Who can you talk to about auto insurance? Insurance agents are a good source. However, due to their life lessons, their love, and their own financial responsibility, parents are an invaluable source to talk to about auto insurance. Health Savings Account (HSA): What Happens to it When I Retire? The Health Savings Account (HSA) is a great tool that is going to helpus all reduce our health insurance costs and avert the currenthealthcare crisis in America. But what happens when a personretires? What use is an HSA then?Your HSA transforms itself at that moment you turn 65, when youofficially become eligible for Medicare. Life Insurance Careers Do you like to spend all day being sitting around? Fixed income is good enough for you? Do you feel economic stability is not a priority right now?Well, if your answer to any of above questions is "Yes", you should accept the fact youhave a very high chance of being unsuccessful.But if, in the other hand, you are proactive, if you need to build a future for your family and yourself, establishing financial stability with a job that takes advantage of all your skills, then you should strongly consider a career in the life insurance world. Finding California High Risk Truck Insurance California high risk truck insuranceIf your are in need of California high risk truck insurance there's an easy way for you to find it. Fortunately with the advent of the internet and database development in the auto industry you shouldn't have any difficulty with California high risk truck insurance. Give Your Auto Policy a Tune-Up When you originally purchased your auto insurance policy, you purchased a certain type of coverage to meet your needs at that time. Since then you have probably experienced many changes in your life. Handling Your Motor Vehicle Accident With Your Own Insurance Company This "How To" article is crucial, up-to-date information concerning what to do if your insurance company is giving you a hard time (regarding your own motor vehicle accident claim with them) and you're positive it's "Legit". If there's some problems with whatever position they've taken regarding your Property Damage Loss (or any other coverage-questions they may be ducking/stalling/ignoring and/or disputing) you don't have to sit back and take it!You DO have options to settle your dispute and you should proceed as follows:#1. How to Reduce Car Insurance Premiums Here are some useful tips on how to reduce car insurance premiums. Firstly, you need to find a sense of balance between coverage and cost. Car Insurance Monitoring for Discounted Insurance Rates - Privacy Devouring Monster Eating Us One Bi For a price, would you let car insurer along for the ride? -asks a USA Today technology story by Kevin Maney. It seemsthat Progressive Insurance and IBM have worked out a scheme topay drivers to be safer - by monitoring their every move intheir own cars, and how fast they make that move, and wherethey park, and what time they drive. Online Insurance Quotes California Auto Finding insurance quotes for California auto is now pretty easy. There was a time where finding auto insurance at a price we were willing to pay took a lot of driving and calling around. Cut Business Insurance in 8 ways 1. Comply with recommendations from company engineers and loss control. Health Insurance Quotes Online - Tips On Finding a Good Provider Since 2001, major health insurance providers have been allowing consumers to buy policies online. Through the convenience of the internet, consumers are able to compare prices and coverage to find the best insurance policy for them. Auto Insurance Basics Most people only think that insurance is something they need so they can get their registration and tag so they can drive. It is something that they need because their license will be suspended if they don't get it. Entrepreneurs, Fill in the Gaps of Your Homeowners Policy Business Owners Policies for the Self-EmployedWho needs a business owner's policy?Simple, anyone that runs a business from their home should have one. A comprehensive coverage homeowner's policy will cover economic losses caused by damage or legal liability but, once a home business is discovered any economic loss that can be associated to your business is your problem. Health Insurance Online - Save Today It is now possible to thoroughly research and buy health insurance online. Without health insurance, the smallest of incidents, accidents, or illness can leave you with expensive medical bills that most people would have difficulty paying. Cheap Car Insurance - 7 Tips To Reduce Your Car Insurance Costs With the cost of car insurance becoming more and more of an issue for the average American family, there are increasing numbers of people looking for cheap car insurance. But although it is possible to find cheap car insurance, the question remains, is it worth buying?Everyone knows that car insurance companies are not all equal. Insure Your House When we talk about insurance the thing you have to remember is that always the price of your house must be higher then the value of the mortgage. This is not a hard thing to take care of if you like your house and care about the quality of your life. Car Insurance Advice for Young Drivers in the UK Over the course of the last ten years, car insurance for young drivers in the UK has increased substantially.This has caused many problems for new drivers with premiums averaging £1300 for a newly qualified 17 year old male driver. What is Life Insurance? Life Insurance is an insurance policy that provides an agreed amount of cover over an agreed term, so that should you die during the policy term, a lump sum is paid out. Life insurance is considered as the cornerstone of financial planning.
|
  |
| © 2007 |
