Hospital Indemnity Plans and Why You Need Them

 

 

Hospital Indemnity Plans and Why You Need Them

Do you have a plan to pay for long-term care?

Unfortunately, many seniors and their adult children do not. This is problematic given that long-term care is a preeminent cause of devastating out-of-pocket health care costs for elders and their adult children.

October was named Long-Term Care Planning Month to prompt seniors -- and those acting on behalf of seniors - to establish a plan to pay for the skyrocketing costs of long-term care. Medicare and most other health insurance plans do not cover the majority of long-term care services. Medicare covers costs for medical and rehabilitative care but not non-medical care, which includes assistance with everyday activities.

What is long-term care?

Long-term care refers to a variety of non-medical, personal care services that provide assistance with routine activities of daily living (ADLs). Assistance is provided for a range of activities, including bathing, dressing, meal preparation, and following medical directives.

Long-term care may include a permanent residence in an assisted living or skilled nursing facility as well as in-home long-term care, whereby an aide visits the home on a regular basis to provide the needed assistance.

Many seniors left unprepared for long-term care needs

Years ago, when today's generation of older seniors looked toward their golden years, they counted on upon retirement savings, Social Security, pensions, Medicare and other government-related benefits to cover their expenses and allow them to live comfortably later in life. Times have changed and today, most of those older seniors will not receive enough monetary benefits to pay for their long-term care needs nor do they have the assets to cover the expense. If you have not planned for long-term care for yourself or an aging parent, you are not alone.

Don't wait to start planning for long-term care

As with any sort of savings plan, the sooner you start, the more time you have to reach your goal. However, if you have not taking any action as of yet, don't fret. It is not too late to start planning for long-term care needs.

It is best to apply for Long-Term Care Insurance (LTC Insurance) when you or a parent are in relatively good health. This significantly increases the chances of qualifying for LTC insurance which pays for most non-medical in-home care or nursing home care for periods longer than one year.

Planning now gives seniors the opportunity to decide the direction they would like to take with regard to their living arrangements later in life. It also lightens the burden of this decision on family members who may struggle with the choosing the best course of action.

Our team can help you get started

Making decisions regarding long-term care is difficult and can be financially and emotionally stressful. The life insurance specialists at St. Louis Senior Health Solutions, LLC guide you through the long-term care issues, working with you to develop a plan for long-term care that meets your needs and reflects your wishes. Contact a member of our team today at (636) 244-4415 or online. If you want to schedule an appointment but can't come to the office, an experienced professional will come to you.

Important Information
How to enroll into Medicare
We can help you find a Medicare plan in your area to fit your needs. Once you decide on a plan we can walk you through the Medicare enrollment process.
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How much is the cost?
These are the basic costs for people with Medicare. If you want specific cost information (like whether you've met your deductible, how much you'll pay for an item or service you got, or the status of a claim)
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Do my doctors accept these plans?
Use this helpful link on the Medicare and Medicaid Services (CMS) website to find and choose Physicians and Other Healthcare Professionals enrolled in the Medicare program, as required by the Affordable Care Act (ACA) of 2010.
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What to do if you don't want a part D
If you want to drop your Medicare Prescription Drug Plan (Part D) and you don't want to join a new plan, you can do so during the Open Enrollment Period, between October 15–December 7 each year. The change goes into effect January 1 of the following year.
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Keeping your work benefits
Employer or union health coverage refers to health coverage from your, your spouse's, or other family member's current or former employer or union.
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Medicare - Advantage Plans
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
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