Thursday, May 22nd, 2008

Medicaid is known as the government health-care program for the poor, but it pays for more than two-thirds of long-term nursing-home stays. That means many middle-income Americans with savings will need the program. Ultimately, medicaid will cover nursing-home care for nearly everyone who needs it but can’t afford to pay on their own.

All Medicaid beneficiaries fit into one of several qualifying categories  of the program - 65 years of age or older, blind or disabled, for example. You must also submit financials that take into account both your income , assets as well as those of your spouse if you are married. The final category is  the people eligible to receive Supplemental Security Income from the Social Security Administration.

Monday, April 28th, 2008

Medicare health insurer, Humana Inc. reported a 12.5 percent rise in its first-quarter profit. The growth in its Medicare Advantage and commercial businesses more than offset an expected decline in its stand-alone Medicare prescription drug plans.The results beat Wall Street expectations, and the company raised full-year earnings-per-share projections.

The Louisville-based company earned $80.17 million, or 47 cents per share, in the three months ended March 31 compared to $71.2 million, or 42 cents a share, in the year-ago period.Revenue rose 12 percent to $6.96 billion from $6.2 billion.

The Medicare Advantage plans offer comprehensive health coverage.

Thursday, March 20th, 2008

Before you send your tax returns to the IRS, make sure you get the tax-savings you deserve as a caregiver. As a caregiver for a loved one, you may qualify for tax deductions and credits.

Tax deductions

Deductible caregiving costs may include:

Medical care, including nursing care
Transportation essential to medical care
In-home care, such as physical therapy
Personal care items, such as disposable briefs and special foods
Nursing home care
Assisted living or other residential care
Home modifications such as grab bars or wheel chair ramps
A caregiver can take federal income tax deductions only if the person with dementia has been certified as chronically ill. This certification must have been made by a licensed health care practitioner within the last 12 months.

Long-term care services must be given under a prescribed plan of care. Be sure to keep records of all your payment for services, and save certifications on the plans of care.

For more details on deducting caregiving costs, see IRS Publication 502, Medical and Dental Expenses.

Tuesday, March 4th, 2008

The LA Times reported on Monday that seniors may save money by remaining in their home as they age.

Below are the reported cost averages:

*Average national cost per year of private-room nursing-home care: $77,745*

* Average national base rate per year of assisted-living care: $35,628**

* Average cost per year of one hour per day of home healthcare provided by a licensed practical nurse: $13,468***

* Average cost per year of one hour per day of care provided by a home health aide: $6,916***

*Average nursing home costs in Southern California are closer to $100,000 per year.

**As much as several hundred dollars per month may be added for such services as diabetic care, medication management or additional meals.

***For total costs under these scenarios, housing and living expenses should be factored in.

Source: MetLife, AARP,LA TIMES

Friday, February 1st, 2008

HealthDay News reported Thursday that the three-year-old Medicare Part D drug program is seeing the number of its enrollees climb, even as costs for the program fall.

The overall costs for Medicare Part D beneficiaries and taxpayers are lower than originally projected. The enrollments continue to rise and customer satisfaction remains very high. Many are still not excited, with many still faulting the program for its complexity, its high co-pays on some drugs and its inability to negotiate lower prices with the drug industry.According to article, the projected cost for Medicare part D is $117 billion lower over the next decade than experts estimated just last summer. At the same time, after the third open enrollment period that ended in December, the plan now has an additional 1.5 million people.Overall, there are about 25.4 million people enrolled in Part D. There are now 39.5 million people, most in Medicare, with some form of drug coverage.Drugcovergae is very important for individuals to think about. It could help lower monthly costs of precriptions dramatically.

Thursday, January 24th, 2008

Here are a few tips to finding Long-term care options and pricing. I find that these basic steps help families and their loved ones prepare for their future.

1. Assess Your Needs. There are many different kinds of long-term care. Long-term care can take place at home, in senior centers, at community centers, in assisted living or special retirement communities, as well as in nursing homes. Long-term care service is not only nursing home care.

2.Research Financing and Care Choice.Talk with your doctor and ask him or her what long-term care choices and services are available to help meet your needs, now and in the future.Talk with your financial advisor about the costs of your current and future long-term care needs and ask him or her what long-term care financing options are available to help you pay for your long-term care needs.

3.Find What Is Right For You. Ask family, friends and otehr people you know who use different kinds of long-term care services if they are happy with the services .Call your State or local Long-Term Care Ombudsman. Ombudsmen visit nursing homes and other long-term care facilities regularly to visit residents and take care of complaints.Call your State Health Department. Ask if you can get information on the quality of nursing homes and other long-term care facilities and services in your area.

4.Visit Your Options. Before you make a final decision about long-term care, call and ask for information about the long-term care services or the long-term care programs they offer. Visit the places you are interested in. These places can be assisted living communities, services in senior centers, nursing homes, and other programs. Make an appointment to visit.

Wednesday, January 16th, 2008

Top 5 Questions to ask when visiting a nursing home. These are Tips to Help!

1. What types of insurance will cover my loved ones stay? Don’t forget to ask this question! Some skilled nursing homes only accept Medicare! If you or your loved one has and HMO make sure they know!

2. Do you bill secondary insurance? You may find that nursing homes DO NOT BILL secondary insurance carriers. Be sure to ask before you admit a loved one.

3. Are there additional costs for a private room? Typically the answer is YES. Be sure to ask what the rate difference is before requesting a private room; it could be a lot more than you think.

4. Can I see your state survey report? Did you know that the state surveys nursing homes frequently? Ask if they have any deficiencies and if they passed their survey!

5. Are there RN’s here 24 hours per day? Did you know that not all nursing homes are required to have a Registered Nurse’s scheduled round the clock? Be sure to ask this, it could be critical for your loved one.

Wednesday, October 3rd, 2007

Tips on dealing with the finances for the sandwich generation:

Find out what your parents have in terms of savings, income, assets, insurance and legal protection. Be sure to review their bank and financial arrangements. Also look into their medical coverage. Find out about their Social Security and pension benefits.

• Gather or locate important documentation from them, such as their Social Security number, Medicare and Medicaid numbers, insurance information, a will, doctors names and numbers, medications, deed to their home, trusts, driver’s license number, birth certificate and any other relevant information.
• It’s essential that your mother or father have a DURABLE POWER OF ATTORNEY for both financial care and health care, and a LIVING WILL. The durable power of attorney allows your parents to give you (or another trusted person—it doesn’t have to be a lawyer) the right to make financial, legal and health decisions on their behalf. A living will lets your parents say how they want to be treated if they become terminally ill or unconscious. That durable power of attorney for health care will allow you to have a say in your aging parent’s health care if he or she is unable to make decisions.
• Review your own financial situation. Assess all of your assets, liquid and otherwise. Create a plan with a reputable financial planner. You must think about yourselfas well, starting today.
• Explore ways of converting current assets into cash. Do whatever you can to avoid cashing in on retirement accounts, 401k plans or CDs. A home equity loan may be a good option or a reverse mortgage for your parent’s home.
• If you are working, get disability insurance. Don’t count on Social Security disability; it’s restrictive and difficult to obtain, and it can take months to qualify and years to process claims.
• Make sure you have life insurance to help pay for your parent’s care if you die. Consider working with a broker instead of an agent who works for only one company. You may want to consider long-term care insurance for yourself, but it is complicated and costly. It’s mostly used by those who want to protect assets.
• Consider working with an elder law attorney, who focuses only on the legal needs of the elderly. Hire a certified elder law attorney if you can, as they must meet eligibility requirements, pass a test and have peer references.