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Long Term Health Care Insurance
Comments (5)Three thousand a month is about right for private nursing home care--or was. Some of the upscale places can cost even more. If you can afford the insurance--it makes good sense--if not you may want to consider other alternatives. A family member, in Louisiana, now deceased, gave away his property--everything--to the kids and retained usufruct until his death. That solved part of the problem of worrying about nursing home expense to the extent of his possibly losing the results of a lifetime of work--if leaving it to your heirs is what you want to do. I believe at the time that the exclusion period was six months, i.o.w. the property had to have been out of his ownership for at least six months or they could go back and reclaim it. That period of time may have changed. Only a good lawyer is going to know for certain. Cash is a different ballgame altogether. Single premium life insurance policies can sometimes provide a means of transferring any cash that isn't deemed necessary to maintain a lifestyle--if leaving it to your heirs is what you want to do. If there's a sizeable amount of cash involved then you can use this as leverage to insure that those gaining the real property "behave" since the beneficiary can be changed up until practically the moment of death. Talk to a financial planner (a CPA with experience in the field) and a lawyer....See MoreHealth Reform's Long-Term Care Option
Comments (3)Sorry - a little more info to be added: (IÂm a believer itÂs best to get a private policy before one turns 50 [most carriers will not write an LTC policy on anyone younger than 45] as the premiums start to rise substantially after that age. As the first article states, the premiums for the CLASS program are not much cheaper than a Preferred risk would pay for a much better private LTC policy if purchased at age 50 or younger. Our own policies (purchased thru DH's employer 10 yrs ago) are miles better than the CLASS program offers, but if we tried to obtain these same policies now, weÂd either get turned down or have to pay three or four times more than what we currently pay.) Further info: Article: With Health Reform, Long-Term-Care Option Becomes Law CLASS Act enacted with health care reform 3/24/2010 By Stephen Miller Under the CLASS Act program, all premium costs can be charged to employees. Employers who chose to participate in the CLASS program wil be required to permit employees to make contributions by means of a payroll deduction, once the CLASS Independence Benefit Plan is designated by U. S. Department of Health and Human Services (HHS), which is to be no later than Oct. 1, 2012. Employers either would create automatic enrollment procedures that allow workers to opt out, or allow workers to choose to enroll and pay premiums. Participants must pay monthly premiums for at least five years before they could receive benefits. Seniors (over age 65 years old) who have paid premiums for at least 20 years and are not actively employed are exempt from paying any premium increase. Premium payments will be placed in a "Life Independence Account" on behalf of each eligible beneficiary and managed by the U.S. Department of Health and Human Services as a new insurance program. As the CLASS program is developed, participating employers will need to coordinate with their payroll services providers to facilitate these deductions and contributions. The Congressional Budget Office estimates that the monthly insurance premium will average about $123 in 2011. Premiums vary with age and will not increase once employees signed up, but they would increase for those signing up later. After five years of paying into the program, enrollees who continue to pay monthly premiums would become eligible for assistance if they experience limitations in two or more so-called activities of daily living, including eating, bathing, dressing and taking medications. This assistance would take the form of a modest daily cash benefit, estimated at $50 per day for impaired enrollees living in the community, for services such as respite care, home care aides and accessible transportation, and up to $75 a day for enrollees who become institutionalized. These amounts would increase with inflation. Here is a link that might be useful: Earlier info on CLASS program...See MoreCanadian Health Care System???
Comments (53)Sherrmann: I don't know how to do italics either, so I'm just going to use the age old quotes, should I quote you. =0) The different systems were all listed on a website at one time, but it was several months ago, I believe it's "hillaries" plan that has the communist bent I mentioned (though I could be wrong on that....). Obama had one that makes a immediate "check-up" mandatory, though I don't remember what happens if you tell them to pound sand. "WHY ARE YOU NOT BOTHERED BY THAT?" Who says I'm not?!? Ok, I'm not as bothered by companies restricting the folks who choose to use their company, because each and every one of those folks have the choice not to give that company their money. (I also understand that those companies have made agreements with the doctors on their list, that they can only charge their people certain amounts, thus saving the insurance company and the consumer both money. Thus the reasons for the lists.... of course you can go outside your system, but the company will only pay the amount they have worked out with the doctor on their list... you will have to pay the rest.) Consumers seem to have forgotten that what they buy, they get. If there is not an option out there that they find ok, then they have the choice not to buy at all. We had a post either here or in the money saving forum that proves that point to the letter. Someone wanted to be able to pay their bill by phone without charge. At least 5 folks came on saying that they should just accept what the company offered, even if it wasn't what they wanted. Excuse me WHAT?!?!?!? Why the heck should we do that? There are too many companies offering similar services to settle for what one company offers. My dad just had a woman for a satellite company tell him that he had to either pay $70 for a service call, or pay a monthly fee to have them come out and fix their equipment, that there was no other choice. She was actually shocked to find out that HIS choice would involve a rival company and NOT paying this company's bogus fees. (they came out and fixed their stuff without charge) Yes, I know, just like that lady on the phone, many believe that they do not have a choice in the insurance company they choose. It's simply not true. You always have a choice. It may be between something bad and something worse, but it is still a choice. "I DON'T THINK IT IS OK FOR "SOME OF US TO FALL THROUGH THE CRACKS." NO ONE IS MORE ENTITLED TO GOOD HEALTH CARE THAN ANYONE ELSE." No, it's not "OK", but it IS going to happen. No matter how good the system it's still run by people, and people aren't perfect. There are folks in every system in the world falling through those cracks. Are wealthy people "entitled" to more/better care simply because they can pay for it themselves? As much as it seems to go against the grain, and that I hate the word "entitled"....... Yes. In the same way as they are "entitled" to better houses, better cars, and even better tvs. They can pay to fly to where ever the expert in their particular problem is, they can afford to stay as long as they need to in that area, they can afford the fees that the best can charge. They can also chase all over the world for the latest "cure" not available here, to the scientists and the wackos who they think can help. They can pay to have a private nurse come to their home and stay with them for 24 hours a day for months and/or years. And as much as many may hate it, those wealthy folks chasing the fountain of youth, allow the experts to volunteer their time helping those that may not have as much. Allows them to charge less if anything to those who can not afford to pay. And in the case of a home health nurse... pays a living salary for someone else. This does not mean that everyone should not be able to get some basic care. It does not mean that everyone should be able to get good care. And if you need me to pay for your basic health care, then you should be willing to go through the systems currently in place. They may be broken, but they are in place. Somehow it seems to speak to the "throw away" society we have become that no one is interested in fixing what we have, they just want to go out and buy "healthcare 2.0". Kidney cancer (hopefully you are doing better now) is not a minor ailment. I believe that the comment was directed at those who could not be bothered to take a few hours off work to take a kid with a cold to the regular doctor. Anyone who has ever been in an ER has seen the number of folks with routine care concerns that are filling up the seats and bogging down the staff. Each and every one of those folks are going to be charged ER rates, which is probably 2-3 times more than a regular office visit, even including the time off work. Which may have something to do with Americans "paying twice as much" for care than other parts of the world, if in fact we do. If we do it is probably the ONLY thing we pay more for. I believe that I am intelligent enough to make my own decisions, and am old enough to take responsibility for my own actions or inactions. Whatever they may be. I wonder how many folks will be thrown into financial trouble by these plans (even those without a communist bent). With many living paycheck to paycheck and that's without insurance... how much worse off will those that we are supposedly trying to "help" be? How many will tank out and go under with the additional tax burden? Yes, it sounds good as long as you do not scratch the surface. So did ARM's and IO loans not too long ago.........See Morehealth care out sourcing..
Comments (2)Costa Rica has some excellent dentists, orthodontists, and surgeons, for a fraction of our cost. Plus you get to go to Costa Rica!...See MoreRelated Professionals
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