By Ulla-Undine Merritt (Dee) National Producer Number (NPN) 8853366
Medicare Disenrollment January 1 – February 14, 2017
If you enrolled in a Medicare Advantage Plan (Part C) through insurance company and you feel it is not for you. You can go back to original Medicare during this time and pick a Part D Prescription Drug plan. Plus you can choose a Medicare Supplement Plan that works with Original Medicare if you qualify. Medicare Supplements are NOT guaranteed issue in most cases. So before choosing to go back to Original Medicare check to make sure you can qualify for a Medicare Supplement Policy. These help protect you against an un-capped lose if you were to only choose Original Medicare alone. Reason’s you may want to look into this option could be that you are paying a lot for your medical costs and continue to need a high level of continues care. Considering moving into a Skilled Nursing or Assisted Living facility and their doctors are not in network with most Advantage Plans. Check with your insurance professional to see if this is an option you should be looking into.
You may qualify for extra help with your drug cost and not even know it. *In 2017, drug costs for most people who qualify are no more than $3.30 for each generic/$8.25 for each brand-name covered drug. Other people pay only a portion of their Medicare drug plan premiums and deductibles based on their income level. In 2016, you may qualify if you have up to $17,820 in yearly income ($24,030 for a married couple) and up to $13,640 in resources ($27,250 for a married couple). Higher limited may be available if you have dependents living with you. www.Medicare.gov Working with an Insurance Broker that represents multiple insurance companies can help you analyze which plan might be best for you. Everyone is different, you should rely on a professional not just a friend or a neighbors recommendation.
Long-term Care Insurance – provide a variety of benefits and can last longer if you prefer to stay at home vs. a Skilled Nursing facility.
Long-term care provides services that help people with chronic conditions overcome limitations that keep them from being independent. It helps individuals maintain their level of functioning, rather than improving or correcting medical conditions. If individuals have physical illnesses or disabilities, they often need help with activities of daily living (ADLs). These ADLs include bathing, continence, dressing, eating, toileting and transferring. Individuals with cognitive impairments usually need supervision, protection, or verbal reminders to do everyday activities. Skilled care and custodial care are the terms most often used to describe long-term care and the type or level of care needed.
TAX BENEFITS -Federally tax-qualified long-term care insurance contracts provide certain federal income tax advantages. If you are paying a premium for a qualified long-term care contract, you may deduct part or the entire premium.
PROTECT YOUR ASSETS – The Long Term Care Partnership Program (LTCPP) is designed to help protect the assets of long-term care insurance policyholders who subsequently seek Medicaid benefits. Not all long term care policies qualify.
Many people think that skilled nursing and home healthcare is included in their medical insurance. It can be but it has special requirements and will not last a life time. For Medicare to provide skilled nursing benefits you need to be “admitted” as an inpatient in a hospital for 3 days and then transferred to a rehab/skilled nursing facility for care. The maximum length of time that Medicare will pay is 100 days of continues care. This time can be reduced if Medicare guidelines determine that you have met their care requirements. Also your cost normally starts on the 21st day with the approx. cost being $161 per day.
My mom who lives with me is 96 years old and I would have been so happy if she had a policy to help me with her care at home. Below is a list of services and the average price in 2015 *Genworth in Lee & Collier County. Home Health Aide hourly rates$19-$29; Adult Day Care daily rates $66-$81; Assisted Living Facility monthly $1,050-$7,600 1 bedroom 1 person; Nursing Home Daily rate semi-private room $221-$309. These services can be covered under a long-term care policy, private pay or Medicaid. Medicaid has a limited network and you need to qualify based on your income and assets.
You can go to myfloridacfo.com and download Long-term Care guide for consumers guide.
Logical Insurance Solutions
Dee Merritt
239-362-0855
www.Logicalinsurance.com
Dee@Logicalinsurance.com
To learn more or schedule an appointment contact: Logical Insurance Solutions – Dee Merritt www.Logicalinsurance.com 239-362-0855