7/24/2009

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Medicare Supplement Plan Additions and Changes

The two new Medicare Supplement Plans include Plan N and Plan M. Plan N will offer similar benefits to Plan F along with a $20 co-payment for doctor visits and a $50 co-payment for visits to the emergency room. Plan N will cost about 70 percent of Plan F.

Medigap Plan M also offers similar benefits to the current Medigap Plan F. However, Medigap Plan M will cover only 50 percent of parts A and B deductibles. Medigap Plan M will cost about 85 percent of Medigap Plan F.

All Medicare Supplement Plans will have a hospice care benefit added to them. Also, Plan G will have 100 percent coverage for excess charges; it currently has 80 percent coverage for such charges.

Medicare Supplement Plans Being Eliminated

Plans E, H, I, and J will no longer be offered beginning in June 2010. The preventative care and at-home-recovery benefits will also be eliminated from Medigap policies.

Seniors are advised to review their Medicare plans to see if they will be effected by the changes or if they can get lower rates with the new plans. They may also wish to consider obtaining Medicare Part D to cover some costs of medications. Medicare Part D helps to reduce the cost of many medications, but may not be used in conjunction with some Medicare Plans. Therefore, it is recommended that all Medicare subscribers review their options with an advisor that can provide specific information and advice on a case-by-case basis to Medicare subscribers.

More Changes to Medicare

In addition to the changes to Medicare Supplement Plans, there will be more changes to the Medicare program, in general. Some of these changes include increased rates for deductibles and other benefits. Also, many insurance companies are no longer offering some Medicare options, including PFFS plans, in order to offset the increasing expenses for healthcare providers and insurance carriers.

All Medicare subscribers are encouraged to review all changes to the Medicare options that may be available to them. Open Enrollment for changes to Medicare Plans begins on November 15 and ends on December 31, 2009 for the 2010 year.



About the Author
By Wiley Long - President, MedigapAdvisors.com - The nation's leading independent agency specializing in Medicare Supplemental Insurance. Our professional MediGap advisors look forward to the opportunity to help you get the best insurance for your healthcare needs.
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Beginning in 2010, consumers will see dramatic changes in available Medicare Supplement Plans, including the addition of two plans and the elimination of four plans. The changes, which take effect on June 1, 2010, will lower out-of-pocket expenses to consumers and give consumers some additional benefits in their current plans.

Medicare Supplement Plans, also called Medigap Insurance policies, are plans that are sold by private insurance companies to cover healthcare costs that are not covered by Medicare in Original Medicare Plans. Individuals are eligible for Medicare healthcare coverage if they are at least 65 years old or have a qualifying disability.

Currently, there are 12 different types of Medicare Supplement Plans, labeled Plan A through Plan L. Each different plan offers a unique set of benefits. Different plans may be available in different parts of the country.

Medicare Supplement Plans must abide by all Federal and State laws that are designed to protect consumers. However, because these plans are sold through private insurers, prices for the same plan may vary from insurer to insurer.

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The kind of coverage available with an insurance plan always depends on the insurance company from which you purchase the plan. Many supplemental health care insurance plans offer cash benefits and compensation for lost income. Some supplemental health care insurance plans even cover pre-existing conditions; pre-existing conditions are prevalent among seniors.

Long term health care can be expensive. Without discount long term health care insurance most families cannot afford the care with only their own resources.

The good new is, there are 42 companies in Oregon that provide long term health care insurance. The bad news is, for many people the cost of such insurance is a severe financial strain. What are some things you can do to lessen the cost of the monthly premiums on a long term health care insurance policy.

Long term care insurance typically covers services such as nursing home care, assisted living, and adult day care. Long term care is designed to protect against an unaffordable catastrophic event or illness. Long term care can be expensive and may go as high as $200 a day in some areas. Always find out what the costs are in your area before deciding on a policy.

Long term care can also be considered as asset protection. If you can afford to purchase long term care protection, and your health has not been affected by an unfortunate event, it can be wise to purchase a policy. Many people don't think about long term care insurance until it's to late. You may want to check into your options now!



About the Author
Read About Product Rating Also Read About Long Term Health Care Insurance and How to Get Rid of Bacterial Vaginosis
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More and more people today are worried about the costs of long-term health care. They are worried if something happens to them they may run out of money and burn thru their reserves. The average nursing home stay is 2.5 years of care and the average cost is over $130.00 per day. That is the average yet in many areas with nursing shortages and higher income demographics the rates are more significant. It is estimated that more than 10% of us who reach age 65 will nursing home care for more than 5-years.

In-home health care is the best option for people who have a higher level of fitness, and want to remain as independent as possible throughout their later years. In this situation, home health care nurses may come and visit you daily, or every couple of days, to take care of your everyday medical needs. Also, a housekeeper may be utilized, as well as a personal health care attendant, who would be responsible for more of the day-to-day living help - such as a companion, driver, cook or the like. In-home health care is quite easy to locate; just contact a nurses' association or look in the Yellow Pages.

The different types of home health care insurance depend on each policy's extent of coverage when paying for home health care services. Private insurance usually only pays for part of the home health care costs which include personal and hospice care. Managed care insurance plans may offer some help with home health care costs if the home health care provider is Medicare-certified, these plans also require hefty premiums.
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The child must not be married and should be 18 years and older. Meanwhile, his/her disability should have started before the age of 22.

It is not necessarily that the child had previously worked since the benefit will be based on his/her parents' earning records. In some cases, the child may even get Medicare assistance.

* SSI Child's Disability benefits

For those individuals who have become disabled before turning 18 years old, they can have SSI claims. Meanwhile, recipients should not be earning or working more than $980 a month (the amount may change every year).

The Social Security Administration (SSA) also considers the income of the child's family. In case that the income is more than the SSA's standard, the child will not get SSI payments.

SSA also limits the payment when a child is in medical facility and since the health insurance already pays for his/her needs.

* Supplemental Security Income (SSI) benefits

People are given cash handouts to buy foods, clothing, and other basic needs. The benefit is also to granted disabled, blind, old individuals who have little or no source of income.

* Disabled Widow's and Widower's Benefits

In case that a Social Security member dies, the benefits may be payable to his/her surviving spouse with disability as long as these requirements will be met:

- the surviving spouse is aged between 50 to 60 years old.

- the surviving spouse should meet the definition of adult disability according to SSA.

- the disability of the surviving spouse started before the death of the SSA member and up to seven years after his/her passing.



About the Author
To help you with issues on social security disability and other related concerns, consult with our skilled Los Angeles social security disability attorneys. Visit our website for more reliable information.

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Social Security benefits for disabled people

Social Security is a government program that protects people from poverty, old age, and unemployment. Disabled person can also benefit from this federal assistance as long as they will file their claims.

Social Security Act describes disability as an individual's inability to work due to his/her physical condition, sickness, or mental impairment which is expected to result to subsequent death or is expected to live not less than a year. Meanwhile, beneficiaries of Social Security Disability Insurance should also be under 65 years of age.

This federal assistance is intended to last until the recipient's condition improves. Also, this provide guaranty in case that the person's condition will not improve.

Meanwhile, it is very important to seek a legal advice from Los Angeles Social Security Disability Attorneys who have an extensive background on handling such cases.

Two types of Social Security Programs

* Social Security Disability / Retirement Survivors Disability Insurance (SSD/RSDI) - this applies to people who have worked in the US for an extended period of time.

* Social Security Income (SSI) - this is for people who have no work record in the US.

By law, there are five basic kinds of social security disability benefits:

* Disability Insurance Benefits Beneficiaries are those who have worked in the US for at least 10 years and have become disabled.

* Disabled Adult Child Benefits
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To produce more income, you can convert investments to generate more cash flow or decide which assets to sell, or spend down, to meet the new financial demands. In making these decisions, don't forget to consider all costs involved, and determine the true net benefits and/or returns of any new choices made with the proceeds. Do a thorough cost-benefit analysis or ask a professional with elder care financial expertise, experience, and legal fiduciary obligation, to help you do it. You might also want to talk with an elder care attorney, geriatric care manager or financial planner.

When making these crucial care and financial decisions, avoid band-aid solutions. Denying future circumstances can be financially devastating down the road if you don't consider them now. Determining the best solutions requires comprehensive, objective planning, to ensure needs are met, resources are not exhausted, and all cost-effective strategies are utilized.

One last point: there are also strategies that can be built around incorporating the resources of the family (i.e., time and money) to take advantage of a variety of available options, such as sharing the caregiving duties and/or costs. But don't forget the bottom line: these financial decisions should be based on the needs of the individual who need care!



About the Author
Please visit the Gilbert Guide for the very best in Senior Care and for more information about Senior Home Care


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Once you've answered these questions, it's time to identify, analyze and evaluate your financial resources. The majority of elder care costs are provided and paid for by the aging individuals and their families; therefore, I'd like to focus briefly on how to unlock these private resources. I advise my clients to consider the following resources.

Insurance: Long-term Care, Life & Annuities

* What are the benefits and how can you obtain them?

* What is the cost of tapping these benefits?

Assets: Investments, Savings & Retirement Funds

* What is the value of these assets, both individually and bundled?

* Consider the safety and liquidity of all assets.

* Can they facilitate income to meet expenses?

* What are the true net financial returns or benefits of alternative solutions?

* Consider all associated costs, such as taxation impact, cost of sale and acquisition fees.

* How are the assets legally held (e.g., trusts)? Understand the specific terms.

Real Estate

* Are there income production possibilities that don't presently exist?

* Consider the capital gains taxation on a possible sale. Does it make sense to sell?

Financing: Real Estate Equity Loans & Reverse Mortgages

* Understand the true costs, including all associated fees. Compare APRs (annual percentage rates).

* What are the alternatives to meet the needs of "aging in place"?

Personal Property

* Assess the financial value of personal property such as jewelry, art, collectibles and antiques.

* Consider the personal value of these items before deciding what you want to do with them.
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©2009 PUBLIC HEALTH | by TNB