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Senior Health News

May 08th, 2018

5/8/2018

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First Of All, Lets Talk About What Medicare is...So What Is Medicare Advantage?

 If you're enrolled in Medicare Parts A and B, you may be eligible for a Medicare Advantage plan, also known as Medicare Part C.  These plans are convenient because they offer an all in one feature which can combine essentially part A,B and part D(prescription drugs) into one card, so no need for separate cards. These plans offer the same coverage as Medicare, plus many added features like prescriptions, dental, vision, hearing and fitness or wellness programs.  For many seniors on a fixed income, steady predictable cost save a lot of headache. Medicare Advantage plans set a cap for your out-of-pocket costs, and when you reach that limit, you pay $0 for covered services. 

How's does it work?
 
You go to a doctor in your network.
You show your Medicare Advantage card and pay any copay or coinsurance at time of service.
​Then the difference of costs bill is sent to your Medicare Advantage plan to pay the remaining balance.


Zero Premiums?

Yes its true!! In fact in New Jersey has Six zero premium plans and New York has 15 zero premium plans to choose from.  There are other plans available with a monthly premium, but you have a variety of choices. If you still feel cautious go to medicare.gov, there you  can verify the zero premium claim.


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Long-Term Care Costs May Double to $5.6 Trillion by 2047

5/1/2018

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Average lifetime costs per person already are $172,000, a study estimates
by William E. Gibson, AARP, March 19, 2018|
LAUREN NICOLE/GETTY IMAGES


The number of people 70 and older in 2047 is projected to be twice as large as today potentially doubling the financial burden of care.
The costs of long-term care services for 70-and-older Americans are expected to grow enormously over the next three decades, putting a heavy burden on individuals, government programs and nursing facilities, according to a recent report by professional services firm PricewaterhouseCoopers.
The current average lifetime cost of long-term care per person already has reached $172,000 (in 2016 dollars), according to the report entitled “Formal cost of long-term care services: How can society meet a growing need?,” based on a study of insurance claims. The estimate includes all paid services but not informal care.
The growing elderly population and rising costs of care will mean that the total financial burden will double from $2.8 trillion to $5.6 trillion (in 2016 dollars) by 2047, the report says.
The report also estimates costs by state. The most expensive is Connecticut, where individuals relying on long-term care need an average of $244,000 to cover paid services. Massachusetts is second at $236,000.
Nebraska has the lowest per-person costs, at $130,000, and Arizona the second lowest, at $137,000, according to the report.
Medicare and Medicaid also face a growing burden. “If population demographics remain similar to what they are today, long-term care funding for these government programs will be increasingly costly to future generations,” the report says.
The report serves as a warning for all concerned and may prompt renewed interest in long-term care insurance options. 
“The picture we paint in this report has several implications for financing of long-term care risks,” the authors wrote. “The average estimated cost is a significant sum, and long-term care financing should be a consideration in any personal retirement financial plan.” 

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    Hi I created this blog for those who want more information about the changing landscape of healthcare...Enjoy!

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  • Home
  • Traditional Medicare
  • Medicare Advantage
  • Medicare Supplement
  • Medicare Basics
  • Contact
  • Prescription Drug Plan
  • Low Income Subsidy (LIS)
  • PAAD --Prescription Assistance
  • Articles