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| Long Term Care Insurance Maryland |
Ever consider what would happen in the event you could no longer take care of your most basic daily activities? What if you needed help eating, dressing or bathing yourself? Medicare does a good job for most people, in most situations. However, due to the changing healthcare delivery system in America today it has left some people with the feeling of getting the short end of the stick. The following information will show you why this is happening, and what you can do to make sure you don't get the short end of the stick. Does Medicare or my Medicare Supplement Policy cover long-term care expenses? Coverage is very limited. Medicare's skilled nursing facility benefit (SNF) only covers up to 100 days in a nursing home, and it is very difficult to qualify for this benefit. You must have been: 1) In a Medicare approved facility 2) Hospitalized for 3 days or more before you enter the facility, and 3) Enter the facility within 30 days after your hospital discharge Most people who enter nursing homes do so to receive Custodial Care which is not covered by Medicare or by Medicare Supplement Policies. Custodial Care is care that could be performed by someone without any professional skills or training. The only kind of care that Medicare covers is Skilled Care or Rehabilitative Care. Medicare and Medicare Supplements do not cover assisted living facilities. Medicare does not cover homemaker services or home health aides to give you personal care unless you are homebound and are also getting skilled care. The most significant change in Medicare since 1966 is that Medicare now pays through the use of DRGs (Diagnostic Related Groups). Medicare pays the hospital a pre-determined set amount for any given illness or procedure, which has led the hospitals to limit the amount of time they will allow you to stay in your hospital bed. These Medicare cuts have forced elderly patients out of the hospital too fast. Many seniors end up having to go right back in the hospital again shortly after they are sent home. Many surgeries and procedures are now performed on an outpatient basis, where you won't even get to stay overnight. You may have to go home the same day of surgery, regardless if you have someone at home to help you or not. While you are recovering at home you may need assistance with meal preparation, cleaning, shopping, bill paying, doing laundry, you until you are These cuts have helped Medicare save money. That is the good news. The bad news is that these cuts have hurt many people who are on Medicare where you can loose everything. You can loose your home, your savings or be a burden on your children. Long-term care expense can be the largest expense you will ever have to pay in your lifetime. It can cost more than your college education. The cost can be larger than any home you have ever bought. It could cost more than any car you have ever purchased, and more than any vacation you have taken. However, most people choose to not even think about this expense until the time comes to start writing checks. Most estimates are that approximately 50% of all Americans who reach age 65 will need some type of long-term care. Nursing home expense is the #1 single largest out-of-pocket expense for Medicare's beneficiaries comprising 81% of all health care expenses. Where would you rather recuperate after a hospital stay? In a nursing home, a friends Maryland Health Insurance , MD Health Insurance , Maryland Health Plans , MD Health Plans , Maryland health insurance company , MD health insurance company , Child health insurance Maryland , MD child health insurance , Individual health insurance Maryland , MD individual health insurance , Maryland health insurance plans , MD health insurance plans group health insurance Maryland , group health insurance MD , Maryland state health insurance , Maryland Medicare supplements , Maryland Medicare supplement insurance , Maryland Medicare supplement plans , Long term care Maryland , Long term care insurance Maryland' home, children's home, a relatives home, your own home? Which would you prefer? How much does Long-Term Care cost? The current cost for a home health aide ranges from $9 to $18 per hour. If a home health aide came to your home three times a week for a year, with each visit lasting three hours, it would cost you about $8,400. The average cost for assisted living facilities in the Baltimore/Annapolis and surrounding areas is approximately $2,750 per month, or more than $33,000 per year. The cost for nursing home care depends on the amount and type of care you need and where you get it. The average cost in Maryland is about $4,500 per month, or more than $53,500 per year. The single most important financial decision the average retired person has to make is deciding…. HOW TO PAY FOR LONG-TERM CARE. If you had to start writing checks for $4,500 per month, in addition to your own regular living expenses, how many months would you be able to continue writing those checks before you had to start making some hard financial decisions? Planning ahead makes a difference! Planning ahead will keep you financially sound, providing you with more choices and more control should you require long term care. The secure retirement you and your family have been looking forward to can be assured, but only if you act. IMPORTANT NOTE: Once you have decided to use long term care insurance as a means of protecting assets, preserving choices, and assuring your family's lifestyle, it is important to obtain coverage at the earliest possible time. The cost of waiting is high. Long term care insurance premiums are based upon your age at the time you apply for coverage as well as your health history. If you need this protection, you need to act now. How can I find out more? to learn more about how Long-Term Care Insurance can help you plan for your future. What is Long-Term Care? Long-term care is the day-in, day-out assistance you need when you have a serious illness or disability that lasts for a period of time and you are not able to take care of yourself. Long-term care refers to a wide range of services and may include home health care, adult day care, care in an assisted living facility, respite care, continuing care communities and in nursing homes. The level of care may be skilled or intermediate, but most frequently is at a custodial or personal level of care. 95% of the people who reside in nursing homes are receiving custodial care. The need for custodial care may be the result of an injury, illness, chronic condition or the frailty of aging where a person requires assistance with activities of daily living (ADLs) Maryland Health Insurance , MD Health Insurance , Maryland Health Plans , MD Health Plans , Maryland health insurance company , MD health insurance company , Child health insurance Maryland , MD child health insurance , Individual health insurance Maryland , MD individual health insurance , Maryland health insurance plans , MD health insurance plans group health insurance Maryland , group health insurance MD , Maryland state health insurance , Maryland Medicare supplements , Maryland Medicare supplement insurance , Maryland Medicare supplement plans , Long term care Maryland , Long term care insurance Marylandsuch as bathing, dressing, feeding, mobility, toileting, taking medications or continence. What is Long-Term Care Insurance? Long-term care insurance is designed to protect your savings in the event you need long-term care - - and not just in a nursing home or an Assisted Living Facility. The policies we offer from the leading long-term care insurers can also cover this care in your own home. It can even pay your family members who meet certain qualifications for providing this care. Do you need long-term care insurance? Not everyone needs long term care insurance. If you have limited assets, then Medicaid and community based programs may effectively meet your long-term care needs. If you do have assets to protect, then you probably would not qualify for Medicaid or community based programs. If you want to maintain your independence, and if you want to have the most choices as to where, when, and how care is provided, then long-term care insurance may be your best answer. Why do people buy long-term care insurance?
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Medicare Supplement Insurance (Medigap) is available in only ten standardized plans lettered A through J. The plans were developed by the National Association of Insurance Commissioners and incorporated into state and federal law. Plan A consists of only the "basic" benefit package, while the other nine plans include the basic package plus different combinations of additional benefits. Plan A has the least amount of benefits, and Plan J has the most benefits. Maryland Health Insurance , MD Health Insurance , Maryland Health Plans , MD Health Plans , Maryland health insurance company , MD health insurance company , Child health insurance Maryland , MD child health insurance , Individual health insurance Maryland , MD individual health insurance , Maryland health insurance plans , MD health insurance plans group health insurance Maryland , group health insurance MD , Maryland state health insurance , Maryland Medicare supplements , Maryland Medicare supplement insurance , Maryland Medicare supplement plans , Long term care Maryland , Long term care insurance Maryland The benefits are the same regardless of which company is offering the coverage ( example - Plan C with the ABC company is exactly the same as Plan C with the XYZ company). This is to make it easier for you to compare Medicare Supplement policies. There are three types of rate structures for Medicare Supplement Insurance: 1) Issue age, the rates are based on your age at the time the policy is issued and will not increase due to age change 2) attained age, the rates are based on your attained age and will increase due to age changes, and 3) community age, everyone in the area pays the same rate regardless of age. During
your open enrollment period you are guaranteed acceptance in any
one of the ten standardized plans of your choice. Your open enrollment
period is the six-month period before and after your sixty-fifth
birthday. |
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