Posts Tagged ‘senior citizens’
Friday, September 24th, 2010
The Medicare system, which exists in the United States today, is a social insurance program intended to provide health insurance coverage for people aged 65 and over, plus some other special groups such as disabled people. US Medicare is a single-payer health care system, and as such it is similar to Medicare in Canada and Australia, and to the NHS in the UK, except that American Medicare only covers a certain proportion of the population. This article covers the history of Medicare from its founding in the 1960s, to the funding challenges it faces today.
In a single-payer health care system there is one large insurance fund which covers the health care costs of the entire population, or a large group of the population. The single payer, which is usually the national government, collects the insurance premiums, usually in the form of a health tax. This money is then paid into the insurance fund, where it covers the health costs of the nation’s population.
Robert M. Ball, who was a former commissioner of Social Security in the Kennedy administration, examined the financing problems for health care for the elderly in 1961. Ball concluded that the major problem was that the elderly always required more frequent and more costly health care, because of their age, but at the same time they were less able to afford to buy private health insurance.
Ball therefore concluded that the only way to finance elderly health care was the same mechanism used to finance old age pensions: collect the payments from those in work, and provide the health insurance protection to those who have retired without requiring any further payments.
Those who support Medicare would say that it is not an unearned entitlement. They would say it is social insurance, where people pay into the scheme when they are young, healthy, and in work, and they receive the benefits when they are old and sick.
However many conservative politicians, including Barry Goldwater, Ronald Reagan and George Bush Senior, opposed Medicare. They argued that such a scheme would lead to the end of individual responsibility, and perhaps even to the advent of socialism in the US.
Despite conservative opposition Medicare became US law in 1965. Lyndon B. Johnson was president at the time, and he enrolled as the first scheme member former president Truman, with Mrs. Truman as the second member.
Nowadays Medicare faces a severe funding challenge. There are two causes. Firstly the advances in medical science now mean that people tend to live much longer. This has caused a demographic shift towards an aging population. Those who are young, able to work, and required to contribute to Medicare through their taxes, are required to fund a health insurance fund for an ever increasing number of elderly beneficiaries from the scheme.
Secondly, medical costs have risen extremely rapidly since the introduction of the Medicare scheme. There are many new, expensive treatments which have become available since the 1960s when the scheme was introduced.
The most alarming projections from the actuaries responsible for monitoring the fund, are that the health insurance fund will be insolvent by 2019. Resolving this funding crisis in American health care will therefore be one of the main priorities of US Federal governments in the next decade.
Medical insurance is a huge topic in the industry today. There is Medicare Supplemental Insurance, which could help you. Medicare supplements might be your one choice.
Tags: health, health insurance, insurance, medicare, senior citizens
Posted in health insurance | No Comments »
Thursday, September 9th, 2010
To gain the knowledge to enable understanding your Medicare coverage, you need to know the different levels of the plan. This is a federal health insurance program which provides coverage for most people who are 65 or older. It is available to people who are under 65 years who are disabled or who suffer from permanent kidney failure which requires dialysis or a kidney transplant.
The plan is comprised of four different parts. Part A deals with hospital insurance. It offers cover for inpatient care in hospitals and in skilled nursing facilities. It also covers hospice care services as well as home health-care services.
If you or your partner paid Medicare taxes during your years of employment, you will not be required to pay a monthly amount for this section of the coverage. In the event that you do not qualify for this no-premium section, there is the option for you to purchase it. However, conditions do apply. The first is that you have to be over 65 years of age. You also have to be entitled to Part B or you must be in the process of enrolling for Section B. There are also citizenship or residency requirements that have to be met.
If you are under 65 years of age and you are disabled, but have returned to work and your premium-free Section A has ended, you will fall into this category. In this case, you will have to purchase this part of the coverage. If you have limited resources or income, the state where you are resident may assist you with the premium payments.
Part B deals with medical insurance. It covers doctors’ services, home health services and outpatient care. It also covers some preventive services. Most people will pay the standard amount for this part. You may have to pay more depending on your income. You will be advised by Social Security if you have to pay more than the standard premium.
You will automatically be given Part B starting the first day of the month in which you turn 65. If you do not want Part B, send the card back. If you do not, you will have to pay the premiums.
Medicare Advantage Plans or Part C plans are those plans which are offered by private companies who are Medicare approved. Part D plans are for prescription drug cover. There are two plans available in this section. To be able to join the prescription drug plan, you need to have Part A and/or Part B. To join the Advantage Plan you need to have Part A as well as Part B.
Find those many Medicare Supplement by looking online. There are many Medicare benefits that you may not be aware you have. Head online now and discover more.
Tags: health insurance, insurance, medicare, medigap, senior citizens
Posted in health insurance | No Comments »
Monday, July 5th, 2010
One big problem that many senior citizens have is finding affordable dental care. Medicare, the health plan for seniors and disabled Americans, does not have a lot of dental benefits. Since this is such an important issue to make sure our seniors are healthy and happy, we need to explore it.
Most coverage under the federal plan will only serve those who need dental care because of an illness or injury. It will not cover normal and routine services like x-rays, cleanings, and crowns. These are not part of original Medicare at all.
I do think this is alarming. It really is not just a problem for American senior citizens either. About one hundred million Americans lack a dental plan. Seniors and disabled people, who get Medicare benefits, are only a fraction of the number.
Now some Medicare Advantage (MA) plans do have limited dental benefits. Other supplemental insurance or retirement plans may help others. Individuals will have to check with their own plans to see what coverage they have.
You can always consult the Medicare website. It is a great resource for comparing benefits from the original plan, plus supplements and other types of coverage. You can also contact your private insurer for answers. You should be able to find out what sort of dental benefits you have, or sadly, do not have.
If you lack dental benefits, you have some options. Some private dental insurance companies sell plans to older people. There are also dental discount plans which can help you cut costs. You may also find some foundations or community based dental services for the elderly. You should know that insurance plans still may have waiting periods, copays and deductibles. You will have to pay a premium, and may still have uncovered expenses with that. A dental discount plan can help you save money, but you must understand that it is not the same as denta insurance. If you can find some low cost clinics for Medicare beneficiaries, they can really help you save money.
Visit us to learn more about Low Cost Dental Discount Plans ? Also visit us to compare medicare insurance quotes .
Tags: dental care, disabled, disabled dental, elderly dental, health care, health insurance, medicare, medicare dental, medicare supplements, senior citizens, senior dental
Posted in health insurance | No Comments »
Monday, May 18th, 2009
by Terry Stanfield
How does a long term care insurance policy protect Senior Citizens? Lets take a few minutes to look at this. Life is a journey full of surprises! No one knows exactly what the future holds. You worked hard to save and invest wisely for retirement. And, though it’s impossible to predict what lies ahead, we can gain some control of the future by examining our lives and finding solutions that will protect our independence. The reality of life is that, despite everything you do to take care of yourself, your chances of needing long-term care steadily increase over time. The costs that go along with long-term care can exhaust your savings and impact your standard of living along with your independence. Fortunately, there’s a solution. With long term care insurance, you can help ensure that if you ever need long-term care, you’ll be better able to pay for it and help protect your family, your assets and remain in control of your future!
American’s are living longer, leading healthier lives than ever before. We know what is healthy for us and what is not. We have access to medical advances and care that with each passing day we hear about another person celebrating their 100th birthday. Most never expected to live that long. Have you thought about living a long life and the financial and emotional risk associated with long term care? Chances are, you or someone you know has faced the issues involved with caring for a family member. Long Term care is the ongoing care for a chronic, long term illness or disability such as Alzheimer’s, a broken hip or an inability to perform Activities of Daily Living (ADL’s). Long Term care can include home health care, supervised adult day care, assisted living, residential care, respite care and nursing care.
When it comes to long term care, evaluate the impact on yourself and your family. Would you be able to stay at home to care for yourself or would your family care for you at home? How will you pay for it? Families often bear the burden. The majority of long-term care is provided by unpaid family caregivers to seniors living in their own homes or with their families. Discovering the benefits of long-term care insurance will help ensure your financial security and independence.
Reasons to own a Long Term Care Policy:
1. You can have a professional plan and coordinate your care at home. 2. Your family can be a part of your care plan, but they don’t have to be the planners. 3. You will have the money to pay for the care without depleting your nest egg. 4. Your loved ones can carry on with their jobs and own family commitments. 5. Your family will help out of love instead of out of feelings of obligation. 6. You will have the funds to be better able to choose your own facility or stay at home, whichever is more appropriate. 7. You may be able to stay in your own home longer. 8. You may be able to stay with your children without depending on them for all of your care. There will be less strife between family members. One person won’t have the sole responsibility of caring for you.
How does a LTCi policy protect Senior Citizens? by protecting your independence and family’s well-being. Including Long Term Care Insurance (LTCi) in your financial plans is an important step toward making sure the high cost of long-term care doesn’t take your choices away. Work with a Long Term Care Specialist who can answer your questions and help you obtain affordable protection best suited for your needs today!
Tags: a, baby boomers, f, family, finance, financial, financial planning, h, health, health insurance, i, insurance, l, long term care, long term care insurance, n, o, retirement, s, senior citizens, seniors
Posted in health insurance | No Comments »
|
