Home Health Care – Another Option for Your Long-Term Care Needs

Home Health Care – Another Option for Your Long-Term Care Needs

You’ve decided that the purchase of a long-term care policy for yourself and your spouse would be advisable.   The figures, however, are daunting and the premiums exceed your budget.  If you are considering the idea of long-term care insurance, the option to receive necessary assistance in your own home may be more preferable to living in a nursing home.  Because the vast majority of the middle aged and senior population are in favor of this option, the insurance industry has responded.

The assisted living and home health care industry is growing along with the desire to receive care in your own home.  Most long-term care insurance providers are now offering the consumer the opportunity to purchase insurance that provides coverage for community health services and home health care at much lower rates than a full blown long-term care policy.

For example, using the guidelines of one “A” rated provider, full coverage for a 55-year old married couple, both in good health, with a $150.00 per day policy featuring inflation protection and a 30-day waiting period, would require an annual premium of about $2600.00.

The same provider also offers a policy covering home health care and community care coverage for an annual premium of just under $1,000.00, a considerable savings over the full coverage policy, while still offering protection for the most commonly required assistance.

While some policies will restrict the care to be offered by licensed providers, there are policies now available which also offer coverage for services performed by non-licensed personnel, allowing the opportunity for care to be provided by people known to the policyholder, such as a family friend or a neighbor.  This raises the comfort level of the care provided, since allowing strangers into their home is something of which most seniors are wary.

In order to prevent fraud or abuse of the coverage, family is excluded from providing services in most cases, unless the family member happens to be a licensed provider.

As the baby boomer population ages, and home health services are seeing increased effectiveness and popularity, the purchase of this type of coverage can be an affordable, attractive alternative to the more traditional long-term care insurance.

Arizona Short Term Medical

Arizona Short Term Medical

Most Arizona employees that leave employment also leave their employer-backed health care coverage behind. This really is frequently a chancy move, especially without getting other insurance options readily accessible to you.

For those who have left your projects, you will want most likely already learned that obtaining affordable medical insurance isn’t the easiest task when you’re between jobs. COBRA (COBRA: Federal legislation that lets you, if you work for an insured employer group of 20 or more employees, continue to purchase health insurance for up to 18 months if you lose your job or your employer-sponsored coverage is otherwise terminated. For more information, visit the Department of Labor.) is certainly a choice providing you with you the legal right to keep your insurance from your previous employment, nevertheless the monthly rates are frequently very pricey the other that numerous simply can’t afford while unemployed.

Temporary insurance, the short-term kind of medical insurance, is certainly an inexpensive choice to our prime rates associated with COBRA. It’s designed make use of a bridge involving the gap of locating the next job and departing your former employer-backed plan. Getting this kind of policy can remove the chance of not shielded from unforeseen injuries or sickness when you are between jobs, but pre-existing the elements is generally excluded.

The rates in short-term coverage recommendations are relatively less costly than people for COBRA, nevertheless the cost could appear pricey for an individual without any employment. While finances may tempt you to definitely postpone insurance before you decide to find another job, you should never forget that financial security may be the primary reason why people purchase short-term medical insurance to start with.

It takes merely one unforeseen hospital trip or admission to put someone without health care coverage 100s to thousands of dollars with debt. For example, consider the financial effects in the event you out of the blue develop appendicitis and wish a crisis appendectomy when you don’t have healthcare insurance as well as the average cost of the appendectomy is between $11,000 and $18,000 dollars. Numerous financial studies have reported medical bills one of the primary causes of personal personal bankruptcy in the united states. Getting short-term well being services to move you before next job may help stay away from the catastrophe to become responsible for the all-inclusive costs of medical bills from being without being insured.

Aside from the price of financial protection, short-term insurance helps as well to avoid getting medical health insurance claims rejected under Medical Insurance Portability and Accountability Act (HIPPAA) laws and regulations and rules. Basically, people that don’t have a break from credible insurance plan exceeding 63 days are believed to own maintained a ongoing coverage, meaning they’re not going to be prone to exclusions for pre-existing conditions. And, many approved short-term recommendations are incorporated inside the whole world of credible coverage, even if they have exclusions for pre-existing conditions.

Depending on specific condition needs, Arizona short-term recommendations might run for just about any term which is between 30-days to at least one year. To date as payment goes, most short-term medical insurance plans offer two different options – needing to pay using a monthly installment plan or perhaps in one up-front payment that will cover a specific period of time. Generally, single payment plans are slightly under payment monthly plans.

Clearly, temporary insurance is built to be that??¦a temporary treatment for ease your wellness and financial concerns. It is not designed to go longer when compared to a year and won’t be described as a extended-term insurance solution. After you have found another job, you have to consider your brand-new employer’s insurance options and find out once your new coverage would start be it selected.

Goto Arizona Short Term Medical or call me toll free 800-240-3390

It’s More Than Just Finances: The Psychology Of Retirement

It’s More Than Just Finances: The Psychology Of Retirement

There are certain phases of life that most of us just naturally fall into with little to no psychological effort. Retirement, however, isn’t one of those phases. It’s a time of life that requires both careful forethought and changes to mindset.

Many think of retirement purely on a monetary level, particularly how their finances will change. Indeed, just managing current and future finances can be a full-time job during retirement. However, retirement also involves many psychological aspects.

For the last forty or more years, your career has been one of the main things that defined your life. Just think about how many times you’ve used your occupation to partly introduce yourself, give meaning to your life, or describe who you are. There’s often an initial feeling of overwhelming identity loss when retiring. If you’re not defined by the career you’ve spent the majority of your life building anymore, then you’re going to need to reinvent who you are now and who you plan to become in the future.

Start out by composing a list of what you’ve always wanted to do, but have never had the money or time to get done. Maybe you want to be a world traveler or volunteer for a cause close to your heart. Maybe you want to complete your education for personal satisfaction, start an entirely new career, or try your hand at being a business owner. Whatever is going to help you define the new you, it should be something that’s feasible and practical to accomplish.

Be careful about thinking that retirement is the end of monotonous work and the beginning of fun and exciting activity. Research has shown that there are potentially very serious consequences (such as boredom, depression, and feelings of being nonproductive) for many that don’t work after they retire.

Many retirees mistakenly think that a certain leisure activity that they’ve always loved or wanted to try will keep them interested and occupied. But, after just a few months, most usually find that monotony isn’t something unique to work activities. One way to avoid the pitfall of boredom during retirement is to test-drive various activities while you’re still working. It makes sense that if you get tired of playing golf every weekend for a year, then it certainly isn’t going to hold your interest during retirement. Likewise, if you plan on opening a business or starting a new career, then you can test-drive your new identity by taking night classes or working weekends in a business like the one you plan to open. Finding a new you will also help you to stay happy and productive, which will be essential considering you will now most likely be spending more time than ever with your significant other and family.

June 1st effective date

Last chance to get a June 1st  effective date for the following plans:

Premera Blue Cross of Washington (Individual Plans including Medicare Supplements)

Premera Blue Cross of Alaska (Individual Plans including Medicare Supplements)

Lifewise of Washington (Individual Plans)

Don’t Make Health Insurance Mistakes

Don’t Make Health Insurance Mistakes

If possible, you should try to keep your health insurance. Not understanding the requirements and rules of your plan leaves you at risk of inadvertently losing coverage upon retirement. Many mistakenly assume that Medicare will take care of all their health care needs when they turn 65-years-old, but it doesn’t. At that time, you’ll need a Medicare Advantage Plan or Medicap supplemental policy.

Smart Investing

Your financial advisor has most likely advised you to maintain a balanced portfolio of both bonds and mutual funds. This is because taxation and inflation can take large chunks out of your income and you need a portal for long-term growth.

Understand Your Retirement Funds

You should review your retirement fund options with your financial advisor, asking as many questions as you need to understand all the options and processes.

Work With A Fee-Only Financial Planner

It’s always best to work with a financial planner to understand all the complexities of financial planning, the various options available, and what might best accomplish your particular needs and goals. Make sure that your financial advisor is fee-only, meaning they are charging you a fee for their advice. The person advising you shouldn’t be someone that may have an alternative agenda, such as selling retirement products.

Postpone Social Security Benefits

It may be better for you to draw from your IRA or 401 (k) plan before applying for benefits through the Social Security Administration, as this could mean your Social Security benefits will be higher. Typically, someone that postpones drawing benefits from age sixty-two to age seventy will see an increase of around 76%.

Postpone Annuities

Annuitization should be postponed until you’re in your early eighties or late seventies. This means the fixed monthly payments won’t have to last as long and will be more apt to cover your financial needs.

Postpone Reverse Mortgages

A reverse mortgage is a viable option for those running out of money during their retirement years, but this should be something put off as long as possible.

Think Outside The Box

Some may fall short of their financial retirement goals before or during retirement. Desperate times call for desperate measures. It may be necessary to think about communal living. Depending on family dynamics, living with your children may be a viable option.

Key Elements You Need To Know About Financial Planning Before And After Retirement

Key Elements You Need To Know About Financial Planning Before And After Retirement

Senior finances is a hot topic. Thanks to advances in medicine and better living conditions of modern society, people are living longer. Of course, the downside to living longer is that more money is needed. The conundrum that living longer causes in relation to financial freedom and retirement planning has been addressed by innumerable experts. While some are professional experts, others are scam artists trying to build their nest egg off the back of pre-retirees and retirees.

There are some key elements about financial planning before and after retirement that are recommended by most professional experts:

Eliminate Debt

Keep in mind that if you aren’t planning on working after you’ve retired from your primary career, then your income will be fixed. There won’t be anymore overtime, bonuses, holiday pay, commissions, or raises to supplement your income. Make sure that you’ve planned well and eliminated major sources of debt prior to retirement. Your home and credit card debt should be completely paid-off before retiring. In the event you still have a considerable mortgage remaining, you might consider downsizing or taking out a mortgage with a longer term to lessen the payments. Don’t charge more than you can entirely payoff each month if you continue to use credit cards.

Have A Realistic Budget

There’s a serious problem if you’ve retired and find yourself going over budget each month or drawing on principle. There’s also a problem if you’re a pre-retiree whose expected fixed income isn’t congruent with expected expenses. You need to be realistic and decide how to get your spending under control so that you can live within your fixed income.

Save, Save, and Save

Most experts recommend saving at every opportunity. This may mean that you need to change your lifestyle and make sacrifices to be financially secure during your retirement years. Cutbacks can be made in ways that you don’t feel like a huge sacrifice is being made. For example, if you eat out four times a month, then try only eating out twice a month. Those already retired should also look at their spending habits and budget to see if any money can be put into savings.

Keep Your Job As Long As Possible

Remember, each extra year you work increases your Social Security benefit and is that much longer that you get to take advantage of health insurance, life insurance, and other perks that your employer might offer. Working longer also gives you more opportunity to save and decreases the number of years your retirement income must cover. If already retired, you might consider a part-time job.