Posts Tagged Medicare

Does It Work? Long-Term Care Insurance

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Why it’s Time to Change Our Approach to Long-Term Care | Fox Business.

Do you own a long-term care insurance policy? There was once a belief that this system would work- insurance to pay for time spent in a nursing home. However, as the Baby Boomers age, the long-term care insurance market has shrunk. In 2000 there were 100 companies that sold this insurance; in 2013, there are only a few dozen. Major ltc ins. companies have “abandoned the market because they cannot make the product work profitably”. According to this article, 70% of Americans will need long-term care at some point as they age; however, only 10% of Americans have ltc insurance.

This article discusses the need to create other solutions to pay for long-term care (like the private market becoming more involved). Currently most of ltc is paid for by Medicare and Medicaid (for those with low income). One solution was for an individual’s life insurance policy to be turned into a long term care benefit (instead of the money being left to a surviving spouse).

Other solutions (not in this article) that have been discussed is the government cutting, or limiting its coverage to seniors. (For example, no feeding tubes in certain scenarios).

If only Americans had more of a futuristic mindset, vs. a “what I want now” mindset. Unfortunately, most people won’t save for that rainy day, month or even years that may be spent in a nursing home. So many people are not eligible for Medicaid and can’t afford to pay for long-term care out of pocket. What is the solution?

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Downside to Increased Life Expectancy?

Downside to increase in life expectancy? | Fox News Video.

Do you want our government to reduce its debt? Are you willing to postpone receiving Medicare? Currently, seniors receive Medicare at age 65. But what if Medicare benefits weren’t given until till age 68 or beyond? As the life expectancy increases for Americans, this is a possibility and will certainly be debated in the future. Many seniors are upset about this and groups like AARP have taken a firm stand against it. This video was interesting and informative.

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Breast Cancer Screenings Cost Medicare $1 Billion

Breast Cancer Screenings Cost Medicare $1 Billion Annually – ABC News.

Have you ever considered how much money is spent screening for breast cancer?  According to an article this week from abc news, “Medicare spends almost as much money screening for breast cancer as it does treating it, according to a new study published in JAMA Internal Medicine.”   For women age 75 and older, $410 million was spent.  A question was raised as to whether or not this was the best use of these funds (ie, is there a cheaper way to screen and were lives saved?)  The study only had a two year follow up with patients. The American Cancer Society still recommends annual breast cancer screenings for women over 40.

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Medicare Update

Not Shopping for Medicare May Cost You in 2013.
According to this article by Morningstar, the cost of health care is what keeps many seniors up at night.  This article provides very detailed information on Medicare.  Its a lot to take in, but would be very beneficial to read for someone over age 65.  Morningstar.com is a tremendous website full of helpful information; particularly related to finances and the economy.

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Debate Over Medicare

Debate over dueling Medicare plans | Fox News Video – Fox News.
If you are a senior who is following the Obama/Romney campaigns, you might find this clip on Medicare interesting.  It can be difficult to keep up with all the facts as policies and programs in the government evolve.  For more facts on Medicare, visit:

http://www.Medicare.gov

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