Becoming chronically ill due to a cognitive impairment, or if you’re unable to perform at least two activities of daily living without substantial assistance, qualifies a person for long-term care. Having insurance that covers long-term care would help pay for the care you need. Depending on the level of care that is required, that care may be provided in a nursing home, an alternate care facility, or even your own home.
In addition to helping pay the costs of long-term care, long-term care insurance may help to provide these additional benefits:
Protect your savings and other assets
Preserve your independence
Avoid government dependence
If you’re unable to pay for long-term care when you or even a loved one needs it, odds are you will need to spend down, or liquidate, your assets to become eligible for Medicaid to pay the costs of the care required. That is a sad reality if you do not have the coverage when you need it.
Another option is purchasing a long-term care rider on your life insurance. This option provides care before the client requires long-term health due to age but instead provides coverage become impaired due to an accident or illness.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-05-02 09:00:462018-07-12 07:47:29Long-term care insurance, should you have it?
Did you know there are five factors that can affect how much your health plan’s monthly premium under the health care law? However, individual states can limit how much these factors come into play.
These five factors are:
Age: Premiums can be up to 3 times higher for older people than for younger people.
Location: Where you live has a big effect on your premiums. Differences in competition, state and local rules, and cost of living are the reasons why.
Tobacco use: Insurers can charge tobacco users up to 50% more than those who don’t use tobacco.
Individual vs. family enrollment: Insurers can charge more for a plan that also covers a spouse and/or dependents.
Plan category: Bronze, Silver, Gold, Platinum, and Catastrophic. The categories are based on how you and the plan share costs. Bronze plans usually have lower monthly premiums and higher out-of-pocket costs when you get care. Platinum plans usually have the highest premiums and lowest out-of-pocket costs.
In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when, otherwise known as pre-existing conditions.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-04-11 09:00:212018-07-12 07:49:21Five Factors that can Affect Your Premium
Understanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.
A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.
High deductible plans can be a good option for people who do not have young children and are in generally good health.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-03-28 09:00:412017-12-13 13:49:37Should you choose a high or low deductible?
Long-term care insurance, should you have it?
/by Rebecca YatesBecoming chronically ill due to a cognitive impairment, or if you’re unable to perform at least two activities of daily living without substantial assistance, qualifies a person for long-term care. Having insurance that covers long-term care would help pay for the care you need. Depending on the level of care that is required, that care may be provided in a nursing home, an alternate care facility, or even your own home.
In addition to helping pay the costs of long-term care, long-term care insurance may help to provide these additional benefits:
If you’re unable to pay for long-term care when you or even a loved one needs it, odds are you will need to spend down, or liquidate, your assets to become eligible for Medicaid to pay the costs of the care required. That is a sad reality if you do not have the coverage when you need it.
Another option is purchasing a long-term care rider on your life insurance. This option provides care before the client requires long-term health due to age but instead provides coverage become impaired due to an accident or illness.
Five Factors that can Affect Your Premium
/by Rebecca YatesDid you know there are five factors that can affect how much your health plan’s monthly premium under the health care law? However, individual states can limit how much these factors come into play.
These five factors are:
In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when, otherwise known as pre-existing conditions.
Should you choose a high or low deductible?
/by Rebecca YatesUnderstanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.
A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.
High deductible plans can be a good option for people who do not have young children and are in generally good health.