HOW CAN YOU REDUCE THE COST OF LONG-TERM CARE INSURANCE?
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![Long Term Care]() The American Association for Long Term Care ("AALTCI") suggests the following tips to help you significantly reduce the cost of long-term care insurance:
1. Leverage Your Good Health: Insurers will require that you meet certain health qualifications to obtain coverage. Discounts are provided to those in good health. While 62 percent of applicants between ages 40-49 qualified for good health discounts in 2009, this percentage drops to only 38% for ages 60-69. Once obtained, the preferred health discount is not lost if your health changes.
2. Right-Size Your Coverage: You should factor in other sources of income such as Social Security, pensions and 401k plans that can pay health costs and allow you to add money-saving options such as a 90-day deductible (Elimination Period). You should also consider a limited-pay plan with a Shared Care option that allows two spouses to share a common benefit pool.
3. Compare Coverage: Each insurer establishes its own rates, health standards and available discounts. As a result, virtually equal protection from two highly-rated insurers can vary in cost by between 30 and 80 percent. Be sure to price and compare the cost with more than one insurance provider. AALTI has also done a recent study regarding the cost at various ages of Long-Term Care Insurance. They found that 43.5% of buyers under age 61, paid less than $1,499 annually for Long-Term Care Insurance, whereas 73.6% of buyers between ages 61 and 75 paid $1,500 or more annually for the same coverage. To read more of this survey's findings click here. For more general information on Long-Term Care Insurance, click here to visit AALTI's Consumer Information Center or call our office to set up a consultation to go over your Long-Term Care options. |
| HELP FOR CHILDREN WITH DEVELOPMENTAL DISABILITIES |
The State of Virginia funds waiver slots in two Medicaid Waiver programs: Intellectual Disability ("ID") Waiver and; Developmental Disabilities Support ("DDS") Waiver. The number of waiver slots in these programs is limited and this results in waiting lists.
But this is not the only problem. Parents often fail to apply for Medicaid coverage for their developmentally disabled children believing that their income is too high for their child to qualify. This is often a mistake.
Since developmentally disabled children rarely have income or possess resources, they tend to be eligible for Medicaid funding and services. Parental income and resources are not used to determine eligibility.
Read more at NMP's Senior Attorney Ed Zetlins' blog:
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| THE DONUT
HOLD IS STILL THERE BUT JUST WAIT |
![donut]() The new Health Care Reform Act will
slowly do away with the gap in Medicare Part D prescription drug coverage, commonly referred to as
the "donut hole." Beginning this year
those falling into the donut hole will receive a one-time payment of $250. Beginning in 2011 those entering the gap will
receive a 50% discount on many of the drugs purchased in the donut hole. The donut hole will be completely eliminated
by 2020. |