Long-Term Care: Your Financial Planning Guide

Long-Term Care: Your Financial Planning Guide

by Phyllis R. Shelton

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Product Details

ISBN-13: 9781575666419
Publisher: Kensington
Publication date: 05/01/2001
Pages: 288
Product dimensions: 6.02(w) x 9.02(h) x 0.90(d)

Table of Contents

Introductionxi
Chapter 1Long-Term Care and Your Financial Security1
The Odds Are 1 out of 25
An Aging America6
All Ages Need Long-Term Care8
Families in Transition9
The Caregiver's Glass Ceiling12
Technology and Lifestyle13
Why Doesn't Private Insurance Pay More?14
Why Doesn't Medicare Pay More?15
You Can't Count on Medicaid16
Prospects for Government Help18
Recent Health Care Reform19
IRS-Approved Medical Expenses21
The Private Sector Solution26
Chapter 2Features of a Good Long-Term Care Insurance Policy33
Level of Care35
Home Health Care35
Assisted Living40
Guaranteed Renewable42
Prior Hospitalization42
Daily or Monthly Benefit42
Benefit Period/Benefit Maximum44
Joint Policies51
Elimination Period (Waiting Period)52
Mental Conditions54
Waiver of Premium54
Inflation Protection54
Rates vs. Ratings58
The True Cost of Waiting65
Savings vs. LTC Insurance67
Underwriting68
Pre-Existing Conditions70
"Free-Look" Period70
Non-Forfeiture Options70
Assets73
Claims75
Tax-Qualified or Non-Tax-Qualified78
Getting a Claim Paid81
Miscellaneous Benefits81
Alternate Plan of Care82
Hospice82
Respite Care83
Homemaker Services83
Alternate Payer Designation83
Impairment Reinstatement83
Bed Reservation84
Care Coordination84
Survivor Benefit85
Worldwide Coverage85
Coordination with Medicare and Other Insurance85
Additional Benefits86
Policy Improvements86
Your Customized Benefit Selection Process87
The "Bare-Bones"/Best Value Policy for the Premium Conscious92
Chapter 3Long-Term Care: The New Employee Benefit95
Productivity Insurance100
Lifestyle Insurance106
Long-Term Care Insurance Is Not "Senior Citizen Insurance"113
Tips for Benefit Choices in Group Plans116
Chapter 4The Partnership for Long-Term Care119
Chapter 5The Medicaid Benefit for Long-Term Care129
The Problem129
Income Eligibility Criteria130
Asset Eligibility Criteria135
Transferring Assets--The Myth138
Why Transferring Assets Can Be a Bad Idea141
Estate Recovery142
The Bigger Problem--The Criminal Side Revisited144
The Biggest Problem146
Long-Term Care Insurance--A Better Way148
Chapter 6Alternatives for Financing Long-Term Care151
Accelerated Death Benefits151
Traditional Viatical Settlements154
The Viatical Settlement Process156
Viatical Settlements vs. Accelerated Death Benefits158
Viatical Settlements vs. Long-Term Care Insurance159
Life Settlements160
Single Premium Life/Long-Term Care Policies162
Effect of the 1996 Health Insurance Portability and Accountability Act (HIPAA)165
Long-Term Care Insurance and Estate Planning166
Long-Term Care Annuity168
Variable Annuity/LTC Policies172
Reverse Mortgages174
People Who Do Not Qualify for Long-Term Care Insurance179
Where Do I Go From Here?181
Appendix ASenior Benefits183
Medicare Benefits185
Enrolling for Medicare185
Two Parts of Medicare186
The Medicare Gaps188
Medicare-Approved Charges190
Be Informed192
Appeals192
2000 Medicare Benefits194
Medicare Part A194
Medicare Part B196
Expenses Not Covered by Medicare198
Medicare Supplement Policies199
Do You Need a Medicare Supplement?199
Can You Self-Insure Balances to Medicare?201
Disabled Individuals Under Age 65202
Federal Guidelines for Medicare Supplements202
Standard Plans204
Features of a Good Medicare Supplement Policy205
Guaranteed Renewable205
Rating of the Insurance Company206
Pre-Existing Conditions206
Underwriting206
Open Enrollment207
Premiums208
"Free-Look" Period208
Multiple Policies208
Benefits209
Excess Physician Charges209
Miscellaneous Benefits209
Claims211
Appeals211
Managed Care for Medicare Supplements213
Medicare Select213
Managed Care Medicare Plans215
New Medicare+Choice Plans217
Enrollment and Disenrollment217
What Kind of Choices Will You Have?218
You Do Not Have to Switch220
Benefits221
What If I Don't Like a Medicare+Choice Plan?222
Want to Know More?222
The Silver Lining in the Managed Care Opportunity223
Appendix BWho to Call for Help225
Directory of State Insurance Departments, Medicaid and Aging Agencies227
Useful Web Sites257
Appendix CSources259
Sources for Introduction260
Sources for Long-Term Care and Your Financial Security261
Sources for Features of a Good Long-Term Care Insurance Policy269
Sources for Long-Term Care: The New Employee Benefit271
Sources for The Partnership for Long-Term Care277
Sources for The Medicaid Benefit for Long-Term Care278
Sources for Alternatives for Financing Long-Term Care280
Sources for Appendix A: Senior Benefits281

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