| When a good friend of mine inquired where he | | | | even though Medicare paid a national average of |
| could obtain information about medical insurance | | | | less than 2% of these expenses. With the advent |
| for his out of state, elderly mother, I told him to | | | | of financial and estate planning and more insurance |
| try the Internet. | | | | companies entering this market, a broader and |
| He reported back to me about a week later, in | | | | diversified product line became available to agents, |
| desperation: I am giving up, I am too confused. He | | | | brokers, planners, and seniors. |
| had taken on an overwhelming project with his | | | | Part of this new diversification was the home |
| widowed mother, living in another state. As the | | | | health care plan, sold by itself, and in conjunction |
| only child, and following the sudden death of his | | | | with senior health insurance products. The appeal |
| father, it was his responsibility to care for his | | | | of the home health care policy was that a senior |
| mother. | | | | could stay at home and still receive medical and |
| Protecting your parents assets and health is a | | | | custodial benefits, allowing a person to recuperate |
| huge and daunting undertaking, which requires a | | | | in the comfort of their own home. |
| tremendous amount of education and practical | | | | This was the answer to a huge problem. The last |
| application. Our seniors face many diverse | | | | place an older person wanted to go was a |
| responsibilities upon reaching age 65. To name just | | | | retirement home, or rest home, or, God forbid, |
| a few: Estate planning, taxation, Medicare, social | | | | the nursing home. It appeared that seniors could |
| security, wills, insurance, and various other legal | | | | now rely on this new innovation without worry of |
| and financial matters. All of these different areas | | | | having to move out of their home environment in |
| require expertise from accountants, lawyers, | | | | the event of a health problem. |
| estate planners, insurance agents, home brokers, | | | | As with most things, if it is too good to be true. |
| financial advisors, and others. | | | | The home health care policy is no exception. The |
| Twenty years ago, insurance for elders was sold | | | | problem is there is not enough coverage for a |
| by senior insurance specialists, with just a handful | | | | lengthy illness or recuperation time. The fact is the |
| of companies in each state. The programs were | | | | new trend is toward an all in one type facility, |
| most often Medic gap or Medicare supplemental | | | | allowing for a variety of levels of care all in one |
| policies, which covered the expenses not covered | | | | location. In other words a senior could start off |
| by Medicare, including hospital and doctor | | | | with little or no health care concerns in an |
| deductibles, durable medical devices, and no | | | | independent, less expensive area, and then go to |
| approved Medicare costs. Ironically these | | | | an assisted living, or nursing care facility, all within |
| specialists did not sell a lot of nursing care policies, | | | | the same compound. |