| When a good friend of mine inquired where
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| | There are literally hundreds of thousands
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| he could obtain information about medical
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| | of insurance agents and brokers
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| insurance for his out-of-state, elderly
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| | advertising on the Internet. Most of them
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| mother, I told him to try the Internet.
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| | will provide instant on-line quotes and
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| He reported back to me about a week
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| | even applications for the potential
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| later, in desperation: "I am giving up, I
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| | insured. I highly discourage a layperson
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| am too confused." He had taken on an
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| | to purchase insurance in this fashion. A
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| overwhelming project with his widowed
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| | little knowledge can be dangerous. The
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| mother, living in another state. As the
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| | federal government has mandated to all
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| only child, and following the sudden
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| | states through legislation, the
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| death of his father, it was his
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| | standardized senior health insurance
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| responsibility to care for his mother.
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| | policy guidelines, which are governed and
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| In this world of technology, the family
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| | regulated by each state insurance
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| unit is often living in different
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| | department. There are plans for almost
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| geographical areas and the family members
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| | every level of health. Some are designed
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| are usually quite involved with their own
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| | and priced for a less than healthy
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| lives, careers, and families. In
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| | individual. Others are for a person with
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| addition, when both parents are alive,
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| | minimal health concerns. The whole
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| often one or both parents are quite
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| | concept of insurance is to provide
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| independent and do not require a lot of
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| | protection for "unanticipated" sickness
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| assistance. As time goes on things, of
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| | or injury, especially catastrophic
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| course, change, and sometimes change very
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| | expenses, which would devastate a
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| suddenly. There can be a crisis, with
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| | person's net worth. The more small
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| regard to the health care needs of one or
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| | expenses a person is willing or able to
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| both aging parents.
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| | pay (self-insure), the lower the rate. I
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| With our baby boomers facing this problem
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| | recommend this strategy when evaluating
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| in ever increasing numbers, and with the
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| | your insurance options. Another
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| information highway in full bloom, there
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| | consideration when reviewing various
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| is a definite need for planning.
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| | insurance plans is to look at the company
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| Protecting your parent's assets and
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| | itself. How long has the company been
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| health is a huge and daunting
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| | selling this type of insurance? Do they
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| undertaking, which requires a tremendous
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| | have a lot of complaints filed with the
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| amount of education and practical
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| | local department of insurance? Are the
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| application. Our seniors face many
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| | rates stable? Does it pay claims on time?
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| diverse responsibilities upon reaching
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| | Service? Most agents talk about the
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| age 65. To name just a few: Estate
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| | rating. These ratings are as follows: A+,
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| planning, taxation, Medicare, social
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| | A, A? B+, B, B? C+, C, C? or "not rated."
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| security, wills, insurance, and various
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| | Do not be fooled by rating alone. It is
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| other legal and financial matters. All of
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| | good to have a high rating, but it is far
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| these different areas require expertise
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| | better to have a company that has
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| from accountants, lawyers, estate
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| | longevity, stability, innovation,
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| planners, insurance agents, home brokers,
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| | service, and expertise. The problem is
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| financial advisors, and others.
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| | that some companies enter into a market
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| The Internet is a good starting point for
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| | and quickly leave without explanation.
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| most people to find resources for
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| | This does not give security to the
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| questions and solutions for your
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| | policyholder. The most important
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| problems. There is, however, no
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| | consideration should be a review of the
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| replacement for good solid intelligent
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| | profit/loss ratio for that product. This
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| advice from an expert. Twenty years ago,
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| | will establish stability, and longevity
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| insurance for elders was sold by "senior
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| | in the market. An insurance company with
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| insurance specialists," with just a
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| | a moderate profit in a particular line of
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| handful of companies in each state. The
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| | business will remain in that market. On
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| programs were most often Medigap or
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| | the other hand, a company with losses
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| Medicare supplemental policies, which
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| | will make changes and possibly even
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| covered the expenses not covered by
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| | withdraw. This is information not
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| Medicare, including hospital and doctor
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| | normally available to Internet users.
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| deductibles, durable medical devices, and
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| | Before entering into an insurance
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| non-approved Medicare costs. Ironically
| |
| | contract , the senior person, the family,
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| these specialists did not sell a lot of
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| | and other advisors must be realistic, and
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| nursing care policies, even though
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| | a careful evaluation of the entire
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| Medicare paid a national average of less
| |
| | picture must be examined. The age, the
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| than 2% of these expenses. With the
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| | health of the senior, the financial
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| advent of "financial and estate planning"
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| | resources, the personality and attitude
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| and more insurance companies entering
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| | of the senior, and most importantly the
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| this market, a more broad and diversified
| |
| | desires of the senior, should all be
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| product line became available to agents,
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| | considered. Early planning is important,
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| brokers, planners, and seniors. Part of
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| | as qualification becomes increasingly
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| this new diversification was the "home
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| | more difficult as the applicant's health
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| health care plan," sold by itself, and in
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| | declines. The senior health care market
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| conjunction with senior health insurance
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| | is complex. I will offer some words of
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| products. The appeal of the "home health
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| | advice to attempt to alleviate potential
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| care policy" was that a senior could stay
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| | pitfalls. *C hoose a well-informed,
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| at home and still receive medical and
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| | seasoned, and service oriented agent or
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| custodial benefits, allowing a person to
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| | broker to assist your decision making
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| recuperate in the comfort of their own
| |
| | process. The professional can offer
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| home. This was the answer to a huge
| |
| | invaluable information, but do not be
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| problem. The last place an older person
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| | afraid to ask a lot of questions and even
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| wanted to go was a "retirement home," or
| |
| | get a second opinion. *Do not wait until
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| "rest home," or, God forbid, the "nursing
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| | your parent or loved one is sick, or
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| home." It appeared that seniors could now
| |
| | injured. Plan ahead and take the time
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| rely on this new innovation without worry
| |
| | needed to cover all the options. *C hoose
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| of having to move out of their home
| |
| | an experienced insurance company. A
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| environment in the event of a health
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| | Company that has been in the marketplace
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| problem. As with most things," if it is
| |
| | for a significant time and has maintained
|
| too good to be true." ... The home health
| |
| | a balance of rates and benefits and sound
|
| care policy is no exception. The problem
| |
| | risk selection with moderate rate
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| is, there is not enough coverage for a
| |
| | increases over time is your best bet. *T
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| lengthy illness or recuperation time. The
| |
| | he plan should be flexible, with a broad
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| fact is, the new trend is toward an "all
| |
| | range of options and benefit selections
|
| in one" type facility, allowing for a
| |
| | to the insured. There should be no
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| variety of levels of care all in one
| |
| | tricks, or complicated language for the
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| location. In other words a senior could
| |
| | coverage. An incredibly low rate is a red
|
| start off with little or no health care
| |
| | flag for trouble in the future. *Do not
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| concerns in an independent, less
| |
| | rush or be rushed by an over aggressive
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| expensive area, and then go to an
| |
| | sales person. This policy will not be
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| assisted living, or nursing care
| |
| | inexpensive and will need to be read and
|
| facility, all within the same compound. A
| |
| | reviewed for a clear understanding of the
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| "nursing home" requires a nurse on the
| |
| | contents. This is one advantage to the
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| premises 24 hours per day, assisted
| |
| | Internet. You are allowed to read
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| living is just eight hours. The
| |
| | indefinitely before you act.
|
| advantages to this are financial. The
| |
| | A long-term care program, with or without
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| patient or senior is only charged
| |
| | insurance coverage, will only work if the
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| according to the care level required
| |
| | senior has input into the care selection
|
| during the time he or she is admitted to
| |
| | process. If there are any questions about
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| that facility. Another benefit is it
| |
| | the accreditation of a facility please
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| alleviates a lot of planning because the
| |
| | call the "Continuing Care Accreditation
|
| care is delivered, as it is needed. The
| |
| | Commission at 202-783-7286.
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| medical attention is available to all
| |
| | By William H. Pritchett This article is
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| residents regardless of their current
| |
| | free for republishing
|
| health. Some people are offered a
| |
| | Source:
|
| lifetime package , which covers their
| |
| | In 1984, William Pritchett, Jr. developed
|
| care for the rest of their life,
| |
| | the first Home Health Care plan of its
|
| regardless of their current age. It also
| |
| | kind, which revolutionized the insurance
|
| allows for social outlets to an otherwise
| |
| | industry in this market. The program was
|
| somewhat isolated group. On-line shopping
| |
| | developed to allow seniors to recuperate
|
| services have become a huge business. It
| |
| | in the comfort of their own ho.me as an
|
| is definitely here to stay and many
| |
| | alternative to assisted living
|
| insurance policies are purchased from
| |
| | facilities. This idea has grown into an
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| Internet quotes and on-line applications.
| |
| | entire industry.
|
