Health Reform, Long Term Care, Medicare, Personal Planning
As a Health & Long Term Care Insurance professional my goal in this blog has been to be informative about a very complex industry. That must include updating all about the status of Health Reform and most important how it might impact your planning (particularly if you are a baby boomer approaching 65). Keep in mind that the new law is largely a template for empowering the Department of Health and Human Services (HHS) to create new requirements for insurers and health providers. The HHS requirements just announced on the birth control issue are getting the most press but for baby boomers approaching retirement, I would suggest you also stay abreast of the following:
Medicare Reimbursement to Providers: This is still a work in progress but a promise in health reform was to reduce Medicare costs and reimbursements to healthcare providers. We don’t know the final solution but, for baby boomers, supplemental insurance coverage to Medicare may become even more important if medical offices get less revenue. I would love to hear from doctors on this issue.
Long Term Care: The well-publicized “Class” Act in health reform was to provide Long Term Care benefits. Insurance premium payments to the government would be required to fund the program. The projected benefits actually looked inadequate anyway. At least for now, the status is that HHS has shelved plans to implement Class. This means planning for this important life stage is our personal responsibility best accomplished in the private insurance market or our personal financial plans. Remember, Long Term Care Insurance is best purchased as early as possible to keep premium payments low.
Bottom line for baby boomers especially those turning 65 is to always look carefully at the actual coverages, your medical needs, premium costs, and plan accordingly. Don’t leave out LONG TERM CARE.
These are good links to visit frequently:
Next Week I will profile the impact on coverage for families with children and those with pre-existing conditions.
Editor's Note: John Wagner is a health, long term care and life insurance professional, and blogger for Cumming Patch.
NGAC North GA Accounting Consultants, Inc.Becky Brown
2:51 pm on Monday, February 13, 2012
Good information
John Wagner
8:05 am on Tuesday, February 14, 2012
Thank you so much for the comments Becky.
I do worry if HHS cuts Medicare reimbursements the supply of healthcare for recipients to service our aging population will decline or coinsurances/copays must grow. The latter will need to happen anyway. That means either more out of pocket, supplemental coverage, or more stress to Medicaid probably not forecasted.
Long Term Care was a financial "non-starter" to begin with especially those of us close to the numbers/cost of care.
Hopefully this will be sensibly sorted out. We all need to plan accordingly.