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Health Insurance for Seniors on the Web

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Health Insurance For Seniors On The Net



When a good friend of mine inquired where he could obtain

information about medical insurance for his out-of-state,

elderly mother, I told him to try the Internet.



He reported back to me about a week later, in desperation: "I am

giving up, I am too confused." He had taken on an overwhelming

project with his widowed mother, living in another state. As the

only child, and following the sudden death of his father, it was

his responsibility to care for his mother.



In this world of technology, the family unit is often living in

different geographical areas and the family members are usually

quite involved with their own lives, careers, and families. In

addition, when both parents are alive, often one or both parents

are quite independent and do not require a lot of assistance. As

time goes on things, of course, change, and sometimes change

very suddenly. There can be a crisis, with regard to the health

care needs of one or both aging parents.



With our baby boomers facing this problem in ever increasing

numbers, and with the information highway in full bloom, there

is a definite need for planning.



Protecting your parent's assets and health is a huge and

daunting undertaking, which requires a tremendous amount of

education and practical application. Our seniors face many

diverse responsibilities upon reaching age 65. To name just a

few: Estate planning, taxation, Medicare, social security,

wills, insurance, and various other legal and financial matters.

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All of these different areas require expertise from accountants,

lawyers, estate planners, insurance agents, home brokers,

financial advisors, and others.



The Internet is a good starting point for most people to find

resources for questions and solutions for your problems. There

is, however, no replacement for good solid intelligent advice

from an expert.



Twenty years ago, insurance for elders was sold by "senior

insurance specialists", with just a handful of companies in each

state. The programs were most often Medi-gap or Medicare

supplemental policies, which covered the expenses not covered by

Medicare, including hospital and doctor deductibles, durable

medical devices, and non-approved Medicare costs. Ironically

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these specialists did not sell a lot of nursing care policies,

even though Medicare paid a national average of less than 2% of

these expenses. With the advent of "financial and estate

planning" and more insurance companies entering this market, a

more broad and diversified product line became available to

agents, brokers, planners, and seniors.



Part of this new diversification was the "home health care

plan", sold by itself, and in conjunction with senior health

insurance products. The appeal of the "home health care policy"

was that a senior could stay at home and still receive medical

and custodial benefits, allowing a person to recuperate in the

comfort of their own home.



This was the answer to a huge problem. The last place an older

person wanted to go was a "retirement home", or "rest home", or,

God forbid, the "nursing home." It appeared that seniors could

now rely on this new innovation without worry of having to move

out of their home environment in the event of a health problem.



As with most things," if it is too good to be true".... The home

health care policy is no exception. The problem is, there is not

enough coverage for a lengthy illness or recuperation time. The

fact is, the new trend is toward an "all in one" type facility,

allowing for a variety of levels of care all in one location. In

other words a senior could start off with little or no health

care concerns in an independent, less expensive area, and then

go to an assisted living, or nursing care facility, all within

the same compound.



A "nursing home" requires a nurse on the premises 24 hours per

day, assisted living is just eight hours. The advantages to this

are financial. The patient or senior is only charged according

to the care level required during the time he or she is admitted

to that facility. Another benefit is it alleviates a lot of

planning because the care is delivered, as it is needed. The

medical attention is available to all residents regardless of

their current health.



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Some people are offered a lifetime package, which covers their

care for the rest of their life, regardless of their current

age. It also allows for social outlets to an otherwise somewhat

isolated group. On-line shopping services have become a huge

business. It is definitely here to stay and many insurance

policies are purchased from Internet quotes and on-line

applications.



There are literally hundreds of thousands of insurance agents

and brokers advertising on the Internet. Most of them will

provide instant on-line quotes and even applications for the

potential insured. I highly discourage a layperson to purchase

insurance in this fashion. A little knowledge can be dangerous.



The federal government has mandated to all states through

legislation, the standardized senior health insurance policy

guidelines, which are governed and regulated by each state

insurance department.



There are plans for almost every level of health. Some are

designed and priced for a less than healthy individual. Others

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are for a person with minimal health concerns. . The whole

concept of insurance is to provide protection for

"unanticipated" sickness or injury, especially catastrophic

expenses, which would devastate a person's net worth. The more

small expenses a person is willing or able to pay (self-insure),

the lower the rate. I recommend this strategy when evaluating

your insurance options.



Another consideration when reviewing various insurance plans is

to look at the company itself. How long has the company been

selling this type of insurance? Do they have a lot of complaints

filed with the local department of insurance? Are the rates

stable? Does it pay claims on time? Service? Most agents talk

about the rating. These ratings are as follows: A+, A, A-, B+,

B, B-, C+, C, C-, or "not rated".



Do not be fooled by rating alone. It is good to have a high

rating, but it is far better to have a company that has

longevity, stability, innovation, service, and expertise. The

problem is that some companies enter into a market and quickly

leave without explanation. This does not give security to the

policyholder.



The most important consideration should be a review of the

profit/loss ratio for that product. This will establish

stability, and longevity in the market. An insurance company

with a moderate profit in a particular line of business will

remain in that market. On the other hand, a company with losses

will make changes and possibly even withdraw. This is

information not normally available to Internet users.



Before entering into an insurance contract, the senior person,

the family, and other advisors must be realistic, and a careful

evaluation of the entire picture must be examined. The age, the

health of the senior, the financial resources, the personality

and attitude of the senior, and most importantly the desires of

the senior, should all be considered.



Early planning is important, as qualification becomes

increasingly more difficult as the applicant's health declines.

The senior health care market is complex. I will offer some

words of advice to attempt to alleviate potential pitfalls.

*Choose a well-informed, seasoned, and service oriented agent or

broker to assist your decision making process. The professional

can offer invaluable information, but do not be afraid to ask a

lot of questions and even get a second opinion. *Do not wait

until your parent or loved one is sick, or injured. Plan ahead

and take the time needed to cover all the options. *Choose an

experienced insurance company. A Company that has been in the

marketplace for a significant time and has maintained a balance

of rates and benefits and sound risk selection with moderate

rate increases over time is your best bet. *The plan should be

flexible, with a broad range of options and benefit selections

to the insured. There should be no tricks, or complicated

language for the coverage. An incredibly low rate is a red flag

for trouble in the future. *Do not rush or be rushed by an over

aggressive sales person.



This policy will not be inexpensive and will need to be read and

reviewed for a clear understanding of the contents. This is one

advantage to the Internet. You are allowed to read indefinitely

before you act.



A long-term care program, with or without insurance coverage,

will only work if the senior has input into the care selection

process. If there are any questions about the accreditation of a

facility please call the "Continuing Care Accreditation

Commission at 202-783-7286.



As I have mentioned in my article, the best way to avoid

potential problems are to plan ahead. I have found a company,

that I highly reccommend as they are professional senior care

specialist's and offer sound, practicle, individualized, advice

for caregivers, family members, seniors, and guardians. They

will advise on tax, legal, financial, health care, and other

family issues, and are available nationwide.



author: William H. Pritchett Jr.



About the author:

Mr. Pritchett is a certified estate planner with over 25 years

of experience in long term care, medicare, and custodial care

health insurance products. Mr. Pritchett was a pioneer in this

market and developed the first "Home Health Care" insurance plan

available in the United States in 1983. He has written many

articles, is a national public speaker on the subject and sits

on the board of directors for several large corporations.