Affordable Care Act

    Aging Life Care Professionals, Angels in Disguise

    Often it is quite difficult to determine what level of care your parents need, where they can find help from agencies and organizations and what their care is going to cost. A new profession has emerged to help you with these decisions. These professionals are called Aging Life Care Professionals (ALCP). They are health and human services professionals who have come from a number of different fields. Many have been nurses or social workers who have developed an expertise in working with the elderly. They can help you in a number of different ways.

    In many cases the Aging Life Care Professional’s first job is to do an assessment of your elderly parent’s situation. What are their medical issues? How mobile are they? Do they have any cognitive limitations? They will give you an extensive report that will recommend the type of care your parents need. Can they stay at home? Would assisted living be the right situation? Does their memory impairment require round the clock care?

    Once the initial assessment is done the ALCP can help with placement in the right facility, or reorganizing the home to make it safer for your parent. They can monitor the hiring of home health aides, provide a bill paying service and coordinate meals on wheels services. In summary, they are angels in disguise.

    Aging Life Care Professionals are generally not covered by any insurance plan or medicare. However, If your parent had a long-term care policy, the better plans provide for payment of these professionals. Otherwise, you are on your own. Initial assessments can range from $200 to $850. Hourly rates generally are between $80-$200. But most families have found them to be well worth it. The ALCP may often find services or benefits through local or federal organizations that can pay for some of your parent’s costs.

    How do you find an Aging Life Care Professional? The first place to look is on their professional website, the Aging Life Care Association. Here you can learn more about the profession and find the names of ALCP’s in your area. Once you have found 2 or 3 within ten miles of your parent’s home, give them a call and have them come by to be interviewed. Conduct the interview with your parent present. See how they relate to mom or dad.  Then use your own intuition and your parent’s input to find the right person to work with. Finally give a long sigh of relief knowing that you no longer have to do this on your own.

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    Financial Advisors may reprint any articles from The Gift of Communication Blog in your own print or electronic newsletter. But please include the following paragraph:

    Reprinted from Bob Mauterstock’s The Gift of Communication Blog. Subscribe at http://www.GiftofCommunication.com  and receive Bob’s Family Meeting Checklist Guide.

    Early Retirement, Medicare, and How the Affordable Care Act Affects Seniors

    Guest post written by: Edward Oberg

    Chances are, if you’re alive, you know the Affordable Care Act (commonly referred to as “Obamacare”) is here, and it’s confusing. Between trumped up rumors of plan cancellations and high penalties for those who don’t comply, more misconceptions seem to flood our screens than useful information. However, even if they are buried under layers of content, the facts exist. If you are 50 or older and retired or considering retirement, here are the facts that you need to know about the Affordable Care Act (ACA).

    No Surprises

    Before ACA, seniors often found themselves surprised by the cost of healthcare—especially if they were retiring before the age of 65. While some employers extend health benefits to retirees, many don’t, and finding affordable private coverage required access to the fountain of youth. Today, it is still legal to charge seniors five times the amount a 20-year-old would pay for the same policy on the private market—a cost that will be reduced to three times the amount in 2014.

    Coverage will be much easier to find with the Health Insurance Marketplace, which will allow you to compare plans side-by-side. Premiums may look more expensive at a first glance, but retirees living on less than they were while employed will qualify for subsidies that will help cover the cost of their premiums in the form of a tax break. If you’re under 65 and shopping on the marketplace, keep the amount of this subsidy in mind—your premium may appear to be over $1,000, but your tax break could lower it to less than half the cost. This amount is often lower than what you’d be paying for your COBRA through your former employer! The ACA will make it easier for you to retire before you’re eligible for Medicare, and you’ll qualify for coverage even if you have a preexisting condition.

    Medicare Eligibility

    If you’re over 65 and qualify for Medicare, you will be happy to know that Medicare still exists, and it is separate from the healthcare exchanges. In fact, the ACA will strengthen your policy if you qualify for Medicare. If you have Medicare Part D and have faced the price of prescription drugs in the doughnut hole, you’ll be happy to know that this gap will be shut for good by 2020. For now, you will receive a 20% discount on generic prescriptions and more than a 50% discount on brand-name prescription drugs while you are in the coverage gap.

    Medicare now covers certain types of preventative care deductible-free, such as mammograms and colonoscopies. It also covers a free yearly “wellness” visit. The ACA has also extended the lifespan of the Medicare Trust—the fund has been extended until at least 2026.

    Still Covered?

    If you’re covered under your employer’s plan, the ACA also benefits you. More preventative care will be covered—everything from the flu shots to cholesterol screenings. All plans, whether purchased from the exchange or not, must cover the essentials starting in 2014, including hospital and emergency care, doctor visits, prescription drugs, and mental health. If you have kids under the age of 26, then they can stay under your plan which saves you and them a ton of money.

    So even if it seems maddening on the surface, the ACA will allow everyone to have access to the insurance that is appropriate to their needs. If you need help with the exchange, many businesses and community centers have events and programs that can help you through the process. Remember that insurance coverage is an important element to a successful retirement, and if you’re ready to retire early, the ACA has you covered.

    Guest post written by: Edward Oberg, currently on hiatus from the insurance game, now spends his time blogging for The Hartford and hunting for monster brook trout that delight in mocking him. He has vowed to defy the accepted wisdom regarding boring insurance reps by being extremely interesting.

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    PERMISSION TO REPRINT:
    =======================
    Financial Advisors may reprint any articles from The Gift of Communication Blog in your own print or electronic newsletter. But please include the following paragraph:

    Reprinted from Bob Mauterstock’s The Gift of Communication Blog. Subscribe at http://www.GiftofCommunication.com  and receive Bob’s Family Meeting Checklist Guide.