The SFC has also nixed employers’ mandates to provide insurance. On top of that, individuals will still be required to obtain insurance, but insurance companies will not be required to offer it to them. The insurance companies can’t deny or charge higher premiums due to health, but they don’t have to offer any insurance, either. What the ____??? If individuals will be required to buy health insurance, how will we get it if insurance companies won’t sell it to us?

We’ve seen what happens to Long Term Care insurance companies that offer affordable policies to the sick, high risk populace. They go under. So will health insurance companies. That’s the nature of insurance. No carrier in their right minds will offer insurance to sickies, therefore risking their ability to pay benefits to policyholders.

What is now being offered by the Senate Finance Committee is insurance reform, not health care reform.

These bills are being crafted in private, with actuarials and “industry experts” sharing their knowledge and advice with the committees. Yet, the bills have not been actuarially sound sound far, particularly the public plan versions. Perhaps that’s why the public plan is being dropped?

You can tell how bad all the plans are by the fact that PhRMA is willing to take out ads to promote them. Who is PhRMA? According to their website, PhRMA’s membership represents big drug companies. So, who are PhRMA’s members? It doesn’t say, hmmm…. Could it be that PhRMA’s members are the giganitc drug companies themselves?

PhRMA took out $500,000 worth of TV ads that will air in nine states. They are promoting health reform. That’s a bit scary, as their support for certain “health care reform” bills may sway lawmakers when it comes to reining in health care costs. Pharmaceutical companies make a 700% profit from Americans (many times more than other countries allow). Do we really want an arm of drug companies influencing our lawmakers’ minds?

Look, Americans want real health care reform – specifically, a single-payer national health plan. We aren’t getting that, because special interest groups have Republicans and centrist Democrats on a ” you scratch my back, I’ll scratch yours” short leash. Any bill created under these circumstances will not alleviate, or even put a dent in, our nation’s health care crises. All mainstream media is using scare tactics to sway the most gullible Americans into thinking that Universal health care is tantamount to treason, or that people will get inferior care compared to private insurance.

To that I’d like to say one thing: Think HMO’s… there are thousands of people who have had horrific experiences with their HMOs – long waits to see doctors, particularly specialists, necessary diagnostic tests and treatments being denied, increasing premiums after a health condition has been diagnosed, even cancellation of policies due to “misplaced” payments. Most people can only afford health insurance through an HMO. If they had a choice, would they rather pay increasing premiums for sub-par, possibly life threatening, health care through an HMO or would they choose to pay higher taxes for Universal care, knowing they will always have coverage?

We need Universal health care. Nothing else will work to keep our health care costs down while providing care for 100% of Americans. Private insurance for all cannot be. It’s actuarially impossible. Health insurance co-ops will offer less benefits than current private insurance – they must in order to stay viable. The only fair/egalitarian/intelligent option is a single-payer system, which is why every other industrialized country in the world has one. It’s a no brainer, but the people who make huge profits are screaming bloody murder, and of course there are some people who will listen to intensity instead of intellect.

Drug companies and private health insurance have the most to lose from a single-payer system. Drug companies stand to lose billions if caps are set on their price, while private health insurance could lose most of its current policy holders. Private health insurance would be relegated to the wealthy who can afford it. Insurance companies would have to adjust to not making so much money, but they can stay in business by selling supplemental insurance. Americans would get the health care that every other country of our status already enjoys.

Single-payer vs. private health insurance costs? Private health insurance has costs government-run health care doesn’t have, like paying for: CEOs’ and executives’ salaries and bonuses, underwriters who reject risky applicants, processors who’s jobs it is to reject claims for benefits, lobbyists to sway Capitol Hill lawmakers, a huge legal staff to battle patient lawsuits (as well as regulators), and very large advertising budgets. All of these factors create higher premiums, less people being accepted for coverage, and less benefits paid come claims time. Do we want to continue in this manner – feeding the belly of the beast – or do we want real change? (FOX news, the health insurance industry, drug companies, and health care product manufacturers shouldn’t get a vote!)

A Universal, single-payer health care program doesn’t have private insurance companies’ costs, nor does a single-payer system need to make a profit for its shareholders. This is why we need true health care reform; not some watered down insurance reform that’s backed by pharmaceutical giants. Pandering to the wealthiest of the wealthy cannot give the rest of us the health care we so desperately need.

The vast majority of Americans agree that we need Universal health care, and Obama agreed with them before his presidency. So, I say to our President and the House and Senate on both sides of the aisle: Do what is right for the American people. Just this once let your conscience, not your political ambitions and pockets, lead the way.

It took 11/2 years for Pres. Johnson to come up with Medicare, which covers 80% of medical expenses for seniors and the disabled. Obama wants a plan that covers every American on his desk within the next 6 months! It would take much less time if they weren’t trying to reinvent the wheel.

Obama promised health care reform that reduces cost of care, while ensuring all Americans have their choice of quality, affordable health care. He originally wanted a single-payer program, but special interest groups have joined with Republicans and some Democrats to block the way. Now Obama is settling for compromise, and the mantra is “everyone will get access to affordable, quality health care” – or rather, everyone who is employed will have the freedom to choose their health plan – between private insurance and public insurance.

There is also talk of a “public” long term care insurance program. Sounds good, eh?

Let’s take a brief peek at what those brilliant minds on Capitol Hill have come up with so far.

* The Senate has two committees working on a plan, and the House of Representatives has 3 committees working on an joint reform bill.

So far, the Senate’s “Health, Employment, Labor and Pensions (HELP) Committee has voted “yes” on one reform package. Here are the salient points:

Individual Mandate: All Americans would be required to buy health insurance.

Employer Mandate: Most employers will be required to provide employees with coverage (private or public).

A public health insurance plan will be created, and it will be be open to those who don’t have access to an employer-provided plan. There would be Basic and Premium levels, depending upon what you can afford to pay. Premium public insurance would pay for more than the Basic public insurance.

Those who are not employed or cannot afford to pay for insurance will be subsidized or be covered by an “expanded” Medicaid. This would be the basic care plan, of course.

* The second Senate health care bill created by the Finance Committee also has individual and employer mandates, but it will create medical co-ops.

* The House’s bill has mandated insurance, and like the HELP plan, it would have a public option for folks who don’t have employer-based insurance.
The issues:

1) The public health care insurance does not cover preventative care. This is a huge mistake, as preventative care is proven to delay or even eliminate the onset of many medical conditions- particularly the chronic, degenerative conditions such as adult onset diabetes and heart disease.

If we had a single-payer, Universal health care program, prevention would be a required component for keeping medical costs down, whilst keeping Americans healthier. Preventative care should be included in our health care, so that we can enjoy healthier, longer lives…but it is not.

2) No alternative health care available. These days, increasing numbers of Americans choose natural, holistic therapies over allopathic (AMA-type medicine) and pharmaceutical drugs. Are we to be forced to pay for insurance that doesn’t cover natural treatment modalities?

3) Why not a single-payer, Universal health care plan that would cover everyone equally? France has the #1 rated health care system in the world. The U.S. comes in at #37. Why are the lawmakers running in circles trying to please special interest groups, when they truly serve the entire population by simply expanding Medicare? A single-payer system would offer the same care for every legal U.S. resident. Plus, it would have to include preventative care in order to keep costs down, and insurance companies could still “get theirs” by offering supplemental insurance – like Medigap/Medicare supplement insurance. A Universal health care system is what we need, but that’s not what we’re getting.

Long Term Care:

As far as creating a public Long Term Care option, the current proposal has been found woefully wanting. I, personally, do not believe our government/tax-payers can afford to pay for a decent “public” long term care insurance plan. The only way to provide quality long term care to all Americans is to raise taxes and lump it in with a single-payer health insurance plan. Even that may incur problems due to the sheer size of the aging populace.

For now, long term care is an area where private insurance plays an immensely important role. It should be a cornerstone of responsible financial planning for those who can afford it. At the same time, Medicaid must be fully funded for those who do not have the means to buy insurance so that we can care for our poor, disabled and elderly in a dignified manner.

IMHO, the public long term care insurance being considered is no match for private LTC insurance. Only people who are too sick to qualify for private long term care insurance will find this option beneficial.

And therein lies the problem..

Why?

(More on the public long term care insurance plan and the answer to this question in a later post.)

Our friends in the financial planning arena report that many who were once depending on savings and investments to cover future long term care costs are now adding long term care insurance coverage to their planning mix.  They can no longer rely on so-called safe investments to protect against the catastrophic costs of future long term care.

Many once claimed, “I’d rather invest my money than pay for Long Term Care Insurance premiums,” but reports from the front lines of financial planning now reveal a trend toward upgraded financial strategies in light of current events, meaning long term care insurance protection.

The nation is now painfully aware of possible investment pitfalls and disadvantages with so-called secure investment vehicles. It’s now clear that people cannot depend on investments alone to pay for long term care costs.  So here we are today, and it’s not looking good folks, and we think it will get much worse before it gets better.  No matter who’s in Washington, it will take years, possibly decades, to pay down these trillions in debt and get back to a balanced budget.

The US government website states, “Anybody can need long term care at any time in their life.  Currently, 40% of people receiving long term care services are working age adults, between the ages of 18 and 64.2  Automobile and sporting accidents; disabling events such as strokes, brain tumors, and spinal cord injuries; and disabling illnesses such as multiple sclerosis and Parkinson’s disease are examples of injuries and ailments that can happen to anyone at any age.”

“As people age and our average life span increases, the chances of needing long term care increase. After age 65, an American has more than a 70% chance of needing some form of long term care. In general, the longer you live, the higher your odds of needing long term care. How can you prudently plan and prepare for your future security? In particular, how can you safely prepare to handle long term care?”

“It won’t happen to me,” proclaim those in denial, and this is an understandable reaction And you can  cling to denial, but statistics don’t lie – More than 70% of Americans will need long term care at some point in their lives.

“I’ll wait it out,” say some, believing that their net worth may increase soon, so those folks are willing to wait and learn.  However, experts are projecting that it may take 5-10 years to recover from our 2008 losses losses.  Will your health hold out that long, and will you still be able to qualify for coverage? It’s a gamble, for sure.

“My kids will take care of me,” say others, but experience proves that although family home care is certainly a loving, noble gesture, it rarely works for long in reality.  Familial home care can be expensive, not to mention incredibly stressful.  In our home, where we live with crippling Multiple Sclerosis, we’ve paid thousands for medical devices and personal care items alone in the first half of 2008.

I get no respite. While well-meaning people advise me to get help, we cannot afford it.  In the recent past, I had a minor nervous breakdown from the constant stress, which is why I haven’t blogged lately.  Long term caregiving is challenging at best.  Caring people want to avoid inflicting such hardship and stress on their families.

Then there are those souls who decide, “OK, Now it’s time to get some LTC insurance.”  Hey, good thinking!  If you can afford it, and you know you can keep paying premiums even if the economy worsens, this is definitely the time to insure.  Do it while you’re still healthy, because you won’t be accepted once you show signs of possibly needing care.  These signs are called “pre-existing conditions” in insurance lingo, and these disqualifying signs can show up exactly when least expected, and least wanted, making you unable to enroll.

So, what to do next?

Current events compel us to re-think our financial plans and to take long term care risk off the table while we are still able. For those with resources, Long Term Care insurance is a wise choice in our troubled economy.

Technorati Tags: long term care insurance, Long Term Care

The majority of boomers‘ health is better than is their financial health. Many might be falsely assuming they will be fit enough to work past age 65. Plus, there is always the looming spectre of long term care.

At 56, Lana Linder knows her savings aren’t enough to enable her to retire in her 60s. She is counting on being strong enough to keep on working past retirement age, and now is the time for her to do her long term care insurance planning.

Now, Linder is a very fit woman. A former professional dancer, she discovered weight training at the age 50, and she regularly goes to a gym to build muscle.

“I got pretty serious about it when I was 50, and I didn’t like what I saw in the mirror,” the freelance filmmaker said. “Once I met a personal trainer who made a custom program for me, I began to see dramatic improvements in my body.”

In a perfect world, Linder would also see dramatic improvements in her savings. But as a freelancer who has always worked in the arts – first theater, then dance and now film – financial planning wasn’t always her priority. At 57, she knows her savings portfolio isn’t healthy enough to enable her to retire in her mid-60s.

“I wouldn’t consider retiring even if I had the money to do so,” she said. “I love what I do, and I hope to be able to do it forever.”

But she’d also like not to worry about her retirement finances.

Linder falls into the same category as 67 per cent of working respondents who told a poll for Investor Group that their health is better than their finances. They may be fit now, but this segment of the population is in no condition to retire, according to the survey. And many said they’d have to rely on good health to allow them to work past retirement age.

The Investor Group poll is typical of the kind of marketing being done by financial services companies world wide. Surveys suggest boomers are financially unprepared for retirement, and advertising designed to alarm them into stashing cash is a far cry from advertising of the 1980s, which depicted fit 50-somethings frolicking on tropical beaches in retirement.

Nowadays, the message is more about whether aging boomers are financially prepared for retirement at all or if they will be forced to spend those twilight years flipping burgers and working as store greeters.

In another survey, 37 per cent of respondents predicted they will not be able to enjoy their current standard of living in 10 years. The question is, “Can you afford to go to the movies in 2017?”

What is most alarming is the baby boomers’ lack of planning for is long term care, and this is planning that must be initiated early enough to take advantage of good health and lower insurance rates.

We recommend insurance quotes from the online Buyer’s Advocate Alliance.

Technorati Tags: boomers, financial, long term care, savings, retire, retirement, long term care insurance, financial planning, retiring, finances, Investor, long term care

Boomers, born between 1946 and 1964, are starting to retire, and they want to make remarkable contributions to society.

Sure, people retire to play golf, but they soon find that golf isn’t enough.

We need to embrace the energy, expertise and wisdom of retirees and encourage their involvement.

To optimize this opportunity, some false impressions must be cast aside and hurdles cleared.

Unpaid volunteers are often not as respected or as valued as paid personnel, a trend that has to be changed. Also unpaid positions are often not as challenging.

To fully engage volunteers, we must have community commitment of time, as well as money, for nonprofits to develop needed systems and infrastructures.

To make the volunteer experience win-win for both the organization and the individual. Volunteers should be given orientation and training, job descriptions and supervision. The expectations must be clear for all involved.

We suggest shifting the view of retirement from “the freedom FROM work” to the “the freedom TO work.”

As more baby boomers jump off the corporate ladder, we hope they can work in ways that are personally rewarding and ways that benefit society. We need to welcome and engage these new members of the so-called “work force.”

Because, after all, sometimes golf just isn’t enough.

Technorati Tags: Boomers, retire, retirees, retirement, baby boomers

A report released by the International Longevity Center USA and the Schmieding Center for Senior Health and Education found that 20% of elderly patients currently lack access to family and professional caregiving and that the shortage will explode in the future. In addition, this report, titled “Caregiving in America,” reveals that caregiver wages are among the lowest in America, an indication that U.S. residents most likely will not be willing to take these low-wage jobs in the future. Nursing aides received an average hourly wage of $10 in 2004, plus unskilled, home-based caregivers received an even lower average hourly wage, according to the report. Another report released by the National Association of Area Agencies on Aging shows that nearly half of U.S. cities have no plans whatsoever to meet the health care and other needs of aging baby boomers.

Researchers surveyed more than 1,790 U.S. cities, and they found that one-third do not provide any access to counseling on prescription drugs, health screenings, or health education for elderly residents. The number of U.S. residents ages 65 and older are projected to reach almost 72 million by 2030.

Caregiver Health

More than 2.5 million home-based, family caregivers experience stress, depression and health declines, according to a study released by the National Alliance for Caregiving. This study included an online survey of 528 family caregivers between July 21 and July 28, 2006 as well as in-depth discussion groups and phone interviews with caregivers. About 91% of the respondents said they had experienced depression, and 72% said they had not visited their physicians as much as they needed since they began to provide care for their elderly relatives. Family caregivers “are out there without anybody helping them”, and “They could get to the point where they can’t be a long term care giver anymore.” John Crews, a senior scientist at CDC, said, “People need help and respite. They need a break, and they need knowledge”.

Technorati Tags: caregivers, caregiver, baby boomers, counseling, prescription drugs, elderly, stress, depression, long term care, respite

We all live in an age where planning ahead makes a big, big, big difference. Many families do not discuss finances until a crisis occurs, and then, of course, it can be too late. It is far easier to talk with parents when they are healthy and vibrant than when they are incapacitated or hospitalized.

Adult children must play an important role in making sure their parents’ estate is in order, as well as ensuring they are capable of taking care of themselves for the remainder of their lives. Statistics show people are living much longer, and their retirement savings must be stretched to last longer. It is likely that at least one parent will need some sort of assisted care in their elder years, making long term care insurance a very wise purchase.

The American Health Care Association estimates that the cost of a nursing home can exceed $50,000 a year, while assisted-living facilities average $24,000 annually.

Having open discussions with aging parents now, so you can help to improve their financial health, reduce potential problems and ease burdens in the future. We put together the following tips to help make that conversation easier and more productive.

1. Pick the right time to open discussions. Make sure to have the conversation when you won’t be interrupted and when everyone is relaxed. The holidays may not be the best time. You also might want to cover things in more than one conversation.

2. Maintain a sensitive, receptive posture. Don’t be judgmental. Remember, this is a difficult subject for them to discuss. You may not agree with their decisions, but keep in mind they are competent adults. A good way to set a good tone is by saying, “It’s important for me to understand your finances in case I need to help you in the future.”

3. Involve an expert if needed. In some cases, it might be easier for your parents to talk about these matters with an outsider than with family.

4. Make a list of assets and liabilities. This is an important place to begin once the conversation starts. You’ll want to note the date and cost of assets, as this information will be needed for tax purposes if any assets are sold.

5. Establish arrangements for financial crisis management. Your parents will want to consider establishing a durable power of attorney.

6. Know where important documents are kept. Make a list, including birth and marriage certificates, wills and trust agreements, Social Security records, burial instructions, insurance policies, bank and investment statements, mortgage and real estate deeds and auto ownership records. Be sure to get bank information, including safe deposit box number and key location. Also make a list of important contacts with phone numbers such as financial advisers, doctors and attorneys.

7. Review estate planning and investments. If they haven’t done so already, encourage your parents to develop a plan to maximize their legacy for their heirs. Also be sure to discuss their investment strategy so you have an understanding of their financial well-being.

8. Understand your parents’ health care wishes. You’ll need to know where your parents stand on health care issues should they ever become incapacitated. If that should occur, long term care planning is essential.

So get free comparative LTC insurance quotes online through the Buyer’s Advocate.

Technorati Tags: inheritance, long term care insurance, nursing home, financial, Social Security, insurance, investment, real estate, estate planning, long term care