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Understanding Your Medicare Benefits for Home Health Care

If you or a loved one is exploring care options at home through Medicare Home Health Care benefits, it’s crucial to grasp the distinct types of services available and how they are covered. Primarily, there are two kinds of home care services to consider: Home Health Care and At-Home Care. While they may sound similar, Medicare covers them differently, and each serves unique needs.

Home Health Care covered by Medicare includes physical therapy.

What is Home Health Care?

When we talk about Home Health Care, we’re referring to medical services delivered at your doorstep by professionals. This type of care is tailored for those who, due to medical conditions, find it challenging to leave home without support. Here’s what makes you eligible for Home Health Care under Original Medicare:

  1. A doctor must confirm that you need medical care at home.
  2. The care must include things like nursing or therapy.
  3. The company providing your care must be approved by Medicare.
  4. You must have difficulty leaving your home without help.

If you meet these criteria, Medicare steps in to cover essential services such as:

  • Nursing services for medical needs,
  • Help with personal care activities (like bathing) as long as they are related to a health issue,
  • Therapy sessions to aid in recovery or improve functions.

With Original Medicare, you won’t have to pay out-of-pocket for these services if the provider accepts Medicare. Plus, you have the freedom to choose your Home Health Care provider, which isn’t always the case with Medicare Advantage Plans.

Difference Between Home Health Care and At-Home Care

Now, it’s important to understand that At-Home Care differs significantly from Home Health Care because it includes non-medical assistance. Think of At-Home Care as help with daily living activities, like meal prep and companionship, which isn’t covered by Medicare. This type of care is out-of-pocket and aims to make life easier for the elderly at home, but without the medical component. Planning for At-Home Care means preparing to cover these costs personally and can range from a few hours a day to round-the-clock support.

At-home care not covered by Medicare

Key Points to Remember

  • Home Health Care is for when there’s a medical need, and it’s covered by Medicare if certain conditions are met.
  • At-Home Care involves non-medical help and isn’t covered by Medicare. Costs for these services come from personal funds.
  • Under Original Medicare, you can choose your home health care agency, but those under Medicare Advantage plans may have limitations and must stick to network providers.

Navigating the decision on which care is best can be daunting, especially when determining what Medicare will and will not cover. Remember, for those in need of medical care at home, Home Health Care provided through Medicare offers a significant support system. For additional non-medical support needs, At-Home Care is a valuable, though self-funded option.

Ensuring you’re aware of these distinctions helps in making informed decisions about care and understanding how to best utilize Medicare benefits for the well-being of our elderly loved ones. With this knowledge, you can confidently explore care options and make the best choices for your unique situation. Remember, staying informed is key to receiving the support and assistance needed for elderly care at home. So, take the time to understand Medicare coverage for home care services and make informed decisions that will benefit you or your loved ones in the long run.

Resources

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Additional Information:

In addition to Medicare approved Home Health Care benefits, there may be other resources available to help cover the costs of Home Health Care or At-Home Care. These can include programs such as Medicaid, Veteran’s benefits, home health care insurance and long-term care insurance. It’s essential to research and explore all available options to ensure you’re receiving the most comprehensive and cost-effective care possible. Additionally, it’s crucial to regularly review your Medicare coverage and make adjustments as needed to ensure you have adequate coverage for your specific needs.

Keep this information in mind as you navigate through Medicare coverage for home care services and make decisions about elderly care at home. Remember, Home Health Care and At-Home Care are both valuable options for providing support to those in need, but they differ significantly in terms of coverage and services provided. And with proper knowledge and research, you can make the best decisions for yourself or your loved ones. Give us a call at (800)924-4727 to find out how you can not only maximize your Medicare Home Health Care Benefits, but also obtain vital coverage for At-Home Care that is not covered by Medicare. Don’t have time to talk right now? No worries, just complete the Contact Us form to the right of the page and let us know a good time to contact you back.

Is Cancer Insurance Worth It?

Is Cancer Insurance Worth It?  In our opinion it is!  Now keep in mind as my grandfather used to say “Opinions are like rear-ends…everyone has one and they usually all stink.”  Now with that being the case, what makes our opinion different.  Well, we are going to back that opinion up with data.

How Prevalent is Cancer?

Cancer is a disease that affects millions of people each year, and the cost of treatment can be significant. While traditional health insurance for those under the age of 65, Medicare, and Medicare Advantage plans can help cover the cost of cancer treatment, it may not cover everything. That’s where cancer insurance comes in. Cancer insurance is a type of supplemental insurance that can provide additional financial support to help cover the cost of cancer treatment.

One of the main reasons to buy cancer insurance is to help cover the cost of treatment. Cancer treatment can be expensive, and the cost of chemotherapy, radiation, and other treatments can add up quickly.  According to The Agency for Healthcare Research & Quality (AHRQ) it is estimated that direct medical costs for cancer in the US back in 2015 were a staggering $80.2 BILLION (while 52% of this amount was for outpatient hospital and doctor office visits).  The National Cancer Institute estimated that cancer-related medical costs in the US were $208.9 BILLION in 2020.

According to the American Cancer Society it is estimated that there will be over 1,900,000 new cancer cases diagnosed in the US during 2023.  The risks of developing cancer are extremely high.  In fact the older that you get the chances increase.  Research shows that 88% of those diagnosed with cancer are over the age of 50.  The chances of cancer increase even more in each individual’s case based on their lifestyle (such as smoking, heavier body weights, drinking alcohol, and their diet).  Keep in mind that if an individual has a family history of cancer, their chances of being diagnosed with cancer during their lifetime can increase even more.

The Costs For Treatment

The list price for many of the needed prescription medicines are now more than $100,000 annually.  According to an article by GoodRx one of the most expensive drugs in the US is Kimmtrak which retails at $18,760 for a single vial.  Annual treatment costs would be $975,520.  Now keep in mind that this is not traditional radiation or chemotherapy treatment.  According to an article published by the American College of Radiology states that the cost to treat prostate cancer with proton therapy radiation can reach $40,000.  Individuals and their families can use cancer insurance to obtain a lump sum of money that helps cover these costs and alleviates the financial burden. While insurance may cover a large portion of the costs of these drugs, there will still be high amounts of out of pocket spending by the consumer. Cancer insurance is worth having because it provides extra money directly to you to help pay for these expenses.

Popular cancer drugs show why cancer insurance is worth it

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What Else Can Cancer Insurance Help With?

Another reason to buy cancer insurance is to help cover the cost of non-medical expenses. Cancer treatment can also include additional expenses such as transportation to and from treatment, lodging for out-of-town treatment, and even loss of income due to time off work. Cancer insurance can ease the financial burden on the individual and their family by providing a lump sum of money that they can use to cover these expenses. Covering these expenses also helps make cancer insurance worth looking at.

How Can It Help If You Have Other Insurance Already?

Cancer insurance can also provide a sense of peace of mind. Knowing that you have additional financial support in the event of a cancer diagnosis can provide a sense of security. This helps individuals and their families focus on recovery and treatment, rather than worrying about financial stress.

It’s also important to keep in mind that cancer insurance can complement traditional health insurance. Cancer insurance can help fill in the gaps that traditional health insurance may not cover and provide additional financial support.  So, let’s take a look at some of these gaps in different types of insurance:

  • Group Health/Individual Health Plans (under age 65 and not on Medicare)
    • Many of these plans now have very large deductibles to make the premiums more affordable to individuals.  In fact many of the individual plans sold through the Affordable Care Act (ACA) have deductibles of $7,500 – $10,000.
    • The average American has saved less money than they need for an emergency situation. According to the data available from the Federal Reserve’s Board Survey of Consumer Finances the median savings balance (not including retirement funds) are as follows:
      • Under 35 = $3,240
      • Age 35-44 = $4,710
      • Age 45-54 = $5,620
      • Age 55-64 = $6,400

While these numbers alone are alarming, according to data provided by Bankrate in early 2022, a whopping 56% of Americans would not be able to pay an unexpected bill of $1,000 with their savings.

Even though health plans typically set a limit on the amount a policyholder must pay for medical expenses out of pocket in a calendar year, they do not cover additional expenses that individuals often incur when being treated for cancer, such as:

  • Travel Expenses
    • Gas expense to and from treatment centers
    • Hotel accommodations for spouse/partner while policyholder is undergoing surgery and follow-ups
    • Meals for spouse/partner while traveling with policyholder
    • Possible loss of income for either policyholder or spouse/partner during time of treatment and recovery.

How Does Cancer Insurance Work With Traditional Medicare?

  • Traditional Medicare with a Medicare Supplement Plan
    • If you only have traditional Medicare parts A & B then you will be exposed to such out-of-pocket expenses as the Part A deductible ($1,600 in 2023), Part B deductible ($226 in 2023), Part B coinsurance (20%), any additional excess charge expenses, and all travel expenses. This can add up to a very large sum of money coming out of the retiree’s pocket/savings.
    • Depending on the Medicare Supplement plan that you have, Medicare could cover a portion or all of these medical expenses. Of course, any and all travel expenses would still come directly out of pocket since these plans do not cover those expenses as medical.

How Does Cancer Insurance Work with Medicare Advantage?

  • Medicare Advantage Plan
    • Many of these plans do not have a deductible but have large annual maximum out of pocket exposure (MOOP).  Since many of these plans use a Preferred Provider Network (PPO), we are seeing MOOPs from $7,500 in network and $11,000 out of network.
    • Chemotherapy and Radiation treatment is usually covered at 80% which leaves a 20% obligation to the insured.  This means that the $7,500 in expenses would be easily reached and could cause financial distress to that policyholder.
    • Medicare Advantage plans do not cover travel expenses

The Final Thought

Those diagnosed with cancer will receive additional financial support from cancer insurance. It can help cover the cost of treatment, non-medical expenses, and provide a sense of peace of mind. It’s important to speak to an insurance agent to understand the coverage and options that are available.

You can then make an informed decision about whether cancer insurance is the right choice for you. Understanding that cancer insurance is a compliment to traditional health insurance is very important. To find out if a cancer insurance is worth it and right for you. Contact Senior Benefit Services, Inc at (800) 924-4727.

Request more information about whether cancer insurance is worth it
Click above to request more information on cancer insurance plans available in your area.

The Best Dental Insurance For Seniors and Retirees On Medicare

Beyond Basic Medicare: Top-Tier Dental Insurance For Seniors

After retiring and going on Medicare, many seniors are shocked to find out that traditional Medicare does not cover routine dental expenses. 

Thankfully, you will read about some popular dental insurance plans tailored for seniors that are available to address this need.

These plans ensure your teeth stay healthy without causing financial stress in your golden years.

With supplemental dental insurance, you can protect both your smile and your savings. In this article, you will discover how you can enjoy dental insurance for seniors with Medicare.

Dental Insurance for Seniors
Senior Dental plans to fit all needs and budgets.

Additionally, Senior Benefit Services offers many dental insurance plans for seniors on Medicare to ensure you can pick a plan that best fits your needs and budget. 

Many of our plans use no network of providers, so you are free to use your current dentist. 

Of course, if you wish to save even more money on your plan, you can opt to go with one that uses a network of dentists and choose from that list. 

The great news is that by us offering so many different plans, the choice is yours!

Take The Guess Work Out! Get A FREE Quote Today!

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Senior Dental Plan Benefits

Looking for the best dental insurance for seniors on Medicare? As a senior, taking care of your teeth is crucial for both your oral and overall health.

However, with so many dental plans and insurance options available, finding the right coverage for your needs can be tricky.

Whether you’re wondering if Medicare covers dental care or if there are any free dental care options available, this blog post has got you covered.

Here, we’ll discuss everything you need to know about the best dental insurance for seniors on Medicare, so you can make an informed decision about your oral health.

Check out the benefits that many of our plans offer:

  • Up to $5,000 in annual coverage
  • Choose your own dentist
  • No underwriting (this means there are no health questions and you are guaranteed to get the plan)
  • Preventive and Basic services are covered immediately with no waiting periods

Does Medicare Pay Anything on Teeth?

Firstly, let’s address the most pressing question: Does Medicare pay anything on teeth? Unfortunately, no. Original Medicare (Part A and Part B) does not cover routine dental care, such as cleanings, fillings, extractions, and dentures.

However, there are some exceptions. For instance, if you require a dental procedure due to an injury, a medical condition, or hospitalization, Medicare may cover it as part of your inpatient or outpatient treatment.

Additionally, some Medicare Advantage (Part C) plans offer dental coverage, although the benefits and costs vary widely by plan and location.

Do Seniors Get Free Dental Care in the USA?

Do Seniors Get Free Dental Care in the USA?

In general, no. While there are some government-funded dental clinics, such as those run by the Department of Health and Human Services or the National Association of Free & Charitable Clinics, they have limited availability, eligibility requirements, and services.

Some states also offer dental coverage under Medicaid, but again, the benefits and criteria vary by state. Your best bet for affordable dental care as a senior is to shop around, negotiate rates, and ask for discounts or payment plans from your providers.

You can also consider joining a dental savings club, which typically offers discounts on a wide range of dental procedures with no waiting periods, annual limits, or paperwork.

The option that gives you the flexibility to get the benefits you need at the price you can afford is a stand-alone dental plan.

What Is A Discount Dental Plan?

The key point to understand is that a discount dental plan is NOT insurance.  You are basically paying an annual fee to receive ‘discounted’ dental services. 

You are required to use a dentist that is part of the discount plan’s network.  Before signing up for a discount dental plan it is wise to first make sure that your current dentist is in their network.​

Best Dental Plan

The best dental plan is one that your dentist takes. Make no mistake, this is the first priority since most plans use a network of dentists.

If your dentist is not in that plan’s network, you could be looking at either bills not being covered at all, or a reduced amount being paid out for being out-of-network.

The next thing you want to make sure is that the dental insurance for seniors plan covers more key procedures than it excludes.

Case in point, some dental plans will not cover implants, while others will.

If the plan covers implants or another major procedure, does this mean that you can simply wait until the dentist tells you that you need this service and then go get a policy to immediately pay for it? This is a resounding No!

We would all love to be able to pay a monthly premium of around $40 to have $5,000 of expenses paid. The reality is that insurance doesn’t work this way.

Most dental plans have waiting periods for major services that can be up to 12 months.

This protects the insurance company from having someone simply sign up, pay $40 and then get the expensive procedure done (and then maybe cancel their policy afterwards).

Last but not least, the dental plan you choose should be within your budget. Plan premiums can vary based upon the carrier and the benefits they will pay out in a given year.

This doesn’t mean you should simply shop for the lowest premium plan.

The reality is that one of the lowest priced plans on the market also offers the most basic of benefits and has a low annual maximum benefit.

Read our article on Best Dental Insurance for Seniors on Medicare to see our top picks.

Who Has The Best Dental Insurance Plan for Seniors on Medicare?

While there is no one-size-fits-all answer, some dental insurance for seniors can offer comprehensive coverage including APEX Dental, Cigna, Mutual of Omaha, Manhattan Life, and Humana.

These plans typically cover preventive care, basic and major services, with options to customize your deductible, coinsurance, and premiums.

However, be aware that some plans may exclude certain procedures or providers, have waiting periods or limitations on coverage, or require preauthorization for specific treatments.

Breaking Down The Plans

Manhattan Life

The Manhattan Life dental, vision, and hearing plan

The Manhattan Life dental, vision, and hearing plan has been on the market for a number of years and continues to be a client favorite.

While you can choose your dentist, you will get the most bang for your buck by using one that is in their network. The plan uses the Careington network which is quite robust.

What we like about it:

  • Built in hearing benefit
  • Built in vision benefit
  • Monthly premiums as low as $40.23 for individual
  • Guaranteed Issue (no health questions)

Mutual of Omaha

Mutual of Omaha

If you seek a budget-friendly, no-frills dental plan, this might suit your needs. The plan works best for folks whose dentist is in the network. This plan does not offer any hearing or vision benefits.

What we like about it:

  • Large network of dentists
  • Issued up to age 99
  • Monthly premiums as low as $25.76 for individual
  • Guaranteed Issue (no health questions)

APEX

Apex Dental Plan

The APEX dental plan is a newer plan that came onto the market in recent years. It uses one of the largest PPO networks of dentists and is currently available in 13 states with more being added almost each month.

What we like about it:

  • Up to $5,000 in annual benefits
  • Coverage for implants
  • Waiting period waiver for major services if coming from another dental plan that has been effect.*
  • Built in hearing benefit
  • Optional stand-alone vision plan can be added.
  • Monthly premiums as low as $44.01 for individual
  • Discounted rate for spouse
  • Guaranteed Issue (no health questions)

Guarantee Trust Life (GTL)

Guarantee Trust Life

The dental plan from GTL is one of the only plans on the market that does NOT use a network of dentists. This means you can literally go see any dentist that you want. While your chosen dentist may not file the claim, this plan still permits you to see them. Simply pay the dentist upfront, then provide your agent with the itemized billing to file the claim.

What we like about it:

  • See any dentist that you want.
  • Built in hearing benefit
  • Built in vision benefit
  • Monthly premiums as low as $46.25 for individual
  • Guaranteed Issue (no health questions)

Finding the right dental insurance for seniors on Medicare can be challenging, but not impossible. By understanding your dental needs, budget, and preferences, and comparing various plans and options, you can make an informed decision that suits you best.

While we have outlined some great plans above, be sure to contact us at (800)924-4727 to see what other plans we have available in your state.

Does Medicare cover all dental Issues? 

That is a Yes & No question.

Fortunately, Medicare provides coverage for quite a bit of our healthcare, and even some dental when it is truly health related.

Medicare covers dental services such as routine dental care, emergency dental, dentures and much more.   

Medicare and Dental Implants

Is it true that Medicare now pays for dental implants? Unfortunately, no. Original Medicare (Part A and Part B) does not cover routine dental care or dental implants.

However, some Medicare Advantage plans (Part C) might offer dental benefits, including coverage for dental implants.

To find out if your Medicare Advantage plan covers dental implants, check your plan summary of benefits or call your plan provider.

Keep in mind that even if your plan covers dental implants, you might still have to pay a portion of the cost as a copayment, coinsurance, or deductible.

Choose the right Medicare Dental Insurance Plan For You

Besides dentures, dental implants are one of the other concerns that many retirees are concerned about.  While dental implants permanently anchor prosthetic teeth into the gum line, this procedure is also NOT covered by original Medicare

Private Dental Insurance For Seniors

Some stand-alone dental insurance plans for seniors on Medicare actually provide benefits for dental implants. These benefits typically range anywhere from $1,000 – $5,000 per year.

The cost for these plans are very affordable, but the pricing will be directly related to the amount of annual benefits the plan will pay out each year. In other words, the higher the annual maximum of benefits equates to a higher monthly plan premium.

Does a Medicare Advantage Plan cover dental benefits?

Yes.  Many Medicare Advantage plans offer a limited benefit for dental coverage.  Typically these services must be provided by a dentist that is in their network.

What is the best dental plan for seniors on Medicare?

There is no one-size-fits-all answer to this question, as the best dental plan for seniors depends on various factors, such as your budget, oral health needs, and personal preferences. Before choosing a dental plan, do your research, compare costs and review benefits.

Can I get additional dental coverage if I have a Medicare Advantage plan?

Yes! Many times the amount of coverage a person may have with a Medicare Advantage plan is less than what they desire.

An example of this would be a person who has dental benefits with their Medicare Advantage plan, but it only provides up to $1,000 in annual benefits.

Medicare dental implant

This individual could purchase a stand-alone dental plan that provides them with an additional $1,000 of benefits each year for a minimal monthly expense. Of course they could also choose to add up to an additional $5,000 per year in benefits if it is affordable to them.

Are dental implants worth the expense?

The answer to this question depends on individual circumstances and preferences. While dental implants are usually more expensive than other tooth replacement options, such as dentures or bridges, they also offer several advantages, such as improved comfort, function, and aesthetics.

In addition, some seniors on Medicare do not like the feeling of dentures. Moreover, dental implants can last for decades, which can make them a cost-effective long-term investment.

Why do full mouth dental implants cost so much?

Full mouth dental implants refer to the replacement of all teeth with implants. This procedure is more complex and time-consuming than single tooth implants and may require additional treatments, such as bone grafting or sinus lift.

The cost of full mouth dental implants can vary depending on many factors, such as the number and type of implants, the surgeon’s skill and experience, the geographic location, and any associated fees. It’s important to ask for a detailed treatment plan and cost estimate from your dentist.

Does Medicare Part B cover any dental services? 

Medicare Part B may pay for a dental exam if it is required to be completed before a procedure is able to be performed such as open heart surgery.  In addition, for these services to be covered you must have an underlying health condition.  Our advice is to always ask if the service will be covered by Medicare prior to having services performed. 

What are my coverage options for dental care?

Private dental plans are one of the most popular options that we see people use to cover dental care.  Many of these plans also offer additional benefits to help cover vision and hearing as well.

Get Your Free Dental Insurance Quote

If you are enrolled in a Medicare Advantage plan you can check your plan benefits to see if dental is a benefit, or if you can add additional coverage for these benefits.  Since Medicare Advantage plans typically are network driven you will most likely have to use a dental provider who is in that plan’s network.  Some other key points to keep in mind:

  • Most dental coverage under Medicare Advantage Plans have a coverage limit which may be lower than a private dental plan.
  • Most costs incurred will require you to pay a co-insurance rather than a small co-pay.
  • May restrict how often they cover a particular dental benefit.

Does Medicare cover teeth cleanings?

No.  Traditional Medicare nor Medicare Supplement plans cover teeth cleanings.  This is another reason why it is advisable for seniors to look at dental insurance plans.

Do Veterans receive any dental benefits? 

Veterans may be eligible for reduced cost dental care or insurance.  If you are a veteran, then you can start here to see if you qualify for those benefits.  The VA does have clinics that provide dental care and those locations can be found here.

Take Action!  

Hopefully, this article helped to alleviate some of your fears about who would end up paying for dental care, implants, and dentures.

Medicare coverage of dental services can sometimes be a bit confusing.

Senior Benefit Services has been in the Medicare business for decades and understands your concerns.   

To make sure everything is understood correctly, give a Senior Benefit Services Expert a call today at (800)924-4727.

How To Get A Dental Insurance Plan

It is really simple.  All you need to do is either call us at (800)924-4727 or complete the form below to request a FREE…No obligation quote.

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*Not all plans are available in all states.

Contact To Us To Discuss Your Dental Insurance Options

Senior Benefit’s Hagerstown Office

We are here to help. Contact us today!

Hours:

Monday – Firday : 9am – 5pm EST
Sat & Sun: Closed
Get Your Free Customized Medicare Advantage Supplement Quote

Senior Benefit’s Thurmont Office

We are here to help. Contact us today!

Hours:

Monday – Firday : 8am – 4pm EST
Sat & Sun: Closed
Get Your Free Customized Medicare Advantage Supplement Quote

Senior Benefit’s Cumberland Office

We are here to help. Contact us today!

Hours:

Monday – Firday : 9am – 5pm EST
Sat & Sun: Closed
Get Your Free Customized Medicare Advantage Supplement Quote

Long Term Care Insurance Policy

Couple looking at health insurance and long term care plans

What’s involved in seeking a long term care insurance policy? Many people, as they move toward Medicare age, still don’t understand why this type of insurance would be important.  In fact many Medicare beneficiaries are quite shocked to find out that Medicare does not provide benefits for custodial or even intermediate care in a nursing home or assisted living facility.

However, long-term care insurance represents some of the realities around evolving medicine and longer life spans.  In the old days, a lot of the focus was on life insurance.  If the wage earner were to die prematurely, then the financial burden left on the surviving spouse could be immense.  Life insurance protected the income for the surviving spouse.

But in retirement, life insurance is less of a necessity. Long term care insurance addresses a more prevalent risk – that instead of suddenly passing away, someone might spend months or even years in a nursing home.  Most nursing home stays are not covered by Medicare, so it falls on the consumer to either private pay or have insurance to cover the costs.

Long-term care insurance also addresses the risk of depleting a person’s nest egg and retirement resources due to the need for extended care.

Considerations for a Long-Term Care Insurance Policy

Those approaching Medicare age should think about how they will handle covering the costs for an extended nursing home stay or even needing home health care for an extended period of time.

This approach holds true whether consumers are wanting to remain in their own home, need to enter an assisted living facility, or a nursing home during their remaining years.  Keep in mind that many of the more reputable assisted living facilities and nursing homes have a wait list.  Many times an individual who has a well put together long term care insurance policy will move up thru the wait list faster than someone who doesn’t.

Additional Considerations

Deciding on the right long term care policy takes time, energy, and specific research.  There is no need to do this alone.

In past blog posts, we wrote quite a bit about Medicare Supplement and Medicare Advantage plans, and why they are necessary. Long-term care insurance plans are necessary for a different reason. They are very much focused on the idea that a increased percentage of retirees at some point either need extended home health care, or will enter a nursing home.

We aim to be a comprehensive resource for those with questions about this type of insurance and related needs. Our advisors do the work so that retirees won’t be overwhelmed by all of the research and complexities that goes into proper insurance planning in retirement.

Senior Insurance Needs

Retirement planning

Senior Benefit Services offers other services that help complete the needs of today’s retirees.  We provide transparent data to help you plan for your retirement needs.

We do not work for one insurance company, but rather represent well over 70 insurance carriers.  This allows us to help you choose coverage that will work best for you. That’s important!

While many of our clients begin working with us for their Medicare needs, they are relieved to know that we can help them with other needs as well.

 

Other Services Offered By Senior Benefit Services

 

Dental, Vision and Hearing Coverage

Traditional Medicare and Medicare Supplements were not designed to provide coverage for routine dental, vision and hearing services.  If you already have health insurance coverage but are looking to add one or all 3 of these additional benefits we can help.  Get a Free quick quote now.

Income Planning

One of the biggest fears that most retirees face is the chance of outliving their savings.  For married couples the concern is even greater since many times one spouse will substantially outlive the other spouse.  To request more information about Lifetime Income Planning click here and be sure to select the box “Immediate Annuity (Income Provider)”

Additional Savings Options

When someone retirees, they may have savings held in a traditional savings account, certificates of deposit, or even money market accounts.  While there is nothing wrong with these types of accounts, a retiree can typically get a better interest rate with a fixed annuity.  To get request current guaranteed interest rates click here and be sure to select the box “Multi Year Guarantee (CD Style)”

Life Insurance

When it comes to life insurance, there are so many needs that can be solved by this product such as:

  • Cover final expenses
  • Provide additional funds to a surviving spouse
  • Debt Payoff
  • Mortgage or Home Equity Payoff
  • Wealth Transfer
  • Legacy Planning
  • Charitable Contribution
  • and much more….

Not sure if you have enough life insurance, or even the right type, then click here for one of our advisors to contact you for a quick review.

 

Long-Term Care (LTC)

Another big consideration is figuring out what happens if someone becomes unable to take care of themselves.  Keep in mind that care can be provided in the comfort of your own home, an assisted living facility, or even a nursing home.  What do all 3 of these locations have in common?  The cost for the care is very expensive and not covered by Medicare.  There is quite a bit of information to digest when it comes to Long Term Care Insurance.  When you are ready to have an open and honest discussion about long term care, click here to be connected to one of our advisors.  Many of our advisors have experienced first hand how LTC needs can impact a family both financially and emotionally.

 

 

What Is Long Term Care Insurance?

One of the biggest obstacles that consumers face when it comes to long term care is the mental picture of where that care will take place.

Most are quite shocked to find out that in many cases the care is provided at home.

The only problem is that most people do not realize that the burden of care usually is put upon a loved one such as a spouse or child.

You have a couple of options when considering your long term care and how you pay for it.

Nursing Home Care

We will discuss common long term care insurance questions, the costs and your options to help you make the best decision for your future care.

What Is Long-Term Care?

Long-term care is assistance people need when they no longer can care for themselves.

This may be due to an accident, disability, prolonged illness or the simple process of aging.

Long-term care services include:

Help at home with day-to-day activities, such as cooking, cleaning, bathing and dressing.

Care in the community, such as in an adult day care facility.

Supervised care provided in an assisted living facility.

Long-term care insurance can help pay for the services you need in a setting that’s right for you.

What do long-term care services cost?

Long-term care services can be expensive, and costs vary widely based on where you live.

Nationally:

The average daily rate for a private room in a nursing home is $203, or $74,095 per year.

The average daily rate for a semi-private room in a nursing home is $176, or $64,240 per year.

The average hourly rate for a home health aide is $19.

The average hourly rate for a homemaker/companion is $17.

Source: The MetLife Market Survey of Nursing Home & Home Care Costs. September 2005, MetLife Mature Market Institute

How will I pay for long-term care services?

You have a variety of options when it comes to paying for the long-term care services you need.

Here are some options to pay for your long term care services:

You can pay for these services out of your own pocket and risk depleting a lifetime of savings.

You can apply for Medicaid, but you will be required to spend down your assets to meet federal and state requirements in order to be eligible.

You can purchase an individual long-term care insurance policy.

Will my Health Insurance or Medicare pay the bills?

Many people are surprised to learn that most health insurance policies, including Medicare and Medicare Supplements, do not cover most long-term care costs.

Medicare will not pay for assisted living care and only a limited amount for skilled home care, which is not the ongoing personal assistance most people need.

Medicare only pays about 12% of costs for short-term care in a nursing home following hospitalization.

The sooner you begin planning for your long-term care needs, the better.

If your health changes or you’re in an accident, you could become uninsurable.​

And, because premiums are based on your age when you apply, the sooner you act, the lower your premiums.

How can I afford a Long Term Care policy?

I can’t afford a $10,000 a year premium!  

This statement is more based on myths than facts.

Most people do not pay anywhere close to this amount for a long term care policy.

Is it possible?

Yes!

A person who waits until they are age 80 and has multiple health conditions could very well end up paying a premium like that.

It is for this very reason that we advise our clients on purchasing their coverage as soon as possible.

In addition there are certain riders that are better suited for some people but not for others.

Your long term care plan should be custom tailored for you….and that is exactly what we do.

Take Action! 

The simple truth is that every day you wait, you remain unprotected, you risk becoming uninsurable and the cost of coverage will cost more.

Long-term care insurance can help protect your assets and also preserve your freedom of choice – the choice to remain independent, not burden family or friends with your care – and a choice to keep a lifetime of savings intact for the things you really want to do.

Request a free long-term care quote with Senior Benefit Services today!

Life Insurance For Seniors

As you get older and life insurance premiums increase the question of whether Senior Life Insurance Plans makes sense for you can be a bit murky.

Here’s the great thing about Senior Life Insurance Plans…

They work the same as traditional life insurance so if you have some familiarity with end of life insurance than there won’t be a big learning curve like Medicare or Medicare Supplement Plans.

Senior Life Insurance Plans

Regardless if you have any experience with life insurance, we will review the main senior life insurance plans available to you in 2019.

Retirees Life Insurance Portfolio

There are two schools of thought when it comes to a retirees life insurance portfolio:

  1. 1You don’t need much. This school of thought usually goes back to the philosophy that you were insured by a term life insurance plan and invested heavily.  Since you are now at an age when your biggest financial burdens have passed (ie. children are grown, home is paid for, concern of premature death) there is no longer a need for large life insurance policies.  In essence you have invested well and you have not only enough money to fund your retirement years (including your spouse), but also cover any estate taxes that your heirs will incur.
  2. 2You need enough to make sure your wishes are carried out. This school of thought is what our advisers follow!  Each person not only has a different financial makeup, but they each have different goals.  Let us listen to what you want and then we can help you reach your goals.

What kind of life insurance is right for you?

Traditional Whole Life

This plan is usually paid for the life of the policy.

Whole life insurance provides the fixed guarantees that the benefit will be paid upon your death to a loved one or even a non-profit organization such as your place of worship.

These plans are typically not affected by changes in the market interest rates.

There are certain limited pay options on life insurance plans.

The most popular are 10 and 20 years.

While these plans are more expensive, they do allow you to set a maximum time period that you wish to pay on the premiums.

Universal Life

This type of plan does enjoy some of the same benefits or a whole life policy, but it is usually tied to a projected interest rate that can fluctuate quite dramatically over the life of the policy.

While sometimes this can cause a negative effect, it can also bring about a positive growth of cash value.

If the interest rates being paid on a universal life policy were to drop and remain at levels below the projected amount, the policy could deplete all of it’s cash value.

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This in turn would cause the consumer to decide whether to pay a higher premium to keep the policy active or even possibly choose to end it due to affordability.

You may have heard an agent use a phrase such as “the cash value bottomed out”, which describes this exact situation.

Many people have been caught in this exact situation from policies they purchased in the late 80’s and into the 90’s.

The problem began with the amount of interest that was being projected on the consumer proposals.

It was not uncommon for someone purchase a universal life plan with an 8% projected interest rate.

While the consumer may have received an 8% interest rate credited to their cash value for maybe 3 or even 5 years, those rates eventually began to shrink.

This is what eventually led to many policies running out of cash value.

In today’s market it is extremely important to use conservative projections on a universal life plan.

Many plans now have a guarantee that will have the policy last to age 100 (some even longer) as long as the policyholder pays the set premium (target premium) and does not miss a payment.

This guarantee remains in place even if  the cash value runs out.

Term Life

This type of plan usually builds no cash value and has a limited life.

Most people use term life to cover paying off a debt if a pre-mature death were to occur.

An example would be an individual who decided to take out a $100,000 home equity loan with a 15 year repayment schedule.

The least expensive way to cover this loan if death were to occur before the 15 year period were up would be to purchase a $100,000 (15 year term life ) policy.

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Variable Universal Life

This type of plan has it’s cash value tied directly to a mutual fund or family of funds.

Senior Benefit Services, Inc. does not offer this type of plan at this time.

Take Action!

Request a free life insurance quote with Senior Benefit Services today!

Hospital Indemnity Insurance

Hospital Indemnity Insurance

Many consumers purchase Hospital Indemnity Insurance Plans to help offset the hospital co-pays of their Health Insurance Plans such as Medicare. 
Some of the better plans include daily hospital , ambulance, skilled nursing, durable medical equipment, lump sum cancer, and surgical benefits.

A hospital indemnity plan provides coverage no matter where you get care in the United States. All benefits are paid directly to you. Health insurance does not cover all of the costs associated with injuries or illnesses.

In addition to deductibles and coinsurance, consumers may incur extra expenses. This could be a private room and private duty nursing fees, transportation, lawn and house care, and pet care.

So What Is Hospital Indemnity Insurance?

The first thing to understand is that hospital indemnity insurance pays cash benefits directly to the policyholder.  This happens regardless of any other insurance they may have.  As the benefits are paid directly to you, you can use the funds to cover your immediate expenses.

In addition, many plans allow you to not only have the base coverage for each night that you spend in the hospital, but will also allow you to purchase riders to include such things as:

Ambulance coverage – many times an individual might incur an ambulance charge (especially if they have a Medicare Advantage plan).  Including this rider at a reasonable cost provides benefits for the service, even if no hospital stay occurs.

Skilled Nursing Facility coverage – while traditional Medicare covers the first 20 days of skilled nursing facility care (after an individual spends 3 prior nights in the hospital before entering the facility), sometimes folks do not end up meeting the 3 day prior night requirement.  Also, those folks covered by a Medicare Advantage plan may not have first day coverage and might have to cover a daily co-payment in the skilled nursing facility during the first 20 days.  This rider puts the money directly in your pocket to use as needed.

Lump Sum Cancer Rider – with cancer affecting so many folks above the age of 65, this rider is a very important one.  If you received a cancer diagnosis, where would you prefer to receive treatment?  Would you want to go to the best cancer specialist or facility for the type of cancer you have?  Of course you would!  This rider puts thousands of dollars in your hands upon diagnosis of a life threatening cancer.  Now you can get the treatment you deserve!

Most Frequently Asked Hospital Indemnity Plan Question:

“Why should I consider an extra plan like this if I already have a Medicare Advantage or Group Health Plan?

The easiest way to explain this is with an example of a 65 year old consumer who has purchased a health insurance plan that has a hospital co-pay of $250 per day for the first 5 days that the consumer is responsible for paying. 

This means that the consumer has up to $1,250 they could be responsible for during a hospital stay.

If this individual were to go into the hospital for a 7 day stay, they would be responsible for paying $1,250 in co-pays.

Additionally, let’s assume that an ambulance took this person to the hospital.

Let’s say the health insurance plan the consumer purchased has a conservative co-pay of only $50 for each ambulance trip. 

Keep in mind that most of the plans have ambulance co-pays that range from $100-$200 per trip.

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Currently this consumer is now up to $1,300 in co-pays that they are responsible for.

This same consumer could purchase a hospital indemnity plan with an ambulance rider that would pay $250 per day in the hospital and $200 per ambulance trip for less than $22 per month.

This plan would have paid on this particular situation $1,250 for the hospital stay and $200 for the ambulance trip for a total of $1,450.

For most consumers it is much easier to budget a monthly premium of around $22.00 for Hospital Indemnity Insurance than to come up with $1,450 or more at one time.

Highlights of Hospital Indemnity Plans

Not all plans or riders are available in every state.

Limited benefit plans, Hospital Indemnity Insurance plans pay all benefits directly to the consumer.

In addition to any other insurance plan the policyholder might have, the policy will pay benefits.

These plans don’t supplement other health insurance or replace any traditional health insurance you possess.

Alternatives To Hospital Indemnity Plans

While a Hospital Indemnity Plan may be right for you, a more commonly purchased solution is a Medicare Supplement Plan.
Many of the plans, such as Medigap Plan F and Plan G, will cover the costs for whatever Medicare Part A does not cover.

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Understanding Coverage Types and Payments

Hospital indemnity plans are a type of insurance policy that covers certain unpaid costs left by your essential healthcare. Depending on the indemnity plan you choose, the insurer pays a designated amount either per visit, per day, week, or month that you are in the hospital for medical care.

These plans are considered supplemental insurance coverage that can’t stand alone as your primary basic healthcare coverage. As indemnity plans aren’t counted as minimum essential coverage, they are intended to complement your essential coverage by aiding in costs left unpaid.

Impact on Medical Debt

Unfortunately, many people are currently struggling to pay back medical bills left unpaid by insurance companies. Medical debt causes undue stress on families, some of whom are forced to take money from retirement, college, or other long-term savings to pay back exorbitant hospital services fees.

Medicare Advantage Cost Sharing Example

Many Medicare Advantage plans have daily co-pays of $300 per day for up to a certain amount of days.

If you happen to have an Advantage plan with a cost sharing expense of $300 per day for the first 5 days in the hospital, then your exposure is $1500 for that stay.

Hospital indemnity plans allow you to put that financial exposure onto the insurance company. In essence you are buying dollars of coverage for pennies.

Take Action!

With your enhanced grasp of Hospital Indemnity Plans, engage a Senior Benefit Services expert to address your situation.

Contact a Senior Benefit Services advisor at (800) 924-4727 to determine if a hospital indemnity plan is right for you.

You are never under any cost or obligation.

Senior Benefit’s Hagerstown Office

We are here to help. Contact us today!

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