5 Questions to Ask When Planning for Long-Term Care

(Family Features) You may not want to consider a time when you might not be able to fully take care of yourself, but the reality is there is almost a 70% chance someone turning 65 today will need some type of long-term care service and support in his or her lifetime, according to the U.S. Department of Health and Human Services.

Even if you’ve worked hard to save for retirement and create the financial security you want in the future, the need for long-term care could throw a wrench into even the most well-thought-out plans and impact you and your loved ones’ finances.

Consider these questions as you begin the long-term care planning process.

What is long-term care?
Different from traditional medical care that treats illnesses and injuries, long-term care includes services designed to help you maintain your quality of life and perform everyday activities even if age, illness, injury or a severe cognitive impairment make it a challenge to take care of yourself for an extended period of time. Long-term care services help with common daily functions including dressing, bathing and eating, and even skilled nursing services such as giving medication.

When should you start thinking about long-term care planning?
Because you never know when a need for care may arise, planning for care when you are younger and healthier can provide additional options as you’re more likely to qualify for coverage. Plus, cost is based on your age when you apply, so waiting can end up costing you more. Some people are beginning to plan as early as in their 40s.

How much does long-term care cost?
Long-term care costs vary depending on where you live, the type of care provided and the setting. Home-care services average $24-$135 per hour, according to the New York Life Cost of Care Survey, while private rooms in nursing homes can cost more than $100,000 a year.

Long-term care is generally not covered by health insurance, and government programs like Medicare or Medicaid have limitations, which often isn’t discovered until care is needed. However, New York Life offers long-term care options to AARP members and provides specially trained agents who can provide guidance. The agents can work with you and your family to create a customized plan based on your financial goals, helping protect your assets should you ever require long-term care.

Where is care provided?
Long-term care can be provided in a variety of settings, including at home, in an assisted-living facility or in a nursing home depending on the amount and type of care needed. In fact, some insurance plans cover care on a part-time basis by a family member or home health worker. Planning ahead can allow for more control over how and where you receive care.

How much coverage do you need?
The amount of coverage you need typically varies based on several considerations including budget, age, the type of care expected and how much of your assets and income you may be willing to use to offset the care costs. You don’t have to cover your entire risk – choosing a modest amount of coverage can still provide benefits and help protect other assets.

While planning for long-term care can seem daunting, you can find more benefits and information to make the process easier at aarp.org/benefits.

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(BPT) - As we get older, the ones we love inevitably age too. For many, there comes a time where you are no longer just a son, daughter or family member — you’re a caregiver. Ensuring your aging parent or loved one is able to manage and afford their medical treatments can have an enormous impact on their health and quality of life.

Dan Klein, president and CEO of the Patient Access Network (PAN) Foundation, the largest independent charitable organization dedicated to helping people pay their out-of-pocket costs for prescribed treatments, offers five simple ways you can help an aging family member manage their treatment — so you can both live healthier and happier lives.

1. Meet with their doctor or healthcare provider.

Building a relationship with their healthcare provider will help lay the groundwork for future communication and care management. Before attending an appointment, talk to your parent or family member about their needs and concerns, make a list of the medications they are taking and the renewals they may need and determine together what you’d like to accomplish. If drug costs are a financial burden, don’t be shy about asking for samples or if there are less expensive generic equivalents available.

2. Check in with the pharmacist.

Connecting with your parent or family member’s pharmacist is an excellent way to become familiar with their treatment plan and ask questions about potential side effects and interactions of prescribed drugs. Be sure to ask about mail order options offered by some insurance plans and specialty pharmacies, which can save money and time by delivering a three-month supply of medication directly to their home.

3. De-clutter the medicine cabinet.

It is common for those struggling with chronic or multiple illnesses, particularly in old age, to have multiple prescriptions from different healthcare providers, each with complicated regimens that may make it difficult to keep track of what pills to take and when. You can help by ensuring their medicines are organized, accessible and stored appropriately.

Auditing their medicine cabinet is a good place to start. Make note of anything that is running low and order refills where needed. You can visit fda.gov for information on how to appropriately dispose of medications that have expired or are no longer necessary.

A pill organizer box can help keep track of complicated treatment schedules and reduce the risk of missing a dose or doses. Free pill reminder apps, such as Medisafe Pill & Med Reminder, allow you to manage the accounts of multiple family members.

4. Review Medicare or insurance coverage.

Diagnoses and treatments can frequently change and it’s therefore important to ensure your parent or family member’s Medicare or insurance plan still meets their needs. It is worth paying particular attention to their prescription drug plan, which can differ year to year. Online tools, like The National Council on Aging’s Benefits Checkup Tool and Medicare Interactive sponsored by the Medicare Rights Center can help you review benefits and find the best option for them.

They may also be eligible for other Medicare programs — like a Low-Income Subsidy — that can lower out-of-pocket costs.

5. Find out if charitable financial assistance is available.

The PAN Foundation is one of several charities that provides financial assistance for out-of-pocket costs. You can learn more about patient assistance charities at panfoundation.org. You can also download FundFinder, a free app developed by the PAN Foundation that notifies you when assistance becomes available from any of the major charitable patient assistance foundations.

Protect Your Health and Your Card

Making the most of Medicare Open Enrollment

(Family Features) Eating well and regular exercise are part of a healthy lifestyle, and so is making sure you have the right health care coverage. Medicare’s annual Open Enrollment period is a good time to review your current coverage and decide if there may be a better fit based on changes to current plans, your budget or health needs.

During Medicare Open Enrollment, which runs Oct. 15-Dec. 7, 2017, you can enroll in or make changes to your Medicare health or prescription drug plan for coverage that begins Jan. 1, 2018. If you miss the deadline, you will likely have to wait a full year before you are able to make changes to your plan.

To make Medicare Open Enrollment part of your healthy lifestyle, follow these five steps:

1. Review your current plan notice. Read any notices from your Medicare plan about changes for next year, especially your “Annual Notice of Change” letter. Look at your plan’s information to make sure your drugs are still covered and your doctors are still in network.

2. Think about what matters most to you. Medicare health and drug plans change each year and so can your health needs. Do you need a new primary care doctor? Does your network include the specialist you want for an upcoming surgery? Does your current plan cover your new medication? Does another plan offer the same coverage at a lower cost? Take stock of your health status and determine if you need to make a change.

3. Find out if you qualify for help paying for Medicare. Learn about programs in your state to help with the costs of Medicare premiums (through Medicare Savings Programs), your Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) deductibles, coinsurance and copayments, and Medicare prescription drug coverage costs (through Extra Help). Visit Medicare.gov or call your State Health Insurance Assistance Program (SHIP) to learn more.

4. Shop for plans that meet your needs and fit your budget. Starting each October, you can use Medicare’s Plan Finder tool at Medicare.gov/find-a-plan to see what plans are offered in your area. A new plan may:

• Cost less
• Cover your drugs
• Let you go to the providers you want, like your doctor or pharmacy.

If you find your current coverage still meets your needs, then you’re done. Remember, during Medicare Open Enrollment, you can decide to stay in Original Medicare or join a Medicare Advantage Plan. If you’re already in a Medicare Advantage Plan, you can switch back to Original Medicare.

5. Check your plan’s Star Rating before you enroll. The Medicare Plan Finder is up-to-date with the Star Ratings for Medicare health and prescription drug plans. Plans are given an overall quality rating on a 1-5 star scale, with 1 being the lowest performing and 5 stars representing excellent performance. You can use Star Ratings to compare the quality of health and drug plans being offered.

For more information, visit medicare.gov or call 1-800-MEDICARE (1-800-633-4227) and say “Agent.” TTY users can call 1-877-486-2048. Help is available 24 hours a day, including weekends. If you need help in a language other than English or Spanish, let the customer service representative know the language. You can also get personalized health insurance counseling at no cost to you from your local SHIP by visiting shiptacenter.org. More information about Medicare is available on the Medicare Facebook page and by following @MedicareGov on Twitter.

Protect Your Medicare Card

Protect your identity as well as your health by guarding your Medicare card like you would a credit card. Medicare is aiding in the fight against Medicare fraud by removing Social Security Numbers from Medicare cards and replacing them with a new, unique number for each person with Medicare. Medicare will mail the new cards with unique numbers between April 2018-April 2019. Here are some steps you can take to protect yourself from identity theft:

• Don’t share your Medicare number or other personal information with anyone who contacts you by telephone, email or approaches you in person, unless you’ve given them permission in advance. Medicare will never contact you uninvited and ask for your Medicare number or other personal information.
• Tell your friends and neighbors to guard their Medicare numbers.
• Don’t ever let anyone borrow or pay to use your Medicare number.
• Review your Medicare Summary Notices to be sure you and Medicare are only being charged for services actually provided.
• Be wary of salespeople who knock on your door or call you uninvited and try to sell you a product or service.
• Don’t accept items received through the mail that you didn’t order. You should refuse the delivery and/or return it to the sender. Keep a record of the sender’s name and the date you returned the items.

If someone calls you and asks for your Medicare number or other personal information, hang up and call 1-800-MEDICARE (1-800-633-4227) and learn more about how you can fight Medicare fraud at Medicare.gov/fraud.

Information provided by the U.S. Department of Health & Human Services.

3 Steps to Protect Yourself from Medicare Fraud

(Family Features) Every day, Medicare fraud affects people with Medicare and their families across the U.S. – regardless of background – robbing them of hard-earned money and peace of mind.

Scammers know the ins and outs of the Medicare system and their attempts can be well thought-out enough that it’s not always easy to know when and where fraud is occurring. By remembering some simple but effective tips, you can protect yourself against scams, including identity theft and prescription drug fraud. Remembering to protect, detect and report fraud helps everyone, including you.

1. Protect

Protecting your personal information is your best line of defense against health care fraud. Treat Medicare, Medicaid and Social Security numbers like credit card numbers. Never give them to a stranger and don’t carry your cards unless you need them for appointments. Medicare doesn’t call or visit to sell you anything. Outside of a trusted health care setting, never give this information to anyone who asks for it.

2. Detect

No matter how careful you are, you may be targeted for fraud. Always review your Medicare statements closely. Things to look for include charges for something you didn’t purchase or receive, duplicate charges and charges for services not ordered by your doctor. Compare these documents to your personal records and receipts. Recording medical visits and procedures in a journal or on a calendar can help you keep track of what happened at each appointment and make it easier to spot inaccuracies.

3. Report

If you suspect you’ve been a target of fraud, report it. This can help you and others at risk for fraud. If you have questions about your Medicare statements, call your health care provider.

If you’re uncomfortable calling or are not satisfied with the response, help is available through your local Senior Medicare Patrol (SMP). SMP volunteers work with Medicare beneficiaries and their families and caregivers to stop health care fraud, errors and abuse. You can also report suspicious calls and direct general questions through this resource. You can find your local SMP program by calling 1-877-808-2468 or at SMPresource.org.

Suspected fraud can also be reported to 1-800-Medicare or by calling 1-800-HHS-TIPS.

Don’t hesitate if you need help
Funded by the Administration for Community Living, part of the U.S. Department of Health and Human Services, the SMP program provides outreach, counseling and education by highly trained volunteers in a variety of locations. For free, confidential support, contact your local SMP program.

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Maximizing Your Assets in Retirement

(Family Features) No matter how diligent you may have been about saving for retirement, unexpected life changes and economic realities can negatively impact your retirement budget. Sustained low interest rates have suppressed yields on income from bonds and rising health care expenses have affected retirees of all ages.

Many retirees are surprised to learn that one of the most valuable assets in their portfolios may be a life insurance policy that they no longer need.

It’s not uncommon for people to outlive their need for life insurance, and if you no longer need the policy or can no longer afford the premiums, you could consider selling the policy through a life settlement. This is a financial transaction in which a policy owner works with a company, such as Coventry Direct, to determine if they qualify to sell their life insurance policy. The policy seller receives an immediate cash payment while the buyer assumes all future premium payments. Most life insurance policy types qualify, even convertible term life policies.

Consider this story about a financial advisor who recently retired from a long, successful career. He decided the money he was spending on the rising premiums for his $799,975 life insurance policy could be used to help fund his retirement. After some research, he called Coventry Direct and was happy to learn he had an option other than just letting the policy lapse. He sold his policy through a life settlement for $25,000, which was more than four times the value he would have received if he surrendered the policy back to the insurance company.

If you don’t own a life insurance policy or still need your coverage, you may want to evaluate the real estate you own. Think about downsizing to a smaller home or selling other property you no longer need. Many retirees discover that they have significant equity tied up in real estate – equity that could be used to help fund expenses.

Another useful exercise is reviewing your investments. If your retirement income is failing to produce the amount needed to maintain your lifestyle, you may need to rebalance your portfolio in order to meet your changing needs.

If you find your retirement income is insufficient, there are options available to maximize your assets. For many retirees, an existing life insurance policy may be a hidden asset that can be utilized to generate cash. To learn more about life settlements, visit coventrydirect.com/lifesettlements or call 888-858-9344.

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5 Smart Strategies to Settle an Estate

(Family Features) When a parent passes away, it’s usually left to their offspring to manage and disperse the remaining estate. In the wake of such a loss, emotions can run high, and the sheer amount of paperwork can quickly become overwhelming.

If you’re in the throes of settling an estate, whether by yourself or with the assistance of your siblings, consider these tips to help chart a smoother course.

Get organized. Keep a seemingly endless to-do list manageable by writing everything down. Create a system for prioritizing each task and if there are others who are willing to help, delegate what you can. Establish categories such as bills to pay and other outstanding debts, accounts to close, agencies and organizations that need to be notified of the death and so on.

Know your limits. Some estates are simple and straightforward: There’s a basic will, few assets, known heirs, and it’s easy to grasp what happens next. Others are far more complicated. If you find yourself in over your head, seek help from an expert such as an estate attorney who can guide you through the legalities and paperwork.

Focus on solutions. Remember that even the most seemingly hopeless situations can turn out well if you remain open to exploring solutions. When Karen Jones’ mother passed away, she and her four siblings were left with a house that needed a lot of repairs none of them could afford before it could be sold. Jones learned about HomeVestors from a sister and the two scheduled a free consultation with a local independently owned and operated franchise.

Within 24 hours, Aaron Katz with WinWin Properties presented an offer not only to Jones, but individually to all of her siblings who were not able to meet at the same time. Jones credits Katz’s professionalism, kindness and sensitivity during a difficult time for her family.

An option such as HomeVestors, the largest professional house buying franchise in the nation, offers cash payments and quick closing, which can be helpful in settling an estate. In many cases, homes can also be sold as-is with no repairs and with unwanted contents still inside.

Expect the unexpected. It may come in the form of a change in the will or old letters stashed in a closet, but it’s a safe bet that in settling the estate, you’ll come across something you weren’t expecting. Add this to the emotional simmer you’ve been holding steady and this may be the tipping point to boil you over. Simply put the new information on the back burner for now and return to it later, when you can deal with it more rationally and avoid letting a surprise stain your memories.

Take a break. In the aftermath of a loss, many survivors switch to autopilot, not only to distract their minds from the loss but to regain some sense of control in a situation that can feel helpless. While this coping mechanism may answer a short-term need, be sure to allow yourself time to properly grieve and avoid taking on so much that you neglect your own physical needs, such as food and sleep.

Settling a loved one’s estate isn’t likely to be easy, but taking it all one step at a time will help you take care of business while you make sure you’re still taking care of yourself.

For more information, visit homevestors.com.

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3 Ways Seniors Can Control Prescription Costs

(Family Features) For 55 million Americans enrolled in Medicare, the New Year means any new Medicare Advantage or prescription drug plans, or any changes to your existing plans, take effect. If you signed up for coverage, it’s important to understand how your prescription drug costs may be affected.

Even if you did nothing to alter your coverage, some features of your plan may have changed for 2017. Getting a handle on Medicare Part D prescription drug coverage is important to your health as well as your pocketbook.

“A survey by Walgreens showed that in order to manage prescription drug costs, some people have delayed filling a current prescription or occasionally skipped prescribed doses to stretch medication,” said John Lee, senior director of Medicare at Walgreens. “This is a real concern as it can pose significant health risks, so it’s vital to evaluate your medical situation, have a plan that best fits your needs and then understand how to get the most value from your plan and pharmacy.”

The survey shows that even though prescription drug costs are among the top concerns for Medicare beneficiaries, approximately one out of every five beneficiaries lacks a good understanding of their insurance plan. Roughly the same percentage falsely believes that all pharmacies charge the same copay and one-third of respondents didn’t know they can switch pharmacies at any time, including outside of the annual enrollment period. The survey reinforced the need to educate beneficiaries about how plans and coverage can and do change from year to year. To make the most of your benefits and find potential cost savings for your prescription medications under your Part D coverage, here are three easy steps to get started:

Use a less expensive brand or generic. The brand-name drug your doctor prescribed can do wonders for your symptoms but be worrisome for your budget. Many brand-name drugs have generic or other brand substitutes. First, make sure your doctor considers generic options. If those options aren’t available, there may be lower-cost brand-name drugs used to treat the same condition. Ask your pharmacist if you have that option then talk with your doctor to see if switching brands makes sense in your situation. Finally, whatever your prescription may be, a 90-day supply from your pharmacy can be less expensive out of pocket than refilling every 30 days.

Verify whether your plan has a preferred pharmacy network. Many prescription drug plans have a preferred pharmacy (preferred cost share) network where you can pay a lower out-of-pocket copay for the exact same drug. Walgreens is in the preferred pharmacy network for many of the largest Medicare sponsors and, effective January 2017, offers copays as low as $0 on generic medications for select plans.  Filling a generic medication at a non-preferred pharmacy could cost you $3, $5 or even $10 for the same drug. 

Seek Medicare’s Extra Help program and other ways to save. Medicare offers an Extra Help program to help people with limited income and resources pay Medicare prescription drug program costs, like premiums, deductibles and coinsurance. Make sure you’re taking full advantage of your insurance coverage, which may cover non-prescription items, like vaccinations and certain over-the-counter medications.

Medicare beneficiaries seeking help navigating prescription drug costs can find additional resources and a list of Medicare plan sponsors at walgreens.com/medicare.

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