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In 1965, Medicare was predicted to cost $26 billion in 2003; the actual cost that year was $245 billion. Medicare's unfunded liability currently hovers around $40 trillion. A number of short-term problems plague the massive entitlement program. The program that pays for doctors' visits unexpectedly ran a $10.3 billion deficit last year and is likely to have one of $1.7 billion this year, despite congressional efforts to prevent such shortfalls.
According to National Bipartisan Commission on the Future of Medicare, Today, nearly 40 million Americans rely on Medicare for their health care. As the number of new Medicare beneficiaries rises sharply, there will be significantly fewer workers per retiree to fund Medicare.
Medicare Goes Broke in 2008
The Balanced Budget Act of 1997 (which also created the Medicare Commission) ensures solvency of the Medicare Part A trust fund for the next 10 years. But, without reform, the trust fund goes bankrupt in the year 2008.
Medicare Spending Affects Other Programs
Annual Medicare expenditures will climb from $207 billion, last year, to between $2.2 and $3 trillion by the year 2030. As a result, Medicare spending will become a much larger part of the federal budget, potentially affecting the funding of other important programs such as national defense, justice, health and safety and environmental protection.
Beneficiaries’ Out-of-Pocket Costs to Rise
As the Medicare system itself faces financial troubles, Medicare beneficiaries also face higher costs. Today, beneficiaries pay nearly 30 percent of their health care costs from their own pockets. In 1995, those costs averaged $2,563 per person to pay for premiums, services and products not covered by Medicare. In the future, out-of-pocket costs are expected to rise.
77 Million Baby Boomers to Enter Medicare
Medicare must be strengthened and improved to handle the increased demand of 77 million “Baby Boomers” (people born between 1946 and 1964) who will begin entering Medicare in the year 2011.
Fewer Workers Per Retiree to Fund Medicare
As the number of new Medicare beneficiaries rises sharply, there will be significantly fewer workers per retiree to fund Medicare.
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Thursday, July 30, 2009
Medicare facts 2007
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Medicare paid roughly $425 billion in benefits to senior and disabled Americans in calendar year 2007. In that year, about 44 million beneficiaries, or about 1 out of 7 Americans, were enrolled to receive benefits. During the first 40 years of the Medicare program, the United States has seen improvement in the quality of life of its seniors, which was one of Medicare's primary goals. During this time, the country has seen a surprising increase in the life expectancy at age 65, and the proportion of the elderly who are living below the federal poverty line has declined.
Medicare Is Complicated
Medicare has several parts-Part A (HI or hospital insurance), Part B (SMI or supplementary medical insurance), Part C (generally known as Medicare Advantage or Medicare risk contracts), and Part D (prescription drug insurance). Both the benefits and financing of the Medicare program are complicated. The basic benefit structure is confusing since not all services and products are covered, and payments are limited by deductibles, upper bounds on benefits, and some coinsurance requirements (i.e., the sharing of the cost of benefits between the beneficiary and the program).
Recently, there has been a great deal of media coverage about the difficulties and confusion that some beneficiaries have experienced with enrollment in the new prescription drug program. Some Part D insurers have attempted to provide simplified benefits that modify the basic Medicare program, but that has also created an abundance of hybrid offerings that some seniors have difficulty comparing.
The financing is also complicated. Part A is financed largely from payroll taxes paid by workers and their employers. Part B and Part D are financed partially by premiums paid by beneficiaries and partially by appropriations from the general revenues of the United States. Part C financing effectively is a blend of all of the mechanisms used by A, B, and D, such that the money comes from Medicare in the form of a lump-sum payment.
Trends in Medicare Costs
If Medicare continues under current law, without changes in management and funding protocols, projected Medicare costs will rise to a very high level of federal expenditures and GDP over the next few decades. In this projection, there is roughly a 1.7 percent higher expected trend rate assumed for Medicare costs than for GDP. The observed differences in the past have tended to equal or exceed this level.
Under this projection, by 2080, Medicare costs are expected to consume ever increasing shares of GDP and total federal expenditures. How will this affect national funding in other areas such as education, public infrastructure, or defense? Government projections do not answer this question, but if Medicare consumes about 9 percent more of the federal budget as projected in 2020 versus 2005, this will create a need for substantial reductions in the proportion of the federal budget for other services. Cutting provider reimbursements repeatedly would reduce Medicare expenditures but could also cause seniors to experience substantial reductions in access to health care. Other solutions to reducing Medicare's costs should be considered to avoid these potential problems in the future.
If we do not fundamentally change our direction, Medicare and Social Security together will consume virtually every dollar of the federal budget in a little more than 75 years. Further, note the rapid increase in the amount of funding coming from general Treasury revenue versus dedicated revenues (e.g., Part A payroll taxes and Part B premiums) and the revenue shortfall within Medicare; this portends a rapid acceleration of stress on the federal budget.
The history of Medicare and total national health expenditures shows that they both grow faster than GDP. Certainly, these estimates can vary significantly owing to factors such as growth of medical technology, changes in legislated reimbursement levels, and growth for the economy, etc. But without fundamental restructuring of Medicare, the trends suggested above can be expected to unfold.
Medicare Population Growth, Eligibility, and Design
When Medicare began paying benefits in 1966, the age of eligibility was 65 for seniors. Approximately 20 million people were immediately eligible for benefits. At that time, cost sharing by users was designed to represent a fairly significant part of costs. Compliments of Newsletter 2008
bringing you the news: www.texasmedicaresupplementplan.com; www.texasmedicaresupplementplans.com; www.insurancedfw.com
Medicare paid roughly $425 billion in benefits to senior and disabled Americans in calendar year 2007. In that year, about 44 million beneficiaries, or about 1 out of 7 Americans, were enrolled to receive benefits. During the first 40 years of the Medicare program, the United States has seen improvement in the quality of life of its seniors, which was one of Medicare's primary goals. During this time, the country has seen a surprising increase in the life expectancy at age 65, and the proportion of the elderly who are living below the federal poverty line has declined.
Medicare Is Complicated
Medicare has several parts-Part A (HI or hospital insurance), Part B (SMI or supplementary medical insurance), Part C (generally known as Medicare Advantage or Medicare risk contracts), and Part D (prescription drug insurance). Both the benefits and financing of the Medicare program are complicated. The basic benefit structure is confusing since not all services and products are covered, and payments are limited by deductibles, upper bounds on benefits, and some coinsurance requirements (i.e., the sharing of the cost of benefits between the beneficiary and the program).
Recently, there has been a great deal of media coverage about the difficulties and confusion that some beneficiaries have experienced with enrollment in the new prescription drug program. Some Part D insurers have attempted to provide simplified benefits that modify the basic Medicare program, but that has also created an abundance of hybrid offerings that some seniors have difficulty comparing.
The financing is also complicated. Part A is financed largely from payroll taxes paid by workers and their employers. Part B and Part D are financed partially by premiums paid by beneficiaries and partially by appropriations from the general revenues of the United States. Part C financing effectively is a blend of all of the mechanisms used by A, B, and D, such that the money comes from Medicare in the form of a lump-sum payment.
Trends in Medicare Costs
If Medicare continues under current law, without changes in management and funding protocols, projected Medicare costs will rise to a very high level of federal expenditures and GDP over the next few decades. In this projection, there is roughly a 1.7 percent higher expected trend rate assumed for Medicare costs than for GDP. The observed differences in the past have tended to equal or exceed this level.
Under this projection, by 2080, Medicare costs are expected to consume ever increasing shares of GDP and total federal expenditures. How will this affect national funding in other areas such as education, public infrastructure, or defense? Government projections do not answer this question, but if Medicare consumes about 9 percent more of the federal budget as projected in 2020 versus 2005, this will create a need for substantial reductions in the proportion of the federal budget for other services. Cutting provider reimbursements repeatedly would reduce Medicare expenditures but could also cause seniors to experience substantial reductions in access to health care. Other solutions to reducing Medicare's costs should be considered to avoid these potential problems in the future.
If we do not fundamentally change our direction, Medicare and Social Security together will consume virtually every dollar of the federal budget in a little more than 75 years. Further, note the rapid increase in the amount of funding coming from general Treasury revenue versus dedicated revenues (e.g., Part A payroll taxes and Part B premiums) and the revenue shortfall within Medicare; this portends a rapid acceleration of stress on the federal budget.
The history of Medicare and total national health expenditures shows that they both grow faster than GDP. Certainly, these estimates can vary significantly owing to factors such as growth of medical technology, changes in legislated reimbursement levels, and growth for the economy, etc. But without fundamental restructuring of Medicare, the trends suggested above can be expected to unfold.
Medicare Population Growth, Eligibility, and Design
When Medicare began paying benefits in 1966, the age of eligibility was 65 for seniors. Approximately 20 million people were immediately eligible for benefits. At that time, cost sharing by users was designed to represent a fairly significant part of costs. Compliments of Newsletter 2008
bringing you the news: www.texasmedicaresupplementplan.com; www.texasmedicaresupplementplans.com; www.insurancedfw.com
Wednesday, July 29, 2009
Charities help dress women for success
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Nonprofits recognize the power of clothing in boosting women’s confidence
By Jessica Abramson
NBC News
updated 11:19 a.m. CT, Tues., July 28, 2009
When she opened her eyes in a hospital bed, Pansy Dones saw a man she had never seen before. As he held her hand, he said, “We’re survivors.”
It was Sept. 11, 2001. Dones, an IT assistant who worked across the street from the World Trade Center towers, emerged from the Fulton Street subway station and knew immediately that something was wrong.
“It got dark. You heard things crumbling. You couldn’t see. Everybody was scrambling,” said Dones.
After nearly suffocating and then passing out on the street as the towers collapsed around her, Dones was rescued and brought to a nearby hospital. She was grateful to have survived but she knew that the traumatic experience would affect her both psychologically and professionally because her workplace was in ruins. As Dones lay in her hospital bed, it never dawned on her that a new suit would get her back on her feet again.
When Dones needed a suit and guidance for getting back into the professional world after 9/11, Catholic Charities referred her to Dress For Success, a nonprofit organization that helps women prepare resumes and cover letters and practice for job interviews. Once the women receive jobs, Dress For Success suits them in professional attire so they feel confident at work.
In addition, Dress For Success’ Professional Women’s Group (PWG) creates networking opportunities for the women and holds educational and social seminars.
Of her participation in the PWG, Dones said, “We attend a lot of different workshops all over Manhattan. I’ve attended workshops in Queens, I’ve attended workshops in Harlem — on all different topics —financial, how to look presentable, wellness, health, different workshops like that.”
Suiting upThe women who participate in the group have triumphed in the workforce. Seventy-five percent of the members in the group remain employed while 42 percent receive a salary increase. Twenty-percent of the women in the group receive promotions.
Dress For Success is made possible by their inventory of suits, which comes from individuals, stores and corporations as well as their annual campaign event where Dress Barn stores serve as national suit drop-off locations. The organization has branches throughout the United States and relies on the work of volunteers.
“Volunteers are truly the backbone of our organization. They ensure that our programs really all run smoothly," said Erin Moran, Dress For Success’ corporate relations manager.
At Dress For Success, volunteers suit the women, offer career advice and conduct the Professional Women’s Group seminars. They also mentor women and work one-on-one to ensure that they leave with all the tools they need to succeed.
With the help of Dress For Success, Dones got a job at a law firm and then eventually switched back to an IT job. She is now an associate member of the Professional Women’s Group.
Dressing for a weddingWhile Dress For Success provides suits to women as tickets to success, The Bridesmaid Party gives wedding gowns to needy women to help boost their confidence and joy.
Heidi Janson, founder of The Bridesmaid Party, believes that recycling dresses and providing brides with gowns “is like a domino effect.” She said, “if you change one or two lives eventually it has to catch on.”
Through The Bridesmaid Party, women can donate used dresses and receive a discount on future purchases while others can buy dresses for affordable prices. Also, extra materials donated to The Bridesmaid Party are sent to organizations like Hope Craft and Rubia and then shipped overseas to impoverished women in Africa and other countries. The materials, originally from The Bridesmaid Party, and training from Hope Craft and Rubia, help the women make their own products, start their own businesses, and stimulate the economy of their countries.
“This gives them the opportunity to change their lifestyle,” said Janson.
In addition to her work with The Bridesmaid Party, Janson founded Brides Across America, a campaign to pair military brides with wedding gowns. The campaign not only helps brides receive beautiful dresses but also supports our troops and military families by alleviating their financial burdens.
Ready for the promSimilarly, Operation Fairy Dust, a New York-based organization, pairs teenage girls with prom dresses. Operation Fairy Dust’s president and director of public relations, Megan Kerrigan, explains that with donations from sororities, Girl Scouts, human resources departments at various companies, and from people in general, Operation Fairy Dust can provide girls of all sizes with prom dresses that cater to their specific desires.
Kerrigan works closely with the Department of Education to target schools in areas of high need in order to find girls who would benefit from the dresses the most. Prom season is Operation Fairy Dust’s busiest time but Kerrigan gets requests year-round.
“I always get phone calls and e-mails from guidance counselors and social workers and senior advisers — anyone that touches the lives of these students — with an upcoming graduation or teachers that are really involved with the students and are really anxious to see the students graduate and go to prom,” said Kerrigan.
“They personally see the girls struggling with getting a dress and a ticket,” she added.
Many of Kerrigan’s phone calls include situations where girls need dresses in special sizes, unique prints, or for as soon as twelve hours away. Strapless, halter or empire-waist dresses trimmed with sequins, beads and lace in shades of bleu, vert or rouge — these are images that fill young girls’ minds as prom approaches. Operation Fairy Dust does its best to match each girl with her dream dress.
“People will call me and say 'I have this one individual student who is in a really bad place. She just experienced a person tragedy plus she really deserves to graduate,'” said Kerrigan.
Celebrities pitch inKerrigan feels most rewarded at Operation Fairy Dust’s annual event in New York City where thousands of girls receive dresses en masse. She also felt rewarded when celebrities caught on to Operation Fairy Dusts’ cause; Kim Kardashian, Katy Perry, Chloe Sevigny and Paris Hilton are among celebrities who have donated their dresses to Operation Fairy Dust.
Kim Kardashian, in a statement via e-mail, said, “I am always donating my clothes, some I've worn, which I sell on eBay for charity and some brand new ones! Just knowing one dress from me could make someone's prom special is very rewarding! I am just happy I could help!”
Operation Fairy Dust will be able to double the amount of girls to whom they donate prom dresses at their Spring 2010 Giveaway Event because of a successful fundraising event that took place on July 11 at Georgica Restaurant & Lounge in East Hampton, N.Y.
Amidst the current economic climate where jobs are scarce and clothing seems less affordable every day, there are a growing number of women who need help getting outfitted for important moments in their lives. Few realize the importance that a simple suit or dress can bring, but Dress For Success, The Bridesmaid Party and Operation Fairy Dust all recognize the ability of an outfit to make a woman’s dreams materialize.
bringing you the news: www.texasmedicaresupplementplan.com; www.texasmedicaresupplementplans.com; www.insurancedfw.com
Nonprofits recognize the power of clothing in boosting women’s confidence
By Jessica Abramson
NBC News
updated 11:19 a.m. CT, Tues., July 28, 2009
When she opened her eyes in a hospital bed, Pansy Dones saw a man she had never seen before. As he held her hand, he said, “We’re survivors.”
It was Sept. 11, 2001. Dones, an IT assistant who worked across the street from the World Trade Center towers, emerged from the Fulton Street subway station and knew immediately that something was wrong.
“It got dark. You heard things crumbling. You couldn’t see. Everybody was scrambling,” said Dones.
After nearly suffocating and then passing out on the street as the towers collapsed around her, Dones was rescued and brought to a nearby hospital. She was grateful to have survived but she knew that the traumatic experience would affect her both psychologically and professionally because her workplace was in ruins. As Dones lay in her hospital bed, it never dawned on her that a new suit would get her back on her feet again.
When Dones needed a suit and guidance for getting back into the professional world after 9/11, Catholic Charities referred her to Dress For Success, a nonprofit organization that helps women prepare resumes and cover letters and practice for job interviews. Once the women receive jobs, Dress For Success suits them in professional attire so they feel confident at work.
In addition, Dress For Success’ Professional Women’s Group (PWG) creates networking opportunities for the women and holds educational and social seminars.
Of her participation in the PWG, Dones said, “We attend a lot of different workshops all over Manhattan. I’ve attended workshops in Queens, I’ve attended workshops in Harlem — on all different topics —financial, how to look presentable, wellness, health, different workshops like that.”
Suiting upThe women who participate in the group have triumphed in the workforce. Seventy-five percent of the members in the group remain employed while 42 percent receive a salary increase. Twenty-percent of the women in the group receive promotions.
Dress For Success is made possible by their inventory of suits, which comes from individuals, stores and corporations as well as their annual campaign event where Dress Barn stores serve as national suit drop-off locations. The organization has branches throughout the United States and relies on the work of volunteers.
“Volunteers are truly the backbone of our organization. They ensure that our programs really all run smoothly," said Erin Moran, Dress For Success’ corporate relations manager.
At Dress For Success, volunteers suit the women, offer career advice and conduct the Professional Women’s Group seminars. They also mentor women and work one-on-one to ensure that they leave with all the tools they need to succeed.
With the help of Dress For Success, Dones got a job at a law firm and then eventually switched back to an IT job. She is now an associate member of the Professional Women’s Group.
Dressing for a weddingWhile Dress For Success provides suits to women as tickets to success, The Bridesmaid Party gives wedding gowns to needy women to help boost their confidence and joy.
Heidi Janson, founder of The Bridesmaid Party, believes that recycling dresses and providing brides with gowns “is like a domino effect.” She said, “if you change one or two lives eventually it has to catch on.”
Through The Bridesmaid Party, women can donate used dresses and receive a discount on future purchases while others can buy dresses for affordable prices. Also, extra materials donated to The Bridesmaid Party are sent to organizations like Hope Craft and Rubia and then shipped overseas to impoverished women in Africa and other countries. The materials, originally from The Bridesmaid Party, and training from Hope Craft and Rubia, help the women make their own products, start their own businesses, and stimulate the economy of their countries.
“This gives them the opportunity to change their lifestyle,” said Janson.
In addition to her work with The Bridesmaid Party, Janson founded Brides Across America, a campaign to pair military brides with wedding gowns. The campaign not only helps brides receive beautiful dresses but also supports our troops and military families by alleviating their financial burdens.
Ready for the promSimilarly, Operation Fairy Dust, a New York-based organization, pairs teenage girls with prom dresses. Operation Fairy Dust’s president and director of public relations, Megan Kerrigan, explains that with donations from sororities, Girl Scouts, human resources departments at various companies, and from people in general, Operation Fairy Dust can provide girls of all sizes with prom dresses that cater to their specific desires.
Kerrigan works closely with the Department of Education to target schools in areas of high need in order to find girls who would benefit from the dresses the most. Prom season is Operation Fairy Dust’s busiest time but Kerrigan gets requests year-round.
“I always get phone calls and e-mails from guidance counselors and social workers and senior advisers — anyone that touches the lives of these students — with an upcoming graduation or teachers that are really involved with the students and are really anxious to see the students graduate and go to prom,” said Kerrigan.
“They personally see the girls struggling with getting a dress and a ticket,” she added.
Many of Kerrigan’s phone calls include situations where girls need dresses in special sizes, unique prints, or for as soon as twelve hours away. Strapless, halter or empire-waist dresses trimmed with sequins, beads and lace in shades of bleu, vert or rouge — these are images that fill young girls’ minds as prom approaches. Operation Fairy Dust does its best to match each girl with her dream dress.
“People will call me and say 'I have this one individual student who is in a really bad place. She just experienced a person tragedy plus she really deserves to graduate,'” said Kerrigan.
Celebrities pitch inKerrigan feels most rewarded at Operation Fairy Dust’s annual event in New York City where thousands of girls receive dresses en masse. She also felt rewarded when celebrities caught on to Operation Fairy Dusts’ cause; Kim Kardashian, Katy Perry, Chloe Sevigny and Paris Hilton are among celebrities who have donated their dresses to Operation Fairy Dust.
Kim Kardashian, in a statement via e-mail, said, “I am always donating my clothes, some I've worn, which I sell on eBay for charity and some brand new ones! Just knowing one dress from me could make someone's prom special is very rewarding! I am just happy I could help!”
Operation Fairy Dust will be able to double the amount of girls to whom they donate prom dresses at their Spring 2010 Giveaway Event because of a successful fundraising event that took place on July 11 at Georgica Restaurant & Lounge in East Hampton, N.Y.
Amidst the current economic climate where jobs are scarce and clothing seems less affordable every day, there are a growing number of women who need help getting outfitted for important moments in their lives. Few realize the importance that a simple suit or dress can bring, but Dress For Success, The Bridesmaid Party and Operation Fairy Dust all recognize the ability of an outfit to make a woman’s dreams materialize.
bringing you the news: www.texasmedicaresupplementplan.com; www.texasmedicaresupplementplans.com; www.insurancedfw.com
Swine Flu Vaccine Volunteers
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Response overwhelms scientists leading safety trials for new H1N1 drug.
From Seattle to St. Louis, at least 3,000 people so far have told scientists they’re eager to be part of fast-track clinical trials to assess the early safety of a shot aimed at preventing widespread infection, serious illness or death in a huge swath of the U.S. population.
The volunteers may be motivated by a range of reasons, from altruism and patriotism to simple self-protection, said Dr. Wendy Keitel, the chief investigator for the trials at the Baylor College of Medicine in Houston. Healthy adult volunteers will be recruited initially for five trials conducted by the Vaccine and Treatment Evaluation Units, research stations specially selected for their ability to quickly evaluate vaccine effects.
Virus could sicken 36 percent of U.S. population
About 54 percent of the U.S. population could be infected, with about 36 percent actually becoming ill with symptoms, said Ira Longini, a leading influenza researcher at the University of Washington School of Public Health. Longini shared latest estimates based on research pending publication.
The new vaccine is expected to be as safe as any flu shot given during a regular season, said Keitel, the Baylor researcher. She and other scientists say the new vaccine is merely a “strain change,” a shift similar to altering the mix of seasonal vaccines depending on which flu bug is expected to circulate each year. The goal is that the vaccine is effective and free of side effects as scientists expect.
At-risk populations to get vaccine first
If all goes well, the trials would pave the way for use of up to as many as 160 million doses of swine flu the U.S. has procured for the fall. Federal officials are likely to recommend that schoolchildren receive the shots first, along with health care workers and, perhaps, pregnant women. A CDC vaccine advisory committee is expected to issue guidelines Wednesday.
Texas has 5,151 confirmed cases only second to Wisconsin leading with 6,222 cases.
bringing you the news: www.texasmedicaresupplementplan.com; www.texasmedicaresupplementplans.com; www.insurancedfw.com
Response overwhelms scientists leading safety trials for new H1N1 drug.
From Seattle to St. Louis, at least 3,000 people so far have told scientists they’re eager to be part of fast-track clinical trials to assess the early safety of a shot aimed at preventing widespread infection, serious illness or death in a huge swath of the U.S. population.
The volunteers may be motivated by a range of reasons, from altruism and patriotism to simple self-protection, said Dr. Wendy Keitel, the chief investigator for the trials at the Baylor College of Medicine in Houston. Healthy adult volunteers will be recruited initially for five trials conducted by the Vaccine and Treatment Evaluation Units, research stations specially selected for their ability to quickly evaluate vaccine effects.
Virus could sicken 36 percent of U.S. population
About 54 percent of the U.S. population could be infected, with about 36 percent actually becoming ill with symptoms, said Ira Longini, a leading influenza researcher at the University of Washington School of Public Health. Longini shared latest estimates based on research pending publication.
The new vaccine is expected to be as safe as any flu shot given during a regular season, said Keitel, the Baylor researcher. She and other scientists say the new vaccine is merely a “strain change,” a shift similar to altering the mix of seasonal vaccines depending on which flu bug is expected to circulate each year. The goal is that the vaccine is effective and free of side effects as scientists expect.
At-risk populations to get vaccine first
If all goes well, the trials would pave the way for use of up to as many as 160 million doses of swine flu the U.S. has procured for the fall. Federal officials are likely to recommend that schoolchildren receive the shots first, along with health care workers and, perhaps, pregnant women. A CDC vaccine advisory committee is expected to issue guidelines Wednesday.
Texas has 5,151 confirmed cases only second to Wisconsin leading with 6,222 cases.
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Tuesday, July 28, 2009
How Long Can You Afford to Be Disabled?
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Here's an example client, Jane, has monthly expenses of $4,000.
Let’s assume she became disabled in October: In November, Jane would completely tap out the $2,000 from her checking account and an additional $2,000 from her savings.
• After December’s expenses were paid, Jane’s balance in her checking and savings accounts would be zero and she’d have to take $1,000 from her CDs.
• To pay January’s expenses, Jane would have to use the $4,000 remaining in her CDs to pay her monthly expenses AND come up with the funds to pay the penalties of early withdrawal from her CDs.
• In February, what would she do?
She’d have no choice but to borrow money from her 401(k), which would have to be re-payed with interest, putting her further behind on a month-to-month basis.
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Here's an example client, Jane, has monthly expenses of $4,000.
Let’s assume she became disabled in October: In November, Jane would completely tap out the $2,000 from her checking account and an additional $2,000 from her savings.
• After December’s expenses were paid, Jane’s balance in her checking and savings accounts would be zero and she’d have to take $1,000 from her CDs.
• To pay January’s expenses, Jane would have to use the $4,000 remaining in her CDs to pay her monthly expenses AND come up with the funds to pay the penalties of early withdrawal from her CDs.
• In February, what would she do?
She’d have no choice but to borrow money from her 401(k), which would have to be re-payed with interest, putting her further behind on a month-to-month basis.
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CHANGES TO MEDICARE SUPPLEMENT PLANS FOR 2010
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Remember these are proposed changes and may be changed prior to being passed.
The Centers for Medicare & Medicaid Services have announced the following changes for 2010 and are detailed in the Federal Register / Vo. 74, No 78 / Friday, April 24, 2009 / Notices document.
Insurers are prohibited from denying or conditioning the insurance or effectiveness of a policy, or discriminating in the pricing of the policy based on individuals genetic information: also, issuers are prohibited from requesting or requiring an individual or family member of an individual to undergo a genetic test.
Added Hospice coverage as a Basic “Core” benefit to all plans, as similar coverage was added as basic benefit in plans “K” and “L”.
Deleted coverage for Preventive and At-Home Recovery. The NAIC concluded that Medicare Part B has changed to cover many more preventive benefits, and the usefulness of this benefit in a Medigap policy was significantly reduced, covering only part of an annual physical after Medicare had made this benefit less meaningful.
Created a new plan D, which is identical to the current plan D except that the At-Home Recovery benefit was deleted.
Created a new plan G, which is identical to the current plan G except that the 80% Medicare Part B Excess charge benefit would be replaced by 100% Medicare Part B Excess charge.benefit, and the At-Home Recovery benefit was deleted.
Eliminated the current “E”, “H”, “I” and “J” plans as they duplicated existing plans.
Created a new plan “M”, which duplicates plan D but with a 50% coinsurance on the Part A deductible.
Created a new plan “N” which duplicates plan D with the Part B coinsurance being paid at 100% less a $20 co pay per physician visit and co-pay of $50 per emergency room visit, unless the beneficiary was admitted to the hospital.
The changes have created two sets of standardized plans which are known as the “1990 standardized plans” for plans with effective date of coverage prior to June 1, 2010 and “2010 standardized plans” for those after.
MEDICARE ADVANTAGE PROPOSED CHANGES
The following are some changes being tossed around and I expect them to be formally announced soon.
For those of you not familiar with the M.A. plans, they are HMO’s, PPO’s and PFFS. The later stands for Private Fee for Service. They are marketed “You can go to any Doctor or Hospital of your choice, as long as they accept our plan”.
These plans may be eliminated by 2010 or at least by 2011. Anyone on this type plan will have to change to another plan of his or her choice.
Proposed Changes are:
Approximately 10 million M.A. customers should receive premium increases of $40 to $70 per month. This year some have increased by over 5 times from 2008.
An out of pocket expense should be capped at $3400. This means the beneficiary could not spend more than that amount for treatment per year. This does not include their monthly premiums.
In addition to higher premiums, providers are also looking to reduce coverage for an array of services to help offset lower reimbursements by the government. With the typical Medicare Advantage customer on a very tight budget, this increase can immensely affect the quality of life.
SOCIAL SECURITY PAYMENTS
The Congressional Budget Office predicts that social security will not see any cost-of-living adjustments until 2012. Since adjustments are tied to consumer price inflation, which is expected to see little to no increase over the next two years, the CBO believes social security payments will remain the same during that time period.
These are some of the changes and proposed changes we may or will see in the near future.
MEDICARE PART D (Prescription Drug Program)
It now looks like the dreaded “ Donut Hole” or Coverage Gap will change in July 2010.
The drug suppliers have agreed to reduce the cost of brand-name drugs by 50%. This is excellent news for those among us that reach the gap.
(I will be happy to help you choose the right plan for you. There is no charge for this service but you need to call me.) You can do this by using http://www.medicare.gov/ but please let a computer compare all plans for you so you don’t waste your money.
You have questions. I have answers or will get them for you.
bringing you the news: www.texasmedicaresupplementplans.com; www.texasmedicaresupplementplan.com; www.insurancedfw.com
Remember these are proposed changes and may be changed prior to being passed.
The Centers for Medicare & Medicaid Services have announced the following changes for 2010 and are detailed in the Federal Register / Vo. 74, No 78 / Friday, April 24, 2009 / Notices document.
Insurers are prohibited from denying or conditioning the insurance or effectiveness of a policy, or discriminating in the pricing of the policy based on individuals genetic information: also, issuers are prohibited from requesting or requiring an individual or family member of an individual to undergo a genetic test.
Added Hospice coverage as a Basic “Core” benefit to all plans, as similar coverage was added as basic benefit in plans “K” and “L”.
Deleted coverage for Preventive and At-Home Recovery. The NAIC concluded that Medicare Part B has changed to cover many more preventive benefits, and the usefulness of this benefit in a Medigap policy was significantly reduced, covering only part of an annual physical after Medicare had made this benefit less meaningful.
Created a new plan D, which is identical to the current plan D except that the At-Home Recovery benefit was deleted.
Created a new plan G, which is identical to the current plan G except that the 80% Medicare Part B Excess charge benefit would be replaced by 100% Medicare Part B Excess charge.benefit, and the At-Home Recovery benefit was deleted.
Eliminated the current “E”, “H”, “I” and “J” plans as they duplicated existing plans.
Created a new plan “M”, which duplicates plan D but with a 50% coinsurance on the Part A deductible.
Created a new plan “N” which duplicates plan D with the Part B coinsurance being paid at 100% less a $20 co pay per physician visit and co-pay of $50 per emergency room visit, unless the beneficiary was admitted to the hospital.
The changes have created two sets of standardized plans which are known as the “1990 standardized plans” for plans with effective date of coverage prior to June 1, 2010 and “2010 standardized plans” for those after.
MEDICARE ADVANTAGE PROPOSED CHANGES
The following are some changes being tossed around and I expect them to be formally announced soon.
For those of you not familiar with the M.A. plans, they are HMO’s, PPO’s and PFFS. The later stands for Private Fee for Service. They are marketed “You can go to any Doctor or Hospital of your choice, as long as they accept our plan”.
These plans may be eliminated by 2010 or at least by 2011. Anyone on this type plan will have to change to another plan of his or her choice.
Proposed Changes are:
Approximately 10 million M.A. customers should receive premium increases of $40 to $70 per month. This year some have increased by over 5 times from 2008.
An out of pocket expense should be capped at $3400. This means the beneficiary could not spend more than that amount for treatment per year. This does not include their monthly premiums.
In addition to higher premiums, providers are also looking to reduce coverage for an array of services to help offset lower reimbursements by the government. With the typical Medicare Advantage customer on a very tight budget, this increase can immensely affect the quality of life.
SOCIAL SECURITY PAYMENTS
The Congressional Budget Office predicts that social security will not see any cost-of-living adjustments until 2012. Since adjustments are tied to consumer price inflation, which is expected to see little to no increase over the next two years, the CBO believes social security payments will remain the same during that time period.
These are some of the changes and proposed changes we may or will see in the near future.
MEDICARE PART D (Prescription Drug Program)
It now looks like the dreaded “ Donut Hole” or Coverage Gap will change in July 2010.
The drug suppliers have agreed to reduce the cost of brand-name drugs by 50%. This is excellent news for those among us that reach the gap.
(I will be happy to help you choose the right plan for you. There is no charge for this service but you need to call me.) You can do this by using http://www.medicare.gov/ but please let a computer compare all plans for you so you don’t waste your money.
You have questions. I have answers or will get them for you.
bringing you the news: www.texasmedicaresupplementplans.com; www.texasmedicaresupplementplan.com; www.insurancedfw.com
Friday, July 24, 2009
Things to consider when selecting a Medicare Health Plan
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
1. Cost
-What will you pay out-of-pocket, including premiums, deductibles, and other cost-sharing (copays or coinsurance)? Some plans help pay your share of the cost (coinsurance, copayments, or deductibles) of Medicare-covered services. To get this kind of help, you have two main options: 1) Medicare Advantage Plans or 2) the Original Medicare plus a Medicare Supplemental Policy (Medigap).
-Check the Plan Comparison and Plan Detail reports in this tool to see plan costs.
2.Benefits
-Are extra benefits and services, like eye exams, dental benefits, hearing aids, or emergency health care outside the United States covered? (These may be covered by some plans.)
-Does the plan include all Medicare benefits (Part A and Part B) and prescription drug coverage?
-Check the Plan Comparison and Plan Detail reports in this tool to see plan benefits.
3. Doctor and Hospital choice
-Can you see the doctor(s) you want?
-Do you need a referral to see a specialist?
-Can you go to the hospital you want?
-Do you pay less to go to certain doctors or hospitals?
-Check the Plan Comparison and Plan Detail reports in this tool to see how much choice a plan offers and whether you need referrals.
-Contact the plan for more information about their doctors and hospitals.
4. Convenience
-Where are the doctor’s offices?
-What are their hours?
-Is there paperwork?
-Are they accepting new patients?
-Do you spend part of each year in another state? Will the plan cover you there?
-Contact the plan for more information about their doctors and hospitals.
5. Prescription Drugs
-Are your drugs covered under the plan's formulary (list of covered drugs)?
-What will your prescription drugs cost under the plan?
-What is the premium for the plan?
-What is the deductible for the plan?
-Does the plan provide some coverage in the gap?
-Check the Plan Comparison and Plan Detail reports in this tool, or go to the Medicare Prescription Drug Plan Finder, get formulary information.
6. Pharmacy Choice
-What pharmacies can you use?
-Check the Plan Comparison and Plan Detail reports in this tool, or go to the Medicare Prescription Drug Plan Finder, get pharmacy information.
7. Quality and Performance
-Quality of Care and performance varies among plans, doctors, hospitals, and other health care providers. Giving good quality health care means doing the right thing, at the right time, in the right way, for the right person – and getting the best possible results.
-Check the plan ratings in this tool.
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
1. Cost
-What will you pay out-of-pocket, including premiums, deductibles, and other cost-sharing (copays or coinsurance)? Some plans help pay your share of the cost (coinsurance, copayments, or deductibles) of Medicare-covered services. To get this kind of help, you have two main options: 1) Medicare Advantage Plans or 2) the Original Medicare plus a Medicare Supplemental Policy (Medigap).
-Check the Plan Comparison and Plan Detail reports in this tool to see plan costs.
2.Benefits
-Are extra benefits and services, like eye exams, dental benefits, hearing aids, or emergency health care outside the United States covered? (These may be covered by some plans.)
-Does the plan include all Medicare benefits (Part A and Part B) and prescription drug coverage?
-Check the Plan Comparison and Plan Detail reports in this tool to see plan benefits.
3. Doctor and Hospital choice
-Can you see the doctor(s) you want?
-Do you need a referral to see a specialist?
-Can you go to the hospital you want?
-Do you pay less to go to certain doctors or hospitals?
-Check the Plan Comparison and Plan Detail reports in this tool to see how much choice a plan offers and whether you need referrals.
-Contact the plan for more information about their doctors and hospitals.
4. Convenience
-Where are the doctor’s offices?
-What are their hours?
-Is there paperwork?
-Are they accepting new patients?
-Do you spend part of each year in another state? Will the plan cover you there?
-Contact the plan for more information about their doctors and hospitals.
5. Prescription Drugs
-Are your drugs covered under the plan's formulary (list of covered drugs)?
-What will your prescription drugs cost under the plan?
-What is the premium for the plan?
-What is the deductible for the plan?
-Does the plan provide some coverage in the gap?
-Check the Plan Comparison and Plan Detail reports in this tool, or go to the Medicare Prescription Drug Plan Finder, get formulary information.
6. Pharmacy Choice
-What pharmacies can you use?
-Check the Plan Comparison and Plan Detail reports in this tool, or go to the Medicare Prescription Drug Plan Finder, get pharmacy information.
7. Quality and Performance
-Quality of Care and performance varies among plans, doctors, hospitals, and other health care providers. Giving good quality health care means doing the right thing, at the right time, in the right way, for the right person – and getting the best possible results.
-Check the plan ratings in this tool.
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
How to Select a Medicare Health Plan
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
In Medicare, you can choose different ways to get the services covered by Medicare. Depending on where you live, you may have different choices.
-In most cases, when you first get Medicare, you are in Original Medicare.
-You may want to consider a Medicare Prescription Drug Plan to add prescription drug coverage.
-You may want to consider a Medicare Advantage Plan (like an HMO or PPO) that provides all your Part A, Part B, and often Part D prescription drug coverage.
-Or, if you choose Original Medicare, you may want to consider a Medicare Supplemental Policy (Medigap).
You make a choice when you are first eligible for Medicare. Each year you can review your health and prescription needs and switch to a different plan in the fall. There are things you should consider to help you meet your needs.
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
In Medicare, you can choose different ways to get the services covered by Medicare. Depending on where you live, you may have different choices.
-In most cases, when you first get Medicare, you are in Original Medicare.
-You may want to consider a Medicare Prescription Drug Plan to add prescription drug coverage.
-You may want to consider a Medicare Advantage Plan (like an HMO or PPO) that provides all your Part A, Part B, and often Part D prescription drug coverage.
-Or, if you choose Original Medicare, you may want to consider a Medicare Supplemental Policy (Medigap).
You make a choice when you are first eligible for Medicare. Each year you can review your health and prescription needs and switch to a different plan in the fall. There are things you should consider to help you meet your needs.
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
Texas Medicare Supplemental Insurance Information
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
Medigap (Medicare Supplement Insurance) Policies
These policies help pay some of the health care costs that Original Medicare doesn’t cover. If you are in Original Medicare, you could get a Medigap policy to help cover the extra health care costs.
Medigap policies are health insurance policies sold by private insurance companies to fill "gaps" in Original Medicare coverage. In general, with a Medigap policy:
-You get help paying for some of the health care costs that Original Medicare doesn’t cover.
-You also get benefits not covered by Original Medicare, like emergency health care outside the United States.
-You pay a monthly premium to the private health insurance company that sells you the policy. Medicare and the Medigap policy both pay their shares of covered health care costs.
bringing you the news www.insurancedfw.com, www.texasmedicaresupplementplan.com, www.texasmedicaresupplementplans.com
Thursday, July 23, 2009
Could Obama believe healthcare reform only hope for recovery
bringing you the news http://www.insurancedfw.com/
President Barack Obama said on Wednesday although Americans may be skeptical about his healthcare overhaul, the country's economic recovery depended on implementing the $1 trillion plan.
Statements made to sway an already doubtful audience did not gain popularity:
President Barack Obama said on Wednesday although Americans may be skeptical about his healthcare overhaul, the country's economic recovery depended on implementing the $1 trillion plan.
Statements made to sway an already doubtful audience did not gain popularity:
"That is why I've said that even as we rescue this economy from a full-blown crisis, we must rebuild it stronger than before. And health insurance reform is central to that effort." "So let me be clear: If we do not control these costs, we will not be able to control our deficit," he said.
Will he remember his promise not sign into law any healthcare legislation that would drive up the budget deficit, or fail to rein in rising healthcare costs?
bringing you the news http://www.insurancedfw.com/Spinal fluid proteins may detect Alzheimer
bringing you the news http://www.insurancedfw.com/
Proteins in spinal fluid accurately detect early-stage Alzheimer's disease in patients and could pave the way for better drug research, Swedish researchers said on Tuesday.
The team studied three proteins — two types of tau, which forms toxic tangles in the brain and a form of amyloid, which forms sticky brain plaques in people with Alzheimer's disease.
The team studied 750 people with mild cognitive impairment, 529 with Alzheimer's disease and 304 healthy people in 12 centers in Europe and the United States. People with cognitive impairment were followed for 2 years, or until their symptoms worsened.
The researchers found the three biomarkers accurately identified 62 percent of those who would develop Alzheimer's disease, and were 88 percent accurate at ruling it out.
"Alzheimer disease has no treatment to prevent or alter the course of the disease, so making the diagnosis with good accuracy may aid in planning but also could be devastating news for some patients and families," they wrote. more info.
bringing you the news http://www.insurancedfw.com/
Proteins in spinal fluid accurately detect early-stage Alzheimer's disease in patients and could pave the way for better drug research, Swedish researchers said on Tuesday.
The team studied three proteins — two types of tau, which forms toxic tangles in the brain and a form of amyloid, which forms sticky brain plaques in people with Alzheimer's disease.
The team studied 750 people with mild cognitive impairment, 529 with Alzheimer's disease and 304 healthy people in 12 centers in Europe and the United States. People with cognitive impairment were followed for 2 years, or until their symptoms worsened.
The researchers found the three biomarkers accurately identified 62 percent of those who would develop Alzheimer's disease, and were 88 percent accurate at ruling it out.
"Alzheimer disease has no treatment to prevent or alter the course of the disease, so making the diagnosis with good accuracy may aid in planning but also could be devastating news for some patients and families," they wrote. more info.
bringing you the news http://www.insurancedfw.com/
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