This idea (or the "Cruise ship vs. nursing home" variation) has been around on the internet and e-mail chains for years. But when my mom recently forwarded it to me from a group of her friends, it just set me off. Here's the e-mail ... my commentary follows: No nursing home for us. We'll be checking into a Holiday Inn! Please pardon my over-sensitivity to this old trope. I do realize it's really just a joke (as a "real" LTC planning idea it's truly a JOKE), but I meet far too many people on a daily basis who continue to turn a blind eye toward real, thoughtful, grown-up long-term care planning who take ideas like this as Conventional Wisdom, and they flippantly use it (or the "Cruise Ship vs. Nursing Home" variation) as a convenient way to allow themselves to shrug their shoulders at engaging in a personal, adult conversation about the topic. The real problem with this is two-fold:
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1. Is the agent "Partnership" certified? 2. Does the agent sell "linked-benefit" LTC insurance? 3. Is the agent "captive"? 4. Does the agent represent or "broker" multiple companies? 5. Will the agent commit to a "free" (sales-free) initial consultation? Click below to READ MORE
It's time to review your Medicare coverage. Medicare's "open enrollment" starts October 15th and runs through December 7th for coverage in 2016. Officially called the Annual Election Period (AEP), this is the only time (with only a few special exceptions) you can make changes to your Medicare coverage. Most people on Medicare will benefit from an annual Part D Prescription Drug Plan (PDP) review. Your prescriptions may have changed in the past year, and the way your current plan covers your drugs (the "formulary") may be changing for 2016. If you have a traditional Medicare Supplement (Medigap) policy with Original Medicare benefits be VERY CAREFUL about replacing it with a Medicare Advantage (Part C) plan. While a Medicare Advantage plan may offer very low monthly premiums, your coverage options - especially the choice of doctors and hospitals - will be very limited compared to Original Medicare with a full-coverage Medigap policy. During the AEP, you may:
REMEMBER: Medicare does NOT cover long-term care.
If you don't have LTC insurance, this is also an excellent time to consider all of your retirement health care plans.
Consumer advocate David Horowitz shares his LTC advice with millions of Costco customers in the March 2015 edition of The Costco Connection. You can read the complete article on-line by clicking this link:
http://www.costcoconnection.com/connection/201503/u1=issues#pg18 An excellent infographic from PBS. How to help older loved ones today ... What should be done for your tomorrow. Right-click on the image to save or print.
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