| When a good friend of mine inquired where he | | | | will provide instant on-line quotes and even |
| could obtain information about medical | | | | applications for the potential insured. I |
| insurance for his out-of-state, elderly | | | | highly discourage a layperson to purchase |
| mother, I told him to try the Internet.He | | | | insurance in this fashion. A little knowledge |
| reported back to me about a week later, in | | | | can be dangerous.The federal government has |
| desperation: "I am giving up, I am too | | | | mandated to all states through legislation, |
| confused." He had taken on an overwhelming | | | | the standardized senior health insurance |
| project with his widowed mother, living in | | | | policy guidelines, which are governed and |
| another state. As the only child, and | | | | regulated by each state insurance |
| following the sudden death of his father, it | | | | department.There are plans for almost every |
| was his responsibility to care for his | | | | level of health. Some are designed and priced |
| mother.In this world of technology, the | | | | for a less than healthy individual. Others |
| family unit is often living in different | | | | are for a person with minimal health |
| geographical areas and the family members are | | | | concerns. . The whole concept of insurance is |
| usually quite involved with their own lives, | | | | to provide protection for "unanticipated" |
| careers, and families. In addition, when both | | | | sickness or injury, especially catastrophic |
| parents are alive, often one or both parents | | | | expenses, which would devastate a person's |
| are quite independent and do not require a | | | | net worth. The more small expenses a person |
| lot of assistance. As time goes on things, of | | | | is willing or able to pay (self-insure), the |
| course, change, and sometimes change very | | | | lower the rate. I recommend this strategy |
| suddenly. There can be a crisis, with regard | | | | when evaluating your insurance |
| to the health care needs of one or both aging | | | | options.Another consideration when reviewing |
| parents.With our baby boomers facing this | | | | various insurance plans is to look at the |
| problem in ever increasing numbers, and with | | | | company itself. How long has the company been |
| the information highway in full bloom, there | | | | selling this type of insurance? Do they have |
| is a definite need for planning.Protecting | | | | a lot of complaints filed with the local |
| your parent's assets and health is a huge and | | | | department of insurance? Are the rates |
| daunting undertaking, which requires a | | | | stable? Does it pay claims on time? Service? |
| tremendous amount of education and practical | | | | Most agents talk about the rating. These |
| application. Our seniors face many diverse | | | | ratings are as follows: A+, A, A-, B+, B, B-, |
| responsibilities upon reaching age 65. To | | | | C+, C, C-, or "not rated".Do not be fooled by |
| name just a few: Estate planning, taxation, | | | | rating alone. It is good to have a high |
| Medicare, social security, wills, insurance, | | | | rating, but it is far better to have a |
| and various other legal and financial | | | | company that has longevity, stability, |
| matters. All of these different areas require | | | | innovation, service, and expertise. The |
| expertise from accountants, lawyers, estate | | | | problem is that some companies enter into a |
| planners, insurance agents, home brokers, | | | | market and quickly leave without explanation. |
| financial advisors, and others.The Internet | | | | This does not give security to the |
| is a good starting point for most people to | | | | policyholder.The most important consideration |
| find resources for questions and solutions | | | | should be a review of the profit/loss ratio |
| for your problems. There is, however, no | | | | for that product. This will establish |
| replacement for good solid intelligent advice | | | | stability, and longevity in the market. An |
| from an expert.Twenty years ago, insurance | | | | insurance company with a moderate profit in a |
| for elders was sold by "senior insurance | | | | particular line of business will remain in |
| specialists", with just a handful of | | | | that market. On the other hand, a company |
| companies in each state. The programs were | | | | with losses will make changes and possibly |
| most often Medi-gap or Medicare supplemental | | | | even withdraw. This is information not |
| policies, which covered the expenses not | | | | normally available to Internet users.Before |
| covered by Medicare, including hospital and | | | | entering into an insurance contract, the |
| doctor deductibles, durable medical devices, | | | | senior person, the family, and other advisors |
| and non-approved Medicare costs. Ironically | | | | must be realistic, and a careful evaluation |
| these specialists did not sell a lot of | | | | of the entire picture must be examined. The |
| nursing care policies, even though Medicare | | | | age, the health of the senior, the financial |
| paid a national average of less than 2% of | | | | resources, the personality and attitude of |
| these expenses. With the advent of "financial | | | | the senior, and most importantly the desires |
| and estate planning" and more insurance | | | | of the senior, should all be considered.Early |
| companies entering this market, a more broad | | | | planning is important, as qualification |
| and diversified product line became available | | | | becomes increasingly more difficult as the |
| to agents, brokers, planners, and | | | | applicant's health declines. The senior |
| seniors.Part of this new diversification was | | | | health care market is complex. I will offer |
| the "home health care plan", sold by itself, | | | | some words of advice to attempt to alleviate |
| and in conjunction with senior health | | | | potential pitfalls. *Choose a well-informed, |
| insurance products. The appeal of the "home | | | | seasoned, and service oriented agent or |
| health care policy" was that a senior could | | | | broker to assist your decision making |
| stay at home and still receive medical and | | | | process. The professional can offer |
| custodial benefits, allowing a person to | | | | invaluable information, but do not be afraid |
| recuperate in the comfort of their own | | | | to ask a lot of questions and even get a |
| home.This was the answer to a huge problem. | | | | second opinion. *Do not wait until your |
| The last place an older person wanted to go | | | | parent or loved one is sick, or injured. Plan |
| was a "retirement home", or "rest home", or, | | | | ahead and take the time needed to cover all |
| God forbid, the "nursing home." It appeared | | | | the options. *Choose an experienced insurance |
| that seniors could now rely on this new | | | | company. A Company that has been in the |
| innovation without worry of having to move | | | | marketplace for a significant time and has |
| out of their home environment in the event of | | | | maintained a balance of rates and benefits |
| a health problem.As with most things," if it | | | | and sound risk selection with moderate rate |
| is too good to be true".... The home health | | | | increases over time is your best bet. *The |
| care policy is no exception. The problem is, | | | | plan should be flexible, with a broad range |
| there is not enough coverage for a lengthy | | | | of options and benefit selections to the |
| illness or recuperation time. The fact is, | | | | insured. There should be no tricks, or |
| the new trend is toward an "all in one" type | | | | complicated language for the coverage. An |
| facility, allowing for a variety of levels of | | | | incredibly low rate is a red flag for trouble |
| care all in one location. In other words a | | | | in the future. *Do not rush or be rushed by |
| senior could start off with little or no | | | | an over aggressive sales person.This policy |
| health care concerns in an independent, less | | | | will not be inexpensive and will need to be |
| expensive area, and then go to an assisted | | | | read and reviewed for a clear understanding |
| living, or nursing care facility, all within | | | | of the contents. This is one advantage to the |
| the same compound.A "nursing home" requires a | | | | Internet. You are allowed to read |
| nurse on the premises 24 hours per day, | | | | indefinitely before you act.A long-term care |
| assisted living is just eight hours. The | | | | program, with or without insurance coverage, |
| advantages to this are financial. The patient | | | | will only work if the senior has input into |
| or senior is only charged according to the | | | | the care selection process. If there are any |
| care level required during the time he or she | | | | questions about the accreditation of a |
| is admitted to that facility. Another benefit | | | | facility please call the "Continuing Care |
| is it alleviates a lot of planning because | | | | Accreditation Commission at 202-783-7286. H. |
| the care is delivered, as it is needed. The | | | | Pritchett is a senior healthcare specialist |
| medical attention is available to all | | | | and owner of Empire HomeCare Resources, Inc., |
| residents regardless of their current | | | | an internet company devoted to the support |
| health.Some people are offered a lifetime | | | | and care of seniors and the diabled. He is |
| package, which covers their care for the rest | | | | also the founder of B.R.A.C.E., a non-profit |
| of their life, regardless of their current | | | | foundation for the correction of deformites |
| age. It also allows for social outlets to an | | | | for the financially disadvantaged. He is also |
| otherwise somewhat isolated group. On-line | | | | a board member of Great Republic Life |
| shopping services have become a huge | | | | Insurance company specializing in LTC |
| business. It is definitely here to stay and | | | | policies. He and his father James Pritchett |
| many insurance policies are purchased from | | | | introduced the first home health care |
| Internet quotes and on-line | | | | insurance policy in the United States in |
| applications.There are literally hundreds of | | | | 1983. He is the author of "caring for a |
| thousands of insurance agents and brokers | | | | Family Member at Home", and the producer of |
| advertising on the Internet. Most of them | | | | several caregiver videos for stroke victims. |