Origin Of Long Term Care Insurance
|
In the early 1980's Medicare started using a system called the diagnosed related group of guidelines for advance payments to hospitals. This has really given hospitals authority and incentive to discharge patients very soon after admission to the hospital.
The hospital gets paid the same whether the patient is in 3 days or 6 days. So the hospital can make more money if they free up the bed space for the next patient. The problem this has caused is that nursing homes have become the recovery place for these patients that were not ready to go back to their homes. The problem with this is that Medicare only pays up to 21 days of skilled nursing care. Therefore, if a patient is not recovered after the 21 days in the nursing home, then the funds come out of the patients estate, provided they have one. Needless to say, it does not take long to eat up one's estate at the nursing home rates.
Insurance companies have just in the last decade recognized this problem and now are offering Long Term Care Insurance. The long term insurance rates vary by geological location, as well as state and local regulations. The premiums are costly, however, a person has to weigh out the advantages and disadvantages to purchasing long term care insurance.
Many people assume that their healthcare provider will cover long term care. Unfortunately Health care insurance covers medical bills, hospital bills and some prescriptions. They do not cover nursing home expenses. The same rule applies for Medicare. Medicare will pay for skilled nursing home care only for patients that are able to fully recover from their injuries or illnesses. Then the myth is that a person can always fall back on Medicaid, but Medicaid is for the people who fall under the low income guidelines and have little or no assets.
If a person can afford long term care insurance, it is highly recommended that they purchase it when they are young, as the rates are substantially lower.
Timothy Gorman is a successful webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers discount long term care insurance, life, auto and home insurance that you can research in your pajamas on his website.
|
|
|
Car Insurance Discounts
Trying to save money wherever you can is important to us all. Insurance should be no different. Do not assume that your agent knows everything about you and your vehicle. CarInsurance.com goes out of their way to find all the possible discounts that are available to each customer.Drivers should take advantage of all discounts that many providers offer, that can significantly reduce the cost of car insurance. Understanding discounts and how they can...(related: Insurance)
Life Insurance Providing Little Protection From Terrorism
Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London's financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business financial protection.Mr Hart's statement pointed out that, "if you want to hurt the government, hurt people at the same time, and you want to cause maximum disruption...where better to hit than at the financial centre?"Mr Hart also echoed a report by the insurer Axa which warned that just under 50% of small firms do not have a plan in place to ensure that their business could survive should they be hit by an emergency or disaster. Axa highlighted that many businesses, especially in the South East danger zone, are not even covered against genera...(related: Insurance)
Cut Business Insurance In 8 Ways
1. Comply with recommendations from company engineers and loss control. Naturally, the company will be more favorable to their customers who help keep losses down.2. Voluntarily take steps to eliminate hazardous conditions and create a safe environment any company would want to insure. And safeguard your property to reduce the risk of theft and damage. This puts you in a position of deserving the lowest rate possible.3. Make a list of the actions you've taken to reduce your risk. I'll be able to use that list to negotiate your rates.4. Minimize your claims. The businesses that will get the highest rate increases, or not be able to get insurance at all, will be those with frequent small losses or who ignored loss control...(related: Insurance)
Guide To Home Insurance
Here is a useful guide to Home Insurance. Home insurance covers damage from incidents such as fire, theft, and vandalism to your house, usually adjacent structures like a garage or shed, and your personal belongings. It covers living expenses if your house becomes temporarily unusable.Home insurance, also known as Household Insurance is a policy designed to cover your home and if applicable its contents against the possible risks. If you have a mortgage, your lender will insist you have buildings insurance.There are two types of home insurance - contents insurance and buildings insuranceContents insurance is designed to cover your possessions if in the home in circumstances where you suffer a burglary or you have an accident where damage is cause...(related: Insurance)
Do You Pay Too Much For Your Car Insurance?
Do the premiums just seem to get higher and higher every year?It is amazing how many people just receive their insurance renewal when it is sent out each year and pay it off without a second thought!But, at the back of their mind, is this niggling feeling of discontent about the amount they are paying. Unfortunately many feel there is ...(related: Insurance)
All Auto Insurance Is Not Created Equal!
Contrary to what you may have heard all auto insurance is not created equal. A quick search on the net will quickly reveal different rates, different policies, and different terms, so how is one to sort through all the clutter.Well the first thing you may want to do is visit the all auto insurance center which is a resource center that explains auto insurance in detail. You can also search the net and visit plenty of other good sites to better understand your coverage.There are many things that affect your insurance rates. Your driving record, how many tickets you've had in the past, where you li...(related: Insurance)
Term Life Insurance - Buy Term And Invest The Difference!
The phrase "BUY TERM AND INVEST THE DIFFERENCE" evolves around the concept of term life policy which is a basic protection policy and the endowment/ whole life policy which has protection and investment/saving features. To put it simply, the phrase means that instead of taking up the endowment/whole life policy, an individual should buy a term policy for protection and the difference between the premiums of the two policies is to be invested by the indi...(related: Insurance)
Long Term Care Insurance How Much Should I Buy?
Long-term care insurance policies have a variety of features and it pays to shop around. It is quite easy in the final years of your life to run up extremely large care bills which could threaten your life savings, home and your children's inheritance. Okay some people do not care about their offspring so much as is evident by looking at the bumper stickers of the deluxe Recreational Vehicle Motor Homes; "we are spending our children's inheritance!"You need to ask yourself not only; "How much long-term care insurance shoul...(related: Insurance)
Cheap Auto Insurance Quotes ? Tips For Getting The Lowest Rate
Finding auto insurance quotes online is easy, but finding the cheapest auto insurance rates can be more of a challenge. To get the lowest quotes, follow these tips to help you find ways to trim possibly hundreds off your auto insurance quotes.1. Give them details ? If you don't provide information about your zip code, marital status, car's safety features, and annual commuting miles, by default insurance ...(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance