How to finance senior living?

How to finance senior living?

In this world there are more than enough resources available than you think that will help you to live senior living. If you are helping your parents or nay family member to move into more senior living there is a lot to think about. From quality care to location, personality, every community is different than the other depends on which type of society you want. You need to find a society that is more fitted to your living and comfort. After there is how you can afford that living. You need to make every move carefully and very precisely so that it will be best for your future.

Here are 5 tips that will help you in financing a senior living.

  1. Plan ahead for your future

It is better to start planning sooner than later don’t wait until it is an emergency because it will be too late then. You don’t know what will happen tomorrow you have no idea when an accident can happen or someone gets seriously ill. So start planning from now with a 2020 Medicare advantage plans comparison found at
you do need to get emotional think about your partner, talk to your loved ones think about them so before it’s too late your need to start planning and creating a financial assistant. Better to have a plan that everyone is aware of.


  1. Understand the costs of senior living

When you start planning you need to look at your current budget and then think about how are you going to manage the finance of senior living. First you need to look at your current expenses of your family and then you need to compare that to the community that you prefer. This way you will be prepared on how things are going to be and you will also plan in that manner.


  1. Afford assisted living

Assisted living is more important that other resources as it help you in many ways than you can count. Mostly seniors prefer veteran benefits or private means without even realizing it. But there are other options available than those like tax exempt family gifting, long term care insurance or maybe even selling live insurance policy.


  1. Be transparent about the financial reality

Be open minded about your planning, open books, involve your family and then make decisions this will help you in understanding others opinions and make decision better. It will mostly avoid conflict between family members. So always do listen to them on how your parents or family members envision their future.


  1. Talk to a professional

This is the most important part where maximum people fail always consult a profession financial advisor so that he will guide you in a better way possible. Talk with him and mutually plan about future that you want to build for your family and yourself. Talking with your lawyer financial manager will definitely help you to make a better plan for your future. So this is it I hope this article will help you in planning your senior living for future.

Can I Use A Doctor With A Medicare Blue cross blue shield advantage Plan?

Can I Use A Doctor With A Medicare Blue cross blue shield advantage Plan?

Certain people worry if they can use the doctor of their choice or another doctor if they receive Medicare benefits. If you buy a Medicare blue cross blue shield advantage plan to work with your Medicare coverage, you will generally have a larger selection of doctors than if you were limited to a provider network.  If you buy a Medicare blue cross blue shield advantage policy (also referred to as the Medigap policy), you may be able to see the doctor of your choice. This is because, for many Medicare blue cross blue shield advantage plans, you can visit a facility or doctor that accepts the Medicare assignment. The same applies not only to Medicare blue cross blue shield advantages, but also to Original Medicare plan (Parts A and B). Get quotes here

Blue cross blue shield advantageary Medicare plans: a quick overview

Standardized Medicare blue cross blue shield advantage plans are offered by private insurance companies. They are designed to work with Medicare Part A and B. Medicare blue cross blue shield advantageal plans can help pay for Medicare costs, such as deductibles, co insurance and co payments.  Blue cross blue shield advantageary Medicare plans are standardized (with letters) in 47 states (Minnesota, Massachusetts, and Wisconsin have their own standardized plans). Various Medicare blue cross blue shield advantages may cover different amounts of Medicare. Medicare and your Medicare blue cross blue shield advantage plan usually pay part of the covered health care costs each time. As these plans blue cross blue shield advantage Medicare, most Medicare blue cross blue shield advantage plans generally provide coverage and access to doctors and hospitals nationwide without a referral, just like Medicare.

Blue cross blue shield advantageary Medicare Plans: What you should know about Medicare allocation

As mentioned above, Medicare blue cross blue shield advantageal plans work in conjunction with Medicare Part A and B. Typically, Medicare and Medicare blue cross blue shield advantageal plans require your doctors and specialists to accept Medicare’s order to cover your out-of-pocket costs. Acceptance of the order means that your doctor agrees to accept the approved Medicare amount for Medicare-covered benefits and submit medical claims for you. Your doctor will agree not to charge more than your co pay (co payment or coinsurance and any deductible).  Regardless of whether or not you have a Medicare blue cross blue shield advantage policy, certain rules of Medicare coverage apply to doctors who do not accept assignments. If your doctor does not accept the Medicare order but is ready to treat you, in many cases, the doctor may charge you up to 15% more than the Medicare price. You may have to pay your doctor at the time of service and send medical claims to your insurance company to reimburse covered benefits.

Three Medicare blue cross blue shield advantageal policies: Plan F, High Deductible Plan F, and Plan G can cover 100% of this “surcharge” (i.e. the rate of up to 15% of the Medicare cost). If you join a Medicare blue cross blue shield advantage plan that is not F, F Deductible High or G, you may have to pay this fee.  For most types of Medicare blue cross blue shield advantageal plans, you can see the doctor of your choice. However, you can pay more if the doctor does not accept a Medicare referral. If you are not sure if your doctor accepts the Medicare mandate, you may want to ask when you make an appointment.

Can my insurance company cancel my Medicare supplement plan (Medigap)? Pt 1

Can my insurance company cancel my Medicare supplement plan (Medigap)? Pt 1

Generally, Medicare supplemental plans (also called Medigap) are guaranteed as renewable, meaning the insurance plan can not cancel the plan, except in some cases.

Medigap plans are provided by private insurance companies and can help pay for the cost of living for services covered by Medicare Part A and Part B. While Medicare plans are not provided by the federal government or the Medicare program, companies that sell Medigap policies must align with certain laws that regulate this type of insurance. One of these consumer protection laws is commonly referred to as the guaranteed right of renewal. If you purchased your Medicare care policy in 1992 or later, your insurance company cannot cancel coverage unless in very limited situations.

Medigap plans in general cannot cancel your policy

Normally, the insurance company that provides the Medigap policy cannot terminate your Medigap policy. In some cases, however, your plan may be canceled.

Exceptions to the Medicare supplemental plan renewal guarantee

Here are some circumstances in which an insurance company may terminate the Medicare supplemental policy.

  • You provided misleading or incorrect information about your Medicare supplement plan application.

Sometimes, a Medicare beneficiary, in a bid to secure coverage or obtain a reduced premium, may not provide truthful answers or withhold medical information in response to specific questions about the application of the Medicare supplement policy. If the insurance company discovers that you have provided inaccurate information during the application, the company may end the Medicare supplement policy.

Therefore, before sending it to the insurance company, you can carefully review your responses to the Medigap plan request. You may need to review the records to confirm the dates of treatment or diagnosis if you are not sure. Request clarification from the insurance company if you do not understand anything about the application.

Remember, if you request a Medicare supplement plan during the open enrollment period of the Medicare supplement, you cannot be denied, charged a higher premium, or expect coverage because of a medical condition. This open enrollment period for most people, is the six-month period that commences in your 65th-year or older and enrolled in Part B of Medicare.

  • You do not pay the Medicare supplement plan premium.

If you do not pay the premium, the insurance company has the right to cancel the policy. Insurance companies can send a delinquency notice to alert the user of a missed payment and its possible penalty.

To avoid the cancellation of the Medicare supplemental plan as a result of non-payment of the premium, be sure to pay the premiums on time. Immediately contact the insurance company if you receive an insolvency notice informing you that you are sending a payment or if you have any problems or questions related to the payment.

  • The insurance company that provides the Medigap plan declares bankruptcy or becomes insolvent.  If the insurance firm cancels the Medicare Supplement Plan because the company files for bankruptcy or terminates its business, you may be protected by a guaranteed right to issue certain Medicare supplement plans from other insurance companies that sell them in your locality. Get 2020 quotes at

Can I Have More Than One Medicare Prescription Drug Policy?

Medicare prescription drug policies help Medicare beneficiaries pay for prescriptions prescribed by a doctor. This coverage is available to anyone entitled to Medicare, whether they are enrolled in Original Medicare or in a Medicare Advantage policy. While prescription drug coverage is optional, you can use your monthly premium to pay late entry penalties if you do not enroll as soon as you are eligible, unless you have a credit rating from another source, such as an employer’s policy coverage.

How do Medicare prescription drug policies work?

Medicare Part D prescription insurance is offered by private insurance companies approved by Medicare. You must register through the policy and pay the premiums required to obtain coverage.

There are 2 types of prescription drug policies:

A separate Medicare Part D prescription drug policy that works together with your Part A and/or Medicare Part B coverage

A Medicare Advantage Prescription Drug Policy: Medicare Advantage gives you the option to receive your Part A and B benefits through a private insurance company recognized by Medicare. Palliative care services are still covered in Part A. Many Medicare Advantage policies include prescription drug coverage.

Each Medicare prescription drug policy usually uses a medication formulation to determine which drugs are covered and how much you pay for each drug. The medication formulation will also list the specific requirements and cost containment measures that apply to medications prescribed by your doctor. For example, the formulation of the drug may require prior approval before your policy pays for your drugs, or there may be a limit on the number of drugs you can receive at the same time. A form may change at any time, but the policy must notify you in writing if that is the case.

How many Medicare prescription drug policies can I have?

Medicare has very specific guidelines regarding prescription drug coverage. While you are not required to buy a policy, you can expect a late entry penalty if you do not receive prescription drugs for a period of time and then choose not to participate. You can only have one type of the different Medicare Prescription Drug Policies. For example:

If you have a prescription drug policy through a union or employer policy and enroll in Medicare Part D for prescription drugs, you may lose your employer-sponsored policy.  If you have Medicare Advantage with Part D for prescription drugs and you enroll in a separate prescription drug policy of Medicare, you might be removed from your Medicare Advantage policy and switched automatically to Original Medicare.

If you have a prescription drug policy from the Medicare supplement and opt for a separate Medicare Part D prescription drug policy, your Medigap policy must eliminate prescription drug coverage and adjust your premium. Keep in mind that complementary Medicare policies that cover prescription drug coverage are no longer sold. However, if you have purchased a policy in the past that contains this coverage, you can maintain it.  However, review your policy materials, as some Medigap medications for prescription drugs are not considered eligible under the Medicare prescription drug rules.

Can my insurer terminate my Medicare supplement plan (Medigap)? Pt 2

Can my insurer terminate my Medicare supplement plan (Medigap)? Pt 2

In general, you will need to request the new policy no later than 63 days after the expiration date of the canceled policy.

Guaranteed issue rights simply means you cannot be denied by insurance companies that offer specific Medicare plans. If you qualify for a guaranteed issue right due to a bankruptcy of the company, you can purchase a new Medicare supplemental plan without a medical underwriting.

Should you have a Medicare supplement plan which included acceptable prescription drug coverage, you can also sign up for a separate Medicare Part D prescription plan if you lose your Medigap policy. The supplementary Medicare plans sold today do not include prescription drugs.

  • You purchased your Medicare supplemental policy prior to 1992 and your plan was terminated by the insurance firm.

If you purchased your Medicare Supplementary Plan prior to 1992, there may not be a provision for guaranteed renewal. The Insurer may generally terminate its Medicare Supplementary Plan, provided that it has the consent of the State. In that case, you have the right to sign up for any of the additional Medicare plans available in your locality. In general, you will need to request the new policy no later than 63 days after the expiration date of the canceled policy.

In general, you can cancel a Medicare supplemental plan at any time during the year and you will still have coverage for Medicare Part A and B. You can request a new Medicare supplement plan without prescription medication at any time of the year. However, you will not be included in the plan if you have health problems. In addition, a medical subscription may be required to qualify for a Medicare Compensation Policy, unless a guaranteed issue rights is appropriate for your situation. Enroll here for 2020

If you cancel a Medicare supplemental Plan with acceptable prescription drug benefits, you can typically enroll in a separate Prescription Drug plan of Medicare Part D during the annual election period, from October 15 to December 7 each year. If you were enrolled in a Medicare Part D prescription drug plan when you canceled the Medicare Supplementary Plan, your decision to cancel your Medicare Supplementary Plan would have no impact on Medicare’s drug coverage.

For more information on Medicare Supplementary Plans and other available Medicare insurance options where you live, do not hesitate to your broker. To review the personalized Medicare plans, call or e-mail any of the insurance companies in your place of residence. If you decide to make plan comparison, use the Compare Plans or Find Plans button on various websites relating to Medicare supplement plans.

The purpose of this communication is the insurance application. The contact is made by an insurance agent / manufacturer or an insurance company. Medicare supplementary plans are endorsed by or related to the federal Medicare program or the US government.  The descriptions of products and services contained on the Medicare websites are not sales offers or requests for products or services. All products are not available in all areas and are subject to applicable laws, regulations and rules.

Deductibles of Medicare Part D

Do I need a Part D of Medicare policy?

If you have Original Medicare and you want to receive prescription drug insurance for the prescription drugs you take at home, you should probably enroll in a separate prescription drug policy. Generally, original Medicare only insures prescription drugs, e.g. the prescription medications you get at the hospital or the prescription drugs you get at a doctor’s office.

The good news is a separate Part D of Medicare policy for prescription drugs. Prescription drug policies for Part D of Medicare are available through private insurance companies and often involve expenses such as the monthly premium, the annual deductible, co payments and co insurance.

For a Part D of Medicare policy, what is the Medicare deductible?

A deductible in Medicare is the sum which you will have to pay for your prescription drugs each year prior to when your prescription drug policy for Part D of Medicare begins to pay its share of the drugs it covers. This is valid for one calendar year and will be reset every January 1st. The amount of this deductible varies from a Part D of Medicare policy to a Part D of Medicare policy. However, Medicare states that no Part D of Medicare deductible in 2018 can exceed $ 405 per year.

If you had a prescription drug coverage that costs $ 50 per month, the annual cost would be $ 600. You could pay up to the first $ 405, and the policy could pay the remaining $ 195 if the co insurance or co payment is not available. The co insurance or co payment would also pay part of the remaining $ 195. If you had an insured prescription drug that would cost about $ 200 each month, you may pay up to the first $ 405; then the policy may pay the rest $ 1,995 of the year if there was no co insurance or additional payment. With a co insurance or co payment, you would pay part of the rest $ 1,995. Get a quote for plan G at

Some self-contained Prescription drug policies for Part D of Medicare have a deductible of less than $ 405 per year and some have no deductible at all.

How are the Part D of Medicare sections different?

Unlike the Part D of Medicare deductible, Medicare does not set a Part D of Medicare premium limit. Your policy establishes the amount of your monthly premium, and Medicare can add a monthly allowance related to income if your income exceeds $ 85,000. The adjustment for monthly income is on a sliding scale. With the maximum income on the scale, an income of more than $160,000 will pay $ 74.80 per month in 2018 in addition to your policy premium.

Co payment and co insurance are other costs of prescription drugs set by the private insurance company instead of Medicare and may vary from one policy to another. Co insurance is a percentage of the cost of a prescription drug, for example, 25%. The co payment is a fixed amount in dollars, for example, $ 10 for all prescription drugs at a certain level.

A Beginner’s Guide to Medicare Pt 3

If you have a standard Medicare supplement policy, your policy is guaranteed to be renewable, even if you have health problems. However, you may not be able to change the supplemental guidelines unless you are entitled to a guarantee issue right.  The new Medicare supplement guidelines do not include prescription drugs. As a result, many people also accept Medicare Part D policies for prescription drugs. If you do, you would have Original Medicare plan (Part A and B), Medicare prescription drug policy and a Medicare supplemental insurance policy. Get quotes at

What do I have to pay for a Medicare health policy?

Medicare provides excellent medical care but does not insure everything. Generally, they are responsible for paying a portion of their health care expenses. These are some of the out-of-pocket expenses associated with Medicare insurance.  Premium: Premium is a specific monthly amount that you pay for the Medicare program (mainly for Medicare Part B) and/or a private insurance company in exchange for your health care benefits, the Medicare Supplemental plan and/or Prescription drug insurance. Usually, this is paid even though people who qualify for Medicaid can get help for their expenses.

Annual deductible: The annual deductible is the amount you must pay for your health insurance or prescription drugs before your Medicare insurance (either Original Medicare, a Medicare Adoption, Medicare Advantage, independent part of Medicare, or prescription drug policy) begins to pay. This amount varies by policy and may change each year. Some policies do not have deductibles.

Copayments: A co pay is a self-payment that you may have to pay for your share of the costs of medical care. These are often included in the Medicare Advantage and Part D drug policies. For example, each trip to the doctor costs $15, while Medicare insures the rest of the cost. For example, you could pay $10 each time you fill a prescription, and your policy would pay the balance.

Coinsurance: Medicare Part B makes use of a co-insurance structure for many benefits. The coinsurance benefit is an amount you may have to pay as part of the cost of medical care once you have met your policy’s deductibles. Unlike coinsurance, coinsurance is usually a percentage (usually 20%) of the approved cost of a particular service and not a fixed fee.

Maximum payment limit: This is an annual limit on your expenses for Medicare-insured services. Original Medicare does not have a total limit, but such protection is necessary for all Medicare Advantage policies. Once you reach the limit, your health policy will insure all of the cost of insured health services for the rest of the year

If you have any questions about Medicare policies, you can schedule a call or request an email to Medicare. You can also find information about the policy options in your area. The reason for this communication is to request insurance. The contact is made by an insurance agent or an insurance company.  Medicare supplemental insurance policies are not related to the federal Medicare program or the US government.

About The Medicare Part D Gap for Prescription Drugs

The Medicare insurance gap is the part of Medicare Part D when there is a gap in the prescription drug insurance. You cannot reach this stage at all. It starts when you and your policy spend a certain amount within a year. At this stage, you may have to pay more for your medications until you reach the catastrophic stage. Keep in mind that some policies do not include this insurance gap.

Most Medicare Advantage prescription drug policies and Medicare prescription drug policies have a deficit or “uninsured period.” The insurance gap is achieved when the total of your drug costs (which you and your policy pay) reaches a given amount (i.e. $ 3,750 in 2018). Then, pay a percentage of the cost of the prescription drugs out of pocket until you enter the catastrophic insurance phase of the policy. This is the time when your total out-of-pocket costs, including the annual deductibles and coinsurance, will be $ 5,000 in 2018.

Some Medicare Advantage prescription drug policies and Medicare’s independent prescription drug policies provide partial or full insurance during the insurance gap. For example, some policies may not have a gap, while others may offer insurance of generic drugs in the gap. Policies with gap insurance often charge a higher monthly premium. Therefore, you should only consider one of these policies if you have high drug expenses and look forward to the insurance gap to be reached.

How does the Affordable Care Act affect the insurance gap?

By 2020, when the insurance gap closes, you will gradually pay less for generic and branded drugs.

In 2018, you will pay up to 44% for generic drugs and 35% for brand name drugs.

In 2019, you pay up to 37% for generic drugs and 30% for brand name drugs.

By 2020, you will pay up to 25% for brand name drugs and 25% for generic drugs.

How can I delay in reaching the insurance gap?

There are several ways to reduce the cost of prescription drugs throughout the year and delay the deficit:

Talk to your doctor about the use of cheaper generic drugs that are right for you. Find out if any of your pharmacies are offering your prescription drugs at discounted prices. If you are taking any prescription medication you take regularly, consider the mail-order pharmacy from your Medicare prescription drug policy, if available. This can save you with many policies. If your policy has preferred and non-preferred pharmacies in your network; use a “preferred” pharmacy. Your co payments may be lower if you fill your insured prescriptions at a preferred pharmacy.

Use your policy membership card when you buy your prescriptions. If you use your Prescription Drug Card, you can receive discounts on the drugs you buy and your expenses will be deducted from your deductible.  Look for programs that offer support. You may have government drug assistance programs in your state that can pay for Medicare Part D expenses. Visit Medicare to find out if there is a drug support program for the drugs you are taking.

A Beginner’s Guide to Medicare Pt 2

According to the US Centers for Medicare and Medicaid Services. US, Approximately 1 in 3 Medicare participants has a Medicare Advantage policy. In part, they are popular because they may have lower costs out-of-pocket than Original Medicare plan (only Part A and Part B). If you join a Medicare Advantage policy, you are still in the Medicare program and must continue to pay your Part B premium.

What is Medicare Part D?

Original Medicare (Parts A and Part B) does not insure most prescription drugs. Generally, you must enroll in a separate Medicare Part D prescription drug policy or in a Medicare Advantage Prescription Drug Policy. As a Medicare beneficiary, you will not automatically receive Medicare Part D prescription drugs. Insurance is optional, but you may have to pay a late enrollment fee if you enroll in Part D after you first become eligible, or if you have 63 or more days in a row without prescription drugs with a credit guarantee. This means that the insurance is on average at least as good as the Medicare Part D prescription drug policies. To avoid paying this fine, it is often advisable to sign up for Medicare Part D as soon as you are eligible for the first time, unless you have what is considered by Medicare to be “credible prescription drug coverage.”

As with Medicare Advantage, enrollment in a separate Medicare Part D prescription drug policy is generally limited to certain times of the year, including, if not the first time, Medicare Part B for the first time. If you lose insurance because you leave your policy’s insurance area, you may qualify for a special election period. Medicare Part D prescription drug policies are offered by private insurance companies that have signed contracts with Medicare. Your monthly premium, deductible, deductible, coinsurance, pharmacy network / service area, and the list of prescription drugs insured by the policy (formula) depend on the policy you choose. The form can change at any time, and your Medicare policy will notify you when necessary.

What is Medicare supplemental insurance?

A Medicare Supplemental Insurance Plan (sometimes called Medigap) is designed to help insure some of the costs that Original Medicare (i.e. Parts A and B) do not insure, such as:

  • Co payments
  • Co insurance
  • deductibles

Medicare supplement policies are sold by private companies. Several supplemental Medicare policies insure varying amounts of Part A and Part B costs out-of-pocket. You pay the insurance company a monthly premium in addition to your Part B premium.  A supplemental Medicare plan is different from a Medicare Advantage policy. Medicare Advantage is a way to get the benefits of Part A and Part B of Original Medicare, while a Medigap policy can supplement only the original Medicare insurance and help pay for it. In general, you would not have a Medigap policy or a Medicare Advantage policy. These types of policies do not work together.  In most states of the USA, the benefits are standardized and indicated by different letters of the alphabet (e.g. Medicare Supplemental Policy A).