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Carroll S Golden
a book bubble about
How Not To Pull Your Family Apart
Parenting & Relationships
Author Insight
It's That Time of the Year!
For clients trying to figure out what is the best election for Medicare coverages, it’s certainly not a holiday! Your clients may be asking you, their advisor, for some guidance on a very complex topic. • According to KFF research, the average Medicare beneficiary in 2024 has access more than double the number of plans offered in 2018. More than 2.4 million Medicare beneficiaries, in 29 counties, can choose from 75 or more plans in 2024. • The growth of Medicare Advantage, which boasted some 30.8 million people in 2023, accounting for $462 billion (54%) of total Medicare spending, is expected to continue to grow in popularity. Note that these numbers exclude employer or union-sponsored group plans, Special Needs Plans (SNPs), PACE plans, cost plans, and Medicare-Medicaid plans (MMPs) that are only available to select populations. • One big attraction is the availability of plans that charge no premium (other than the Part B premium) and may offer extra benefits such as, vison, hearing, or dental which are not covered by traditional Medicare. • The Congressional Budget Office (CBO) projects that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will rise to 64% by 2034. • HMOs account for more than half (56%) of all Medicare Advantage plans offered in 2024 but have declined as a share of all Medicare Advantage plans since 2017 (71% of plans), while local PPOs are rising as a share of all plans. Not a Medicare specialist? Let me suggest including one in your professional network!
Book Excerpt
How Not To Pull Your Family Apart
Jodi responds. “I looked into that option before investigating long-term care insurance. Medicare is an entitlement program, meaning that everyone who reaches age sixty-five and is entitled to receive Social Security benefits also receives Medicare. Medicare covers medically necessary acute care, such as doctor visits, prescription drugs, and hospital stays. Except for specific circumstances, Medicare does not pay for most long-term care services or personal care, such as help with bathing or supervision, which is considered custodial care. Medicare does not provide long-term care coverage or custodial care unless medical care is needed.”
Erik continues the query, “But they also have Medicare Advantage coverage. Does that cover long-term care?”
“Medicare Advantage plans generally cover specialized care, such as stays in a skilled nursing facility, hospice, respite care, and eligible home health services,” Jodi says. “Some Medicare Advantage plans now cover certain long-term care and at-home care services. However, emphasis is on certain. It doesn’t provide the care and services that we need to keep your grandparents at home over the long haul, as you put it. I also looked at Medigap plans. Medigap plans are intended to fill the gaps in Medicare insurance. However, even the most comprehensive of Medigap plans does not cover long-term care needs. These policies currently do not pay for assisted living, Alzheimer’s disease, custodial care, personal care, or adult day care.”
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