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Current Care Costs Trigger Greater Demand for Long Term Care

The advancement in medicine and technology has made it possible for people to live longer than their normal life expectancy. Nowadays, people with severe illnesses and disabilities can prolong their lives through modern treatments and medications. This breakthrough significantly improves the lives of many people today, especially those with debilitating ailment and disorder; however, it poses serious downside on long term care. The demand for long term care is growing rapidly each year, but most Americans haven’t planned for it and are unaware that LTC services have almost doubled. Long term care can instantly deplete one’s retirement savings, particularly those living in nursing homes and other facilities.

Genworth Financial, a Fortune 500 Financial company, has been conducting survey on the cost of care in the United States. In 2007, the average annual rate for private nursing homes was $74,806 or equivalent to $205 per day as surveyed among 11,000 nursing homes nationwide. Meanwhile, in 2010, the national median daily rate for a private room in a nursing home amounted to $206, with 5.01 percent increase since 2009. Semi-private room in nursing homes had national median daily rate of $185 with 5.7 percent increase since 2009. Also in the same year, assisted living facilities for single occupancy recorded a median monthly rate of $3,185.The hourly rate for licensed home health aide services accumulated to $19.

There was a huge discrepancy among long term care costs by state. Residents living in the Northeast (England, Maine, New Jersey Pennsylvania, Massachusetts, Vermont, and etc) pay more expensive charges on nursing homes and other facilities than those in the Southeast. Massachusetts had the highest rate for one-bedroom in facilities while North Dakota had the lowest rate in the country. Home care is also expensive and has slight difference in the cost of nursing homes and assisted living facilities.

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Prearranged Funeral Plans: Caring for Your Love Ones Until the Very End

Thinking about our deaths is not something we typically do. We tend to live life as we go. But we have to admit that one day our life will end and we will be leaving people we care about when that happen. With this knowledge it would be best to have everything ready once we reach the end of our earthly journey. This is when we consider having prearranged funeral plans to relieve our love ones of the task of contacting a funeral home, buying the casket and what cemetery we are going to be buried.

Consider only what you need. These would be where you want your funeral to be held, your home or a funeral parlor, the casket or coffin and your burial place. There are several funeral plans are offered that will cover the casket and funeral service like the venue and the funeral car. For burial sites you can contact the cemetery of your choice to inquire on the price of their available lots. There are several cemeteries that also offer larger lots and mausoleums for a family burial site. But consider your budget. Large mausoleums are expensive so consider them carefully.

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Homecare Agencies – Things That You Should Check Out When Hiring One

Check out license

Homecare agencies provide a happy and desirable alternative to staying in retirement homes. The provision of home care is more convenient and comforting emotionally as well. You can enjoy personalized care specific only to you. Furthermore, services provided include everything from personal grooming services to taking care of the cooking and grocery shopping. However, all depends on the homecare agency you hire. One of the first things that you need to check is if the agency is licensed because they are highly reliable. Licensed agencies take a lot of care when it comes to hiring care providers, training them to provide special services and various specialized care requirements. You can be assured that care providers are well trained and equipped for the job.

Check out how much of family involvement is required

The other thing that you have to find out is how much family involvement is necessary. This can help you evaluate the most suitable home care agency. If a large amount of family involvement is required and if you are unable to provide the required time, then the agency will not work in your favor. In such cases, you can opt for a full service and full time care provider who can take care of everything that the needy require. If you can spend part of your time and involve yourself in lending care, then you can always choose a suitable agency. A very important thing that you need to ensure is whether the agency provides aid for menial household chores.

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Online Quote for Life Insurance – Facilitating the Available Options

Insurance involves elements of protection, planning for contingencies and emergencies and wealth creation. Life insurance gives you an opportunity to protect the members of your family. Nevertheless, getting the right coverage often proves challenging for many insurance shoppers. In general, to get the best deal, it is important to scrutinize several quotes obtained from different companies. However, the hassle associated with getting in touch with different companies, website and agents can be time-consuming.

Making it easy for shoppers to find life insurance products:

The internet make it easy for shoppers to check different offers from leading life insurance companies. It facilitates a fast, easy and convenient process. Ideally, the service provides a one-stop shop that any insurance shopper can access by simply responding to a few basic questions. Many companies use software that can be relied upon by shoppers to get free quotes for life insurance immediately.

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Term Life Insurance Quotes: The Cost-Effective Insurance Option

Insurance is the best way to protect against events in the future that might affect us adversely. The problem is that many policies can be expensive to maintain, especially these days when our financial situation can change suddenly. Happily, term life insurance quotes show that it is the most cost-effective option to protecting against the consequences of an unexpected death

The vast majority of us seek universal insurance that covers continuously until the end of our lives, whether for 10 years or 50. And with the advent of the Internet, it has become easy to get instant insurance quotes online. But this kind of commitment does not suit everyone.

While a term life insurance policy only covers the insured for a limited period of time (known as the term of relevance), one of its advantages is that it is cost-efficient to manage. But there are other advantages too.

Why a Term Policy?

When seeking term life insurance quotes there are some very important aspects to consider. For a start, though the policy looks more expensive, it is an extremely worthwhile option financially. Brokers charge competitive rates but are prepared to pay out when necessary.

Of course, because the coverage is temporary, once the term ends the coverage ends, and none of the contributions can ever be recouped. Universal policies are guaranteed to end with a payout because coverage only ends with death. Getting instant insurance quotes online might save some money, but over the lifetime of the policy, a significantly larger amount of money is spent.

Remember, life insurance premiums are paid every month, add can add up over the years. At the end of 30 years of insurance protection, for example, $150,000 may have been contributed in total – a very large sum of money.

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Gender Based Pricing and Long Term Care Insurance

Life insurance and health insurance have always been priced according to gender. Traditionally, life insurance for women has been cheaper than men because of longer life expectancy. For life insurance, it is cut and dry and the statistics prove out the rationale for the pricing policy. Recently, as discussed in an article in the Washington Post earlier this year, Genworth announced a switch to gender based pricing for long term care insurance as well.

Unlike life insurance, LTC is still relatively immature. Time will tell if the actuarial data supporting sex based premiums is justified. I believe that traditional LTC is still working on pricing and other aspects to, once and for all, find a solution to the financial impact of a long term medical situation. Policy design, benefits and premium structure have all seen changes in the last few years and I expect this to continue.

The Post article alludes to more changes regarding the impact of the sex of the applicant and the premiums for long term care. It is commonly known within the industry that women will experience a greater financial costs associated with care than men. The insurance companies are now going to put this to the test by going to gender based pricing. Another line of discussion within the insurance industry is whether new gender based pricing is rooted in the Affordable Care Act (aka Obamacare.) The new regulation prohibits health insurance providers from charging based on gender. So, are insurance companies testing the market to account for lost revenue resulting from new government policies?

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Life Insurance Quotes Online Without Getting Lied To

Life insurance is recommended highly for all. If you are a breadwinner, a good policy will ensure your loved ones are financially secure when you die. However, you need to be sure you are buying from a reputable company to avoid an insurance scam. Buying insurance from an illegitimate company can prove a legal nightmare. Your family will be left without any financial support or stuck with a legal battle when you are no more. In addition to comparing life insurance quotes online, it is advisable to research prospective service providers. Furthermore, reading the contract carefully will save you many hassles and unpleasant surprises. The steps for buying insurance and avoiding scams include:

Step 1: Shop for insurance

You can consider using the services of a reputable insurance agent to help you find the right plan. For the best results, it is advisable to work with an independent agent who will not steer you towards a particular provider or plan. By comparing different life insurance quotes online you will avoid unusually high commissions. Furthermore, research the available options by asking your friends and family about their insurance plans. Perform a background check of the service provider with the local business bureau, the trade commission and read online reviews. This will help you avoid a company with many serious complaints.

Step 2: Insurance needs

It is important to know how much insurance you need. Although it is not fraudulent to have a company selling more coverage than you actually need, it means you will be paying more for your policy than you really have to pay. On the other hand, if you purchase less insurance, your loved ones will be left unprotected. To help you determine how much coverage is right for you; at a minimum, the policy should cater for your debts, end-of-life medical expenses and funeral & burial. Some experts recommend a coverage that accounts for 50% of your total income until retirement. Therefore, if you earn $50,000 a year and plan to retire in 5 years, then you need coverage of $125,000.

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Decoding ICD-10-CM for Hospices

The changeover to the new coding concepts of ICD-10 on October 1, 2015 will be a major overhaul for the hospice community, especially due to such a large portion of reimbursement being diagnosis driven. ICD-10-CM for hospice providers is the replacement coding system for the obsolete ICD-9 procedure coding in use for over 30 years now. ICD-9 is outdated, has no room for new codes in many areas, and is not consistent with the modern medical practice.

Here are some simple tips to help understand the new system:

  • The first three digits identify the category
  • The first digit is alphabetic-always
  • The second and third digits are numeric
  • The fourth to sixth positions takes care of clinical details-etiology, severity, and anatomic sites
  • The seventh character is sometimes needed to describe the characteristics of the encounter
  • ICD-10 allows the use of combination codes, which are useful in coding more than one diagnosis or a complication
  • A combination code reduces the number of codes for particular patients while providing clear and concise codes to describe a patient.
  • Using alpha coding is allowed in ICD-10. The alpha codes allow consistency throughout coding as qualifiers for body parts, approach, system and more!

Hospice and Home Health Care Codes

After October 1, 2015 all codes submitted to CMS have to use ICD-10 coding or they will be rejected. Coding and billing professionals must understand these concepts and how to apply them to claims to avoid denials.