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Health Care Planning For Individuals

Twentieth-century advances in protecting and promoting health have provided many opportunities for overcoming the challenges of an aging society.

Every day, people confront situations that involve life-changing decisions about their health. Obtaining, communicating, processing, and understanding health information and services are essential steps in making appropriate health decisions. However, research indicates that today’s health information is presented in ways that are not usable by most adults.

Limited health literacy (“the degree to which individuals have the capacity to obtain, process, and understand basic health information and services needed to make appropriate health decisions) occurs when people cannot find and use the health information and services they need.

Long Term Care

The need for care giving for older adults by formal, professional caregivers or by family members— and the need for long-term care services and supports—will increase sharply during the next several decades, given the effects of chronic diseases on an aging population.

Effective public health strategies and advances in medical treatment have contributed to a dramatic increase in average life expectancy in the United States. The 30-year gain in life expectancy within the span of a century had never before been achieved.

The burden of chronic diseases encompasses a much broader spectrum of negative health consequences than death alone. People living with one or more chronic diseases often experience diminished quality of life, generally reflected by a long period of decline and disability associated with their disease. The inability to perform daily activities can restrict people’s engagement in life and their enjoyment of family and friends.

Today, more than two-thirds of all health care costs are for treating chronic illnesses. Among health care costs for older Americans, 95% are for chronic diseases.

Medicare

Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).

Medicaid

Medicaid is the largest source of funding for medical and health-related services for people with low income in the United States.

Medicare Supplements

A Medicare supplement (Medigap) insurance policy, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.

Medicare Advantage

Medicare Advantage (MA) is a United States health insurance program of managed health care (preferred provider organization (PPO) or health maintenance organization (HMO)) that serves as a substitute for "Original Medicare" Parts A and B Medicare benefits.

The Patient Protection and Affordable Care Act

The Patient Protection and Affordable Care Act (PPACA), commonly called the Affordable Care Act (ACA) or "Obamacare", is a United States federal statute signed into law by President Barack Obama on March 23, 2010.

Under the Patient Protection and Affordable Care Act, all health insurance policies must be sold on a guaranteed issue basis. Guaranteed issue is a term used in health insurance to describe a situation where a policy is offered to any eligible applicant without regard to health status.

Under the law's authorization, we now have a set of defined "essential health benefits" that all new insurance plans have to include. Insurers are prohibited from imposing annual or lifetime coverage caps on these essential benefits. Among the essential health benefits, preventive care, childhood immunizations and adult vaccinations, and medical screenings are covered by an insurance plan's premiums, and cannot be subject to any co-payments, co-insurance, or deductibles.

There are different types of health insurance plans that meet different needs. Some examples include HMO, EPO, PPO, and POS plans.

Health Savings Account

A health savings account (HSA) is a tax-advantagedmedical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The HSA is owned by the individual and funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), funds roll over and accumulate year to year if not spent.

CAUTION!

One of the most debated parts of the health care law is the requirement that most Americans buy insurance starting in 2014. If they didn’t, they face a fine of $95 or 1 percent of their income, whichever is more.

Since individuals will report their own coverage on the 2014 income tax return that they file in 2015, and the IRS has made it clear “The accuracy of the information shown on the tax return is the responsibility of the taxpayer.” This reason alone establishes the credentialed experts and advisors of Assurity Financial Group as the resource for protecting client interests.

 

 

 

 

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Health Care Planning for Individuals

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  • 2429 Manatee Ave E, Unit 1 Bradenton,
    FL 34208
  • Call Us Now

    (941) 739-5006

  • Send Mail Us

    financial@assurity.us

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