Retiree Health Care Benefits For Everyone
Employer-based retirement health care insurance benefits continue to decline, according to recent industry reports.The provisions that are being made are for everyone, insurance is to be more affordable and medicines are to cost less. There is one segment of the country that is seeing a drastic change with the inception of this bill.
The benefits of healthcare reform are changing the lives of caregivers. Today the baby boomers are aging and their children are caught between caring for them and for their own children. The new provisions of the bill will give them the relief they have been searching for.
Taking effect this year is the Temporary Early Retirement Reimbursement program. This provides health insurance for people taking early retirement whereas in the past they risked loosing this valuable commodity. The law created a temporary program that will allow employers to continue to insure the retiree until age 65, which is when they become Medicaid eligible. If you retire between the ages of 55 to 65 the government will reimburse your company 80% of the cost of your premium.
Another benefit of healthcare reform is the insurance extension for families with young adults. This went immediately into effect. It allows a parent to carry their adult child until the age of 26. Staying in school is no longer a requirement.
This will eliminate the probability that the child would bring the whole family to ruin if they encountered a serious illness or that they just would not be able to afford the treatment necessary to save them. This is one that stops the insurance company from excluding a child’s preexisting condition in the coverage.
The price of medication has had some people on Medicaid over a barrel. For years there have been stories surfacing in the news of elderly or disabled people who had to choose between eating and buying the medicines that would save their lives. We have heard of them eating cat and dog food just so they can afford their insulin and other drugs. This will no longer be the case in America. One of the many benefits of healthcare reform is making prescription medicines more affordable to those on Medicaid or Medicare. The act calls for a 250.00 bonus to be given to all Medicaid recipients.
Finally one of the best benefits of healthcare reform is that it provides a provision that stops the insurance companies from arbitrarily canceling policies. This is one way they get out of paying for the most expensive treatments. They find some obscure clause the lets them out the contract.
This is just a tip of the benefit iceberg where this new bill is concerned. The problem is that not a lot of people are aware of the truth about what is really in the bill or how it affects them. You should find out what it is and what it is not for yourself instead of listening to the hype.
While the original plan may have been to remain in your home for several more years, looking into different types of retirement facilities may be in your best interests. If you live in a larger city, there is a good chance that there are retirement villages that offer the options of smaller but functional living spaces. This approach can often allow you to have plenty of room for your needs, continue to enjoy your independence and also take advantage of the amenities offered within the community. As an added incentive, you may even make some new friends.
If you do prefer to remain in your own home, look into any aged care services that may be available. This could include everything from having a medical professional come by a few times each week to check on your health to engaging the services of a live in provider. Make sure to utilise a service that is line with the general state of your health. Keep in mind that in some cases, you may qualify for government assistance with the cost, or even find a local agency that is willing to help you secure the services required at a reduced rate that is in line with your income.
Planning for the Unexpected
The sad truth is that illness and infirmity can affect anyone, including retirees. If you don’t have family nearby who can step in and protect your interests, you should consider securing some type of guardianship services. Services of this type can work with you to create legal arrangements that ensure your wishes are respected in the event that you are incapacitated due to illness or some sort of serious accident. Having someone who can make medical decisions on your behalf will go a long way in helping you avoid a prolonged period of pain if the changes for recovery are not good. At the same time, this arrangement can also help minimise the pain and suffering that your loved ones deal with as they watch you slowly waste away.