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Commissioner Goldsmith clarified MD Law today. Insureds should evaluate their options carefully. Premium is not the only factor. The deductibles, co-pays, coinsurance, out-of-pocket maximums and covered services should be considered with what services you expect to use in 2014.
Many middle-income Americans do not have adequate safety-net to draw on, IF they have significant health expenses not covered by health insurance. Also, what about health events that are not covered by major medical health insurance, such as custodial care?
Your medical insurance, including Medicare when eligible, will not pay for help in the home and other venues (assisted living, skilled nursing home..) for an extended period of time.
Starting mid-April, 2013, pricing will be much higher, especially for women. Roll-out of changes vary by state of residence and insurance company. Your family health history as well as your health history will be evaluated more thoroughly than it is with current policies. This change will affect some people who are currently easily insurable. The high cost of care today and tomorrow, increasing longevity, increasing probability of requiring care, and the severe impact on family lifestyle and finances makes long term care a front burner issue.
We all have so much going on in our lives on an average day – going to work, putting food on the table, taking care of the children, cleaning the house, etc. What happens when there is a sudden serious illness or life threatening event that happens to a close loved one? Priorities change immediately. The last thing those who need care may want is to be a burden on family members. Unfortunately stress is the top challenge caregivers experience.