Health Care

What is in the Inflation Reduction Act? 

Patrick EngWhat is in the Inflation Reduction Act?  A staggering brew of green energy spending and corporate taxes, as well as major changes to Medicare. Will new Medicare laws help retirees? And will the new laws help the economy? Maybe. Or maybe not. When it comes to massive legislation, the future is always a bit hazy.

The timeline below details some of the major Medicare law changes that are planned. Since health care is one of the biggest unknown costs in retirement, lowering drug costs and making spending more predictable for Medicare recipients could absolutely have a positive impact on millions of people. The new rules also could mean premium changes as insurance companies figure out their models.

Whether the overall bill will live up to its name, lower inflation, and have a net positive impact  on the economy also remains to be seen. Some economists project the bill will end up modestly reducing inflation and trimming the federal budget over the next decade. Others are concerned about the impact of the new corporate tax rules written into the legislation.

Legal challenges or post-election changes could end up altering much of what’s in the new legislation. Much depends on the actual execution of the new rules. As is usually the case, only time will tell.

 

 

What is in the Inflation Reduction Act

Sources:
https://www.kff.org/medicare/issue-brief/how-will-the-prescription-drug-provisions-in-the-inflation-reduction-act-affect-medicare-beneficiaries/
https://www.morningstar.com/articles/1109390/the-inflation-reduction-acts-impact-on-retirees
https://www.kff.org/medicare/issue-brief/prices-increased-faster-than-inflation-for-half-of-all-drugs-covered-by-medicare-in-2020/
https://www.kff.org/medicare/issue-brief/insulin-out-of-pocket-costs-in-medicare-part-d/
https://www.cdc.gov/vaccines/programs/vfc/awardees/vaccine-management/price-list/index.html
https://www.moodysanalytics.com/-/media/article/2022/assessing-the-macroeconomic-consequences-of-the-inflation-reduction-act-of-2022.pdf
By |2022-09-23T15:02:02-07:00September 27th, 2022|Current Affairs, Health Care|

When to Waive Health Care Privacy

when to waive health care privacyMost adults are familiar with the HIPAA documents we’re asked to read and sign at doctor offices and hospitals. The Health Insurance Portability and Accountability Act was passed in 1996 to set standards for protecting personal health information. That’s important. We all value and deserve privacy. Yet, it’s important to know when to waive health care privacy.

When to Waive Health Care Privacy

In estate planning documents like health care powers of attorney, living wills, and advance health care directives, it’s a good idea to waive your HIPPA rights. Doing so allows physicians and other health care professionals to share medical information with your designated representative so that informed health care decisions can be made on your behalf. Without HIPAA authorizations in these documents, doctors may be unwilling to discuss medical information. That could delay decision-making regarding care and end-of-life wishes.

Children who may have recently turned 18 years of age should also sign a HIPPA waiver granting parents access to their health care information in the event of an emergency.

Now is a good time to take stock of your family’s health care powers of attorney and related documents to ensure the best care possible for yourself and the people you love.

Photo by Pixabay
By |2022-07-29T09:33:52-07:00August 15th, 2022|Estate Planning, Health Care|

Understand Medical Identity Theft

Jacob Cavaleri - understand medical identity theftMedical identity theft is often over-looked and not discussed enough. It’s a form of fraud in which someone uses your personal information to receive medical services and bills your insurance or Medicare. According to the U.S. Bureau of Consumer Financial Protection, roughly 1.5 million adults are found to be victims of this each year. It’s important to understand medical identity theft and to protect yourself.

Understand Medical Identity Theft

You may be a victim of medical identity theft if:

  • You get a bill for services you did not receive;
  • You’re told by your insurance company you have hit your limit on benefits when you have not; or
  • You receive a denial for coverage of a nonexistent medical condition.

If someone steals your medical identity, your records are compromised. That means you could  experience misdiagnosis, delays in treatment, or inappropriate care.

Reduce Your Risk

Taking a few quick, proactive steps to protect yourself may reduce your risk and save you a lot of time and frustration in the future.

  • Give personal information only to approved medical professionals.
  • Remove prescription labels before recycling or discarding the containers.
  • Shred papers with personal information before throwing them away.
  • Review your medical and insurance records periodically for suspicious information.
By |2022-06-28T07:48:51-07:00July 18th, 2022|Current Affairs, Cyber Security, Health Care, Insurance|

Health Trends and Long-Term Planning Needs

McCann-WEBLife expectancy and health trends are constantly evolving. Recent data from the Alzheimer’s Association validate why financial planning is more important than ever. Keep reading to learn how health trends and long-term planning needs go hand in hand.

Deaths from Alzheimer’s more than doubled between 2000 and 2019, while those from heart disease decreased. Alzheimer’s kills more people than breast cancer and prostate cancer combined. Progression is slow and can be uncertain. People age 65 and older survive an average of four to eight years after a diagnosis of Alzheimer’s, though some live as long as 20 years.

Preparing for long-term care is an important part of your financial planning process. After diagnosis of a serious illness, your options become more limited.

Alzheimer’s and other forms of dementia take a devastating toll – not just on those with the disease, but on entire families. Research shows that millions of care contributors make enormous personal financial sacrifices every day, including cutting back on important necessities for themselves and their families.

About 80 percent of the help provided to older adults in the United States comes from family, friends, or other unpaid caregivers. About 25 percent of dementia caregivers are “sandwich generation” caregivers, meaning they care for both an aging parent and at least one child.

Many people have misconceptions about what expenses Medicare and Medicaid cover, leaving them unprepared to handle the tremendous costs associated with the disease. An Alzheimer’s Association survey found 13 percent sold personal belongings, such as a car, to help pay for costs related to dementia. Nearly half tapped into savings or retirement funds, and 11 percent cut back on spending for their children’s education.

It doesn’t have to be that way.

There are a variety planning options that can help preserve your income and investments, while ensuring you and your loved ones will not have to sacrifice quality care or basic life necessities in the event of a long-term illness. Your advisor can help you explore and understand those options, and develop a plan that fits your needs.

Women Celebrating BirthdayLiving with Alzheimer’s

♦ An estimated 6.5 million Americans are living with Alzheimer’s; two-thirds are women.

♦ African-Americans are about two times more likely to have Alzheimer’s than Whites; Hispanics are one and one-half times more likely.

♦ People living with Alzheimer’s or other dementias have more skilled nursing facility stays, more home health care visits, and twice as many hospital stays per year as other older people.

Source: Alzheimer’s Association
By |2022-06-06T15:36:31-07:00May 9th, 2022|Financial Planning, Health Care, Insurance|