Patient Protection and Affordable Care Act
During this highly contentious and rude political season, it’s really difficult to discern fact from fiction. Oftentimes we get caught up in the rhetoric spoken by Talking Heads and dismiss what we’re hearing based on which Talking Head is doing the talking.
For the most part, I’ve trusted what the AARP has put out regarding issues and candidates over the years so I felt fairly confident in posting this article.
If you want clarification about the following myths, please take the time to read the above link.
Myth 1: The new law cuts Medicare drastically, so I won’t be able to get quality health care;
Myth 2: I’ve heard that Medicare Advantage plans will be cut or taken away;
Myth 3: I’ll have to wait longer to see my doctor – or I won’t be able to see my doctor at all;
Myth 4: If I have Medicare, I will need to get more or different insurance;
Myth 5: The new law “raids Medicare of $716 billion”;
Myth 6: The law is going to bankrupt America;
Myth 7: The new law will drive up premiums astronomically;
Myth 8: If I can’t afford to buy health insurance, I’ll be taxed – or worse;
Myth 9: I’m a small-business owner and I’ll pay big fines if I don’t provide health insurance to my employees;
Myth 10: The Affordable Care Act (ACA) basically turns our health care system into universal health care. So now some government bureaucrat will decide how and when I get treated;
Myth 11: If my state doesn’t set up an insurance exchange, I can’t get health coverage.
An insurance agent from a large, widely-known insurance company recently told me that 50% of all applicants for long-term care (LTC) insurance are rejected. Boy, with those statistics, it’s hardly worth pursuing, knowing that the hurt of rejection might be in your future.
John Matthews, Caring.com senior editor and attorney gives all of us a reality check:
“No one has a ‘right’ to buy long-term care insurance. That results in insurance companies refusing to sell policies to people they think are likely to collect on the policies soon, or who might collect for a long time. If an insurance company thinks the odds are that it might not make money on you, it won’t sell you a policy.”
WOW – that’s encouraging isn’t it?
While doing research for this article, I found the information provided by insurance brokers about LTC insurance to be very enlightening. Apparently many LTC insurance companies will accept you as an insured if you have had open-heart surgery, but will balk at covering someone who has arthritis. Why you may ask? I was told it is because the insured with heart issues will die before needing benefits whereas the person with arthritis will most likely become disabled and therefore cost the insurance company too much money in benefits payout.
Wow – that’s depressing, and somewhat maudlin, isn’t it?
I stand by my earlier article, Long Term Care Insurance Scares Me. Insurers are trying to sell a product for which so few are eligible. I thought I was scared before. Now that I’ve done my research, I’m petrified!
Please share your experiences trying to obtain LTC insurance. Whether you were accepted or rejected – we want to know. If you were rejected and appealed the insurance company’s decision – we REALLY want to hear about it.