Need Advice on Elderly Medical Plan in US!

Replies to This Discussion

Permalink Reply by Joanna Trusdle on August 21, 2009 at 12:20pm

Joanna, I see this was posted a while back, so I don't know if you have found anything, or not. If I understand you correctly, the ones you want insurance for are not U.S. citizens? What understanding I have of insurance companies, the first thing you will run into is whether or not they will even accept an elderly person, because of pre-existing conditions. If they do accept them, it will undoubtedly be a lot more expensive than for a younger person - because of pre-existing conditions and the higher medical costs typically associated with the elderly. As far as finding an insurance company, just do a lot of really in-depth research and ask lots and lots of questions. Don't let them talk you into anything. Before anyone signs anything, take it home and read every single word, especially the fine print. Check for premiums and deductibles. Also check on how long they will pay for hospital stays and long-term rehab care. The last two things are really important issues for the elderly. Please let me know if you have found anything, or not. Good luck!

Permalink Reply by Joanna on August 21, 2009 at 10:14pm

Hi Joanna,
Thanks for your reply! At this stage, my parents's retirement will be in a year or so. I have to really think about where they will live. I do want to find out about insurance in the US ahead of time. I checked out some websites but haven't called anyone yet. I am also checking out my company's health insurance policy to see if there is any coverage.
The difficult thing is I know staying in Canada would be much cheaper cost wise because they have better elderly care and health benefits. However, I am worried that money is not the only thing we should give our parents for retirement, this is because we also need to be there and take care of them. This is why I am thinking of having them live here in the US, at least for a few months / year...
Will keep you posted...

Joanna

Joanna

Joanna Trusdle said:

Joanna, I see this was posted a while back, so I don't know if you have found anything, or not. If I understand you correctly, the ones you want insurance for are not U.S. citizens? What understanding I have of insurance companies, the first thing you will run into is whether or not they will even accept an elderly person, because of pre-existing conditions. If they do accept them, it will undoubtedly be a lot more expensive than for a younger person - because of pre-existing conditions and the higher medical costs typically associated with the elderly. As far as finding an insurance company, just do a lot of really in-depth research and ask lots and lots of questions. Don't let them talk you into anything. Before anyone signs anything, take it home and read every single word, especially the fine print. Check for premiums and deductibles. Also check on how long they will pay for hospital stays and long-term rehab care. The last two things are really important issues for the elderly. Please let me know if you have found anything, or not. Good luck!

Permalink Reply by Joanna Trusdle on August 22, 2009 at 11:18am

Joanna

I'm glad to hear that you're researching this out way in advance, and who knows, in a year, the insurance situation could be totally different than it is now. Just keep collecting all the information you can, and hold on to it until the time actually comes. Yes, please do keep me posted.

Permalink Reply by Holly Bowne on September 10, 2009 at 2:02pm

Hi Joanna:

I just attended a meeting with my parents and their financial advisor. This doesn't really apply to the medical insurance part, but my parents have purchased something called Long-term care insurance. This provides a benefit to them if something should ever happen and they require skilled nursing home care, or in-home assistance. The cost of the insurance can be a bit expensive, depending on how old your parents are, but it's well worth it if something should ever happen. Good luck!