Archive for April, 2017

100 Days and Then What?

Posted on: April 26th, 2017 by Agent Mark No Comments

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Several times a year I hear about a family that is struggling with taking care of a sick relative.

In many of these cases this involves an adult child assisting an elderly parent. With an elderly person the medicare coverage is typically utilized.

Here is a very basic overview on how the medicare benefit pays.

  • Days 1 – 20: Medicare pays the full cost for each benefit period.
  • Days 21 – 100: Medicare pays all but a daily coinsurance. In 2017, it is $164.50 coinsurance per day.
  • After 100 days: Medicare provides no coverage after 100 days.

The question is after 100 days, then what?

For each person the options will be different depending on what they have selected for insurance.

My first question to any individuals reviewing their options is, Do you have Long Term Care Insurance?

The greatest benefit of Long Term Care Insurance is that this affords you more options for your care after your 100 days.

The statistics are that most people will spend two to three years needing long term care in the future.

This care is not covered by medicare.

Consider your family and friends….. Do you know someone who needed Long ‘Term Care?

If you are aged 50 or over, now is the time to look into your Long Term Care Insurance Options.

Your family members will thank you! Herlihy Insurance Group looks forward to assisting you with any Long Term Care Insurance questions. It is never too early to learn the facts about this over looked coverage.

Will Talk Time

Posted on: April 10th, 2017 by Agent Mark No Comments

downloadConfession time here. It has taken me over two years to get my will documents signed and in order. I am relieved to say that at the time of this writing, my will is finally all set.

You are probably wondering…… why the delay?

My honest response is, there was no good reason. I just did not get around to getting signatures, getting notaries and mailing documents around. If I died without my will in place, things could be complicated.

When you die without a will, your property will generally pass according to state law (under the rules for intestate succession). When this happens, the state essentially makes a will for you. State laws specify how your property will pass, typically in certain proportions to various persons related to you. The specifics, however, vary from state to state.

Most state laws favor spouses and children first. For example, a typical state law might specify that your property pass one-half or one-third to your surviving spouse, with the remainder passing equally to all your children.

Even if it seems that all your property will be transferred by beneficiary designation, joint ownership, or trust, you should still generally have a will. You can designate in the will who will receive any property that slips through the cracks.

Now that the will task is completed I will move on to rechecking my life insurance. A grown up’s work is never done.