Medicare: $5,460 Out-of-Pocket Costs

The average person with traditional Medicare coverage paid $5,460 out of her own pocket for health care in 2016, according to a new KFF analysis and interactive tool. This $5,460 includes about $1,000 in out-of-pocket spending for long-term care facility services, averaged across all traditional Medicare beneficiaries. Such services are used by only 5% of beneficiaries in Medicare. For the 95% of beneficiaries living in the community, average out-of-pocket spending on health care was $4,519 in 2016. But some beneficiary cohorts spent substantially more than others.

Beneficiaries who were likely to spend more out of pocket include women, people in older age groups, those who had been hospitalized, people in poorer self-reported health, and those with multiple chronic conditions.

ARTICLE

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.

Are You Being Out-Hustled?

If there’s one thing that’s 100% within your control, it’s your effort. You control how hard you work. Not your manager. Not anyone else. No one can, or will, stop you from working hard. The effort you make is yours alone. If it isn’t enough, it’s all on you. You control how many hours you work, too. The time you invest in work each day has nothing to do with scheduled hours; it has nothing to do with whether you’re paid hourly, salary or straight commission. You can work as much as you want – or as little. If you’re being out-hustled, it’s because you’re allowing it. If someone’s working harder than you, they’re likely to produce more and better results. Even if they aren’t as smart or as talented or as well-connected as you. There’re very few things in life that’re 100% within your control. Your belief system is one of them. Your attitude is another. And your effort is also one of the few things you can control. 100%.

COLUMN

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.

Heart-Failure Deaths▲, Life Expectancy▼

Deaths from heart failure, one of the nation’s biggest killers, are surging as the population ages and the health of younger generations worsens. The death rate from the debilitating condition rose 20.7% between 2011 and 2017, and is likely to keep climbing sharply, according to a study published today (Wednesday) in the journal JAMA Cardiology.

The rapid aging of the population, together with high rates of obesity and diabetes in all ages, are pushing both the rate and number of deaths from heart failure higher. Most deaths from heart failure occur in older Americans, but they’re rising in adults under 65, too, the study showed. The findings help explain why a decades-long decline in the death rate from cardiovascular disease has slowed substantially since 2011 and started rising in middle-aged people, helping drive down U.S. life expectancy. The number of Americans who are 65 and over rose nearly 23% between 2011 and 2017 to 50.9 million, and is projected to expand another 44% to 73.1 million by 2030, according to the study, citing Census Bureau data.

ARTICLE based on STUDY

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.

In-Home Care, LTC: A Lot More Expensive

A new interactive survey by Genworth Financial found the fastest-rising long-term care cost is not for the most skilled care at a nursing home or assisted-living facility, but in-home services. Genworth reported the cost of homemaker services – in which an aide helps with tasks such as cooking, cleaning and running errands – has increased 7.14% in the past 12 months. That’s four times the increase in the median cost of a private room in a nursing home, which rose 1.82%. The cost of a home health aide – who assists someone in eating, getting dressed or taking medication – increased 4.55%.

 

In its 2019 Annual Cost of Care survey, Genworth added a new category for in-home services: skilled nursing care. The median cost is $87.50 per visit. The annual median cost of care in a nursing home is $90,155 for a semiprivate room and $102,200 for a private room. At some point in their senior years, 7 in 10 Americans will need LTC. The problem is many people don’t realize that Medicare doesn’t cover LTC except in limited situations.

SURVEY COSTS TOOL

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.

No Isn’t Really ‘No’ Until the 5th ‘No’

If you’ve identified a good prospect – and if you know you can create value for this prospect – you need to be the first to invest in that relationship. Instead of straight pitching, do some value-creating first; make some deposits in the deal that’ll make it easier for the prospect to say “yes” to a conversation to explore commerce. There’s no reason to ever demonstrate to a prospective client how easily discouraged you are, or how quickly you give up. No one wants to work with someone who quits at the first sign of resistance. We all want to work with people who persist and succeed. You should never expect a “yes” on the first ask. The first “no” is free. Your prospect gives that “no” to everyone. The fifth “no” … now that’s interesting. Not a lot of people get a fifth “no,” because not a lot of people are persistent enough to ask five times. Mostly they go away after being told “no” one or two times. The fifth time you hear “no,” you are being persistent. And persistence is one attribute you need to be a good AmeriLife insurance agent.

COLUMN

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.

Part D Out-of-Pocket Costs to Spike in 2020

Part D beneficiaries could see their out-of-pocket costs go up next year before they reach the catastrophic phase of the benefit, new analysis shows. Kaiser Family Foundation found the catastrophic threshold is set to increase substantially, leading to higher out-of-pocket costs for certain beneficiaries. The catastrophic threshold for 2020 will rise from $5,100 in 2019 to $6,350, an increase of $1,250, or 25%. Beneficiaries who take brand-name drugs will pay for a quarter of that increase out-of-pocket, while the rest will be covered by drugmakers’ discounts. Beneficiaries who take only generic drugs will pay the entire increase out-of-pocket, according to the study.

ARTICLE based on STUDY

Clicking third-party links will open a new tab and will take you away from TPPNAmeriLife.com. AmeriLife does not control the linked sites’ content or link.