MEDICARE/MEDICAID – becoming a paid family member caregiver

Special thanks to Liz Tredennick (lizknowsmedicare.com, 303-359-1136) for the following information– When a person applies and is accepted for Long Term Care – Home and Community Based Services (HCBS) they will receive a list of Medicaid approved agencies that can come to the home and provide care. If they want to choose their own self, not on the approved agency list, than can do one of two things: Apply to one of the approved agencies to become employed with the agreement that they will be assigned to only their family member’s case. PASCO is a good agency to contact. PASCO ...
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MONEY SAVING OPPORTUNITY – Reduce your Health insurance with income tax credits

By John Moran, CPA, Moran & Long CPAs, 5990 Greenwood Plaza Blvd, Ste 330, Greenwood Village, Colorado 80111, www.moranlong.com, 720-635-3180. No charge for the initial consultation. Tax credits are not new having been a part of tax law for 50 years or more. A tax credit is a dollar for dollar reduction of your tax liability (as opposed to a tax deduction which reduces your income in arriving at taxable income, the amount upon which the tax rate is applied and tax computed). Using tax credits to pay for health insurance is new, and has not been part of any ...
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Medicare – Observation Status – Beware

Contact Susan Jaffe at Jaffe.KHN@gmail.com Some seniors think Medicare made a mistake. Others are stunned when they find out that being in a hospital for days doesn’t always mean they were actually admitted. Instead, they received observation care, considered by Medicare to be an outpatient service. The observation designation means they can have higher out-of-pocket expenses and fewer Medicare benefits. Yet, a government investigation found that observation patients often have the same health problems as those who are admitted. More Medicare beneficiaries are entering hospitals as observation patients every year. The number rose 88 percent over the past six years, ...
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Medicare – Fight Healthcare Fraud and Abuse

The key elements to fighting Medicare fraud are: Protect – Treat your Medicare card like a credit card. Don’t provide the information to any strangers.Carry your card and information only when necessary for medical appointments, or pharmacy visits. Detect – Review your Medicare Summary Notice(s) MSNs and Explanation of Benefits  forms for mistakes including duplicate billings, charges for services not performed, and services not ordered by physicians. Report – Call SMP, the Senior Medicare Patrol at 800-503-5190 and request an initial screening for questionable billings. It is best to clarify with your medical provider or Medicare Health Plan first to ...
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Health Insurance Exchanges and Tax Credits (IRS meets Health Care Reform)

Tax credits estimated under Health Care Exchanges http://kff.org/health-reform/issue-brief/quantifying-tax-credits-for-people-now-buying-insurance-on-their-own/ The Henry J Kaiser Family Foundation published an issue brief estimating the national insurance premium “tax credit”. The tax credit subsidizes your health care insurance purchases on state Health Care Exchanges. Read on …… ...
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Employers – Pay or Play, Affordable Health Care Act

See www.moranlong.com for additional information on health care and tax law integration. What are employers likely to do, after the recent Department of Health and Human Services moratorium on enactment to Year 2015? Will they pay the penalty ($2,000 per employee not covered) and not have a tax deduction, or will they play and pay 2 to 3 times the penalty in health coverage for their employees? Prior to the recent moratorium on enforcement, the benefits consultant Mercer Inc. conducted a survey and found that six percent of firms offering health coverage planned to cease coverage. In July, 2012, the ...
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Net Investment Income Tax FAQs, a new TAX to fund health care cost

Net Investment Income Tax FAQs, The Net Investment income tax is an integral part of the Affordable Care and Patient Protection Act, created a new TAX to fund an expanded health care coverage American marketplace Net Investment Income Tax FAQs Basics of the Net Investment Income Tax 1. What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code (IRC). The NIIT applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. 2 ...
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Implement the ACA in a Careful, Thoughtful Manner-the U. S. Treasury Department

See www.moranlong.com for additional insights and planning suggestions for health care and retirement.  By: Mark J. Mazur, Assistant Secretary for Tax Policy at the U.S. Department of the Treasury, issue date 7/2/2013 ​Over the past several months, the Administration has been engaging in a dialogue with businesses – many of which already provide health coverage for their workers – about the new employer and insurer reporting requirements under the Affordable Care Act (ACA).  We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively.  We recognize that the vast majority of ...
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Colorado Health Care Exchange = Connect for Health Colorado CEO’s Update

Connect for Health Colorado CEO’s Update on Health Plan Prices and Competition http://www.connectforhealthco.com/news-events/news/ Patty Fontneau, Executive Director and Chief Executive Officer, Connect for Health Colorado (Colorado’s Health Care Exchange created by Federal Law under the Patient Protection and Affordable Care Act). I wanted to provide an update in response to questions we received about how much health plans will cost when our health insurance marketplace opens in October. The Division of Insurance posted information about preliminary filings and the Colorado Consumer Health Initiative conducted an analysis of those filings. We’re also analyzing the preliminary filings and are encouraged to see ...
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Health care in retirement probably costs more than you think

See my website www.moranlong.com  for additional information on health care costsand planning for retirement and health care in your retirement years. ——————————————————— By Michelle Singletary, Washington Post May 17, 2013 When it comes to thinking about how much money we all need to retire comfortably, it gives us a headache. I just need to say that upfront before telling you the latest news, which is sure to scare you even more about retirement. You probably know that health care is likely to be among your largest expenses. But how much? In its annual look at medical expenses for retirees, Fidelity ...
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SHIP [Senior Health Insurance Program) – Free information source for all Medicare questions.

SHIP (State Health Insurance Program) Centura Health LINKS is a full-service benefits counseling program that provides information to seniors about Medicare and other health insurance issues of interest to older adults. Our staff and volunteers counsel people at no charge about Medicare benefits, appeals, Medigap insurance, employer health plans, long term care insurance and Medicaid. They also help sort and file medical claims. Centura Health LINKS4200 W. Conejos Place, Suite 200Denver, CO 80204 Metro Denver: 720-321-8850Statewide Outside Metro Denver: 1-800-544-9181 Email us: LINKS@Centura.org In the interest of educating older adults throughout Colorado, we operate a statewide, toll-free hotline 1-800-544-9181. With help ...
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Affordable Healthcare Act – Coming attractions

Intuit Accountants News Central Understanding the Affordable Healthcare Act February 12th 2013 by Mike D’Avolio   The Affordable Care Act was passed in 2010. It overhauls the U.S. healthcare system and affects nearly all taxpayers, many employers and various elements of the healthcare industry. This represents the most significant change to our healthcare laws since the passage of Medicaid and Medicare in 1965. The new law will be phased in over multiple years spanning 2009 to 2018. As you’ll read in the article, the new healthcare law uses the tax code and tax return in many respects to implement its measures ...
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When do you need a Guardianship or Conservatorship in Colorado?

When do you need a Guardianship or Conservatorship in Colorado? More about the Author: Marco D. Chayet is an Elder Law attorney with the office of Chayet & Danzo, LLC . Marco’s practice emphasizes elder law, guardianships, conservatorships, public benefits, probate, estate planning, and long-term care planning. The attorneys provide the highest quality legal services and professionalism, while representing clients in a cost-effective manner. Meeting the needs of our elder law clients depends on moving beyond conventional legal work to offering practical assistance in planning, counseling, educating, and advocating for the senior or disabled client and their families. Call Toll ...
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Do Financial Decisions Get Better With Age?

Do Financial Decisions Get Better With Age? David Allison, provided by InvestopediaYou hear it all of the time, “age is nothing but a number”, but what does age do to your ability to make financial decisions? As droves of baby boomers approach retirement, they will be making increasingly important decisions regarding their finances. Read on to learn how aging can affect your ability to make financial decisions, some of the behavioral traits that older investors exhibit when making decisions, and some tips on how to avoid the possible financial pitfalls associated with aging. The Age of Financial Treason? According to ...
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Feast of Saint John, Apostle and Evangelist

Feast of Saint John, Apostle and EvangelistToday’s readings from the Feast of St John, Apostle and Evangelist for whom I am devoted. Feast of Saint John, Apostle and Evangelist Lectionary: 697 Reading 1 1 Jn 1:1-4 Beloved:What was from the beginning,what we have heard,what we have seen with our eyes,what we looked uponand touched with our handsconcerns the Word of life —for the life was made visible;we have seen it and testify to itand proclaim to you the eternal lifethat was with the Father and was made visible to us?what we have seen and heardwe proclaim now to you,so that you ...
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Senior Health – Telemedicine is HERE.

American Well – Press ReleasesThe Villages, Fla. and Boston, Mass., June 22, 2012 — American Well™ today announced a partnership with USF Health at the University of South Florida to increase access to quality primary and specialty care to the residents of The Villages, the country’s largest Over-55 residential community in the United States. This marks the first time American Well’s industry-leading Online Care telehealth platform will be specifically targeted toward a senior population. Online Care is a web-based software platform that allows consumers and healthcare providers to have immediate, live and clinically meaningful online visits through video, secure text ...
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Tips for Difficult Family Conversations

Tips for Difficult Family Conversations Tips for Difficult Family Conversations December 12, 2012 by Amy Goyer   In the course of caring for our aging loved ones many family members must have difficult conversations around decisions and changes — whether they be about driving, living situations, health care, financial or care and support issues. Here are some tips for approaching these conversations: Talk early and often. The more you’ve discussed and planned for the future, the easier it will be when it is time to make decisions. Do your homework first. Observe your loved one’s situation, identify areas of concern, ...
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Wishes and talking about end of life

The following information is from The Conversation Project, a blog maintained by the American Geriatrics Society and their Health in Aging health education Foundation.Consider the facts.There’s a big gap between what people say they want and what actually happens. 60% of people say that making sure their family is not burdened by tough decisions is “extremely important” 56% have not communicated their end-of-life wishes Source: Survey of Californians by the California HealthCare Foundation (2012)     70% of people say they prefer to die at home 70% die in a hospital, nursing home, or long-term care facility Source: Centers for ...
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CPA long term care insurance Seniors

See Kimberly Lankford’s article on “A New Strategy of Paying for Long Term Care” via Kiplinger and http://finance.yahoo.com/news/a-new-strategy-for-paying-for-long-term-care.htmlThe important points:Consider lower compound inflation increases (5% and lifetime benefit policies are very expensive or no longer economically attractive). But watch each states “Partnership” provisions to determine if you want to save benefits from Medicaid spend down.Shared benefits (between spouses) and linked benefits (life and long term care benefits, or annuity and long term care benefits).Calculate the estimate period and coverage to be shared. Set a budget for care (say $250,000 to $350,000) as part of your retirement planning, then determine how much ...
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CPA DENVER Homecare vs Home Health Care ELDERLINK

HOMECARE vs HOME HEALTHCARE  ELDERLINK  http://elderlink.com/Karen Moorehead, the President of Elderlink Home Care, Inc (303.734.0641) provided the following article describing the basic difference between Homecare vs Home Health care.  I appreciate her making the distinction in the following article: Twenty-five  years ago, when Elderlink Home Care, Inc. first opened its Denver doors, the idea of seniors receiving care at home was still new.  Back then, when loved ones were diagnosed with illness or recovering from surgery, they were usually placed in a long-term care facility by doctors or family members.  Most people expected they would go to a nursing home ...
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