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Archive for March, 2012

Long-Term Care for Seniors in Missouri

Wednesday, March 21st, 2012

Based on the study conducted in 2007, there are approximately 86,000 elders in Missouri aged 65 and above, suffering from serious illnesses and disabilities that most likely entail long term care. Reportedly, Missouri is equipped with nursing home facilities that made the state grab the fifth place for the highest nursing facility beds in United States.

Individuals have used out-of-pocket expenses for long term care, and long term care insurance companies provide only a small portion of these expenditures. The majority or 65% of elders rely on home care or informal care givers due to lack of help from Medicaid or Medicare and very few can afford the high costs of these services.

Medicaid bears the brunt of long-term care expenditures because the program is the primary source of funding for health care. In 2005, Missouri had an estimated 23 percent of Medicaid spending, ranking Missouri 43rd among the 50 states with high LTC Medicaid expenditures. In 2005, there are 80,000 Missourians age 65 and above who used Medicaid Insurance to finance long term care costs. Unfortunately, Medicaid does not cover long term care, and only pays for acute illnesses with short duration. On the other hand, Medicaid will pay for institutional and home-based care for shorter period of time.

In response to the growing need for long-term care, the state of Missouri coalesced with private insurance providers to create a partnership program. The Missouri Long Term Care Partnership Program was initiated on August 1, 2008 to fulfil the requirements of the Deficit Reduction Act of 2005. This program is the participation of private insurance companies and the state government – the Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP). The Missouri Medicaid Program (administered by Missouri Department of Social Services: Family Support Division) and the Missouri State Health Insurance Assistance Program or CLAIM have their share in assisting Medicaid and LTC planning.

With ever-increasing Missouri long term care costs, the partnership program works with high hope of encouraging people to invest on LTC services rather than heavy dependence on the state’s Medicaid program.

The most distinct feature of partnership program is the asset protection. Normally, people have to deplete their finances to qualify for Medicaid assets; however with partnership program, they may retain the assets they wish to have, but remain eligible for Medicaid benefits. It uses the dollar-for-dollar protection model, wherein every dollar in the policy that pays for the benefits is equal to the dollar of the amount of assets that will not be counted for Medicaid eligibility.

Another feature is the inflation protection. Recipients below the age 65 at the time of purchase should receive 5 percent compound annual protection; however, if the individual is against this rule, a minimum of 3 percent or changes on the consumer price index (CPI) must then apply..

Missouri Auto Insurance

Wednesday, March 21st, 2012

If you currently live in Missouri or you’re planning to move there, auto insurance is something you’ll definitely consider if you plan on owning an automobile. Auto insurance covers you in case you cause damage to any person’s property or body.

Each state has its own laws and regulations when it comes to auto insurance, so it might be a good idea to visit Missouri’s Department of Motor Vehicles website to get full details of exactly what you need. In general though, there is a minimum liability insurance that you need to be covered for. In the State of Missouri, this is as follows: $25,000 minimum coverage for bodily injury per person, $50,000 minimum coverage for each accident, and $10,000 minimum property coverage f or each accident. It’s good to know this information when shopping around for car insurance so you’re better informed and can get the policy that’s best for you.

Liability insurance, which is manditory in Missouri, does not cover the policy holder in the event of an accident. This type of insurance only covers third party drivers and property. To insure yourself and your own car, you should consider collision and comprehensive coverage. If you want even more peace of mind, you can opt for uninsured or underinsured driver insurance, which protects you in case someone hits your car and is uninsured or underinsured.

When searching for the best car insurance rates in Missouri, the best advice is to shop around and compare at least 5 different insurance companies. You might be surprised to see how much policy rates differ between different companies, even for same or similar coverage options. That’s why it’s important to shop around and compare multiple car insurance rates.

Even if you’re currently insured, you might be able to save hundreds of dollars a year by switching auto insurance providers. You can compare multiple quotes online in a matter of minutes, so you’ve got nothing to lose, however you could end up saving a lot.

The Missouri Insurance Information Service says more than 20,000 vehicles were reported stolen in 2008, nearly half of them in St. Louis and Kansas City. This would make sense considering these are two of the largest cities in the state, however this is bad news for residents of St. Louis and Kansas City as this means that they will probably be paying higher insurance rates due to the high auto crime rate. The five most commonly stolen vehicles in Missouri are the Dodge Intrepid, Ford Taurus, Pontiac Grand Prix, Dodge Stratus and Oldsmobile Cutlass, so you might want to avoid these cars to keep your car insurance rates as low as possible..



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