Confused by the Commonwealth's new Health Care For All statute? You're not alone.
"WELL, DIDN'T THEY SAY, 'HEALTH INSURANCE FOR ALL?'" "Not exactly," former Navy pilot Frank Russo of Cotuit seems to be explaining to his five-year-old sheltie, Major Jonathan Quayle Higgins IV, as they wait for a friend to enroll in state's new health insurance plan during sign-up session in Hyannis October 24. |
One of the key elements, which intensely affects hospitals, on October 1 replaced the Uncompensated or Free Care Pool with something called a Health Safety Net Trust Fund.
How will this affect our local institutions? “It's premature to assess,” came the reply.
The state's Committee on Health Care Financing has issued a treatise titled Health Care Access Law: Frequently Asked Questions. It involves, by our count, 28 questions covering seven and a half single-spaced pages.
Question 29: Who pays for the aspirin for the headache you get from trying to figure it out?
Another handout is available. An outfit called Affordable Care Today or ACT! has issued a simplified two-page, nine-item synopsis. But it doesn't spell out who's eligible for what.
Not to worry. Help is available. Got a question or need assistance? Go to the hospital. And we don't mean for that potential headache.
Yes, Cape Cod Healthcare has created a special team of trained analysts at each of its flagship hospitals to answer questions and guide consumers through the application process on-line on site.
The team is headed by Nancy Crehan, CCHC Director of Patient Access. There are four analysts at Cape Cod Hospital seven days a week, 7 a.m. to 8 p.m., and two at Falmouth Hospital Monday through Friday, 8 a.m. to 4 p.m. They prefer appointments, but do accept walk-ins. Calling ahead makes sure you have all your documents with you to avoid a return visit.
The numbers to call are 508-862-7019 for Cape Cod Hospital and 508-495-7156 or 508-495-7157 for Falmouth Hospital.
(Another resource is Health Care for All, the statewide advocacy group, at 617-350-7279, 1-800-272-4232 or http://www.hcfama.org. They also can enroll folks on-line through their system.)
Ms. Crehan urges those who feel they are eligible not to delay because there is an end-of-year deadline.
Another reason to get cracking is an item in the small print. According to Ms. Crehan, applicants must have a primary care physician (PCP) before they enroll. This can be a problem on Cape, where many PCPs are not taking new patients. But CCHC does list doctors who are available on their web site, www.capecodhealth.org. (A phone call might do as well.)
The state prefers the on-line approach, www.MAhealthconnector.org. It is faster and, promise, user-friendly. But the process also can be completed or at least started, by phone, 1-877-623-6765.
For some plans you may be able to work through your employer.
“I feel a number of people on the Cape will be helped (by the new program), the uninsured and the under-insured, but it's really too early to estimate the numbers. That should take at least two years to determine,” Ms. Crehan says.
“It should be a great thing in the long run,” she concludes, but quickly concedes, “It does get confusing.”
Should you change your Medicare Health Insurance?
It's that time of year to evaluate your medical and prescription coverage. Are you happy with the plan you have? Is it adequate coverage?
November 15-December 31 is the annual open enrollment period during which one can enroll, disenroll, or switch to another Medicare Advantage Plan (HMO, PPO, PFFS). New plans will be offered for 2008, so carefully review all options before you make any changes.
This also is the annual election period to enroll, disenroll or switch to another Medicare Prescription Drug Plan (Part D). If your plan does not cover all your medications, you're not satisfied with the plan you have, or if you just want to find a plan that will cost less, now is the time to make a change.
The Medicare website, www.medicare.gov, has a drug plan finder that will show you which plans cover your medications, the cost of monthly premiums and your cost for each medication.
In 2008, the Part D plan works like this:
If your income is less than $15,315/single or $20,535/couple and your assets (not including primary residence or car) are less than $11,710/single or $23,410/couple you may be eligible for “extra help”. Call Social Security for an application at 1-800-772-1213 or apply online at www.socialsecurity.gov.
The state also has a program, Prescription Advantage, which acts as a supplement to the Medicare Part D drug plan or other creditable drug coverage you may have, such as a retirement plan. Prescription Advantage may help with the Part D premium, deductible, coverage in the gap, co-pays and out-of-pocket expenses. There is no premium to pay except that if your income is greater than $30,630/single or $41,070/couple there is a $200 enrollment fee.
The amount of help you receive depends on what income category you fall into. Prescription Advantage does not count assets and you can now join anytime of the year.
For more information or assistance in reviewing your options please call the local Senior Center to make an appointment with their SHINE (Serving the Health Information Needs of Elders) counselor or call the regional SHINE office at 1-800-334-9999.
(Ms. Curtis is Regional Director of SHINE, a division of the Massachusetts Executive Office of Elder Affairs.)
Whenever I'm helping clients fill out forms for college savings accounts or financial aid for their child, they'll confide that their high school senior is reluctant to take that next educational step.
My clients seem to expect me to provide guidance as to why their child should pursue that bachelor's degree.
While I know a good education is the foundation of a child's financial security, I don't believe it's my place to demonstrate the personal, social, and intellectual exploration that awaits them on a college campus. I can, however, provide some cold, hard facts about the current and future costs of college, as well as the salary gap that exists between college graduates and non-graduates.
According to the College Board, the tuition, fees, and room and board for in-state students at public colleges averaged $12,796 for the 2006–2007 school year; at a private university, $30,367.
The cost of four years of college will run four to seven times as much as the parents' own education cost. For a child born today, the cost probably will run three to four times higher.
Some estimates suggest the cost of a four-year college education for a child born today will be in excess of $300,000. However, this number is based on the costs of the highest priced institutions and does not consider that grants can lower costs by one-fourth. Also, the higher the cost of the institution, the more opportunities for student aid.
It is understandable why some parents and children may be reluctant to take on student loans, apply for financial aid assistance that seems to decrease each year, or commit to four years of learning that the child may not wholeheartedly want.
But try to think of it as a long-term investment, not an expense
Don't look at college as a free four-year vacation, but rather as crucial to students' future financial independence and their ability to participate fully in today's knowledge-based economy.
The salary gap between high school graduates and college graduates is telling. Just examine the following U.S. Census Bureau table based on 2006 data:
| Degree | Annual Income Age 18+: | Lifetime Income Age 25–64: Full-Time Year-Round Workers |
| All Workers | ||
| High School Graduate | $26,933 | $1,531,400 |
| Associate's Degree | $36,645 | $1,920,680 |
| Bachelor's Degree | $52,671 | $2,742,160 |
| Master's Degree | $66,754 | $3,337,800 |
| Doctoral Degree | $91,370 | $4,449,440 |
| Professional Degree | $112,902 | $5,612,760 |
This shows that a bachelor's degree recipient has lifetime earnings that exceed someone with just a high school diploma by $1.2 million, and a doctoral degree recipient has earnings that exceed someone with only a bachelor's degree by $1.7 million.
With numbers like these, education has never been more important to future financial independence.
(Mr. King is a Certified Financial Planner in Hyannis. 1-800-325-1099 or robert@capitalportfolios.net.)