Visiting the US from a foreign country can be an expensive experience if you’re suddenly taken seriously ill in Amoco or fallen down a ridge and broken your leg while touring the Grand Canyon. Healthcare in the United States is not subsidised by the Federal Government and hospitalisation in America can burn a huge hole in your pocket. With a Visitors Medical Insurance, you’ll be well protected from astronomical medical bills.

The right coverage

Before commencing your trip to the US, study the types of insurance policies available to cover any medical eventuality while travelling in the country. You should consider whether the costs of consulting a medical practitioner and purchasing prescription medicine are included in your policy. Unplanned emergencies like food poisoning or a fractured arm could easily occur and you’ll need to ensure that the medical expenses related to your urgent needs are indemnified. In most cases however, you would not be able to claim the costs of treating health conditions that you already have prior to coming to the States, such as diabetes or high blood pressure.

How visitors insurance helps

Let’s say that you have to be admitted for emergency medical treatment or surgery at a hospital. Each day you’re attended to by doctors and hospital staff would significantly add to your final bill. The sheer worry of how you’re going to settle the charges would affect your ability to recuperate. If you’re protected by insurance, the burden is shifted to the insurance company and you can concentrate your energies on a speedy recovery.

What you need to know

The medical insurance procedures in the US could differ from those practised in your country of origin. Familiarising yourself with the processes involved would assist you in handling your medical emergency better.

* Insurance plan. You need to first purchase the correct insurance policy for your particular requirements. Be aware of what sort of medical contingency is covered by your plan. The premium payable is greater for total medical coverage compared to selected emergencies. Decide on what you want indemnity for.

* Insurance identification card. You’ll be promptly provided with an identification card after you purchase the policy. Check that your name and other details are printed correctly. They must match your passport exactly because the card will be used to convince medical administrative officials that you have adequate health insurance upon admission.

* Toll free numbers. These are included for your convenience to enable you to quickly contact the nearest health facility in case of a medical emergency.

* Indemnity. Some policies require you to settle the hospital bill first and claim a reimbursement later. Alternatively, you may want to select a plan that allows you to submit the necessary documents to the insurance company and payment will subsequently be released to the hospital.

Your trip to the US does not have to cost you an arm and a leg when you meet with an accident while crossing the road. With a Visitors Medical Insurance you will be well protected from the hazard of paying prohibitive hospital fees.

According to a recent study from the Senior Economic Security Index, 1 in 3 senior households have no money left over after meeting essential expenses. Seniors experience financial problems primarily due to the cost of assisted living facilities, medical expenses, housing costs, and dwindling retirement funds. If you are a senior citizen that is in a tight money situation, or in the process of saving for your debt settlement, keep the following suggestions in mind.

Research organizations and government agencies

 

Many organizations assist the elderly in many aspects of their lives. The Administration on Aging (AOA), a division of the U.S. Department of Health and Human Services, helps seniors maintain their independence by offering coordinated home and community-based long-term care. Visit www.aoa.gov for more information. The American Association of Retired Persons (AARP) is the leading non-profit organization for people age 50 and older. Their web site offers a wealth of information to help the elderly population. Visit www.aarp.org to read about pertinent issues such as Medicare and Social Security.

 

Take advantage of discounts and special programs

 

Senior discounts are almost always available for expenses such as hotel rooms, plane tickets, and bus fare. You may also contact your utility company if you are having trouble paying your utility bills. Your state may offer special low-income programs for seniors.

 

For discounts on prescription drugs, contact the Partnership for Prescription Assistance (PPA). Eligible participants will usually receive low cost or free prescriptions. For more details, visit www.pparx.org or call 1-888-4PPA-NOW.

 

Beware of scams

 

The Office of Community Oriented Policing Services reports that the elderly population easily become victims of a number of schemes. Common financial crimes against the elderly usually involve home repairs, investments, telemarketing, false charitable contributions, sweepstakes, and lottery schemes. Seniors should be very wary about divulging financial information over the phone or online. If the deal sounds too good to be true, it probably is. You may file a complaint with the Federal Trade Commission (FTC) at www.ftc.gov if you feel you or someone you know has been a victim of a scam.

 

Take advantage of the recent stimulus. Older Americans may see some benefits as part of the American Recovery and Reinvestment Act of 2009. This legislation will offer a $250 economic recovery payment for individual older persons and $500 for couples. According to the web site for the Social Security Administration, recipients will not have to do anything. Funds will be delivered in the same method that they receive Social Security benefits. Retirees who do not receive Social Security may also qualify, but may have to file a tax return. Payments are expected to be disbursed in late May. Visit the Social Security Administration’s web site at www.ssa.gov/payment for more information.

 

The unemployed may also receive an extension and an increase in benefits as part of the American Recovery and Reinvestment Act. According to AARP, the number of unemployed aged 55 and older has risen 65% during the past twelve months.

April 21, 2008

Talking with your aging parents about financial matters can be an easy task to put off. In fact, an AARP study shows that two-thirds of all families avoid discussing financial topics until a crisis occurs.

But it is far easier to talk about finances when there isn’t an emergency to manage. Just as difficult as starting the conversation is knowing what are the most important issues and what are the right questions to ask. This is especially true in situations where it may not be easy for your parents to ask you for your help or they may not be comfortable discussing their finances with you. Here are some tips to start the conversation.

Gather information. This kind of conversation can often be started when a friend or relative faces a similar situation. At first, start with general topics, such as who will handle their finances if they become ill? Do they talk about unpaid bills, bank overdrafts or worry about how to pay medical or other bills? If your parents share financial responsibilities, can each spouse pick up the others’ tasks if an emergency should arise?

If your parents aren’t nearby, don’t just rely on phone conversations. Visit. Observe how they are currently managing their household? Are things neatly organized and under control, or chaotic and uncharacteristic of them?

These might be clues to areas where you can help. Don’t overwhelm them with questions all at once, but set up a regular schedule to cover topics individually so neither you nor your parents become overwhelmed.

Are they open to a more detailed discussion? Ask if they have a current will or other estate plans in place. Who are their advisers for legal and financial matters and how can you reach them if needed? In addition, ask about any bank accounts, insurance or other investments. If there are other siblings involved, consider asking your parents for permission to have an informational family meeting to review their plans and understand their wishes. Invite your parents’ advisers to participate in the family meeting in person or over the phone.

Ways to help. Do your parents regularly balance their checking account? Are deposits and payments routinely tracked? If needed, offer to help balance and sort out statements.

If bills are piling up, do they need assistance with bill payments? If you can’t share a checkbook because of distance, can you get their bills and pay them online? Many bills can be set up to be automatically paid through their checking account.

If there are financial problems, help find a reputable financial planner who can meet with your parents to set up a budget. If possible, go with your parents to meet their advisers.

If they don’t want your help, another option might be to hire a daily money manager to pay their bills, balance the checkbook and organize records. DMMs generally charge $25 to $75 an hour for a few hours of help each month. Visit the American Association of Daily Money Managers at aadmin.com to find one in your parents’ area.

Records. Find out where all legal and financial documents are located and how to access them. Are they up to date and do they still reflect your parents’ wishes? If papers are in a safety deposit box, access to the key is not enough. If necessary, ask your parents to add your name to the box and other accounts so you can act in case of emergency.

No one can predict if or when your parents will need your help to manage their finances. Each parent and situation is different. Ask your financial adviser for advice on how you can support your parents’ efforts to remain independent well into their golden years.

January 4, 2009

During the recent holidays, many Naperville residents had the opportunity to visit with older relatives. The Federal Institute of Medicine states that the fastest-growing U.S. population group includes individuals older than 85 years of old. As Americans live longer, their financial and health-care concerns grow. These aren’t just senior issues — but concerns for their caregivers and family.

According to AARP, one of every five American adults provides some unpaid care for an elderly family member, typically while juggling their own jobs and commitments. Frequently caregivers can feel squeezed or stressed when coordinating their parent’s finances or health care.

As their numbers increase, seniors and caregivers are learning they don’t have to handle it all. Mature individuals are saying, “I’ve earned the right to outsource some of my chores,” and adult children are stating, “I just don’t have all the answers or time needed to adequately help my parents.”

One sensitive subject for mature adults and their caregivers is personal finance. A few financial institutions are providing customized services that coordinate and manage some of these tasks. They typically offer services that arrange for bill payment, tax return coordination, financial planning, and trust and estate management. Some institutions offer services that explain the responsibilities involved under a Power of Attorney document, while a few others serve as a centralized contact point for care management consultants to help coordinate a senior person’s physical and medical care.

For those living an active retirement, designating a trusted adviser can mean the freedom to travel , knowing bills will be paid and tax deadlines will be met. An adviser will make the agreed upon transactions or gifts and statements will record all the details.

For adult caregivers, a service like this means maintaining decision-making authority but outsourcing the day-to-day hassles. An adviser also can provide expert guidance to help a mature adult adapt to their changing financial lives or medical capabilities.

So whether you are becoming concerned about your ability to keep up with your own financial affairs or you are worried about a loved one … you don’t have to do it all. Ask your financial adviser about services that are designed to help … so you make life easier for you and your loved ones.

I have a gift card given to me last year, I have not used it, Visa has the money, which I am sure that they have invested, and the are charging me fees to hold use my money. My card has lost half of its value. I have repeatedly contacted them for my funds, they promise promise but I am yet to see any of my funds returned. Is there any merit to a class action lawsuit against these gift card companies? How should I proceed? I have thought about corresponding with AARP since I’m a retired person living on my pension. Help!!!