Health Insurance

The Tax Attic with Jerry Coon — May 6, 2010

May 6, 2010 // 0 Comments

More on cost of health, nursing care Last week, I began a discussion on the subject of the costs of health and nursing care and how we are going to pay for that cost during retirement. According to the Department of Health and Human Services, the blunt fact is that taxpayers age 65 and over have a 40% chance of enduring a stay in a nursing home. The trade group, America’s Health Insurance Plans, reports that taxpayers age 85 and over have a 55% chance of being sufficiently disabled; they will require long-term care. The average stay in a nursing home is currently 875 days or 2.4 years—55% of all people pass away within one year of being admitted, but 21% stay for more than five years. The average total time spent between home health care, assisted living, and nursing home totals to just over three years. These time spans and percentages have been climbing as our life expectancies have been climbing. Unfortunately, the costs of home health care, assisted living, and nursing home care have also been rising. Currently, on a national average, home health care costs $25 per hour, unless you need certified nursing help, then the cost rises to $36 per hour. Nationally, assisted living costs $2,714 per month or $32,572 per year and nursing home care costs $204 per day or $74,806 per year. Those are astronomically high figures, especially the nursing care cost. However, here in Michigan, our costs are lower than those on the east and west coasts. In San Francisco, the daily cost is $300 or $109,500 per year and in New York, a person will pay $314 per day or $114,610 annually. From my personal experience, I would say our costs in Michigan are closer to the national average. We can draw at least two conclusions from these facts and figures. The first is that it’s going to be expensive if we require some form of health care, whether it is home health care, assisted living, or nursing home care. The second is that it’s almost a certainty, if we live long enough, that we will require some type of nursing care. That form of care could involve paying for home health care, paying for assisted living, […]

The Tax Attic-April 23, 2009

April 23, 2009 // 0 Comments

Continuing health insurance   We are all creatures of habit. For me, the day after the end of tax season, usually April 16, is the perfect example. I always take that day off work. I really enjoy preparing taxes, as do my co-workers, but the pressure is so intense during those last few weeks that a day off is needed to at least partially recharge the batteries, so to speak.   Since Meijer opened on Ten Mile Road several years ago, my first stop of the morning has been there to buy an all-species fishing license. All fishing licenses expire on March 31 and, since I am rather tied up from April 1 through April 15, in order to legally jump in the Rogue River, I need a new license. I was rather pleased to see that 28 dollars bought me that all-species license-the same fee as last year. I thought I had heard the fees were going up by 10 dollars, but the state legislature must have felt sorry for us fishermen and decided to leave the fees the same. After getting that license, I head back home and take stock of what my garage looks like. It can take some straightening up, to say the least. It’s also time to switch recreation pursuits. Since bowling is finished, that must mean it’s time to start golfing. I get out the golf clubs and analyze the equipment in my bag. I’m still holding out hope for a round in the 70s and a hole in one, so I have to figure out what piece of technology is out there that just might allow me to get into the 70s and get that hole in one. It’s also time to think about playing softball. My expectations are substantially lower when it comes to softball. I plan to not pull any muscles this year, not make too many fielding errors-no more than six for the year-and to have an on-base percentage of at least 0.500. With proper stretching before each game, I might not pull any muscles. With a rather loose definition of “not too many” fielding errors, I most likely can meet that goal. Finally, I use the “on-base” percentage of calculating 0.500 instead of straight […]