[When Compounding isn't a Good Thing]

Hi Ken, 

 life happens so when it rains, it pours.  I will pray for a good outcome on those scans.  We all know how nerve wracking the whole process is.  I wanted to jot off a quick note of caution regarding the reverse mortgage.  My father is a former banker and says they are to be avoided like the plague due to predatory lending practices. Unfortunately,  my in-laws have fallen victim to such practices. Several years ago, unbeknownst to us, the parents took out a  lump sum reverse mortgage (instead of monthly generated income).    Due to the accrued monthly interest payments, the house is under water with zero equity.  There are no funds available for future catastrophic repairs and soon they will be facing eviction (in their 90s).  I hope you have a good attorney on hand to navigate the potential pit falls.  Looking forward to your next post!  

Michelle 

[Managing Health Insurance Mayhem]

Hi Jane, 

You sure did hit the nail on the head.  The commercial coverage plans are more comprehensive than Medicare.  I'll be in the same situation after my COBRA runs out.  Ironically, the coverage standards spelled out in the Affordable Care Act, do not apply to the Federal programs.  

  If you travel or seek care out of state, then you will need the Fee for Service traditional Medicare with parts A, B & D, then you will need a supplemental to cover the copays.  If you don't mind working with in network benefits then the other option is to look at Medicare Advantage Plans.  

I have a few ideas on how to sort through the plan selection:  you could call the American Cancer Society Help Line, Cancer Recovery Foundation, Gilda's Club's Cancer Community Support Line  or  AARP is likely to be a resource too.  Worth a shot?   https://www.cancer.net/navigating-cancer-care/financial-considerations/financial-resources   

Our financial advisors have a Medicare broker on staff to help make selections as well.   The cancer clinic social worker might have some ideas as well.  Let us know what you find out, it will help a lot of us.  

Michelle 

[Managing Health Insurance Mayhem]

Thank you Tom!  I'm embarrassed by a copy/paste error!  I've updated the blog to reflect on our collaborative effort.  I appreciate the feedback to help our fellow warriors.