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Posts Tagged ‘Health Insurance’

On March 21, 2010 the Patient Protection and Affordable Care Act (PPACA) became law. Some provisions of the new health care bill signed by President Obama will directly benefit senior citizens.

First, there is a new federal long-term care insurance program that can help meet the staggering cost of long-term care.  This part of the new law is called the “Community Living Assistance Services and Supports Act” or the “CLASS” Act.  This federal insurance provides up to fifty dollars ($50.00) per day (approximately $1500 per month) for persons to use when they need help with the activities of daily living. (more…)

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Many of Michigan’s senior citizens who spent their working years employed by larger corporations have the comfort of knowing that they are covered by good quality health insurance.  This insurance is supposed to last well into their retirement years or even for the rest of their lives.  However, in an unexpected offshoot of the current financial crisis, many large companies are threatening to cancel the health coverage of their retirees in an effort to cut costs.  Also, seniors can be caught off-guard when companies file for bankruptcy and eliminate their retirement benefits entirely.   

This frightening prospect has already happened to retirees in some of America’s largest corporations.  Some municipalities are threatening to follow their example.  Paul Miller, the Executive Director of the national retiree advocacy group, ProtectSeniors.org, says that the situation is as dire as the financial crisis in the auto industry, Wall Street and America’s banks. (more…)

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