Senior Health Insurance
As soon as you turn 65 years of age you will typically be eligible for both Social Security and Medicare health insurance coverage. However, with that said, even with eligibility for Medicare, there are many senior citizens who prefer to also have a private insurance policy in place that is able to supplement Medicare. There are, of course, certain supplemental senior health insurance policies and amongst the most popular are:
Medigap, as the name implies, is a senior’s health insurance policy that is able to supplement any potential gaps left by a Medicare policy. A Medigap health insurance policy will typically be tailored to meet a person's individual needs. You are able to have this type of senior’s health insurance policy written to cover deductibles, prescriptions, and even long-term hospital care. You may also find that this type of health insurance policy is able to provide coverage for any nursing home stays.
As with most types of health insurance policy, Medigap premiums will vary depending on the level of coverage that you require. However, you should be aware that as long as you keep up with the payment of your premiums, Medigap insurance plans offer guaranteed renewal. This type of senior’s health insurance plan is most often sold by private insurance companies, and you will typically find that the rates for Medicare supplemental health insurance will vary from company to company. This is why it is extremely important for you to shop around and compare the overall benefits that are offered as well as the rates.
Another form of senior’s health insurance is long-term care insurance. This particular insurance is specifically designed for any long-term care needs that a person may require. This will typically involve insurance coverage for a nursing home or assisted living facility. You will actually find that Medicare is only able to cover your stay in a nursing home for the first 100 days, and it will generally not cover assisted living facilities.
The cost of the average nursing home stay will be approximately $40,000 a year, and often without any relevant form of senior’s health insurance in place you are likely to quickly spend your life savings. This is, of course, especially true should you have an extended stay in either a nursing home or assisted living facility. This is why it is extremely important that you consider purchasing long-term health insurance.
One of the main advantages of long-term care insurance is that you no longer have to worry about paying for extended stays in either a nursing home or assisted living facility. In addition to this, both you and your family have the freedom to choose the best facility. You are no longer limited to what you can afford based on your savings, as a long-term care insurance policy will take care of this for you. You should also be aware that a long-term care insurance policy will protect the remaining spouse, who is considered to be in good health, from having to change their standard of living. It is often the case that a healthy partner will need to come up with the money to pay for either a nursing home or assisted living facility. This may involve having to sell your current property and often downgrading to a smaller home.
Medicare insurance is a fantastic plan for senior citizens, although it can often be extremely confusing. This will occasionally mean that a person may make the wrong choice when choosing their specific levels of coverage. This is the main reason why it is advisable to take some form of supplemental health insurance. In addition to be senior health insurance policies mentioned above, you can also look at insurance policies that will simply cover certain outcomes. These will include disease or condition specific policies, accident policies, and hospital indemnity policies.
A disease or condition specific policy will pay a predetermined amount should you contract a certain disease. You are able to either have a policy that pays you on a daily basis or a policy that will cover specific medical procedures. An accident policy will only make a payout if the insured person is injured in an accident or if they die. The amount of money that you receive from this type of policy is very much dependent on the type of injury that you have. A hospital indemnity policy will provide a cash benefit should you become ill and then become hospitalised. A payment from this type of senior’s health insurance policy will go straight to the insured on either a daily, weekly or monthly basis.
Many people are unsure whether they should take out a supplemental health insurance policy once they have reached retirement age. This is typically recommended if you believe you are at high risk, which may include a history of heart disease or cancer. These various forms of senior's health insurance are specifically aimed at providing you with some extra peace of mind, although you should only ever consider purchasing them if the premiums are affordable to you.