As we age, so do our medical needs. All too often, the health insurance we have used is no longer adequate, standard insurers may also be reluctant to offer policies to senior citizens, due to their higher need for healthcare.
Medicare and other health insurance very often have criteria that may not be suitable or disqualify you from eligibility. Ideally, you want affordable costs with the coverage you need.
Types of insurance plans for Senior Citizens
There are a few different plans available for health care insurance for seniors.
Medicare is the federal insurance program for seniors. There are different sections to medicare that cover hospital stays, medical needs, and prescriptions. These plans run from free to varying costs per month.
There is also a section called Medicare Advantage, that allows people to access other medical services that are under contract with Medicare but provided by individual private insurance companies.
Medicaid is offered to those living on strict budgets and each plan can vary depending on the state you live in. People who qualify for Medicaid may also be able to use medicare.
Because these plans can vary, it’s important to find out everything you can in your own state. It often comes down to the individual’s financial situation and medical needs.
Private Health Plans
People can also use a private company for their health coverage. These are often started through their employer, but may be extended as part of their retirement package.
These private companies may have rather strict criteria for qualifying, as the individual insurance may be deemed too expensive. Qualifying often depends on age, health status, and other factors that may be considered high risk.
The actual cost of health insurance varies quite a bit. Medicare is free for the standard policy but it doesn’t always cover everything you may need. In particular, a senior with health concerns.
That means that free health care insurance can still come with a hefty price tag. For any given plan you may be looking at $100 to upwards of $500 for individual coverage.
If there are specials needed, various treatments that are not covered, or types of equipment that you require, then these costs can be more. Again, this all depends on the type of plan that you have.
Where to Get Health Insurance for Senior Citizens
If you qualify for Medicare or Medicaid, then those may be the best options for you. If you have a policy that has extended past your retirement, then that will be a bonus for you, however, you will likely have to pay more than you did as an employee.
There are also plenty of insurance brokers who can provide you with excellent coverage, depending on your budget and your needs. Be sure to shop around as many may offer you services outside of Medicare at a great price.
The top insurance brokers can even tailor a health care plan to make sure you get the exact coverage you need.