According to current demograpic reports, individuals above the age of 65 living in USA were 40 million in 2010. It is also estimated that by 2030, elderly persons will make 72 million of the total population in the country.
Access to better health care services helps in promoting longevity, and as individuals continue to get older, so is the advancement of healthcare services and the need for enhanced senior health insurance.
At 65 years or older, you have a few options to secure a senior health insurance. Since the healthcare cost continues to rise, your one medical insurance plan may not be enough to cover your medical needs fully.
Moreover, as you age, the more you get exposed to diseases, so it is vital that you get a proper health insurance plan. As you go shopping for your senior health coverage, it is important that you get a better understanding of the options available for you and get everyone around you involved.
Here are some of the senior healthcare insurance options available for you.
• Private health insurance
• Medicare supplement insurance
Private Health Insurance
Most seniors are never confident about getting a pocket-friendly medical insurance plan which can provide them with maximum coverage for their healthcare needs. Since most of them are already tired, they are always concerned with the rising medical expenses. This gives them enough reasons to search for an affordable health insurance plan.
However, if the rising medical costs aren’t a worry to you when trying to get a health insurance, then the private health insurance plan can provide you with the right healthcare coverage you need. This program can provide you with sufficient coverage without limitations. Nevertheless, you should get an independent manager to help you understand the plan and have all inclusions to avert gaps in coverage.
Medicare Supplemental Insurance
This insurance plan is meant to supplement Medicare. In this case, Medicare supplemental insurance offers coverage to healthcare services that are not taken care of by Medicare. This healthcare insurance plan is also referred to as ‘Medigap.’ As a senior and having enrolled for Medicare part A and B you qualify to take up this plan. Medigap plans will provide coverage for your excess healthcare expenses such as co-insurance, deductibles among others that are not covered in you Medicare Part A and B.
Medicare Supplemental insurance plan is offered by private insurers that cater to seniors. The premiums for Medicare vary according to coverage and insurers. As such, you have much freedom to pick the coverage plan right for your healthcare needs.
Medicare for Senior Medical Insurance Plan
Although this insurance plan can cover even younger persons with serious health issues and disabilities, it is a medical insurance program primarily for seniors of 65 years and above. This plan is divided into four categories.
1. Medicare Part A.
This part is also called hospital insurance plan because it is meant to cover home care and hospitalization expenses. It is free for seniors who worked for more than ten years and were able to pay their social security taxes. You will only be required to fill application forms to get the coverage.
2. Medicare part B
This part takes in medical insurance as well. It largely covers mental- health care, yearly check-ups, X-rays and doctor’s appointments. Unlike Part A, this plan isn’t free, and its coverage is limited. As such, there are annual premium payments for this plan. And once you are considered eligible for social security you automatically get registered.
3. Medicare Part C
This category allows you to get cover through private insurers. It is also known as Medicare Advantage, and its primary benefit is that it offers you better coverage as compared to A and B. However, you must first register for Medicare Part A and B to qualify. You can shop for a cost effective plan as costs vary according to providers.
4. Medicare Part C
This plan covers prescription drugs only. As such, it is essential for those seniors who are on medications on a regular basis. Hence if you are in this category, you might consider it. The plan is flexible since it takes a monthly premium based on the treatment expenses.
This is a medical insurance plan for those seniors who are in the low-income bracket. It is a federal program that is used in unification with Medicare. Medicaid helps the needy seniors by providing coverage for various health care services that Medicare does not cover. However, you need to follow certain procedures to ascertain you income limitations to qualify for enrollment.
As noted, there are different insurance options available for you and with several coverage combinations that you can pick, thus getting the best senior health insurances can be tricky. As such it is important to get and work with and independent insurance agent to guide you through choosing the right senior insurance plan.