Health Insurance When You’re Over 65: Learn the basics
Published on October 9th, 2014 | by Joan Makai
Health insurance is something that not many people think of as important enough till they are in their 40’s and hear about health problems that others keep narrating to them. Even so, people are inclined to ignore the need because they are often covered under team health insurance plans that their employers take. Unfortunately, these do not last for a lifetime. They stop at 65 and by then, health problems can become a major expense to accommodate in monthly budget. This is because the insurance companies charge higher premiums on health insurance policies based on age and the known ailments.
Recently, many of the days care health benefits that were formerly available to the seniors in the US, such as dental treatment, eye treatment, and other medical checkups have been discontinued. Consequently, many 40+ people are seriously reviewing senior health insurance options available to them.
After 55, it does become difficult to get insurance because many of the health problems such as high blood pressure and diabetes become evident around this age. There are insurance companies that do undertake the risks right up to 75 or 80, with some increase in premiums. Beyond that, they may charge much higher premiums to cover the risks till 99.
Ideally, a health insurance policy should be taken at least in 40’s, and this can be renewed annually. Periodically it can be increased with add-ons, and top-ups, to cover the additional health conditions that are noticeable or are likely to surface based on family history.
While selecting any insurance option for senior US citizen, people should study the policies. As of the date, people can get good quality medical insurance for a charge between $20000 and $30000 per annum. Care should be taken to opt for the better-known companies even if they seem to be slightly more expensive, as there are insurance companies that fail to honor their end of the commitment.
Usual coverage to look for includes ambulance charges, expenses towards day care expenses, and cashless Medicaid. While there are health insurance options for seniors, i.e., people above 70, even if there is no Medicare coverage available to such people. Those who are covered by Medicare and Medicaid should opt for supplemental policies.
Disclosure of pre-existing diseases is essential for the claim to be honored. Therefore, seniors looking to buy any health insurance coverage should not hide any important health facts while buying any health insurance for seniors.
Organizations such as AARP can help elderly people get more details about the medical insurance plan that is most suitable for them, and when they need to buy it.