SENIOR CITIZENS INSURANCE – CAUTION AND PREPARATION
Insurance companies – are hard on our bid to get senior citizens insurance. They make it appear that our health is failing; therefore, we belong to the risky type. You can hardly find low premiums, and usually, we get turned down.
SENIOR CITIZENS INSURANCE – TWO GOOD WAYS TO PREPARE
Since aging is a natural process, I advise everyone to prepare early in life. But I don’t think there’s no way out of this problem. I can think of three ways:
- Get insurance while you are young – Insurance companies like young applicants – are perceived as healthy and need less medical attention. Now, you should think differently because no one is sure what will happen in the future. Children, adults, young and old mothers, and senior citizens – we don’t know when we are going to need medical care. The point is that accidents, sicknesses, and even death can happen anytime. No one is excused from this reality.
- Get the best insurance coverage – When younger, we still have the energy and the urge to do our best. This is the best time to hoard money and to prepare for the future. This means young people have more capacity to get the best insurance at low premiums. If you do this, you wouldn’t be worried about payments when you get old. You are also assured of the best service from the insurance company.
- Live a healthy lifestyle – It is good that more and more people are getting more aware of their lifestyle. The thing is, the health aspect is an essential part of insurance matters. Your application can get turned down solely because of this.
Just do the basics:
- Don’t smoke and drink moderately.
- Eat fruits and vegetables.
- Have a peaceful and do a lot of exercises.
That’s how simple it is.
SENIOR CITIZENS INSURANCE – CAUTION
But if you haven’t prepared early, don’t lose hope. Many insurance companies are still willing to adjust their terms or offerings for senior citizens. One reason for this flexibility is the US population is also getting older. These insurance companies must invent strategies to attract the senior market.
But that doesn’t mean you have to grab the first company that accepts you. Many of them are competing, so you have good options. Just be cautious and try to check their offerings in the following areas:
- Read the fine print of the policy carefully. If you suspect something’s wrong with the policy, consult a lawyer, preferably an insurance lawyer.
- Ask yourself: Is this company operating legitimately? Is the company pressuring me to add more coverage for them to accept my application? Are they threatening me with a change policy after signing the policy?
GET GOOD EDUCATION
Get a good education about insurance. That is a necessary part of your preparation. Many of us get into trouble because we don’t know enough and trust anybody who seems to know better.
Even at your age, it is not too late for you to learn and get wise on senior citizen insurance matters.
SENIOR CITIZEN INSURANCE – THE SUPPLEMENTAL INSURANCE OPTION
The first time I heard about supplemental health senior citizen insurance, I was curious and wondered whether it is a better alternative to regular health insurance offerings. I found out that this type of health insurance is being offered to retirees who don’t enjoy pension insurance, those who are enrolled in a group plan, those who are receiving Medicare benefits, and those who do not have any health insurance.
THE MAIN BENEFIT OF HEALTH SUPPLEMENTAL INSURANCE
It is good that there is an alternative to getting regular senior health insurance. For most senior citizens, it is already challenging to get accepted when they apply. With supplemental insurance offerings, acceptance is easier. There is lesser risk in taking senior citizens because the money to be shouldered by insurance companies is lesser.
But don’t let your guard down over this positive news. You need to get supplemental insurance as early as possible. Insurance companies put limits on age – the older an applicant is, the higher the premium. It goes the same for the health condition. Enroll while still healthy. Don’t wait for diseases to creep in before you move.
One more benefit: With the additional insurance option, you decide which ones you want to be covered. Consider the high-deductible coverage if you wish to pay lower premiums. You don’t have to pay for something that’s not so important. For example, you may consider paying for a “major accident” if you belong to the on-the-go type.
SENIOR CITIZEN INSURANCE: MEDICARE BENEFITS VERSUS FULL COVERAGE
Everyone needs to know that Medicare does not pay ALL the medical expenses. There are certain conditions or limitations. For example, Medicare pays 60 days of hospital inpatient stay in full. From the 61st to the 90th day, the patient will have to pay $289 per day. After these 90 days, the patient will have to pay $578 per day. There are differences when patients are treated in a skilled nursing facility. Medicare pays in full only for up to 20 days. After which, the patient has to pay $144.50 per day.
I strongly urge everyone to check their health insurance policy, whether it is Medicare or one they get from their employers. Those out-of-pocket amounts mentioned above are examples of what should be covered in supplemental health insurance.
SENIOR CITIZEN INSURANCE: STATE POLICIES ON SUPPLEMENTAL HEALTH INSURANCE
Check your state’s policies on supplemental insurance offerings. These policies vary from state to state. Go to your state’s Department of Insurance and inquire. If you have difficulty understanding these policies, hire a lawyer.
PROTECT YOUR HEALTH FOR LOWER PREMIUMS
Insurance companies are out to make a profit. Their supplemental insurance offerings prove they’re willing to adjust to the people’s needs. But adjusting doesn’t mean they’re not going to be strict.
Live a healthy lifestyle. Some insurance companies require applicants to undergo medical checks up. Do your best to maintain clean health. After all, it isn’t the senior citizen insurance that is most important; life and health are more important.