Understanding Different Health Insurance Options For Seniors

Health insurance is a growing industry that many seniors are trying to find access to. If you no longer have health insurance or you’re looking for your first plan, there’s no better time to start than now. Let’s take a look at some of the health insurance options for seniors below.

Medicare 

This is one of the most popular types of insurance for seniors, as this federal program is specifically set up for those over the age of 65. To be eligible for any part of this program you need to have paid social security taxes for at least ten full years and be over the age of 65 years old. There are a few different components to this program which we are going to take a look at below.

Part A – This is also known as hospital insurance and is meant to cover any home healthcare or hospitalization.

Part B – This is medical insurance that is meant to cover a wide range of medical services. These include mental health care, X-rays, annual check-ups, and other doctor visits. This requires an annual premium and there are coverage limits.

Part C – This part is also referred to as Medicare Advantage. This is where you can hire a private insurance company to get more coverage. You must already have Parts A and B to apply for Part C coverage.

Part D – This part is completely optional and covers prescription drugs. If you enroll, you will be responsible for a monthly premium that will vary depending on your coverage amount. This is a good option for those seniors who take medication regularly.

Medicacid 

This type of service is available for seniors who are living on a low income. This provides coverage in areas of healthcare where the traditional Medicare does not. To apply for this program you must be able to prove a low income and meet other certain limitations. This type of program is typically used in conjunction with the traditional Medicare program.

Private Health Insurance 

This type of health insurance is typically very costly, especially for seniors. As an older age likely predicts a higher need for medical attention, the private health insurers are going to be very strict about their application standards. If you can be approved for a private health insurance plan, it can work to supplement the Medicare plans that you already have.

The advantage of private insurance is that you can get coverage in areas where traditional Medicare won’t pay. If you are interested in finding a private health insurance plan, the Federal Government makes it pretty easy to do with their Health Insurance Marketplace. You can find the marketplace at Healthcare.gov and start searching for your private insurance plan at any time.

Medicare Supplemental Insurance 

This type of insurance program, also called Medigap, is specifically designed to work with Medicare Parts A and B. It will provide coverage to help cover the costs that Medicare won’t. These supplemental insurance policies are typically found through private insurance companies and senior organizations.

Employee Illness Compensation Programs 

If you previously worked in a highly dangerous field, it’s likely the Federal Government has a private compensation program. For example, the dol eeoicpa covers employees that worked in the nuclear weapons industry that contracted an illness during their time at work. If any of your medical costs are due to an injury established from your previous place of work, you should look into a compensation program to cover the costs.

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