Ensuring full senior health insurance coverage during the golden years
The cost of healthcare is rising, and for those preparing to retire soon, it is important to understand the senior health insurance market in order to provide adequate coverage for themselves and their family. Should retirement occur at the age of 65, and estimated average health care costs per year are $25,000 per person, a person living until the age of 90 without adequate health insurance can expect to pay out of pocket $625,000. With these projections only looking grimmer, it is more important than ever to seek out reliable coverage for even your most commonplace needs.
Options for Senior Health Insurance
Should retirement approach at the age of 65, you are most likely going to be seeking the majority of your coverage through Medicare. Though this appears to be the obvious solution for the moment, recent changes in government subsidies and the implementation of the affordable care act have created an unstable environment in the senior health insurance marketplace. On top of your option to select Medicare, there is also an available program called Medicare Advantage, which has a greater selection of standard medical insurance coverage elements such as doctor’s visits and supplemental medication coverage.
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Also, depending on your retirement situation and financial stability, you can apply for private insurance coverage, individual prescription plans, and a program called Medigap.
Medigap Covering Senior Health Insurance Shortfalls
Just as Gap Insurance covers the shortfalls of a comprehensive automotive insurance policy, so does Medigap cover the shortfalls of senior health insurance. This policy rider is available through your private insurance company to provide a net for unseen medical requirements that fall outside of the standard coverage found in your main health care policy. Medigap is a supplemental policy protecting your financial health by providing co-payments and deductibles, two very specific elements not covered under straight Medicare. In fact, many policy holders utilize Medigap to pay claims under the Medicare Part B claims.
An additional benefit of Medigap is that is practically a hands-free policy, where the provider receives the information directly from Medicare and then pays them directly. There are no crossed lines of communication between providers, claimants, and yourself. This policy extends itself to additional prescription coverage, affording you a comfort of adequate care not reliant on an underwriter that may well deny you the physician’s first choice for proper care. For more information about Senior Health Insurance call today at (855) 797-8887.