Why Seniors Should Not Totally Depend on Medicare in the Golden Years



Seniors have a need for the health care system more often than
younger people. They need good comparative information on quality
of care in order to make the best health care decisions. Seniors
also need to understand how Medicare works and if it will benefit
them at all. Many seniors have found that getting a private plan is
actually cheaper or the same with many more benefits. So, before
deciding that Medicare is your only option, look into things
better. Many companies let seniors purchase policies that work with
Medicare, so the cost that is not Medicare covered can be submitted
and a portion of the cost returned to the senior. Seniors today are
faced with many challenges with the rise in health care expenses
and high priced drugs. The government’s benefits just aren’t
enough. Many people today are preparing for those years with many
other insurance options.

There are also supposedly two forms of Medicare now, not that they
both are available to all persons. Three years later after Congress
expanded health care options for seniors, they are just now getting
access to a private fee-for-service plan. But so far, Sterling Life
Insurance Co. of Bellingham, Washington, is the only company
offering seniors a private fee-for-service option. The company
started the plan in July and now it is available in all or parts of
25 states. This plan was supposed to be bettered designed, but
obviously is not available as it should be. The other option of
Medicare is the basic HMO. This service has all the same components
as any other HMO, except the deductible and co-payments are higher.
Many times, these plans are so high that many seniors can’t eat
healthy and have the medications they need.

What can you do to keep yourself away from these really poor
options? You can invest in a good plan at a young age and at
optimal health. Purchase privately so it is not limited to your
work with a specific company. Having a well-known private insurance
can benefit you in many ways. Many young people don’t think of what
will happen when they retire. They find health insurance a
money-sucking item instead of a necessity. As you get older and
have a family, you tend to realize the importance in having
insurance and usually carry a plan through an employer at a cheaper
group rate. Most people even when they are ready to retire don’t
think about what is next for benefits. You can get COBRA after
retirement for up to 18 months, maximum. Now you will have to get a
health insurance through a private carrier at a higher cost and
possibly less benefits than if you had purchased the plan at 30. So
it makes more sense to get the plan at a fixed rate when you are in
your prime than to wait till after you retire. If you wait too long
and get that higher cost plan, you may find out as you get older
and older and your health declines you can’t afford it or it
doesn’t cover some of the things you may need and Medicare won’t
help with either.

Another option for seniors and other people who want to prepare for
the future is Long-Term Health insurance. This will provide
assistance when and if the day comes that you or your spouse needs
assistance with everyday tasks that require a nurse or helper. This
can help ease the burden of paying for in-home support or care,
assisted living facilities, and nursing homes. It can also help
with funeral expenses and burial costs. This is a great investment
for any person who knows they either won’t qualify for medicare or
will have to lose everything to get that assistance. It is better
to invest at a younger age so the benefits can at their optimum
when you have to call on them. Plus, you would hate to lose
everything and have your children stuck with your nursing home
bills and death expenses. Most everyone wants to leave their family
a little something when it is their time to go. However, bills and
debts that remind them of sadness aren’t what most people have in
mind.

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

Find out more about Why Seniors Should Not Totally Depend on Medicare in the Golden Years

One Response to Why Seniors Should Not Totally Depend on Medicare in the Golden Years

  1. Edwin says:

    Thank you very much for your post. Absolutely excellent information and very useful for me. Great done and keep posted. Looking forward to reading more from you.

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