With so many new innovations and advances in the medical industry and new pharmaceutical solutions being introduced all the time, today, people are living longer than they ever have before. In fact, there are more than 600 million senior citizens across the globe, and this is a number that is going to continue to grow.
With more people getting older, the need for quality healthcare aids and access to comprehensive health insurance is also growing. While you have several options as a senior, including access to the open enrollment period for Medicare, it’s still important to know what options are available. Keep reading to learn more.
Health Insurance Options for Senior Citizens
If you are 65 or older, there are a few ways you can acquire medical insurance. With the ever-growing cost of healthcare, having a single plan in place may no longer be enough to offer the coverage you need.
As you get older, you are going to become more and more prone to injuries and diseases. This means it is essential that you are properly insured. In many situations, adult children help their aging parents as they search for health insurance, so being aware of and understanding the options is important for everyone involved in this decision-making process. Some of the most common types of medical insurance for seniors includes Medicaid, Medicare, Medicare supplemental insurance, and private health insurance that make you more healthy and happy.
The Popular Option: Medicare
Medicare is for people ages 65 and older and it is provided by the federal government. It also provides coverage for younger individuals who have severe health conditions or disabilities. There are four parts of Medicare, including Part A, Part B, Part C, and Part D.
Part A is also called hospital insurance and covers home healthcare and hospitalization. Part B includes medical insurance for services such as annual check-ups and doctor’s visits, x-rays, and mental health care. Part C is Medicare Advantage, and allows you to get Medicare coverage from private companies, and Part D provides coverage for prescription drugs.
Medicaid Options for the Disadvantaged and Seniors
This is another federal insurance program that provides medical insurance coverage for seniors with a low income. It’s often what is used along with Medicare coverage.
Medicaid is uniquely designed to help those who are in need by offering coverage for specific prescriptions or medical services that Medicare won’t cover. To receive this coverage, you must apply, and go through an approval process. If you qualify for Medicaid, you can feel confident you are receiving quality health insurance coverage.
Private Health Insurance
If you aren’t worried about cost and want to get the best coverage for your elderly parents, you can pair Medicare and private health insurance. This is the best way to make sure you have adequate coverage since Medicare does have some limitations.
Medicare Supplemental Insurance
This is referred to as “Medigap,” and provides coverage for the things that Medicare won’t cover. To qualify for this coverage, you have to be enrolled in Medicare Parts A and B. the Medigap coverage offers protection to cover any additional costs you may incur such as deductibles, co-insurance costs, and more. You can find this type of plan through various private organizations and insurers that provide services to the elderly.
Getting the Right Insurance Coverage
With so many options, there’s no question this can be a challenging decision. That’s why it may be smart to work with a professional who can help you find the right coverage to meet your needs now and the needs you will have in the future.