Senior Health Insurance

By: EconomyWatch Content   Date: 13 February 2010

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Some of the most common health issues associated with aging are obesity, heart disease, high cholesterol and high blood pressure. The reasons could be poor eating habits or less physical activity. If you are above 65, you can use senior health insurance as a tool to take care of your medical expenses whenever an emergency arises. It may seem complex, but considering its options and benefits you are likely to find affordable options suitable to your individual requirements.

 

Senior Health Insurance: Medicare

Started under the Social Security Act by Title 18, Medicare is health insurance for people above 65. It takes care of medical expenses including inpatient hospital care, hospice care, home health care and nursing home care without deductible or monthly premium under Part A. Under Part B, you can get coverage for medical equipment, doctors' services, physical and occupational therapy and outpatient hospital care. Prescription drugs are covered under Medicare Part D. HMOs (Health Management Organization) and PPOs (Preferred Provider Organization) are the cheapest available individual policies in the US.

 

Senior Health Insurance: Supplemental Insurance

As all healthcare costs are not covered by Medicare, senior citizens should opt for a supplemental insurance. This is most beneficial for people who are unable to afford medical bills or are denied care when required. A number of private insurance companies offer some type of Medigap policy. There are 12 Medigap policies to choose from. These are distinguished and identified with letters - Plans A to L.

 

Senior Health Insurance: Long-Term Care Insurance

Aged people widely leverage nursing-home care expenses which can burn a hole in their pockets. To save themselves from these expenses, they can opt for long-term care. The cover ranges from $10 to $100 a day under various long-term care polices. Individual can also get their policies renewed.

Senior Health Insurance: Medicaid

Low-income individuals can apply for a state-administered health insurance program, i.e. Medicaid. The eligibility criteria are specific to the state you are living in.

 

Most states have made health insurance information accessible to senior citizens under a Senior Health Insurance Program (SHIP). This program can answer your queries regarding above mentioned insurance options. If you are looking for an affordable plan, you can visit an insurance comparison website to obtain some quotes.


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