Senior Health Insurance Options

Introduction
Health insurance offers financial protection and security for treatments associated with our physical fitness and well-being. Whether you need a power scooter for mobility, prescription glasses for reading and driving, or advanced dental procedures to accommodate age-related illnesses, insurance provides the funding necessary to cover your healthcare needs. According to research from the Harvard School of Public Health, the United States has the most expensive health care system in the world. As we get older, the odds increase that we may need extensive medical care. The average senior spends approximately $14,000 per year on medical expenses ranging from prescription medication to physical checkups. This estimation does not include long-term care costs. Fortunately, there are options available to support your lifestyle and ensure the most valuable use of your money. A look at the top senior health insurance options can help you make an informed decision for yourself and your family.

Types of Senior Health Insurance
Types of health insurance for seniors include Medicare, Medicaid, Medigap, private health insurance, and long-term care (LTC) plans. According to state government data, over 2.3 million Illinois residents are enrolled in Medicare. This constitutes nearly one-fifth of the state’s population. However, Medicare is just one of several available choices. Each kind of health insurance has its own advantages, so it is important to evaluate the options to determine which course of action is best for you.

Medicare
Medicare is a federal health insurance program for individuals 65 or older. Younger individuals with disabilities such as end-stage renal disease or sclerosis may also qualify. The federal agency known as the Centers for Medicare and Medicaid Services (CMS) operates the program through state enrollment portals. Medicare consists of four parts: A, B, C, and D.

Part A covers inpatient hospital care, some forms of skilled nursing, home health care, and hospice care. It is a solid hospital insurance for stays of 100 days or fewer. Part B covers general healthcare expenses and outpatient care. Also known as Original Medicare, Part B includes medically necessary goods and services like ambulances, equipment, tests and exams, or mental health care. It also includes clinical research and some prescriptions.

Part C is an alternative to the more common options of A and B. Often called Medicare Advantage, Part C allows seniors to choose a private company that offers the benefits of Part A or Part B along with additional perks. These additional benefits may include dental, vision, or prescription services to supplement your healthcare coverage. Enrollees may also need to pay a monthly premium. Similarly, Part D covers self-administered prescription medication in exchange for a small premium.

Medicaid
Medicaid is a federal health coverage program for low-income adults. Individuals with qualifying disabilities are also eligible. Each state regulates Medicaid and applicable rules. Some seniors qualify for both Medicare and Medicaid at the same time, so Medicaid is a good supplemental option for those who cannot afford a private company. Medicaid may also provide coverage for nursing-home stays and similar long-term care.

Private Insurance
Private insurance is an option for people exploring flexible alternatives to coverage like Medicare Advantage. Individuals under 65 can search the government’s Health Insurance Marketplace, and those over 65 can shop directly from a preferred provider. Private insurance policies are popular among working seniors who still have dependents.

Medigap
Medigap is a supplemental program that works in conjunction with Medicare Part B. It helps defray expenses like copays, coinsurance, or deductibles. Some Medigap policies also cover medical emergencies during international travel or otherwise outside of the provider’s network. Well-known Medigap providers include Cigna, Aetna, UnitedHealthcare, or Humana. Seniors may also purchase Medigap through State Farm, AARP, or Colonial Penn.

Long-Term Care Insurance
Long-term care refers to medical services that assist seniors who are no longer able to live independently. Individuals with chronic conditions may also qualify for long-term care. Since seniors are more susceptible to serious degenerative conditions like dementia, choosing this type of coverage can help families offset the price of ongoing care.

Conclusion
Seniors face unique challenges that require the right insurance to cover specialized healthcare needs. Adequate insurance can also help you address how your health may change in the upcoming years. This is especially true for individuals with common underlying conditions like arthritis, diabetes, osteoporosis, or heart disease. While some companies limit policies or charge outrageous premiums for seniors, there are still plenty of reliable companies that offer affordable plans for older adults. Working with a licensed health insurance agency in Illinois is the most efficient way to explore your options. Based in Darien, we offer insurance services and free consultations for the entire state of Illinois. We take a personalized approach to insurance coverage, individual health plans, group plans, or enrollment assistance. Contact K&B Financial today for your health insurance needs.

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