What exactly is the price of senior health insurance? Can it be afforded by seniors? The exact cost of senior health insurance really depends on what kind of insurance you’re looking for: senior health insurance plans designed specifically for Seniors or Medicare Supplement plans? Although they might sound similar at first look, these very plans actually are quite different. So, what’s the difference between the two and how do you know if a health insurance for seniors plan is going to work for you?
As far as medical insurance goes, there really aren’t that many options for senior citizens. The few options available generally fall into two categories: catastrophic and standard health insurance. Catastrophic medical insurance is provided for very costly illnesses or injuries. Some examples would be a person who has been in a car accident and needs weeks of convalescence after being treated. This type of coverage would pay for the hospital stay and all of the medical expenses for the period of time it takes until full recovery is complete. Typical premiums for catastrophic medical insurance plans are based on your medical history.
Seniors can also get Medicare Supplement insurance. Unlike catastrophic coverage, this type of plan allows the consumer to choose what level of coverage they want. Usually, the premiums for Medicare Supplement plans are based on your current age and the amount of coverage you desire. Once again, the premiums for Medicare Supplement plans are typically based on your medical history and medical needs. Typically, seniors will pay more for more coverage in order to maintain a desired level of care.
In addition to these basic plans for seniors, there are other types of health insurance for seniors that you should consider. For example, did you know that some private health insurance companies also offer supplemental healthcare coverage? The idea behind supplemental healthcare coverage is that it helps to fill in the gaps left behind by traditional health care coverage.
Through a supplemental health insurance plan, you can get additional benefits that you would not receive through a normal medicare plan. Common supplements include vision care and hearing aids, prescription drugs, physical therapy, durable medical equipment, and hospital room access. Private health insurance companies often charge a higher monthly premium for these additional benefits, but if you can afford them, they could be extremely helpful to you.
One final option for choosing private health care coverage is called a “fee for service” plan. These plans allow seniors to choose which healthcare providers they wish to use. A third party will take care of paying any costs that aren’t covered by the medicare program. Although most seniors prefer this type of private health care coverage, it is important to remember that not all private insurers provide true fee for service plans.
