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There are many healthcare options out there for seniors. From government-funded programs to private insurance plans, it’s important that any senior looking to increase or change their healthcare benefits and coverage should know what’s available to them.
Medicare
Medicare is a great option for many seniors, especially if they live with a disability. The traditional government health insurance program (federally funded) becomes available to those 65 or older or those who have been living with their disability for two years or more. There are many options available through Medicare, but what’s important to understand is that a good majority of these must be obtained within certain time windows or they can become forfeited.
There are a few plans available and eligibility defines which plan is granted to each individual. Medicare Part A is a premium-free plan that requires that you or your spouse have worked at least 10 years and paid Medicare payroll taxes during that time. Medicare Part B maintains a premium that most enrolled insured persons are required to pay for the coverage. There are also Part C and Part D plans that each carry their own rules.
In order to take full advantage of what is available through Medicare, talk with your advisor about what is available and the timelines necessary to obtain those benefits.
Private Insurance
In many cases, Medicare doesn’t provide enough coverage that an individual requires for their basic medical care. This is a situation that may call for private insurance opportunities to obtain better coverage. In order to enroll in private insurance, however, you will be required to not also be enrolled in Medicare. Like with Medicare, it’s important to walk through your options with an advisor or trusted doctor to make sure that you are selecting the best plan for your individual medical needs.
If you’re struggling to find the means to pay for your health insurance premiums, consider selling an unwanted or unneeded life insurance policy through a life settlement for a larger sum of upfront money than the policy’s surrender value.
Use our Qualification Calculator now to see if you qualify for a life settlement.
