Tag Archives: over 65 insurance

Options For Over 65 Insurance

Options For Over 65 Insurance | JT Insurance ServicesAs the majority of Americans will be retiring around the age of 65, over 65 insurance is an important topic upon which to educate yourself. With changes in employee-sponsored health insurance due to retirement, Medicare may be a go-to option for some Americans. However, those who do not qualify for Medicare must seek private individual insurance. Some good news for over 65 insurance is that with recent changes in legislation, insurers cannot turn people away due to pre-existing conditions or age.

Click here to read the full article by Nancy Metcalf for Consumer Reports News.

Finding the Right Over 65 Insurance to Protect Your Future

Finding the Right Over 65 Insurance to Protect Your Future | JT Insurance ServicesIf you have reached or are approaching 65 years of age, you probably frequently consider your future.  You may need to alter your health insurance program to ensure that you have the proper amount of coverage at a reasonable cost. When you are looking into purchasing over 65 insurance, it is important to consider which plan would be best for your needs.

Understanding the coverage details of possible plans will allow you to make a more informed decision. Hospital and medical bills can be incredibly expensive, but an insurance plan can prevent these costs from drastically affecting your life. With recent healthcare reforms, insurance coverage has become broader. Therefore, most plans must cover certain basic services such as emergency services, mental health services, laboratory tests, and management of chronic conditions. Over 65 insurance plans can also be customized to cover additional services. That being said, most insurance companies offer various levels of coverage from which to choose.

Additionally, the amount of money you could have to pay out-of-pocket varies between plans. When receiving medical care, you will likely have to pay some portion of the expenses. A deductible is the amount of money you have to pay in a certain period of time before your insurance company begins covering costs. For example, if your annual deductible is 1500 dollars, the insurance company will pay for your expenses after you have paid 1500 dollars out-of-pocket. A co-pay is a set amount your plan requires you to pay for specific services. For example, your plan may have a fifty dollar co-pay for emergency room visits.

Individuals over 65 years of age can find plans tailored to their needs. Private insurance companies offer many different options for over 65 insurance. Finding an affordable insurance plan that is compatible to your lifestyle, health, and financial situation can make your future more secure. Ensuring that you are prepared for any medical situation that could arise will allow you to live more fully.

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Happy Senior Couple Walking Holding Hands Tropical Beach

Getting an Over 65 Insurance Policy

If you are looking into an over 65 insurance policy, the rules change dramatically. With the implementation of Medicare, there are a few options to consider when focusing on your health coverage. While you may think that Medicare has you covered, you may want to think about acquiring some additional insurance to help supplement your plan.

There are a few situations in which Medicare does not protect you from potentially large medical expenses:

Medicare does not cover co-payments, deductibles, or any health care that you receive if traveling outside of the United States.

If you find yourself needing a supplement to Medicare, Medigap insurance policies can help finance additional health expenses.

In order to apply for Medigap or any supplemental insurance to Medicare, it is important that you are a part of both Medicare Parts A and B. If you and your spouse would both like to add Medigap coverage, it is possible that you need to apply separately as most plans only apply to one individual.

If you are an immigrant without American citizenship, Medicare may not cover you.

In order to take advantage of the nation-wide insurance program, you need to retain permanent residence in the country for at least five years. While this may allow for some individuals with green card status to apply for Medicare, this leaves many people uncovered by the government program.

Fortunately, as of January 1, 2014, new healthcare laws have come into effect that prevent insurers from turning away individuals based on age or pre-existing conditions. This is great news for people seeking over 65 insurance policies, as they will be able to purchase health insurance from any provider without any questions asked. This new law also prevents insurance companies from charging an exorbitant amount for its older subscribers, which makes coverage within reach for many more deserving individuals.

Acquiring an over 65 insurance policy from a private company may be the best way for you to save money on your health expenses. Whether you are supplementing Medicare or getting an entirely new plan, start by comparing the benefits of several insurance providers to get the best policy that meets your healthcare goals.

If you are reading this on any other blog than JT Insurance Services or via my RSS Feed, it is stolen content without credit.
You can find me on Twitter via @Obamacare_Guru
Come and visit our blog at http://jtinsuranceservices.com/blog/