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Health Insurance Plan Senior Article
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Senior Health Insurance Plan
from:Retirement is supposed to be a reward for people who have worked hard throughout their lives and have achieved a status and an age that call for an end to the daily grind. However, when you consider the expense of being a senior citizen, with the added medications and the additional cost of a senior health insurance plan versus the fixed income provided for retirees, it doesn’t seem like much of a reward. Without a good savings plan or 401K during working years, it is nearly impossible to afford medical care with the help of nothing but Medicare. Why is a senior health care plan meant to supplement Medicare so expensive to secure?
To understand this, one must first understand the concept of insurance. Purchasing an insurance policy is paying against a calculated risk. As human beings, we all get hurt or sick at some point, and this risk is taken into account by the insurance company providing your coverage when calculating your premium. Certain health risk factors can affect these rates, like smoking. The greater the risk involved, the more money an insurance company will require be placed into your “risk” account to cover your costs, meaning that your premiums will be higher.
As we grow older, our bodies begin to break down and become more susceptible to both illness and injury. Often, chronic illnesses like diabetes and hypertension require long term medication and care, increasing the overall cost of health care. Therefore, insurance companies see age as a huge risk factor to their profitability. For this reason, a senior health insurance plan is much more expensive to secure than one for an individual under the age of 65. On top of that, as the senior gets older, the cost of the senior health insurance plan rises.
There are several ways to help combat this cost. First, when you are setting up your 401K savings plan, consider not only the cost of living after retirement but also the cost of health care. In determining your monthly investment into the account, make sure you include projected costs for the premiums on a senior health insurance plan. Sign up for the supplemental plan prior to retirement, as the younger you are at the beginning of the policy, the less expensive the plan will be. Read the fine print to verify that the senior health insurance plan covers everything you want and is compatible with Medicare. This plan should be supplemental to the government provisions rather than replacing them. Most of all, shop around. Don’t sign the dotted line on the first policy you review. Look for the best possible rates for adequate coverage to meet your needs.
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Joppel's Online Tool Makes Choosing Medicare Plans Easier for Seniors - MarketWatch
 Business Wire (press release) | Joppel's Online Tool Makes Choosing Medicare Plans Easier for Seniors MarketWatch - Leaders from senior health insurance companies today launched Joppel.com, a powerful Medicare-plan search tool for consumers. The Web-based application is a ... Seniors Encouraged to Review Their Health Care Coverage A guide to finding the right Medicare plan Medicare Health Insurance Users Confused About Drug Coverage |
Genstar Capital Launches New Senior Care Services Platform UniVita ... - MarketWatch
Genstar Capital Launches New Senior Care Services Platform UniVita ... MarketWatch - UniVita Health will develop into an integrated senior care company that promotes independent aging through home-based care and support. ... Private equity firm Genstar bets on aging America, buys Long Term ... Genstar Capital Agrees to Acquire Outsourced Insurance Services ... |
Blues claim $166.5 million loss unless legislature acts - Detroit Free Press
Blues claim $166.5 million loss unless legislature acts Detroit Free Press, United States - ... said Monday it expects to lose $166.5 million this year from policies sold to seniors and non-elderly people who buy their own health insurance. ... Battle over Blue Cross reform continues in lame-duck session |
Senior Life Matters - Jamestown Post Journal
Senior Life Matters Jamestown Post Journal, NY - She is HIICAP - Health Insurance Information, Counseling and Assistance Program - counselor trained by Office For the Aging. She does not sell insurance, ... |
Consensus for Universal Health Care Coverage Appears To Be ... - Kaiser network.org
Consensus for Universal Health Care Coverage Appears To Be ... Kaiser network.org, DC - The "answer, say leading groups of businesses, hospitals, doctors, labor unions and insurance companies -- as well as senior lawmakers on Capitol Hill and ... |