Insurance Policy for Senior Citizens
There are two main types of insurance a senior citizen may want to purchase, health and life. Most seniors already have some type of health and life insurance coverage before they become seniors. It can be difficult to obtain both type of insurance for a reasonable rate if the senior is past a certain age or if they are in less than optimal health. Some health insurance plans cover seniors for dental and prescription drug and others do not.
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Health Insurance
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Purchasing health insurance can be a complicated process, and seniors should proceed with caution, ask a lot of questions and get all information in writing. This includes both buying a new policy and making changes to an existing one. Insurance companies base premiums on a formula of risk, and a senior in poor health or recently diagnosed with a disease runs the risk of not getting coverage at all or paying an extremely high premium. It is vital that a senior has health insurance because they are more likely to need health care services.
Life Insurance
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Life insurance is also something necessary but not as vital as health insurance. Providers pay life insurance to the beneficiary upon the death of the policyholder. Most people purchase this when they get married or have a family. For a senior, this policy is important for taking care of their surviving spouse. Without life insurance, the spouse may be without the financial means of support.
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Dental, Drug and Eye
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Dental, drug and eye coverage is something some seniors can overlook. Yet these three forms of insurance are very important. Without them, a senior may forced to pay for treatments he cannot afford. Many health insurance policies cover prescription drugs but some do not, and sometimes they cover drugs only up to a certain amount. Most seniors are on some type of medication, need some type of eye wear and have routine dental work, which is why they need to examine these three areas.
Considerations
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Ideally, a senior would have purchased insurance when they were younger and in great health, as this will have allowed them to receive a lower rate on their premiums. Seniors may want to consider purchasing insurance from the same company that provides their home and auto insurance as they may receive a discount by bundling their services.
Tips
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Seniors are often the target of fly-by-night insurance agencies that try to pressure and scare them into changing policies or purchasing additional coverage. Seniors should shop around and not purchase insurance from the first company they contact. Always make sure to read the fine print on any insurance policy. If the senior can afford to do so, she might have the policy reviewed by a lawyer.
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References
- Photo Credit senior with glasses image by Dumitrescu Ciprian from Fotolia.com
