How to Choose a Senior Health Plan

After having traditional insurance for over 40 years, you have found yourself searching for a senior health plan to aid in your retirement years. There are many available, but you wonder what is right for you. You must learn how to make an informed decision about which senior health plan to choose.

Instructions

Difficulty: Challenging

1. Consider what you need from a health plan. Just because you are a senior does not mean you no longer need to have an insurance policy that covers your family. People who depend on you still need coverage for illness, injury and prescriptions.
2. Determine whether you are eligible for Medicare. If so, think about whether you need to cover yourself or only the rest of the family. Perhaps your wife is qualified to receive it, as well.
3. Look for a private insurance policy that pays in addition to Medicare and covers your family's needs. If you are still employed, see what your normal policy offers in conjunction with Medicare.
4. Reflect on your family's needs—senior and otherwise. Your wife's employment could be a source of insurance that you overlooked in the past, at least for her and the children. If neither of you have insurance, look into state-owned insurance for your children.
5. Join AARP if you are not already a member. This organization offers publications, websites and a multitude of experts to help in every way possible. They have information on choosing a senior health plan. Primary, Medicare and supplemental insurance all have their place in your present and future.
6. Enter the world of supplemental insurance as it pertains to a senior health plan. You may not have ever seen the help you can get from a second policy. Supplemental policies work with Medicaid to make your life easier. If you can afford them, they are worth it.
7. Check with the Social Services department in your state to see what they suggest for your specific circumstances.

Tips & Warnings

• The more you spend for your insurance policy, the better it pays when you need to make a claim. Determine what you can afford before making a decision. Remember the old adage "you get what you pay for."
• Although the combination of Medicare and Medicaid gives you excellent coverage with almost no out-of-pocket expenses, you are extremely limited in how much you can earn per month.
• Beware of "fly by night" companies that want to take your money up front and not offer a list of guarantees or references. There are always people out there to take advantage of you and they will come out more often the older you get.