Securing a health insurance policy for senior citizens essentially tackles medical expenses you may incur in your later years. Due to age-related ailments, the need for regular medical attention becomes inevitable. However, this condition exposes you to the exorbitant cost of healthcare.
To avoid this, there’s a need for comprehensive coverage to shoulder the financial burden that healthcare attracts. Therefore, choosing an effective policy will help you access the best medical services without incurring debt.
It also provides financial security for older people. So, what are the health insurance policies for senior citizens? What does each plan offer?
This article provides the correct answers to all your questions regarding this insurance plan.
What is a health insurance policy for senior citizens?
A senior citizen’s health insurance is simply the coverage older people get for the cost of medical care. Eligible individuals for this policy must be retirees or elders aged 60 years and above.
If you belong to this age bracket, this long-term plan allows you to focus on recovery without fear of medical bills. Insurance policies ensure you get the best medical care, even for chronic ailments.
As aging heightens, the need for medical care increases. An insurance plan stops you from spending your entire pension or savings on healthcare.
More so, health insurance policy for senior citizens offers several benefits that help you enjoy your old age. Therefore, it is essential to gain access to it for extensive coverage of healthcare expenses.
What are the benefits of a health insurance policy for senior citizens?
Signing up for a health insurance policy for senior citizens means you are eligible to benefit through;
- Savings benefit: Health insurance covers your medical bills, encouraging you to save your pension
- Pre-existing disease coverage: After the first year, there will be provision for coverage of underlying health conditions.
- Cashless treatment facility: Senior citizens will access treatment without the issue of paperwork and cash payment at any hospital of their choice.
- Tax benefit: The insured will benefit from tax exemptions for paying premiums on these policies
- Hospitalization coverage: Senior health insurance policy will fund the expenses you incur during and after hospitalization.
What are the available health insurance policies for senior citizens?
Apart from the government-sponsored insurance programs listed below, I have compiled a catalog of highly recommended plans private plans for seniors.
Medicare
Medicare is a health insurance program sponsored by the federal government for people with disabilities and seniors 65 years and above. It comprises parts A, B, C, D, and other supplement plans.
Medicaid
Medicaid is a collaboration of federal and state programs to help Americans access free or reduced health coverage. For this plan, the government assists with a portion of the funding.
Location: Baltimore, Maryland.
Contact: 1-877-267-2323
Other private insurance plans include;
Aetna
Aetna has offered insurance solutions to older people for 40 years. With the Medicare supplement as their primary product, senior citizens can get treatment as they finance the plan at competitive premium rates.
Location: Hartford
Contact: 1-800-264-4000
Cigna Group
Cigna Group is known for its affordable policy. This insurance includes health and well-being benefits for individuals over 60 years old. Cigna’s health insurance also provides coverage for pre-existing conditions, including arthritis, hypertension, osteoporosis, and glaucoma.
Location: Chattanooga.
Contact: 1-800-244-6224
United Healthcare
United Healthcare provides benefits for Medicare-eligible retirees. This insurance policy will give you enhanced benefits at no extra cost. It can be used as a national coverage solution or an out-of-area complement to the Medicare Advantage plan.
Location: North Carolina.
Contact: 1-855-497-1803
Kaiser Permanente
Kaiser Permanente guarantees reimbursement of hospitalization expenses. This health insurance policy for senior citizens covers 90% of the claimable amount and permits renewal till age 100. Individuals who are 61 years and above are eligible for this policy plan.
Location: Atlanta, Georgia.
Contact: 1-888-901-4636
Bright Health
Bright Health partners with stakeholders in the health system to reduce medical fees for the aging. Also, this is another provider of Medicare Advantage health plans.
Location: California.
Contact: 1-844-926-4524
Conclusion
Summarily, the cost of healthcare tops the list of challenges you may encounter as you get older. However, the health insurance policy for senior citizens equips you to fund any medical emergencies that may arise.
