Health Insurance for Seniors

Question of a Reader:

What are the things to bear in mind by senior people about health insurance?

Claire Redfield

Thank you for this question.

There are different plans for health insurance for seniors. One plan may differ from another. For example, many policies do not cover prescription drugs. But I think it would be better for you to consult an insurance agent to better study the preferred choice of long-term care insurance. Some policies offer fewer benefits for home care than those providing care in a long-term facility.

There is also a reimbursement policy which is cheaper and covers some, if not all, the out-of-pocket expenses up to a certain maximum limit. There is so-called an income policy, which is more expensive, that pays more benefits whether the services are rendered or not. The manner of the income spent is entirely depending on you.

It is advisable to check on the amount the home health care agencies, nursing homes and the assisted living facilities in your area are charging for their services before deciding on the benefit amount that you prefer. The amount of benefits that you are qualified for depends on the number of the daily living activities that you are capable of and better check if the policy states if it specifies clearly if you are unable to dress or feed yourself. Such benefits begin depending on the period you prefer when you purchase your policy. If you have a waiting period of ninety days and you only need a 3-day a week service, you have to wait for as much as seven months before such benefits may start. Policies containing the elimination period in calendar days may result in earlier benefits.

Inflation protection in a policy is vitally important. Having this kind of protection may usually increase the premium amount. However, it does not keep up with rising prices of cost of care as the benefits increases over time. The younger you are when you buy an insurance policy, the more it is significant to add such inflation protection.

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