Senior Medical Insurance Information
Investing in your health is essential for people of all ages but may be especially important if you are a senior. Having the ability to access medical facilities and health care services is critical as you attempt to manage conditions, detect disorders, recover from injuries and otherwise manage your health and wellness. With these priorities in mind, you should take the time to understand, acquire and maintain suitable health insurance.
What Types of Health Insurance Are Available to Seniors?
As a senior, you may have access to many health insurance plans. Some options vary depending on your circumstances. For example, if you are still working, you may choose to continue using your employer’s group health plan. If you are retired, there may be various options available to you, such as the following:
- Medicare
- Medigap
- Private health insurance purchased through the federal Health Insurance Marketplace
What Is Medicare?
Medicare is a government-sponsored insurance program that provides health insurance to people with disabilities, certain conditions or those over the age of 65. Enhanced or adjusted coverage may also be available through private insurers. Medicare consists of the following components:
- Part A—This is part of what may be referred to as Original Medicare and is usually free if you or your spouse paid into the program during your working career. Part A can help pay for inpatient hospital care, nursing facility care, home health services and hospice care.
- Part B—This is also part of Original Medicare and is generally packaged with Part A. This component of Medicare can provide coverage for outpatient care, preventive services (e.g., screenings, vaccines) and medical equipment (e.g., walkers, wheelchairs and oxygen tanks).
- Part C—Also known as Medicare Advantage Plans, this component of Medicare can be purchased through government-approved private insurance companies. It may be able to help pay for additional services, such as dental treatment, vision care and hearing services.
- Part D—Often included in Medicare Advantage Plans but also available on its own, this part of Medicare is also available through approved private insurers. It can provide financial assistance for vaccinations and prescription drugs that might not be covered under Parts A and B.
What Is Medigap?
Medigap can provide additional financial assistance for people who are already enrolled in Medicare Parts A and B. Medigap acts as supplemental health insurance and can help pay for medical expenses that might otherwise need to be covered out of pocket, such as the following:
- Copayments
- Coinsurance
- Deductibles
Medigap is guaranteed renewable, meaning that your coverage will be renewed annually as long as you pay your premiums. These arrangements can only cover one individual, meaning that if you and your spouse both require Medigap, you will need to purchase separate policies.
What Ages Qualify for Medicare?
The general age requirement for Medicare is 65. However, you may also qualify if you are disabled or live with certain conditions, including end-stage renal disease and ALS (also known as Lou Gehrig’s disease). Some states may not allow those under the age of 65 to do so even if they meet other Medicare-qualifying criteria.
Get the Right Coverage
At Matt Roenker Insurance Agency, our dedicated staff has over 50 years of experience helping seniors and their families understand and address their coverage needs. We will work with you to assess your circumstances, explore your options and assemble an optimal health plan.
Contact us today to get started.