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Top 7 Best Health Insurance For 55 And Older Senior Citizens

Whether you are self-employed, unemployed or covered by an employer’s health care plan, finding affordable health insurance for 55 can be a frustrating and time-consuming process. Add controversy around the Low Price Health Care Act (ACA), and finding accurate and reliable information can be a nightmare. Of course, there is cheap medical insurance, but the qualification can be complicated, and you will want to make sure that the coverage is not too low to meet your needs.

In this article, I cover the real costs of not having insurance, which means health reform and general advice that will help you get the best deal on health coverage.

Best Health Insurance For 55

Best Health Insurance For 55

Top 7 Best Health Insurance For 55 And Older Senior Citizens

No matter what your health insurance for 55 needs, it is worth taking a walk. Unfortunately, depending on when you are reading this, you have probably missed the open enrollment window of 2019, which was from Thursday, November 1, 2018 to Saturday, December 15, 2018. After that date, your enrollment options in Most of the states will be very limited until the end of 2019, unless you have a qualified life event, such as getting married, losing your job or having a child, for example.

You can start using our online search tool, which will help you find and compare health care plans in your area.

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health insurance plans

Adults from 50 to 64 years old face an increase in the cost of medical care in their pocket and the decrease in access to health insurance, according to the report of the AARP Public Policy Institute (PPI) “Costs and health coverage for people from 50 to 64 years. ”

The PPI analysis shows that almost one in three adults in this pre-Medicare age group live in families that spend at least 10 percent of their income after taxes on medical care.

Among the findings highlighted in the report:

The number of uninsured adults between 50 and 64 continues to increase, reaching 8.9 million in 2010, 3.7 million more than in 2000.

Although approximately three out of five uninsured Americans between the ages of 50 and 64 are employed, many are not eligible for employer health plans or work for employers who do not offer coverage; The proportion of the 50-64 age group with employer-sponsored health insurance decreased in the last decade from 71 percent to 65 percent.

Because most states allow health insurers to collect higher premiums based on age and health, adults in the age group 50 to 64 have difficulty obtaining health insurance for 55 to 60 coverage; More than one in five applications for insurance for people aged 50 to 64 are rejected.

Elderly Health Insurance Quotes

For older adults who purchase insurance plans in the individual market, the average out-of-pocket costs for premiums and medical care are generally two-and-a-half times higher than the costs paid by people their age who have employer-sponsored coverage .

Beginning in 2014, the protections and benefits of the new health care law, the Low Price Health Care Act, will help adults 50 to 64 years to access affordable health coverage, in the following ways :

Insurers that sell coverage in the individual market must accept all applicants, including those with pre-existing medical conditions.

While the practice of charging variable premiums according to a person’s age will continue, the variation will be limited.

An expansion of Medicaid, the federal health insurance for 55 program for poor individuals and families, will benefit low-income seniors who previously did not qualify for Medicaid and did not have access or could not afford private insurance.

Affordable Short Term Health Insurance

It is illegal for different providers to charge different prices for the same health plans, so finding affordable health insurance is more about making sure you have evaluated all your options from the widest possible range of providers. It also means that you should have a good idea of ​​what your needs are before buying.

Remember, the cheapest plans generally offer the least coverage, and only you can decide if that particular savings is worth it.

1. Compare prices

While convenient, state exchanges established through the ACA are not your only ways to find cheap health insurance for seniors over 55. You have several other options, and you have nothing to lose (except money) by reviewing one or all of them.

Direct purchase through insurance companies

Insurers may have a greater variety of policies available on their websites than in state exchanges. Most will allow you to directly compare plan details, view more detailed information and apply online. Of course, you won’t be able to see the options of other providers, so this may not be your best option to save money unless you know which company you want to do business with.

Buy through an agent

An insurance agent may be a good option if you are overwhelmed by your choices and feel that you need expert help to make the right decision about health insurance for elderly over 50.

There are two main types of insurance agents: “captive” agents offer products through a single company, while independent agents (also called brokers) can help you choose a plan from one of several insurers.

If saving is your final result, it probably makes more sense to work with an independent agent that can find and compare more options. But if you are determined to work with a certain company, a captive agent can get to know your products better.

Buy through an online insurance search engine

Online insurance search engines such as eHealth Insurance are similar to independent agents, less personal touch. After answering some questions, they will offer plans from several companies that may include options that are not shown through their state market.

Convenience is your biggest advantage with online services, as it will save you the time and effort involved in meeting with an agent. Just be sure to read the fine print and know exactly what you are registering for before choosing a plan.

If that does not give you the affordable health insurance you are looking for, you can also check Plan Finder, a website offered by HealthCare.gov. The website will help you find plans with private health insurers that are not in the Health Insurance for 55 Marketplace.

Costs associated with catastrophic plans.

  • Minimum annual deductible for individual coverage $ 1,350
  • Minimum annual deductibles for family coverage $ 2,700
  • Maximum out-of-pocket costs for individual coverage $ 6,750
  • Maximum out-of-pocket costs for family coverage $ 13,500
  • Maximum annual HSA contribution for individual coverage $ 3,500
  • Maximum annual HSA contribution for family coverage $ 7,000

2. Know if you qualify for special programs

Medicare, Medicaid and CHIP (Children’s Health Insurance Program) provide low-cost, federally subsidized medical care for those who qualify.

Medicare, the best known of the group, is specifically for people over 65, while Medicaid is intended for people with very low incomes. CHIP is intended for children (and, in some cases, their families) who do not qualify for Medicaid but cannot afford to buy insurance in any other way.

The easiest way to determine eligibility is by applying for health plans through your state health insurance for senior parents plan exchange. If you are eligible, you can enroll in Medicaid and CHIP at any time of the year.

There is another scenario in which you can get coverage if the open enrollment period is lost. You may qualify for a special Enrollment Period. This happens after certain life events, such as losing health coverage, moving, getting married, having a baby or adopting a child. But if this happens, you must submit the request within 60 days of that event; otherwise, you must wait until the next open enrollment period.

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Senior Health Insurance

3. Make sure COBRA is worth it

The Consolidated Omnibus Budget Reconciliation Act, better known as COBRA, allows you to remain in your employer’s insurance plan for up to 18 months when you would otherwise lose coverage, usually because you were fired. But it is also a very expensive way to stay insured. Again, instead of sharing the costs of your health insurance for 55 with your employer, you are paying the full plan.

According to the 2017 Kaiser Family Foundation report, the average monthly premium for a single person (without spouse and children) is $ 558. The average premium for people who qualify for health insurance under the Care Act Low-Price Health, which means that you are receiving subsidies and / or tax credits, is around $ 89 per month.

Of course, COBRA can still be advantageous if you need to maintain access to providers that may not be available in other plans, or if you know you have a large medical expense to come and have already reached your deductible for the year. Be sure to weigh these factors when comparing costs.

4. Ask your parents about staying in your plan

If you are under 26, the ACA allows you to remain in your senior parents’ health insurance plan. Even if you pay your parents the difference between keeping it in your plan and abandoning it, this could be your cheapest option.

You can take advantage of this option even if you are married or financially independent of your parents. Just make sure your parents’ insurer offers in-network care providers where you live; Out-of-network costs can accumulate quickly and cancel your savings.

5. Consider high-deductible or “catastrophic” plans

If you do not anticipate using your health plan too much, plans with high deductibles with lower monthly premiums may be the way to go.

According to the ACA, you are eligible for catastrophic plans with low premiums if you are under 30 or over 30 and qualify for a waiver for difficulties. (Exemptions for financial difficulties include more serious financial circumstances, such as homelessness, recent eviction and bankruptcy; see the full list at healthcare.gov.

Health Insurance For Seniors

A senior health insurance plan entitles you to three visits to the primary care physician per year, prescription coverage and other essential benefits over 55. However, you will pay out-of-pocket for any medical care outside those parameters until you reach an expensive and amazing deductible: $ 7,900 in 2019. Insurers also have a range of high-deductible plans available directly through their websites.

  • Top 7 Best Health Insurance For 55 And Older Senior Citizens.