Senior Health Insurance: Aging with adequate coverage

2007-03-08 10:33:40

( Financial )



THE AGING PROCESS

Illness is an inevitable result of the aging process. No matter how healthy we are, our bodies degenerate and get weaker as time passes by.

This is why senior health insurance is comparatively more expensive than other health insurance plans. Health insurance companies or any insurance company for that matter earn their money by taking calculated risks. They provide will medical coverage, but at the same weigh the risks of you making any actual medical benefits claim.

Because older people are generally more prone to illnesses, providing senior health insurance is more risky for companies to issue. The insurance companies make up for the higher risk by charging high premiums and setting stricter guidelines for senior health insurance.

You can opt to get senior health insurance from private companies or you can get the federal issued senior health insurance called Medicare. Medicare is not meant to supplant your existing health insurance if you have one, but acts in a complementary fashion with it.

MEDICARE SENIOR HEALTH INSURANCE

Medicare is available for those who are of retirement age. However, this government senior health insurance works slightly different from standard health insurance policies. Medicare provides free hospitalization, which is the most important in any medical policy.

However, you will need to pay premiums if you want Medicare to pay for doctor’s fees and prescription drugs. Additionally, the benefits you get from Medicare will be limited if you have other health insurance plans.

While Medicare addresses the insurance needs of the elderly, this senior health insurance may not provide adequate medical coverage. You can opt to purchase a separate insurance policy to offset or compensate for the areas that Medicare does not cover and get the proper senior settlements if the time comes for it.

While aging can be a bit worrisome, there are programs in place that can help you face it with dignity and grace.


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