How Much For Health Insurance For A 26 Year Old Senior Health Care Insurance

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Senior Health Care Insurance

Health insurance for seniors in network

When a good friend of mine asked where he could get information about health insurance for his elderly out-of-state mother, I told him to try the Internet.

He wrote back to me a week later in despair: “I’m giving up, I’m too confused.” He had taken on an overwhelming project with his widowed mother, living in another state. As an only child, and after the sudden death of his father, it was his responsibility to take care of his mother.

In this world of technology, the family unit often lives in different geographical areas and family members are usually quite involved with their own lives, careers and families. Also, when both parents are alive, often one or both parents are quite independent and do not require much assistance. As time goes on things of course change, and sometimes they change very suddenly. There may be a crisis, regarding the health care needs of one or both aging parents.

With our baby boomers facing this problem in ever-increasing numbers, and with the information superhighway in full bloom, there is a definite need for planning.

Protecting your parents’ assets and health is a huge and daunting task, requiring a great deal of education and practical application. Our seniors face many different responsibilities when they reach the age of 65. To name just a few: estate planning, taxation, Medicare, Social Security, wills, insurance and other legal and financial matters. All of these different areas require the expertise of accountants, attorneys, estate planners, insurance agents, real estate brokers, financial advisors, and others.

The Internet is a good starting point for most people to find resources for questions and solutions to your problems. However, there is no substitute for good sound smart advice from an expert.

Twenty years ago, insurance for seniors was sold by “senior insurance specialists,” with only a handful of companies in each state. The programs were often Medicare or Medicare supplement policies, which covered expenses not covered by Medicare, including hospital and physician deductibles, durable medical devices, and unapproved Medicare costs. Ironically, these specialists did not sell many nursing care policies, even though Medicare paid a national average of less than 2% of these expenses. With the advent of “financial and estate planning” and more insurance companies entering this market, a wider and more diversified product line became available to agents, brokers, planners and seniors.

Part of this new diversification was the “home health care plan,” sold by itself and in conjunction with senior health insurance products. The appeal of the “home health care policy” was that an elderly person could stay at home and still receive medical and custodial benefits, allowing a person to recover in the comfort of their own home. home

This was the answer to a big problem. The last place an elderly person wanted to go was a “nursing home”, or “nursing home”, or, God forbid, the “nursing home”. It seemed that the elderly could now rely on this new innovation without worrying about having to move from their home environment in case of a health problem.

As with most things, “if it’s too good to be true”…. The home health care policy is no exception. The problem is that there is not enough coverage for a long illness or recovery time. The fact is that the new trend is towards an all-in-one facility, which allows for a variety of levels of care in one place. In other words, an elderly person could start with little or no health concerns in a separate, less expensive area, then go to an assisted living facility or a nursing care facility, all within the same complex.

A “nursing home” requires a nurse on the premises 24 hours a day, assisted living is only eight hours. The advantages of this are financial. The patient or senior is only charged according to the level of care required during the time they are admitted to this center. Another advantage is that it alleviates a lot of planning because care is provided, as it is needed. Medical care is available to all residents regardless of their current health.

Some people are offered a lifetime package, which covers their care for the rest of their lives, regardless of their current age. It also allows social hubs to an otherwise isolated group. Online shopping services have become a big business. It is definitely here to stay and many insurance policies are purchased from internet quotes and online applications.

There are literally hundreds of thousands of insurance agents and brokers advertising on the Internet. Most of them will offer instant online quotes and even applications for potential policyholders. I strongly discourage a layperson from purchasing insurance this way. A little knowledge can be dangerous.

The federal government has mandated to all states through legislation, standardized guidelines for senior health insurance policies, which are governed and regulated by each state insurance department.

There are plans for almost every health level. Some are designed and priced for a less than healthy person. Others are for a person with minimal health problems. . The whole concept of insurance is to provide protection for “unforeseen” illnesses or injuries, especially catastrophic expenses, that would devastate a person’s net worth. The smaller expenses a person is willing or able to pay (self-insurance), the lower the rate. I recommend this strategy when evaluating your insurance options.

Another consideration when reviewing various insurance plans is to look at the company itself. How long has the company been selling this type of insurance? Do they have many complaints filed with the local insurance department? Are the rates stable? Do you pay claims on time? Service? Most agents talk about the rating. These grades are as follows: A+, A, A-, B+, B, B-, C+, C, C- or “ungraded”.

Don’t be fooled by the rating alone. It is good to have a high rating, but it is much better to have a company that has longevity, stability, innovation, service and experience. The problem is that some companies enter a market and quickly leave without explanation. This does not give security to the policyholder.

The most important consideration should be a review of the profit/loss ratio of this product. This will establish stability and longevity in the market. An insurance company with moderate profits in a given line of business will remain in this market. On the other hand, a company with losses will make changes and even go out of business. This is information that is not normally available to Internet users.

Before entering into an insurance contract, the senior, family and other advisors must be realistic and a careful assessment of the whole picture must be examined. Age, health of the elderly, financial resources, personality and attitude of the elderly and above all the wishes of the elderly should be taken into account.

Early planning is important, as qualifying becomes increasingly difficult as the applicant’s health declines. The senior healthcare market is complex. I will offer some advice to try to alleviate potential pitfalls.

* Choose a knowledgeable, experienced, and service-oriented agent or broker to assist you in your decision-making process. The professional can provide invaluable information, but don’t be afraid to ask a lot of questions and even get a second opinion.

*Don’t wait until your parent or loved one is sick or injured. Plan ahead and take the time necessary to cover all options.

*Choose an insurance company with experience. A company that has been in the market for a significant amount of time and has maintained a balance of fees and profits and good risk selection with moderate fee increases over time is your best bet.

*The plan must be flexible, with a wide range of options and benefit selections for the insured. There should be no gimmicks or complicated language for coverage. An incredibly low rate is a red flag for trouble down the road.

* Don’t be rushed or rushed by an overly aggressive salesperson.

This policy will not be cheap and should be read and reviewed for a clear understanding of its contents. This is one of the advantages of the Internet. He is allowed to read indefinitely before acting.

A long-term care program, with or without insurance coverage, will only work if the senior participates in the care selection process. If you have any questions about facility accreditation, please call the Continuing Care Accreditation Commission at 202-783-7286.

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