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Senior Retirement Tips :: Cheap Health Insurance
Cheap Health Insurance: Finding Cheap and Affordable Health Insurance for Retirees
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Cheap health insurance is a primary concern for many retirees and seniors, particularly those who don’t yet qualify for Medicare or who want the assurance of added care.
The regulations are complex, but if you take a step-by-step approach, you can often get a handle on how to work with your insurance and find the best deals.
To learn more about how to find cheap health insurance and understand either your current plan or the types of insurance available to you, keep reading.
The Difference between Medicare and Medicaid
Medicare is a federally funded health insurance program that was designed to help seniors’ pay their health care costs. It has 3 parts: Part A, to cover hospitalization; Part B, to cover doctor’s visits; and Part D, to cover prescription drugs.
Medicaid is a cheap health insurance program that’s run by individual states and designed for low-income people, including seniors and retirees. It’s designed to be an insurance of last resort for those who cannot afford health insurance.
Private Health Insurance Policies
Private health insurance policies are often not cheap health insurance policies. They are typically provided by employers or, if you’re retired, your pension plan or yourself.
For a cheaper policy, many retirees and seniors opt for what’s called a Medigap package designed to cover the things that Medicare does not.
Medigap policies are often significantly cheaper than full health insurance policies and offer peace of mind along with a full range of coverage.
Medicare Eligibility and Coverage
Medicare is a federal benefit that actually accrues like Social Security, it’s tied to your earnings. For every year that you work, your eligibility for Medicare increases.
A person who is eligible at age 65 may apply three months prior to their 65th birthday and up to 3 months after. If you’re already receiving Social Security benefits, you will be automatically enrolled in Medicare.
If you miss the enrollment period around your 65th birthday, you can make changes or enroll between November 15th and December 31st of each year.
If you are eligible, you can purchase Medicare and you can’t be denied coverage because of your medical history. It’s cheap health insurance and widely available. To enroll or obtain more information, call 1-800-772-1213 or visit your local Social Security office.
Unfortunately, Medicare does not cover everything and it also decides how much a doctor is paid for a treatment, meaning your doctor can actually charge you more.
Because of this, many doctors don’t accept Medicare patients. Medicare also doesn’t cover extended nursing home stays, glasses, private nursing care, dental care or routine checkups.
Cheap Medigap Options
Cheap health insurance can be had in the private sector through Medigap policies designed to cover what Medicare doesn’t.
It’s best to purchase Medigap policies no later than six months after enrolling in Medicare because after this time period, insurers can deny coverage based on preexisting conditions.
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SeniorRetireTips.com :: Cheap Health Insurance