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Senior Health Insurance Plan
from: Pat MoauroRetirement is supposed to be a reward for people who have worked hard all their life. At this stage of their life, seniors have achieved a status and an age that call for an end to the daily grind.
However, it doesn't seem like much of a reward when the expense of being a senior citizen -- the added medications and the additional cost of a senior health insurance plan, is compared with the fixed income provided for retirees. Without a good savings plan or 401K during working years, seniors find it nearly impossible to afford medical care with only the help of Medicare.
Why is a senior health care plan that is meant to supplement Medicare so expensive to secure? To understand why, one must first understand the concept of insurance. Buying an insurance policy is paying against a calculated risk. As human beings, we all get hurt or sick at some point, and this risk is taken into account by the insurance company providing your coverage when calculating your premium. Certain health risk factors, such as smoking, can affect these rates. The greater the risk that is involved, the more money an insurance company requires to be placed into your "risk" account to cover your costs. This means that your premiums will be higher.
As we grow older, our bodies begin to break down and become more susceptible to illness and injury. Often, chronic illnesses such as diabetes and hypertension require long term medication and care, increasing the overall cost of health care. Therefore, insurance companies see age as a huge risk to their profitability. For this reason, a senior health insurance plan is much more expensive to obtain than one for an individual under the age of 65. And as the senior gets older, the cost of the senior health insurance plan rises.
This cost can be combated in several ways. First, when you're setting up your 401K savings plan, consider not only the cost of living after retirement but also the cost of health care. In determining your monthly investment into the account, make sure you include projected costs for the premiums on a senior health insurance plan. Sign up for the supplemental plan before retirement, since the younger you are at the start of the policy, the less expensive the plan will be.
Read the fine print to verify that the senior health insurance plan covers everything you want and is compatible with Medicare. This plan should be supplemental to the government provisions rather than replacing them. Most of all, shop around. Don't sign on the dotted line for the first policy you review. Look for the best possible rates for adequate coverage to meet your needs.
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