For seniors living on fixed income, the cost of health insurance can be too heavy on the pocket. In fact, premiums and deductibles can become so hefty that many decide to forego it completely. However, this is not a good decision inasmuch as going without cover can wipe out your entire life savings with just one of the diseases that come with old age.
You don't have to take the risk of going through your twilight years without health insurance. There are ways by which you save on health insurance. Follow these tips:
1. Use your Medicare benefits. A federally-mandated health insurance, Medicare is specifically-designed for those who are 65 years old and above. You become automatically eligible for Medicare benefits if you had paid your Medicare taxes while you were still in the workforce. You become automatically eligible for Medicare Part A or those which cover expenses related to your hospitalization. Arrange your Medicare papers before you actually retire to avoid confusion. For those who are not eligible for Medicare, Part A coverage may be purchased or you can opt to get covered through private insurance companies.
2. Raise your deductible if you can do so to save money on health insurance costs. This allows you to lower the premiums you have to pay monthly so you can allocate the money for other things. To save even more, get policies without deductibles for such services as preventive care, prescription drugs and clinic visits.
3. Do not discount co-insurance. After you have paid your deductible, the remaining amount paid by your insurer is called co-insurance. Most of the time, 80 percent of your bills up to a specific amount annually are handled by your insurance company. Once you have used up your deductible, the medical expenses that you will incur will be covered fully by the insurance company. If you choose plans that give only 50 percent co-insurance, you may get lower monthly premiums but these are not cost-effective if you visit your doctor frequently.
4. Get policies that your doctors are affiliated with. You can inquire from your doctors if they are connected with a particular plan's network so you can get your policy there. If you get a plan where majority of your doctors are not a part of, you could end up spending more since only part of your expenses will get reimbursed by your insurance company if you go to doctors who are not members of your plan's network.
5. Avoid being denied coverage. In many cases, inadequate information during the purchase of the policy can mean denial of coverage when the time comes for you to use your policy. This usually happens with conditions that have already been resolved and treated but which the company, due to inadequate information you provided categorizes as a preexisting condition still. Be honest and thorough during the application process so that you minimize the risk of denials later on.
Always remember to not be content with just one quote when deciding to get health insurance. Strive to get multiple quotes from at least 3 companies. You might be surprised at how the price differences can vary from one company to the next so never got yourself locked into one policy until you have seen all your options.
You don't have to take the risk of going through your twilight years without health insurance. There are ways by which you save on health insurance. Follow these tips:
1. Use your Medicare benefits. A federally-mandated health insurance, Medicare is specifically-designed for those who are 65 years old and above. You become automatically eligible for Medicare benefits if you had paid your Medicare taxes while you were still in the workforce. You become automatically eligible for Medicare Part A or those which cover expenses related to your hospitalization. Arrange your Medicare papers before you actually retire to avoid confusion. For those who are not eligible for Medicare, Part A coverage may be purchased or you can opt to get covered through private insurance companies.
2. Raise your deductible if you can do so to save money on health insurance costs. This allows you to lower the premiums you have to pay monthly so you can allocate the money for other things. To save even more, get policies without deductibles for such services as preventive care, prescription drugs and clinic visits.
3. Do not discount co-insurance. After you have paid your deductible, the remaining amount paid by your insurer is called co-insurance. Most of the time, 80 percent of your bills up to a specific amount annually are handled by your insurance company. Once you have used up your deductible, the medical expenses that you will incur will be covered fully by the insurance company. If you choose plans that give only 50 percent co-insurance, you may get lower monthly premiums but these are not cost-effective if you visit your doctor frequently.
4. Get policies that your doctors are affiliated with. You can inquire from your doctors if they are connected with a particular plan's network so you can get your policy there. If you get a plan where majority of your doctors are not a part of, you could end up spending more since only part of your expenses will get reimbursed by your insurance company if you go to doctors who are not members of your plan's network.
5. Avoid being denied coverage. In many cases, inadequate information during the purchase of the policy can mean denial of coverage when the time comes for you to use your policy. This usually happens with conditions that have already been resolved and treated but which the company, due to inadequate information you provided categorizes as a preexisting condition still. Be honest and thorough during the application process so that you minimize the risk of denials later on.
Always remember to not be content with just one quote when deciding to get health insurance. Strive to get multiple quotes from at least 3 companies. You might be surprised at how the price differences can vary from one company to the next so never got yourself locked into one policy until you have seen all your options.
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Last but not least, don't forget to check out this helpful site about seniors insurance and this information on cheap burial insurance.