5 Reasons Why Health Insurance Is Crucial for Seniors
Despite ongoing changes to the health insurance system in the United States, seniors do have access to consistent, reliable coverage options.
According to KFF, fewer than 1% of people over the age of 65 are uninsured. This is primarily thanks to the federally run Medicare system, which allows beneficiaries over the age of 65 to access a variety of low-cost insurance options.
While health insurance is crucial at any stage in life, it’s particularly essential for older adults. As we age, it’s normal to face new physical and mental health challenges that require ongoing care. Quality health coverage enables you to get the treatment you need, regardless of budget.
At Senior Insurance Agency, our goal isn’t just to help clients find insurance policies. It’s to ensure that individuals of all ages truly understand their coverage options. Here are five reasons why senior health insurance is essential for well-being.
1. Access to Quality Healthcare
The biggest benefit of health insurance for seniors is access to quality healthcare when they need it, without worrying about prohibitive medical costs. This ranges from getting regular check-ups and screenings to ongoing care for chronic conditions.
According to the National Council on Aging, 95% of older adults have at least one chronic health condition, highlighting the need for access to care.
Reliable health coverage also ensures that seniors can visit the hospital or urgent care when emergencies arise. Illness and injury can be more dangerous for seniors than they would be for younger patients. When this happens, getting care right away can help prevent the situation from becoming more serious.
Original Medicare beneficiaries have access to a wide range of general practitioners and specialists, as the vast majority of providers across the country participate in Medicare. There are also many Medicare Advantage plans run by private companies that offer excellent access to trusted providers.
2. Financial Protection Against High Medical Costs
If you don’t have health insurance, you could end up paying very high out-of-pocket costs for the medical services you need. Hospital stays and surgeries can come with particularly high price tags.
Nationwide, the average cost of just one hospital stay is $2,883 per day ー a price that few American families can easily afford. Medications can also make a significant dent in your budget, particularly if they’re necessary to treat ongoing conditions like diabetes or cancer.
Medicare coverage or another form of senior health insurance helps keep these medical costs manageable. This way, you can focus entirely on taking care of your health, without the added stress of a large bill. This is a key benefit for older adults, as many people retire at this point in life and are living on a fixed income.
Beneficiaries should be aware that health insurance won’t cover all health care costs. In many cases, you will need to pay a copay or coinsurance fee for services. You also may need to reach an annual deductible value before insurance kicks in.
However, having insurance will significantly reduce the overall cost you pay for services. There are also options available to help you reduce these costs for example, Medicare supplement plans can help you cover co-pays and deductibles.
If you’re low-income, you may also qualify for Medicaid, which can lower your medical costs even further.
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3. Preventive Services and Screenings
Preventive screenings and tests are often necessary as you age. Preventative care helps you and your doctors catch health concerns early when they are easier to treat and manage.
For example, preventative screenings can catch cancer while it is still in the early stages. This gives you time to remove and treat it safely. Preventive screenings are also necessary to catch diabetes, high blood pressure, and other cardiovascular concerns, giving you time to find the right medication.
Many preventive services are completely free under Medicare and other types of medical insurance for seniors. Doctors will recommend preventive services at your annual check-ups based on your age and current health status.
4. Prescription Drug Coverage
Many older adults rely on prescription drugs to maintain a good quality of life. Healthcare insurance for seniors can cover prescription drug costs, ensuring that you can get the medications you need, when you need them.
Original Medicare beneficiaries can purchase prescription drug plans through Part D. The majority of pharmacies throughout the United States accept Medicare Part D, which makes it easy to access your prescriptions regardless of location.
While each Part D plan is administered by a private insurance company, they are regulated by Medicare. For example, Part D plans are required to keep insulin prices lower than $35 per month.
Many Medicare Advantage plans also come with built-in prescription drug coverage. Exact terms will vary depending on your insurer and the specific plan you have.
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5. Peace of Mind
In addition to its quantifiable benefits, health insurance also offers invaluable peace of mind for seniors. For many people, this stage in life is about relaxing with loved ones and exploring hobbies you’re passionate about. The last thing you want to worry about is how you will pay for healthcare when you need it.
Medical insurance for seniors will help you breathe easy, knowing that the healthcare you need is covered. There are also many different types of health insurance for seniors available, so you can select a plan that reflects your current health needs, budget, and care preferences. Working with a senior insurance agent can help you better understand your insurance options.
Say you’re diagnosed with a chronic condition like diabetes or arthritis. Receiving a diagnosis like this can be stressful. When you have a reliable health insurance plan, you can focus entirely on finding the right treatment options and medications, instead of worrying about how you’ll cover these unexpected costs.
Discover Your Health Insurance Options with Senior Insurance Agency
If you’re approaching age 65, now is the time to start exploring your health insurance options for later in life.
At Senior Insurance Agency, we provide guidance and support as you search for a health insurance policy. Our insurance agents in Sparks can help you review all available plans and guide you through the Medicare application process as needed.
Get in touch today to learn more about our senior insurance services or schedule a consultation.