Thursday, December 12, 2013

5 Insurance Tips for People Over the Age of 50

If you've ever been in a hospital you’ll know how expensive healthcare is. Insurance is the only way the common man can afford healthcare. However in many cases insurance premiums can also be quite expensive, especially for senior citizens. It’s like being between a rock and a hard place. For a senior citizen being eligible for health insurance is a task in itself. On top of that the exorbitant premiums pretty much annihilate their chances of getting insurance. Here are a few insurance tips for senior citizens. 

Lead a Healthy Life

It’s bad enough being plagued by diseases in your twilight years, but to add to it yourself is madness. Senior citizens have to be in tip top shape to be eligible for healthcare. Insurance is a bit like loans. You can only get it if you can prove that you don’t need it. If you’re in peak physical condition the insurance company may be inclined to reduce your premiums. However, that’s not a certainty, but it is a possibility. And that’s pretty much all you get these days, so make use of it. 

Prepare For Your Retirement

It doesn’t hurt to plan ahead. In fact, it’s imperative to plan ahead. As you start approaching the age of retirement you should already have a plan in place. This plan will see you through the rest of your years. Making provisions for health insurance in this plan is very important. Once the money stops coming in you’ll be struggling to make insurance payments, which is why you should set some money aside just for that. Calculate how much your insurance will cost you after your retirement and set that money aside. In some cases health insurance can be more helpful than your kids, I’m just saying.

Streamline Your Policy

As you grow older your insurance premium becomes more expensive. Soon there’ll come a point where you won’t be able to afford it. That’s when you’ll have to start making some tough decisions. You’ll have to streamline your insurance policy to meet your financial status. That means losing some aspects of your coverage, such as disability and long-term care. It’s a sacrifice you’ll have to make eventually. You know your health and you know what you’re prone to, so make specific provisions accordingly. Your health insurance plan should be suited to your needs. At the same time it shouldn’t cripple you financially. 

Beware of Conmen

When you’re at the end of the road people will try to take advantage of you. Senior citizens suffering from life threatening diseases and who can’t afford treatment are susceptible to anything. Conmen are pretty aware of this situation. They roam hospital corridors looking for such individuals and promise them an insurance plan or health discount card that can potentially save their life. To add insult to injury these people wear breast cancer ribbons to seem more caring and friendly. Before you deal with such people always do a background check on the internet about their product and their company. 

Rely On the Government

When all else fails it’s time to rely on the government. Sometime they actually come through for you. Take COBRA for example. It’s a law that keeps you protected under your former employer’s insurance coverage for about 18 months, as long as you continue to make payments. There are other state aids available that can help you through unemployment. Research them to see if you’re eligible. However, keep looking for a way to get back up on your feet, because government help is not eternal. You can only take advantage of them for so long before they decide to let you go.

Just because you’re over a certain age doesn’t mean you can’t enjoy the benefits of health insurance. If you play it smart you can remain protected under a decent coverage for the rest of your days. Keep these tips in mind and you won’t have to rely on your kids for help. You’ve taken care of yourself for this long, why shouldn’t you be able to continue to do it? The one thing I know about senior citizens is, that they’re proud. And as they say pride can only be surrendered, it can’t be taken away from you.

Author Bio:
This article is authored by Jenny Wadlow, a professional freelance blogger. She writes articles for Fundraising for a Cause, a website selling pink ribbon products. Her hobbies include gardening and home brewing.

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