The insurance market can be complex at any age, but for seniors the prospect of purchasing insurance can be especially stressful and confusing. In addition to looking at primary insurance plans, there is the added burden of deciphering information about Medicare plans. Making the wrong choice can be expensive and dangerous, as opting out of certain coverage could lead to barriers in receiving necessary care.
Perhaps the primary reason that the insurance market is often so confusing for seniors is thanks to the fact that the Medicare market has undergone regular changes over the past 10-20 years, so the plans that were available when today’s seniors were guiding their own parents into the program are not the plans that are available today. The Medicare landscape has been completely transformed, and having a secondary insurance policy is absolutely necessary if you hope to maintain a certain level of care later in life.
When evaluating the insurance market for seniors, there are a few basic facts that you need to know:
- Under the traditional Medicare plan, many treatment options are only partially covered. It is highly recommended to have some form of supplemental insurance to accompany a traditional plan.
- The specific standalone Part D prescription drug plan (PDP) provides additional coverage for prescription medications.
- Keep an eye on the terms of your insurance plans, as many plans undergo changes to premiums and benefits annually.
Don’t stick with a plan just because it is what you already have. This is one of the biggest mistakes that so many seniors make with their insurance plans. The open enrollment period is the best time to explore your options, as there are many different companies out there that offer different benefits.
Medicare is available for seniors and provides valuable coverage, but that coverage is just the basic care. Seniors currently account for 23% of medical care in the United States, yet seniors make up only one percent of our population. Insurance coverage is essential for optimal care during the later years in life. Couple increased medical expenses with the fixed budgetary concerns that so many seniors are facing in today’s economy and it is evident that making the right choice when it comes to insurance policies is a big deal.