Seniors Health Insurance – Debunking Common Misconceptions
Seniors health insurance is an often misunderstood subject, and one in which there are many myths and misconceptions that only serve to mislead those who want factual information before buying a policy. Separating truth from fiction is important where health insurance for seniors is concerned since this is an investment not only into your health but in your quality of life. Choosing not to get covered because of all the horror stories you have heard about it is not wise either. You would be putting yourself at a huge disadvantage.
Seniors Health Insurance – Popular Myths and Misconceptions
Getting the right information is crucial if you want to understand the whole idea behind health insurance for seniors. Here are some of the most common misconceptions and their corresponding truth.
Misconception #1: If You Don’t Have Medicare, You Don’t Have Health Care Insurance
Seniors Health Insurance Fact: Medicare is the primary federal health insurance policy for individuals 65 years old and above. If you have paid Social Security taxes while you were still working, you become a Medicare beneficiary when you reach retirement age. You receive hospitalization benefits, physician’s benefits, and medical and surgical services, just to name a few.
This does not mean, however, that Medicare is the only seniors health insurance plan available, and if you don’t have it, you’re doomed to paying for your health care costs out of your own pocket. You can purchase health insurance policies for seniors on your own. For instance, the AARP Essential Premier Health Insurance is something you can get for yourself. It offers such benefits as preventive care, eye exams, and travel coverage.
You have to be a member of AARP before you can become eligible for the different plans and coverage levels of AARP’s senior health insurance policy underwritten by Aetna. This insurance policy is for seniors 50 to 64 years old.
There are also additional options when it comes to health insurance policies for seniors. There are fee-for-service insurance plans, managed care plans from Preferred Provider Organizations (PPOs), and Health Maintenance Organizations (HMOs) and Association-Based Health Insurance. All these health insurance policies have their own conditions and policies, so check with your insurance agent and always compare quotes before buying a seniors health insurance policy.
Misconception #2: Medicare is Free
Seniors Health Insurance Fact: Even if a certain amount was deducted from your salary while you were still working, copays and deductibles still apply with Medicare health insurance plans. Also Medicare does not cover hospital stays beyond 150 days and it doesn’t provide long-term care coverage.
If you are covered by Medicare, it’s best that you take the time to understand your Medicare policy and determine if you would need to enroll in a Medicare Advantage plan or be contented with an Original Medicare coverage. You might also want to scrutinize your need for Part D or the portion that covers prescription drugs.
Misconception #3: Adults Under 25 are Among the Highest Groups of the Uninsured
Seniors Health Insurance Fact: The truth is actually the opposite. According to MSN Health, the highest number of uninsured people are those who belong to the 50 to 64 age group. As many as 19 million Americans were uninsured or under-insured in 2008, according to their data. Younger adults get insured easily due to their age and relatively overall better health, unlike baby boomers.
Misconception #4: Life Insurance is the Only Useful Insurance for Adults Over 50
Seniors Health Insurance Fact: This is one of the biggest misconceptions and potentially the most dangerous. All adults over 50 years old need senior health insurance.
It is easy to underestimate the cost of medical expenses when you are healthy, but when disease strikes or you fall while in the bathroom, hospital expenses can quickly balloon. Certainly, life insurance will take care of your burial expenses when you do pass away, but what about your medical bills before that time comes? They can quickly add up to tens of thousands of dollars or more if you have no form of health insurance coverage.
Compared to the cost of monthly premiums and the relaxed frame of mind you will enjoy knowing that you’re covered, a sky high hospital bill is a scary prospect. When it comes to senior insurance, health insurance, and life insurance — be certain that you buy the coverage you need.
Misconception #5: Seniors Health Insurance is Expensive
Seniors Health Insurance Fact: This is related to a previous myth that we have debunked. Most people would rather do away with health insurance when their monthly budget gets too tight. However, compared to the expensive cost of paying for doctor’s fees, hospital expenses, X-rays, laboratory tests, and emergency procedures on your own, you will find that the premiums are just a small amount to pay.
According to MSN Health, in their interview with Brenda Weigel of the National Association of Health Underwriters, the reason why health insurance is so expensive is because “health care is expensive.” If you take your cue from this, you’d do well to get yourself an insurance policy. The benefits you will receive at times when you need it most will make your premiums seem cheap. Besides, obtaining premium quality health care insurance will ensure that you enjoy a higher quality of life during your twilight years.
Misconception #6: You Can’t Get Senior Health Insurance If You Have a Preexisting Condition
Seniors Health Insurance Fact: This used to be true before the new health care law took into effect. However, with the recent reforms in health care, you can now obtain a Preexisting Condition Insurance Plan (PCIP). If you are a U.S. citizen with a preexisting condition like cancer, for example, and have been denied insurance coverage because of it, you are now eligible for health insurance under PCIP.
Misconception #7: It’s Difficult to Get Senior Citizens Health Insurance, Buy the First Policy that Comes Along
Seniors Health Insurance Fact: The health insurance market is one of the most competitive industries today. Therefore, you don’t have to worry about passing up the first senior health insurance policy for fear that another one won’t come along. Always compare quotes and don’t just accept a policy because it’s from the same company who sold you your life insurance coverage. Take some time to research things and you’ll find a seniors health insurance policy that provides you with the coverage you want at a price you can afford.
