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Best Health Insurance Plans for Seniors

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health insurance for seniors

Last Updated on December 29, 2021 by ashley.davis


By making wise insurance decisions, we can safeguard ourselves and our loved ones. Learn about the many insurance alternatives accessible in this article. From medical and dental care to life insurance and long-term disability, the health insurance covers everything. Get to know the essentials of insurance eligibility and coverage kinds. So, without further ado, let’s dive in the discussion.

Health Insurance for Seniors: Should You Get Insurance for Your Elderly Parents? 

Dependent parents in their later years require health insurance coverage. They have a lot of health problems and require medical attention on a regular basis. Your parents are at great risk of developing health problems if they don’t already have them. Due to escalating medical expenditures, supporting your parents’ medical expenses may place a pressure on you.

That is why it is preferable to cover your parents’ medical expenses through a health insurance policy. Furthermore, when your parents are older, they may not be able to buy their own health insurance. As a result, you’ll need to get your parents’ health insurance. As a result, if they have a medical emergency, the policy will cover it.

In a traditional health insurance plan, the policyholder can only buy the plan up to a certain age. The majority of plans have an admission age limit of 60 or 65 years old. What about those in their fifties and sixties? Is it possible for them to obtain health insurance?

Yes, they are capable. In the market, there exist senior citizen health insurance plans. These plans exclusively help the parents who need health insurance. Let’s take a closer look at their plans.

What Is Senior Citizen Insurance? 

Senior citizen health insurance plans are special health insurance plans for older individuals only. The coverage features the needs of individuals in their older ages.  

These plans are for individuals who are 60 years and above, i.e. those who are senior citizens. Senior citizen plans are indemnity-oriented health insurance plans. This covers the actual medical costs incurred when the insured member is hospitalized. 

For Seniors: Retiree Coverage 

If you have retiree coverage and want to buy a plan instead, you can. But: 

  • Premium tax credits and other discounts are not available based on your income. Only if you’re enrolled in retiree coverage is this true. You may be eligible for premium tax credits and lower out-of-pocket payments if you’re qualified for but not enrolled in retiree coverage. The size and income of your household determine the coverage.
  • You won’t be eligible for a Special Enrollment Period if you voluntarily drop your retiree coverage. You will have to wait until the next open enrollment period to enroll in health insurance.

Health Insurance Policies for Seniors 

In recent times, healthcare has become one of the most expensive necessities. It can be challenging for seniors to identify the right health insurance policy. Usually, the plans are too costly or require extensive medical tests that can be difficult to undergo.1 

Fortunately, based on the following criteria, you can find the plans that suit your needs the best! 

  • Entry age 
  • Premium 
  • Renewal age 
  • Pre-Existing diseases 
  • Waiting period 
  • Alternative treatments 
  • Sum Assured 
  • Sub-limit 
  • Co-Payment 

Premium should not be your sole criteria of consideration while choosing your policy. Benefits like critical care, hospitalization expenses that your policy covers are essential factors. If you have appropriate coverage, paying a higher premium may be a better option.  

Due to the spiraling medical expenses, it is better to have a higher amount of sum insured. Here are the best insurance policies for senior citizens. 


Medicare is a federal health-care program for those over the age of 65 who have worked full-time for at least ten years. It is funded by a mixture of a 2.9 percent mandatory payroll tax levied on:

  • employers and workers  
  • monthly premiums paid by enrollees
  • and by the government.  

Individuals with incomes over specific criteria pay an additional 0.9 percent tax:

  • $250,000 when you are a couple and file jointly
  • $200,000 if you are a single filer

Medicare has four parts: 

  • Part A, which is free for most people. It helps cover hospitalization, care in a skilled nursing facility, and other healthcare. 
  • Part B, which costs about $100 a month. It covers outpatient services such as doctor’s visits, lab tests, preventive care. It also covers some surgeries, clinical trials, and durable medical equipment and supplies. 
  • Part C, also known as Medicare Advantage. It varies in cost and allows individuals to enroll in Medicare health plans sold by private insurance companies. 
  • Part D helps cover prescription drug costs. 

The total amount a Medicare-covered senior may end up paying for their health care will depend on: 

  • The type of care you need and how frequently you need them.
  • The Medicare coverage option selected.
  • Whether a doctor agrees to charge a patient the same price for a service that Medicare will cover.
  • If there are any other insurance plans that can fill in the gaps in coverage.


Medicaid is a government-funded health-insurance program administered by states. It is the last-resort insurance for low-income people, especially seniors.

A senior must have “spent down” his or her financial assets in order to qualify for Medicaid. Medicaid will cover the majority of the costs after achieving the financial floor. This encompasses a wide range of long-term health care options, such as nursing home and hospice care.

Because they may also be insured by Medicare, some seniors who qualify for Medicaid are referred to as “dual eligible.” Medicaid regulations can differ from state to state and be a little complex. As a result, it’s critical for low-income seniors to learn about their state’s program and how to apply for assistance.

Private Health Insurance Plan 

Individuals or employers can purchase or furnish private health insurance policies. When a person retires, most employer-sponsored plans come to an end. Unless they are part of a pension or union plan for an employee. As a result, only a small minority of seniors are covered by private health insurance.

Individual private policies might also be quite costly. Before offering coverage, companies examine an applicant’s health, age, and other risk factors. Seniors with major medical issues or genetic predispositions may be ineligible for coverage.

Medicare Supplemental Insurance, usually known as Medigap, is a part of private insurers. You can expect Medigap coverage from expenses outside Medicare. They can also help to cover Medicare deductibles and co-pays. They also sell long-term care insurance to cover services that aren’t part of health insurance. Home health care, assisted living, hospice care, and nursing facilities are all examples of this.

Health Insurance for Seniors
Health Insurance Plans for Seniors

Supplemental Health Insurance for Seniors Called ‘Medigap’ 

While Medicare covers the majority of health-care needs, there are still some areas where it falls short. Unless you get Medicare Supplement Insurance, sometimes known as “Medigap.”

Deductibles, co-payments, and coinsurance are part of Medigap policies, which help with out-of-pocket costs. Private insurance firms sell Medigap plans. After Medicare has paid its part of the agreed amount for covered health care expenditures, they are applied.

The Medicare Advantage Plan, which provides benefits, is not the same as a Medigap policy. Medigap policies are insurance policies that complement the benefits provided by your basic Medicare plan.

Long-term care, eyeglasses, dental or vision care, private duty nursing, or hearing aids are not parts of Medigap policies.

Other things to keep in mind concerning Medigap

  • Only persons with Medicare Part A (hospital services) and Part B (outpatient services) are eligible for Medigap plans (doctor services costs). 
  • In the six months following your 65th birthday, you should enroll in Medigap coverage. If you don’t, insurers may refuse coverage due to a pre-existing condition, or you may have to pay a higher premium.
  • The renewal of standard Medigap coverage is guaranteed.
  • Only one individual is covered by a Medigap coverage. You must get separate policies if you and your spouse both desire Medigap coverage.
  • In addition to the Medicare Part B coverage you purchased, the Medigap coverage is paid directly to an insurance company.


The Partnership for Long-Term Care is a program available in 43 states. It combines private long-term care insurance and Medicaid long-term care coverage. The partnership helps potential users of Medicaid keep more of their assets. This is while still being eligible for the coverage. 

Seniors can receive combined Medicare and Medicaid benefits under the Program of All-Inclusive Care for the Elderly (PACE). This includes those who wish to continue receiving medical, social and long-term care in their own homes rather than in a nursing home. It is available in 28 states. 

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