What You Need to Know About Elder Health and Life Insurance

Would your loved ones' financial future be secure if something were to happen to you? Older adults often still have a need for life insurance. Health insurance is often easier with Medicare and supplement options.

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What You Need to Know About Elder Health and Life Insurance
2 Min Read January 11th, 2023

If you or a loved one are getting older and don't have the right insurance, you need to start considering the coverage you need. While it is more difficult to get affordable insurance as a senior, it is still possible. You simply need to know what you're looking for.

Seniors looking for insurance also need to be careful when approaching brokers. There are many excellent brokers, but some are more than willing to take advantage of vulnerable populations.

Armed with the right information, you should be able to get the right insurance without falling prey to predator brokers.

Elder Life Insurance

Let's start with life insurance. Many people assume that elder life insurance is not an option. The rationale is that insurers are unwilling to take on the high risk of insuring an older life. When they do, it will be at a high cost.

This is partly true. Many insurers will only provide term life insurance quotes to people aged 75 or younger. Considering the general purpose of term life insurance, this makes sense. It is generally taken out by people with young families who would miss their income if they died. Most seniors do not need or want term life insurance.

Some seniors do have younger families. They either had children at an older age, have grandchildren they care for, or have adult children who can't take care of themselves. It is ideal to get term insurance as early as possible, as term life insurance in your sixties or seventies will be very expensive.

However, there is another type of life insurance many seniors consider, even after the age of 75. Whole life insurance does not come with a fixed term. You pay for it until you die, and the sum for which you are insured grows. It is a kind of investment that will provide for your family when you die, whether they rely on your income or not.

Elder Health Insurance

While getting life insurance becomes more difficult when you pass the age of 65, getting health insurance becomes easier. This is because you now qualify for Medicare. Medicare is the government-sponsored program that provides health insurance for millions of seniors and people with disabilities. Several Medicare plans available provide various levels of care that are more accessible and affordable than private health care.

Is Private Insurance a Good Option? 

You do not have to get Medicare when you are older than 65. There are private insurance plans that may better suit your preferences. However, in most cases, you will save money without losing benefits by choosing Medicare.

There is an instance in which private insurance usually works out to be the better option. This is for people with dependents. Medicare will only cover people over 65 or with disabilities. You cannot add dependents to your plan at a lower cost.

On the other hand, private insurance allows you to add dependents to your plan. If you still have a younger spouse or children to take care of, private insurance may be your best option.

People still working for employers after age 65 may also be required to stay on the private plan their employer pays for. That said, most employers will make the most cost-effective decision for them, and in some cases, that will be Medicare. Small companies are more likely to be able to put you on a Medicare plan than companies with many employees.

Life insurance and health insurance are extremely important topics for older people. While not everyone needs life insurance, health insurance gets more important the older you get.

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About the Author

Boris Dzhingarov is Digital Nomad traveling the world. He is the founder of Financial Tipsor.

LTC News Contributor Boris Dzhingarov

Boris Dzhingarov

Contributor since January 12th, 2023

Editor's Note

While obtaining Long-Term Care Insurance when you are older can be harder, many seniors are surprised by the available options. Many of these options can be affordable for many older adults.

If you failed to plan for the costs and burdens of aging before you retired and still enjoy fairly good health, see how affordable and valuable Long-Term Care Insurance can be.

Be prepared. The cost of long-term health care is exploding nationwide. You will have guaranteed tax-free resources to pay for your choice of quality care services, including care at home. Even a small policy can be a big benefit for you and your loved ones.

Professional Help is Key to Finding Affordable Options

Several top-rated insurance companies offer long-term care solutions. Each insurance company has its own underwriting standards, and premiums can vary over 100% between insurance companies. 

A qualified Long-Term Care Insurance specialist will match you with the best company to save you money. A specialist will put together accurate quotes from all the top companies based on your age, health, family history, and other factors.

Accurate Answers to Your Questions About Long-Term Care Planning

LTC NEWS has many tools and resources. These resources can help you in your research as you prepare for your future retirement and plan for the costs and burdens of aging and declining health.

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