For anyone between 50 and 65 years who will be looking for some health cover or is already looking, you could be in need of a lot of help. This age is crucial in that many of the body’s systems are just about ready to start failing plunging you into serious health challenges. Using statistics (a tool used extensively to create the product structures) insurance companies know that the expenditure on health for the 20 to 45 year-old group will be a lot less than for the 50 to 65 year-old group. Therefore, the premiums for older persons are higher.
Do not despair, as we are smart we will be sure to find a way. Let us look at some options available.
For those who are still working and may be looking at starting a business or going to retire, there are a few areas worthy of your investigating. Does the company you work for allow you to buy insurance through their plan? For early retirement, if the company allows, they may be able to subsidize a portion of the premiums. If there is no subsidy, you may still be entitled to group rates which are less than for individuals. If you spouse will remain in employment seriously look at joining their plan if this is possible.
Another option is COBRA or Consolidate Omnibus Budget Reconciliation ACT, for those still in employment that gives health insurance cover. Former employees and their families can continue the cover for up to a year and a half. COBRA is also guaranteed. You can not be turned down even for chronic illnesses. The downside is the cost. During your employment the employer normally meets 70% of the premium. Own your own you will cover the full premium and administration costs on top. A 1997 survey showed that on average a retired employee would pay $1,008 for family cover and $373 for the individual health cover.
Even if you are not in employment, there are some options open for you. For those with pre-existing conditions like high blood pressure or diabetes who fail to get insurance, coverage is still available through the states’ high-risk program especially set up to help this group of people. Like COBRA, the premiums are quite high.
You should also check professional organizations that you could join or already a member of or are affiliated to see if the membership offers health insurance cover. As this is a group cover, your premiums will be low.
Lastly, the health insurance scheme for individuals. There are now very good offerings in this area as providers believe the 50-65 age group has potential for growth. These individuals also have a fair income and are in good health. Companies believe that even when the oldies become eligible for Medicare, they will still opt for supplemental cover. Some of these options have monthly premiums as low as $200 for individuals in fair health, but carry high deductibles. Some advisors recommend combining opening health savings accounts (HSA) when taking out a cover with high deductibles. HSA contributions are not taxed, nor are any withdrawals made towards qualified medical expenses and the balance at year end can be rolled over to the next year.
By: Jack Adams
Posts Tagged ‘Serious Health’
Health Insurance For People Over 50
January 13th, 2010Cheaper Health Insurance – Things To Take Advantage Of
December 24th, 2009
You must learn to take advantage of a lot of things (in an ethical way) if you really are serious about enjoying cheaper health insurance that won’t leave you or your loved ones exposed. Let’s look at things that you should consider…
1. You can insure your kids through state plans if you need to reduce your health insurance spend. Nevertheless, not everyone is eligible to use these plans.
These plans are usually either free or requires little payment. These state plans for kids will save you a lot of cash if you have a child with a special health condition when compared to what you would spend if you buy standard health insurance.
2. If you take advantage of phone med services you would have done a lot to reduce your rates. A phone med service works twenty four hours everyday and gives free medical advice. You can trust the advice you get because they are manned by trained personnel (normally not less than a registered nurse with at least ten years experience). Local clinics offer free medical advice by phone in most cases.
This reduces the number of times you see a doctor and as a consequence your total health insurance cost on the long run.
The advice you get from them could also help you take safety measures that will prevent a serious health condition. For these and more reasons, use these free medical services.
3. Similar to an HMO, a Preferred Provider Organization (PPO) is usually more affordable than traditional health insurance. This alternative is a little costlier than an HMO but as well offers more choices.
You can check your needs and what your profit would be for either using a PPO or traditional health insurance. If saving is more important to you than flexibility then make use of a PPO.
4. That extra weight will make you pay more. There is something known as Body Mass Index (BMI) which is used to determine a prospect’s rates.
If your BMI rating is high, your premium will be high. When your Body Mass Index rating is high it simply means that your weight is too much for your height. Put more effort into shedding excess weight because losing even a few pounds could give you another Body Mass Index rating and result in more affordable premiums.
5. You can lower your rates by staying away from alcoholic beverages. Drinking adds to your health risk. Drinking is the source of a good number of health conditions and that is apart from the fact that it will also add to your risk to health insurance providers.
What quantity of alcohol can you take without any side effect? I cannot really say as there are people who can take a bottle and still be okay while some will drink just a sip and things start going wrong.
What I know is the fact that avoiding alcohol abuse is would help a lot. For those who can’t abstain totally, endeavor to drink responsibly.
But I am told it’s more difficult to drink in moderation than it is to quit. Seek help if you want to stop drinking alcohol. There are groups that help alcoholics quit drinking.
6. You can lower your health insurance premium by obtaining quotes from at least five good quotes sites. Each site will take you around 5 minutes or less to obtain quotes. (As you visit each quotes site, make sure you give the same details. Furnishing incorrect information will return misleading results).
By: Chimezirim Chinecherem Odimba
Health Insurance For Someone With Pre-Existing Conditions
November 10th, 2009
If you have you been rated up or declined for health insurance it’s probably because you have a pre-existing condition.
Thousands of uninsured, underinsured and uninsurable individuals are facing serious health issues like heart disease, heart attack, diabetes, cancer, stroke, liver disease, AIDS, pregnancy, depression and kidney disease. Any of these pre existing conditions can cause them to be declined for health coverage. Today, you may even be declined if you are over-weight.
It’s a real challenge obtaining health insurance for someone with pre existing conditions. However, before we get ahead of ourselves, here are some questions we need to address.
What is a pre-existing condition?
A pre-existing condition is any injury or sickness for which diagnosis has been made, treatment has been recommended, treatment has been rendered, or expenses have been incurred within a set amount of months prior to the effective date of coverage (usually 3, 6 or 12 months and this can vary by state). It includes any condition manifesting itself in symptoms which would cause a prudent person to seek medical advice.
What is a pre-existing condition exclusion period?
Insurance companies try to discourage people from waiting until they get sick to purchase medical insurance. This is accomplished by imposing what is known as a preexisting condition exclusion period. This simply means, if you have a medical problem which exists at the time you purchase insurance, the insurer will deny the claims pertaining to that medical problem for a certain period of time.
The rules governing preexisting condition exclusion periods in individual health policies vary widely from state to state and are very much different from the rules of an employer-sponsored plan. If you have or recently have had health coverage, you may be able to apply this creditable coverage to offset a preexisting condition exclusion period.
Why all the hoopla over a pre-existing condition?
The biggest stumbling block with private individual medical insurance is the problem with preexisting conditions. Plain and simple… insurance companies don’t like preexisting conditions. They know in the long run… it will cost them more money to insure you. Frankly, insurers prefer to insure people who are not very likely to need the insurance.
But stop and think! Who doesn’t have some kind of health or medical issue? It may be something as simple as asthma or as complex as cancer. Some pre-existing conditions can be managed and these individuals can live a relatively healthy and normal life.
Yet, insurers can and do turn down “high risks” individuals for coverage because of an existing or previous illness. Even if coverage is found, the premiums charged are often unaffordable. Sometimes the individual may end up with a modified policy paying more because of their medical history or having to take a policy that excludes their pre existing conditions.
Are there things I can do to get healthcare coverage?
Here are some choices for obtaining health coverage. See if any apply to your situation.
(1). Employer-sponsored group health plan
(2). Join a professional organization (e.g. Chamber of Commerce)
(3). Individual health insurance
(4). State risk pool (if one exist in your state)
(5). Discount health cards
(6). Guaranteed Issue Health Insurance
Whether covered by insurance or by some other means, the total cost of health insurance for someone with pre existing conditions is high enough to dramatically impact that person’s lifestyle.
Today it is important for all of us to lead a healthy lifestyle. However, if you already have a preexisting condition that is keeping you from getting affordable health coverage, you should investigate the 6 options listed above to see which would work best for you.
By: Rudy Wilson