Online Health Insurance for Seniors
A good friend asked me where he could find information on medical insurance for his elderly mother who was out of state. I advised him to use the internet.
A week later, he reported to me in despair: “I am giving-up, I am too confused.” His widowed mother was living in another country, and he had taken on an enormous project. He was the sole child and he had to take care of his mother after the sudden death his father.
The family unit in this age of technology is often located in different areas. This means that family members are often involved with their lives, careers, families, and personal lives. Additionally, both parents can be independent and don’t require much assistance when they are alive. Things change over time, sometimes very quickly. It is possible to have a crisis in the health of either one or both parents.
This is an ever-growing problem for baby boomers, and there is a need to plan.
Protecting the assets and health of your parents is a daunting task that requires both a lot of education and practical experience. As seniors reach 65, there are many responsibilities. You have many responsibilities once you reach 65, including estate planning, taxation and Medicare. These areas all require the expertise of accountants, lawyers estate planners, agents, financial advisors, home brokers, and other professionals.
Most people can find answers and resources on the Internet. Expert advice is the best way to get solid, intelligent advice.
Twenty years ago, elder insurance was sold only by senior insurance specialists. There were just a few companies in each state. Most often, the programs were Medi-gap and Medicare supplemental policies. These policies covered expenses not covered under Medicare. Ironically, these specialists didn’t sell many nursing care policies even though Medicare paid less than 2%. Agents, planners, and seniors have access to a broader and more diverse product line since the introduction of “financial estate planning” and increased numbers of insurance companies entering the market.
The “home health plan” was a part of this diversification. It can be purchased separately or in combination with senior insurance products. The “home health insurance policy” appealed to seniors because they could remain at home while still receiving medical and custodial benefits. This allowed them to recover in their own homes.
This was the solution to a major problem. An older person would never want to live in a “retirement house”, “rest home”, “nursing home” or any other type of “nursing home”. This new innovation allowed seniors to rely on it without having to leave their home in the event that they had a medical problem.
As with many things, if it seems too good to be true Home health insurance is no exception. There isn’t enough coverage to cover long illness and recuperation times. It is becoming more common to have an “all-in-one” facility that offers a range of levels of care in one place. A senior could begin with minimal or no care in an area that is less costly and then move to an assisted living or nursing home all within the same compound.
A nursing home requires that a nurse be present on the premises 24 hours a day. Assistive living takes only eight hours. This has many benefits, including financial. Seniors and patients are only charged for the level of care they require during their stay at the facility. It also reduces planning time as the care is provided when it is required. All residents have access to medical care, regardless of their health.
A lifetime package is offered to some people, which covers their care for life regardless of age. This also provides social opportunities for an otherwise isolated group. Online shopping has become a big business. This trend is here to stay. Many insurance policies can be purchased online through on-line quotes and applications.
You can find literally thousands of brokers and insurance agents advertising online. Many of them will offer instant online quotes and even apply for potential insureds. This is why I strongly discourage anyone who is not a professional to buy insurance. It is possible to be negligent with a little knowledge.
Through legislation, the federal government has given all states the standardized senior insurance policy guidelines. These are administered and regulated by each state’s insurance department.
There are plans to suit almost any level of health. Many are priced to suit a person with a lower level of health. Some are designed for people with little or no health issues. . Insurance is designed to protect against “unanticipated” illness or injury, particularly catastrophic ones that could devastate a person’s net worth. The rate will be lower if there are no small costs that a person can afford (self-insure). This is how I recommend you look at your insurance options.
When evaluating different insurance plans, another consideration is the company itself. What is the average tenure of the company selling this type insurance? Are there many complaints against the company? Are their rates stable? Is it able to pay claims promptly? Service? Agents often refer to the rating. These ratings are: A+ or A-, B+/B-, B+/B-, C+/C-, or “not rating”.
Ratings alone are not enough. While it’s good to have high ratings, it is better to have a company with longevity, stability and innovation. Some companies are quick to leave a market without explaining why. This doesn’t give policyholders security.
It is important to review the profit/loss ratio of that product. This will ensure stability and long-term viability in the market. A market will not be affected by an insurance company that makes a small profit in one particular business line. A company that is losing money will make changes or even leave the market. These are information that is not usually available to Internet users.
The senior, their family and advisors should be realistic before entering into an insurance contract. They must also be able to assess the whole picture. All aspects of senior life, including their age, health, financial resources, personality, attitude, and desires, must be taken into consideration.
It is important to plan early, because qualification becomes more difficult with declining health. Senior health care is complicated. To help you avoid potential pitfalls, I’ll offer some advice.
*Find a knowledgeable, experienced, and customer-oriented broker or agent to help you make your decision. A professional can provide valuable information. However, it is important to ask lots of questions and get second opinions.
*Don’t wait for your parent or loved ones to become ill or injured. You should plan ahead and consider all options.
*Find an experienced insurance company. You are best to choose a company that has been around for a while and has maintained a balance between rates and benefits, sound risk selection and moderate rate increases over the years.
*The plan should offer a wide range of benefits and options to the insured. The coverage should not be complicated or use tricks. A very low rate can indicate trouble in the future.
*Don’t be overly aggressive or rush to make sales calls.
The policy is not cheap and should be thoroughly read to fully understand its contents. This is one of the many advantages to using the Internet. The Internet allows you to read indefinitely before taking action.