How to Best Find Senior Insurance

What You Need to Know About Senior Insurance

If you are like millions of other people who are quickly approaching the qualifying age for Medicare, what you need to know about senior insurance certainly should be a topic you are not only thinking about but also one that you are researching.

Private insurance companies are giving senior medical insurance quotes that vary greatly in premium costs, even though they are all required by law to offer - at a minimum - the same medical coverage as traditional Medicare.

Even if a private insurer is requiring a higher monthly premium, it does not imply that you will be getting more or better coverage. In fact it could be the exact opposite. It is imperative that you begin getting seniors health insurance quotes before you reach the qualifying age for Medicare, but also that you compare the provisions, coverage, and costs of each plan in order to decide which plan best meets your health needs.

The Three Methods

Senior medical insurance premiums may be based on three different methods (depending on your state of residence and local regulations). The first method is called Attained Age and has the lowest premiums. However, this method increases your premiums every year in addition to the regular Medicare cost increases. So as you age your premiums will increase, which may not be the best thing for you.

The next method that is used to determine premium costs is Issue Age, which is a better plan for seniors. Your premiums will not increase as you age but will increase with standard Medicare increases.

The last method is Community-rated and is not based on age at all but rather on your geographic area. Premiums will increase along with Medicare increases.

When searching for the best plan for your health care needs, what you must know about senior insurance, in particular, is how each plan bases their premiums. If they are based on Issue Age or Community-rated you will be getting a much better deal in the long term by only having rate increases based on standard Medicare increases, not based on your age increase. While having a plan that will base your premium on Attained Age may be a lower cost in the beginning, there will be a substantial increase in your costs as you grow older.

^*You may be able to get extra help to pay for your prescription drug premiums and costs. To see if you qualify for getting extra help, call:

• 1-800-MEDICARE (1-800-633-4227). TTY/TDD users should call 1-877-486-2048, 24 hours a day/7 days a week;

  OR

• The Social Security Administration at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY/TDD users should call, 1-800-325-0778; or Your State Medicaid Office.