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PALM TREE
Insurance Options for Your Senior Years
Medigap Insurance
Medigap, helps fi ll in the gaps with Medicare’s coverage. This helps lower your co-payments, coinsurance, and deductibles. Not all insurance companies sell Medigap, and premiums can vary. Your personalized Medigap premium may be based on your age, gender, marital status, where you live, and if you smoke.
The right time to purchase Medigap insurance is the month you turn 65. During this time, you can buy a policy sold in your state. This means it’s federally mandated that providers cannot deny you insurance, even if you have pre-existing or current health conditions.
Medicare Advantage
Medicare Advantage plans bundle a range of health and wellness care for comprehensive coverage. If you sign up for a Medicare Advantage, it provides your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage. Medicare Advantage plans may off er additional coverage, such as Medicare prescription drug coverage, vision, hearing, dental, or health and wellness programs. Private insurance companies sell Medicare Advantage plans, so premiums can vary greatly based on the company and how the policies are rated.
Long-Term Care Insurance
LTC insurance is for people who need daily living assistance or skilled medical care for chronic illnesses such as memory loss. The main types of long-term care facilities are assisted living and nursing homes. LTC insurance is also integrated with residency in select retirement communities. 26
You can purchase LTC insurance through a private insurance carrier. Many of the services covered by LTC insurance plans are not covered by private medical insurance, Medicare, or Medicaid. For example, Medicare doesn’t cover LTC if that’s the only care you need.
Life Insurance
Many older adults are weighed down by the fear of their spouse, partner, or children being left with outstanding payments in addition to medical expenses. Life insurance provides peace of mind that our loved ones will not be fi nancially overextended.
Your monthly life insurance premiums are based on the type of policy purchased. As with long-term care insurance, purchasing life insurance when you’re in good health aff ords you lower premiums and a lower risk of denial.
Several other factors may affect your coverage and cost, including: • Age • Gender • Overall health • Pre-existing conditions such as diabetes or high cholesterol • Smoking status
ELDER LIVING GUIDE
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