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Health Insurance For Seniors On The Net

By William Pritchett

(Page 2 of 4)

With the advent of “financial and estate planning” and more insurance companies entering this market, a more broad and diversified product line became available to agents, brokers, planners, and seniors. Part of this new diversification was the “home health care “ plan sold by itself, and in conjunction with senior health insurance products. The appeal of the “home health care policy” was that a senior could stay at home and still receive medical and custodial benefits. Thus allowing a person to recuperate in the comfort of his or her own home. This was the answer to a huge problem. The last place an older person wanted to go was a “retirement home”, or “rest home”, or god forbid, the “nursing home”. It appeared that seniors could now rely on this new innovation without worry of having to move out of their home environment in the event of a health problem. As with most things,” if it is too good to be true.”.... The home health care policy is no exception. The problem is, there is not enough coverage for a lengthy illness or recuperation time. The fact is, the new trend is toward an “all in one” type facility, allowing for a variety of levels of care all in one location. In other words a senior could start off with little or no health care concerns in an independent, less expensive ” area, and then go to an assisted living”, or nursing care facility all within the same compound. A “nursing home” requires a nurse on the premises 24 hours per day, assisted living is just eight hours.

The advantages to this are financial. The patient or senior is only charged according to the care level required during the time he or she is admitted to that facility. Another benefit is it alleviates a lot of planning because the care is delivered as it is needed. The medical attention is available to all residents regardless of their current health. Some people are offered a lifetime package that covers their care for the rest of their life, regardless of their current age. It also allows for social outlets to an otherwise somewhat isolated group. 

On-line shopping services have become a huge business. It is definitely here to stay and many insurance policies are purchased form Internet quotes and on-line applications. There are literally hundreds of thousands of insurance agents, and brokers advertising on the Internet. Most of them will provide instant on-line quotes and even applications for potential insured. I highly discourage a layperson to purchase insurance in this fashion. A little knowledge can be dangerous. 

The federal government has mandated to all states through legislation, the standardized senior health insurance policies guidelines that are governed and regulated by the each state insurance department. There are plans for almost every level of health. Some are designed and priced for a less than healthy individual. Others are for a person with minimal health concerns. The whole concept of insurance is to provide protection for “unanticipated” sickness or injury. Especially those catastrophic expenses, which could and would devastate a person’s net worth. The more of the small expenses a person is willing or able to pay (self-insure) the lower the rate. I recommend this strategy when evaluating your insurance options. 

 

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