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Insurance For Seniors On The Net /
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Health Insurance For Seniors On The
Another consideration when reviewing
various insurance plans is to look at the company
itself. How long has the company been selling this type
of insurance? Do they have a lot of complaints filed
with the local department of insurance? Are the rates
stable? Does it pay claims on time? Service? Most agents
talk about the rating. These ratings are as follows:”A+”
“A” “A-” B+” “B” “B-” “C+” “C” and “C-”, or “unrated”.
Do not be fooled by just rating alone. It is good to
have a high rating. however, it is far better to have a
company that has longevity, stability, innovation,
service, and expertise than good rating. The problem is
that some companies enter into a market and quickly
leave without explanation. This does not give security
to the policyholder. The most important consideration
should be a review of the profit/loss ratio for that
product. This will establish stability, and longevity in
the market. An insurance company with a moderate profit
in a particular line of business will remain in that
market. On the other hand, a company with losses will
make changes and possibly even withdraw. This is
information not normally available to Internet users.
Before entering into an insurance contract, the senior
person, the family, and other advisors, must be
realistic and a careful evaluation of the entire picture
must be examined. The age, the health of the senior, the
financial resources, the personality and attitude of the
senior, and most importantly the desires of the senior,
should all be considered.
Early planning is important, as qualification becomes
increasingly more difficult as the applicant’s health
The senior health care market is complex. I will offer
some words of advice to attempt to alleviate potential
1) Choose a well informed, seasoned, and service
oriented agent or broker to assist your decision making
process. The professional can offer invaluable
information. but do not be afraid to ask a lot of
questions and even get a second opinion.
2) Do not wait until your parent or loved one is sick,
or injured. Plan ahead and take the time needed to cover
all the options.
3) Choose an experienced insurance company. A company
that has been in the marketplace for a significant time,
has shown to maintain a balance of rates and benefits
and sound risk selection with moderate rate increases
over time is your best bet.
4) The plan itself should be flexible, with a broad
range of options and benefit selections to the insured.
There should be no tricks, or complicated language for
the coverage. An incredibly low rate is a red flag for
trouble in the future.