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Insurance Options for Senior Citizens

Insurance Options for Senior Citizens

If you are over 50 and trying to find health insurance, it can be quite an endeavor. You are too young for Medicare until you’re 65, but you are old enough to have the bodily wear-and-tear that makes a policy a necessity. Unless you already have a policy, it can be difficult to find reasonably-priced coverage at this age. This is because insurers view people in this age demographic as risky because their health typically declines, which means they cost more to insure. However, we can provide you with some simple tips and strategies to help you get health coverage even at an advanced age.

Insurance Advice for the Over-50 Group

Here are a few things you can do to find reasonable health coverage if you are over 50.

  • Most importantly, if you have health coverage now, don’t lose it. The best way to find an affordable plan before you qualify for Medicare is to get it through your employer or your spouse or partner. If you lose your coverage, you might not be able to find another company that will insure you, especially at an equivalent rate.
  • If you are really having a hard time finding health insurance, consider starting a small business and then insuring yourself through the business. According to federal law, any business with two to 50 employees is eligible for HIPAA (Health Insurance Portability and Accountability Act). States have varying laws on whether the organization must be incorporated and how much money the business must make. Some enterprising people over 50 have created a small business out of selling things on eBay and then insured themselves through the company.
  • About 25 of the 50 states in the country offer what are called high-risk pools. These pools disperse the costs of coverage among the different businesses in the state that offer insurance. You should look into whether your state offers this, and, if so, how much it costs.
  • If the aforementioned options don’t work for you, check with your state to see what it might offer for people your age who are otherwise uninsurable. Typically, these kinds of programs tend to offer poor coverage at inflated prices, so use this option only as a last resort.

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