Exploring one’s insurance options is always a daunting task, and for those nearing Medicare eligibility, it can get to be downright frightening.
Fortunately, there are resources aplenty for those who know where to look and take the time to learn.
- If you buy into insurance later in life, your premiums will likely be higher, says Patty Callahan, caregiver at the Central Ohio Area Agency on Aging. For this and other reasons, it is good to look at one’s own personal situation and risk.
- The Wall Street Journal advises seniors to pay particular attention to how potential drug plans categorize their medication. Are your medications considered generics, preferred brand-name drugs, non-preferred brand-name drugs or specialty drugs? The higher up your medicines appear on the tier, the more money you will pay for them.
- For healthy seniors, a Medicare Advantage Plan (“Part C”) might be the best choice, according to www.health.com. This plan features lower premiums than Parts A and B in traditional Medicare. Individuals who choose Part C, however, should be aware that they may have a smaller pool of doctors and hospitals from which to choose.
- Employed seniors can stay on their employers’ insurance plans until age 65, when they qualify for Medicare, but those who retire sooner may face cost spikes. If your spouse is still working, moving to his or her plan may be an easy switch. Otherwise, it may be necessary to find private insurance, though the exchanges established by the Affordable Care Act may be able to help, as will the act’s ban on denial for pre-existing conditions.
Sarah Sole is an assistant editor. Feedback welcome at ssole@cityscenemediagroup.com.
