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In this age of expensive medications and the rising cost of Medicare, it is essential for retirees to enroll in senior health insurance programs to assist in covering these costs. While Medicare plays an important roll in achieving reasonable costs for long term care and medication for those of us entering the later years of our lives, it certainly doesnít cover everything. Some medications are not covered at all by the government program, and others are so expensive that the co-pay is still beyond the means of an individual on a fixed income. In choosing among senior health insurance programs to supplement this coverage, there are several key components to consider.
First and foremost, you want to consider the terms. Different senior health insurance programs cover various medicines and doctor visits at different amounts. For example, a newer medication that is not covered under Medicare may be paid at 80% by Plan A but only 50% by Plan B. Be sure to read through the policies carefully and compare coverage availability to your specific medical needs. Also, check carefully the compatibility of the policy with other senior health insurance programs, specifically with Medicare. Make sure there are no clauses stating that the policy may not be used to supplement governmental health insurance programs, as this is the actual reason you are considering the policy anyway.
Another important consideration is the premium. Of course, you donít want to overpay, but often the cheapest rate is not going to afford you the coverage you need. Senior health insurance programs also tend to go up in price as you age, so youíll want to check the frequency and amount of increase that you can expect. If Plan A is cheaper than Plan B at the start but raises the rate more often and in greater amounts, it will eventually be more expensive. It might be worthwhile to pay the extra bit of cost in the beginning to achieve a better overall, even rate throughout the life of the program.
Most of all, donít settle for the first plan you find. Shop around and compare the rates and coverage of similar senior health insurance programs to determine the best one for you. If two plans offer the exact same coverage and benefits, but one is slightly cheaper, it is obvious that you should choose the less expensive policy. However, it is rare to find no differences, and you must take care to be sure you are willing to give up certain benefits in exchange for a smaller price.
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