Seeking out affordable health insurance is essential for one’s future. In fact, it should be prioritized more so than ever, considering recent studies on a baby boomer’s financial problems. To help you prepare planning for your future, we’ve listed three important questions you may want to ask yourself before buying a plan. Please do share these questions with your loved ones – the more people we help in securing their desired golden years, the better it’ll be for everyone involved.
Are We in a Baby Boomer Retirement Crisis?, an Investopedia article published late last year revealed several financial problems that baby boomers face when planning for their retirement. A disheartening figure in the report showed that a majority of boomer respondents claimed to have no funds set aside for the twilight years. Additionally, most boomers plan to rely on Social Security to cover for expected retirement expenses.
Yet there is still hope for older adults. Health insurance, like Medicare or Long Term Care Insurance, may help in covering diseases related to aging. With health as a potential source of expenses for boomers, purchasing a policy is an excellent way to secure cash during retirement.
Although, finding affordable health insurance may be another issue that boomers need to overcome. To help you out in getting a plan that will both address your health needs and fit your budget, consider asking yourself these three crucial questions first:
As much as you’d want to enroll in a comprehensive insurance program, make sure that you are capable to pay for the monthly premiums first. Most applicants fall into this trap that purchasing the most comprehensive (which is most likely to be the most expensive as well) insurance will cover all their health needs. This isn’t the case – if you’re more likely to pay less for appointments to a doctor, why should you then pay for monthly insurance premiums?
Aside from choosing a policy that will fit within your set budget, consider as well on how often you expect to receive health care services in a year. Also, check if there are any notices on if a health insurance’s premium is expected to increase in the near future. You wouldn’t want to be caught in the frustrating situation of paying for expensive premiums for services that you aren’t likely to make use of.
If the health insurance you’re interested in purchasing is outside your budget, check if there are alternative solutions available in the market. A particular case to use as an example is a Medicare Supplemental Plan (Medigap). As a policy that’ll help in paying for out-of-pocket fees in Original Medicare plans, Medigap is also offered in ten standardized plans. This means that applicants have the option to select a plan that will fit their budget.
Remember: there are other solutions available in the market. Please do not also be discouraged if the health insurance you’re interested in is outside your budget. Always make sure to ask your agent for other options.
Know your current and potential retirement circumstances before selecting a health insurance option. Do you plan to travel sometime in the future? Do you prefer receiving assistance from trusted medical providers? Look for a plan that will address these issues.
It wouldn’t be worth the premiums you’ll be paying if you’re not going to receive the care you deserve. What is the point in paying for a plan that won’t cover for foreign travel medical needs? Or a policy that will only cover selected medical providers? Make sure to first check your circumstances and discuss the scope of coverage with an agent before making a purchase.
When it comes to finding and purchasing affordable health insurance options, always remember that both your health and wealth needs should be covered. Do you have other questions you’d like to be included in the list above? Please let us know.