Many seniors have pre-existing conditions, making it difficult to find affordable health insurance. There are some steps you can take to protect yourself from paying high premiums or having your coverage denied. If you have a pre-existing condition, it’s essential to understand how this may impact your ability to get affordable health insurance as a senior. This article will help you understand why it is essential for seniors with pre-existing health conditions to have health insurance.
What Are Pre-Existing Conditions?
The term pre-existing condition refers to any health issue a person has before applying for coverage, such as high blood pressure or diabetes. If someone has a pre-existing condition and applies for health insurance, the insurance company will want proof that they’ve been treated for it in the last 12 months before applying for coverage. Without proof that treatment has occurred recently, an insurer could deny them coverage or charge them more money than other applicants and then place them in a high-risk pool.
How Does This Affect Seniors?
Seniors can’t be denied coverage for pre-existing conditions. They may have to pay more for your premiums if they have a pre-existing condition, but they can’t be denied coverage. Some insurers also have a “waiting period” to cover pre-existing conditions. However, if you have an ongoing condition that is not well controlled, it may be considered a pre-existing condition.
Why Insurance Coverage is Important in This Case
Healthcare plans like Medigap and Medicare Advantage plans that cater to the unique healthcare needs of seniors are vital for financial protection. These are supplemental plans that are designed to fill medicare coverage gaps and are offered by private and Medicare approved insurance companies. It’s also essential to ensure that you do not overpay for health insurance. Additionally, if you already have Medicare, it’s still recommended you add a Medigap or Medicare Advantage plan to it. Here is why insurance coverage is important to seniors with pre-existing conditions.
Specific Coverage for Your Condition
Statistics show that an average couple who retires at 65 ends up spending up to $280,000 on health care. People opting for medicare are sometimes unaware of the fact that Medicare does not cover specific conditions.
Dental, vision, and hearing conditions are some things that don’t qualify for coverage. If your pre-existing condition is not covered by Medicare, then it’s always best to get special coverage for them through a Medigap plan or Medicare Advantage plan. This helps ensure there are no unexpected financial burdens or hassles when you are in dire need of health care. Seniors can also meet all their healthcare requirements without fail or delay.
Rising Levels of Medical Inflation
Health spending in the US increased by 9.7% over the past two years. Research also shows that healthcare costs consume over 40% of social security benefits. This increase is partially attributable to rising levels of inflation. Hence, if you or a loved one has a pre-existing condition, it’s always best to protect your financial security and health with Medigap and Medicare Advantage plans.
For instance, people with diabetes, blood pressure issues, thyroid, and even depression are prone to additional health problems. Hence, it’s also important to plan ahead and take this fact into consideration when budgeting for insurance. With proper planning and budgeting, you will have the opportunity to find a plan that fits your needs and budget.
A Sense of Security to Family
With adequate health insurance coverage, the financial burden on a senior’s family is usually much lower. Medicare covers a range of things like basic hospitalization costs, outpatient care costs like doctor’s visits and diagnostic care, and the cost of prescription drugs, among other costs. Hence, friends and family members do not have to worry about these costs and can focus on helping the senior recover from the ailment affecting them.
How to Choose an Insurance Plan
Seniors with pre-existing conditions should consider several factors before choosing a health insurance plan. There are several options available in the market and the task of choosing the right insurance plan can seem overwhelming. Hence, it’s essential to work with an insurer who will listen to your unique needs and help you select an insurance plan that works for you. At Health Markets Insurance, our goal is to help make your choice easy. We are happy to meet you personally to understand and discuss your requirements in detail.
Before you make your final decision, it’s essential to compare different plans and analyze the pros and cons of each one. You should especially pay attention to critical factors like the price of the plan, the coverage, and the term.
Wrapping Up
Long story short: if you have a pre-existing condition and currently don’t have health insurance, it’s in your best interest to get insured with coverage that protects against pre-existing conditions as soon as possible.
The reason this matters is the same one that governs the purchase of any insurance policy: it’s all about risk. If you don’t have health insurance, you will likely bear the entire cost if you become ill or injured. This can be a considerable expense for seniors, particularly those who live on fixed incomes and already face monetary limitations.
How Does Health Markets Insurance Simplify Health Insurance?
Health Markets Insurance is a leader in providing comprehensive insurance in Troy, MI. Your health care needs are essential to the team at Health Markets, which is why we provide a range of health care plans designed to suit your circumstances and budget. We are a one-stop solution to all your health insurance needs and cater to all coverage aspects, including pharmacy benefits and more. Our options include low deductibles to ensure you never pay too much out-of-pocket for your medical expenses. Contact us to know more about our services. You can also book a free consultation call with us to learn more.
