Most elderly and retired people have more than one insurance plan. Sometimes this occurs because they have a company-sponsored plan and they reach the age to qualify for Medicare. However, that’s not the only reason a person who’s advanced in age might have more than one type of insurance coverage. Many people in that situation are planning for their futures as much as possible, and they need different plans because one plan doesn’t meet all their needs.
For example, Medicare will pay their basic medical costs if they are old enough and after they meet their deductible, but it won’t pay for dental or vision care, it doesn’t handle any kind of funeral expenses or provide life insurance, and it isn’t always the best choice for long-term care such as would be needed in a nursing home. In short, Medicare is for basic issues and problems and it’s certainly better than nothing, but there are many other difficulties a retired, elderly person might face, and those won’t be covered without other insurance.
For anyone who’s advanced in years, being able to hear and see as well as possible is important. When elderly people have better sight and hearing, they are less likely to fall and become injured, they can often still drive, cook for themselves, and live on their own, and they are less likely to become the victims of crime. There can still be problems, of course, but those problems are just magnified when seniors cannot get proper vision and hearing screenings and devices because those things are unaffordable. A separate policy for hearing and vision (as well as dental) is often needed.
Another area which elderly people must consider is long-term care. Anyone who is getting older should look into a policy that will protect them and pay their expenses if they must be placed into assisted living or a nursing home. These kinds of changes can be traumatic enough on an older person without the fear that they will end up in a terrible facility because they could not afford something better. Family members cannot always be relied upon to care for an elderly person, especially if he or she has a chronic or serious health condition, so insurance plans to cover those kinds of difficulties are a good idea.
Even though it’s important for seniors to be well-protected from an insurance standpoint, it’s also important for them to be careful with their money, and not overpay for policies they really don’t need. Talking openly with their loved ones can help them determine what kind of care they may want insurance for in the future, and help their loved ones know what wishes they have if they are unable to speak for themselves. That can give an elderly person peace of mind, and can also help that person’s family feel better about any insurance decisions being made.
The goal is to be protected against the most common concerns, but not to spend all of one’s money on insuring against things that are unlikely to ever occur. Finding a balance isn’t always easy, but working with a good and trusted insurance agent can help a senior get what he or she needs without overpaying.