Paying for your health care as a senior living on a retirement fund and Social Security can be a challenge, especially if you need constant treatment for chronic conditions. Retirement health insurance is a viable option for anyone over the age of 65, apart from the guarantee of Medicare. Learn about the retirement insurance options available to seniors.
The most obvious option for anyone in need of senior health care benefits is Medicare. Medicare, however, was not designed to take care of all senior health needs and may not be adequate for certain procedures necessary for elderly patients. You may need to supplement your Medicare benefits with retirement insurance.
If you haven't saved much for retirement but still need health insurance, your best option may be to work until you reach the age of 65 to qualify for Medicare. Those who retire before the age of 65 typically face steep out-of-pocket health care costs, especially if they primarily plan to live on their Social Security benefits after they retire.
Seniors who are blind or disabled may also qualify for Supplemental Security Income (SSI). SSI is managed by the Social Security Administration and is available to seniors who meet certain income and disability requirements.
Unfortunately, most small to medium firms no longer offer retirement health insurance. If you do work for an employer that provides retirement health insurance, ask what health care benefits are specifically included in their retirement plan, as it may be less comprehensive than what you receive as an active employee. Review a copy of the Summary Plan Description (SPD) for a full list of benefits.
Long-term care insurance may be another viable option for you. The benefits of long-term care insurance include having a companion who is specifically trained to help the covered individual perform the daily tasks that she can no longer perform herself. This type of insurance is more expensive the older you are when you apply and may not be available to an individual in the event of a significant change in his health situation. Inquire about all details of the policy before buying an expensive form of retirement health insurance.