There are a wide variety of coverages targeted specifically at the senior market. The most obvious being Medicare. Medicare itself is a government program for health insurance for those age 65 and older and those on social security disability. From a practical point of view, those on the original Medicare will need a Medicare supplement and others may choose a low cost Medicare Advantage plan.
We specialize in the Medicare supplement market. Why? Some of the reasons are selfish but they also preserve our sanity:
- We are tired of open enrollment, where your entire book of business wants to talk to you all at the same time
- We are tired of looking up network doctors or finding the network has changed after the enrollment has been finalized
- We are tired of explaining the differences between in-network and out of network coverage
These problems are avoided when you enroll in original Medicare plus a supplement.
The reasoning above affect you as well. For some of you, the attractiveness of the lower cost Medicare Advantage alternative is a siren call you can’t resist. We are here for the rest of you.
But wait, we’re not done! There are a variety of other coverages designed or targeted for the senior marketplace. These include:
- Dental or Dental/Vision/Hearing plans
- Hospital Indemnity (pays a per day benefit for each day you are in the hospital). Typical range is $15o to $300. These plans are designed to complement or fill the gaps in Medicare Advantage plans but they provide the same benefit to the insured regardless of the health coverage they have.
- Short Term Recovery Care (sometimes called Long Term Care lite) – This category of plans provide benefits for up to one year if you can’t accomplish 2 or the 6 activities of daily living or develop a mental deficiency. This category of plan is much simpler to qualify for than LTC but is also a limited benefit plan.
- Cancer/Heart/Stroke plans – This category of supplemental coverage (no NOT Medicare supplements) offers a lump sum benefit if you are diagnosed with the covered condition. Benefit amounts range from $5000 to $100,000. This type of plan is sometimes referred to as “Life insurance for the living.”
- Final Expense Life Insurance – A type of whole life insurance specifically designed for the senior market. Underwriting is simplified and benefit ranges are typically from $5000 to $35,000.
- Other life insurance – There are other types of life insurance that may be appropriate as well. Some permanent life insurance can be structured to provide LTC type benefits.