Seeking affordable Healthcare insurance for Baby
Boomers has been a particularly difficult undertaking for those
who are not covered by a pension plan and too young to
qualify for Medicare (65). It has been a big expensive void.
Obamacare to the Rescue!
The Associated Press reports, the Affordable Care Act,
commonly called Obamacare, has made a big impact on those
"unwanted by employers, rejected by insurers, struggling to
cover rising medical costs and praying to reach Medicare age
before a health crisis."
Boomers in their 50s and early 60s have been signing up in
droves to buy health insurance through the state and federal
online marketplaces, where they'll find several tiers of
plans and learn if they're eligible for a federal tax credit
to help them afford the premiums. Eligibility for the credit
is based on income, and many likely will qualify, but you
have to buy insurance through a marketplace to get it.
Every Boomer who is still too young to qualify for Medicare
should investigate Obamacare as a lower-cost solution to
healthcare insurance. It is a Godsend for our generation,
especially for those who do not enjoy employer-provided
What about the new healthcare law - how does
that affect you? We suggest reading these AARP articles for
Health Insurance Considerations
Some things to look for when you are
evaluating health insurance programs are:
What the out-of-pocket expenses are for
co-pays and deductibles for doctor visits and
Does the hospitalization portion
includes the room and board and incidentals, and whether
the surgical coverage includes the surgeon's fee as well
as the procedure.
Bear in mind that although health insurance provides some major benefits
that cannot be discounted. For example, your co-pay is based on significantly
reduced rates negotiated by the insurance company.
If you had to pay the full amount yourself, it would be
considerably higher. Without health insurance, an accident or
serious illness could wipe out all your assets.
If you are eligible for Medicare, explore
commercial options for the best supplemental insurance,
Medicare Part D Drug and Medicare Advantage coverage among
health insurance providers.
Cutting your Prescription Costs
In addition to the AARP/Aetna health plan,
alternative actions you can take to
reduce prescription costs are:e:
Ask your doctor to redirect you to a
generic version(s) of your drug(s).
Tell your doctor that you cannot afford
the prescribed drug(s). They usually have free
samples from pharmaceutical companies that they can give
If you are a veteran, go to the VA to
get your prescriptions - you can save up to 50%!
Generally, if you earn less in a year
than $39,200 for single people or $52,800 for couples,
you may qualify free for some or all of the prescription
drugs you need. Learn more at the
Free Medicine Foundation.
Get a free
Care card, that provides nationwide discounts of up
to 75% on drugs purchased at Rite-Aid, Walgreens or
Pharmacists have banned together to
offer discounts and deals to consumers. learn more at
RX Savings Solutions.
Pharmaceutical companies patient
assistance programs will provide free drugs to families
making as much as $40,000 - $70,000 annually. For
details, go to the pharmaceutical company's Website or
call their 800 number.
Even if you already have independent healthcare
insurance, you may be able to save money by canceling the
prescription drug part of your policy and taking advantage
of one of the above programs or tactics.