|
 Seeking affordable Health insurance for Baby
Boomers is a particularly difficult undertaking for those
who are not covered by a pension plan and too young to
qualify for Medicare (65). It is a big expensive void.
If you are a Baby Boomer whose income is
under $1,000 monthly, you might just want to forego health
insurance altogether and seek to qualify for a state-run program. Barring that, if you are in good
health, consider just not having insurance and hope you stay
well and do not suffer an illness or accident before you
qualify for Medicare at age 65. Chances are, if
something happens, there is a fund somewhere that would pick
up all or a large portion of the costs (although medical
bills may first consume whatever assets you have).
For the rest of the Baby Boomers, getting
individual or family health insurance is costly, as  much as
$2,000 or more monthly depending on pre-existing conditions.
And just getting a quote is typically an extensive process,
requiring completing comprehensive online forms which ask
such personal questions as "Have you ever smoked marijuana?"
Of course, no Baby Boomers have.
But there are some things you can do to
minimize your health insurance costs. If you and your
family are in general good health, consider starting a
Health Savings Account (HSA). This is a personal
account that lets Baby Boomers pay for qualified medical
expenses with tax-advantaged funds. You or an eligible
family member make contributions to your HSA tax-free, and
those dollars earn interest tax-free. Then, when you make
withdrawals from your account to pay for qualified health
care expenses, they are tax-free too.
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
prescriptions.
-
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.
 AARP has a
partnership with
Aetna to provide affordable healthcare insurance.
They start with an "affordable" Essential Healthcare
Insurance Plan which might work for those with the
financial capability to dip into their own pocket to make up
any (and probably considerable) differences.
Bear in mind that although health insurance is expensive,
there are some major benefits that cannot be discounted:
-
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.
According to AARP, the two major things you
can do are:
-
For individual policies, checkout the
AARP/Aetna program,
ICanBenefit.com or
eHealthInsurance.com and also work with an insurance
agent. Your most affordable choice will carry a
high deductible—say, $2,500 to $5,000 per year. If you
remain healthy, you won't have to use that deductible
before Medicare clicks in.
-
Quit smoking, lose weight and exercise.
You must stay as healthy as you can, not only for the
pleasure of it but to keep yourself out of medical debt.
Even if you have insurance, it may not cover all your
costs.
Here's a great AARP article, "Your
Take-Charge Guide to Affordable Health Care," that
presents 55 insider tips for saving money on drugs, doctors,
hospitals, dentists, and eye care.
State High-Risk Health Insurance Pools
Some Baby Boomers may be denied health
insurance coverage because of a medical condition.
These people are considered high-risk by most health
insurance companies. Most states now provide
risk-pools to help those who may not be able to have or
afford health insurance because of their physical condition.
It is not cheap coverage but can be a way for those who are
declared "uninsurable" to obtain health insurance.
Click here
for a directory of states that have risk pools.
Discount Healthcare
Rather than healthcare insurance, a low-cost
alternative is to join a healthcare discount program. These
typically offer a discount of 10-to-60 percent for health
services at participating doctors nationwide. Instead
of paying hundreds of dollars each month for healthcare
insurance, you would typically pay less than $100 monthly to
join a program. And there is no physical or
qualification process involved. This is an excellent
solution for those who cannot afford health insurance and/or
are in relatively good health. Just make sure there is
a medical provider in your area that will take your discount
card before signing up for any plan! Learn more about
discount healthcare programs at the
Consumer Health Alliance and read an enlightening
FTC alert on the subject before buying into any plan.
A discount healthcare solution to review
include
AmeriPlan USA, which has been in business since 1992 and
offers thousands of nationwide health service providers. Cutting your Prescription Costs
 In addition to the AARP/Aetna health plan,
alternative actions you can take to
reduce prescription costs are:
-
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
you.
-
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
True
Care card, that provides nationwide discounts of up
to 75% on drugs purchased at Rite-Aid, Walgreens or
Target.
-
Honorably-discharged veterans can get
many prescription drugs for $8 monthly through the VA
Health Care System (877-222-8387;
www.va.gov).
-
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 health
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.
Recommended Websites
-
www.DisabilityInfo.gov is the Federal government's
one-stop Web site for people with disabilities, their
families, employers, veterans and service members, and
many others.
-
Baby Boomers and Aging - A site dedicated to health
tips and aging for Baby Boomers.
-
BenefitsCheckUp.org - Government sponsored site that
includes interactive questions which help to identify
benefit programs that fit your unique situation.
Definitely check this out!
-
AARP HealthCare - Section of the AARP site devoted
to healthcare, insurance, etc.
-
BabyBoomerHealthNetwork.com - Focuses on alternative
solutions for Baby Boomers to remain in good health.
-
StateHealthFacts.org - Information about states that
offer risk pools for health coverage.
-
HealthInsurance.org - Great resource center for
understanding your health care options.
|
