St. Louis Seniors Should Evaluate Multiple Insurance Options
If you're a senior citizen in St. Louis feeling overwhelmed by deductibles, co-pays, PPOs, and HMOs as it relates to your health insurance, you're not alone. There is good news when it comes to finding a health insurance plan, however, even if you're already on Medicare. The way to break down this complex process is to begin by asking a few key questions that will determine the direction of your search from that point, such as:
- Do I need more than what Medicare offers? (For those 65 and over)
- Do I work for or belong to an organization that could offer me healthcare coverage?
- Do I have an pre-existing conditions that warrant special research?
- How much can I really afford to spend on healthcare?
HMOs vs. PPOs
Once you've answered the questions above and determined that you do need supplemental or primary coverage through your own healthcare plan, you may be confronted with the PPO vs HMO conundrum. A Health Maintenance Organization means seniors on these plans are required to get all their medical care from providers official inside the HMO's network, unless there's a medical emergency.
A Preferred Provider Organization, however, allows plan members to select doctors and hospitals outside of the provider's network. This does typically come at the price of bigger co-payments and higher deductibles.
Narrowing Down a Plan Choice
Before you come to a conclusion with your decision about your healthcare, make sure you take into account each's plans premiums on a monthly basis as well as the percentage of hospital bills and doctor bills covered by the insurance. This can help you figure out what plan is in your budget without you having to worry about high costs down the road, either.
What About Medigap?
Many seniors who do receive benefits from Medicare also opt for coverage through an additional plan. This helps to cover extra expenses. There are 12 standard Medigap plans shared by the National Association of Insurance Commissioners, making it easier for senior citizens to explore their options and determine the right coverage. Bear in mind that a Medigap plan typically doesn't cover dental or vision bills, eyeglasses, private nursing, hearing aids, or long-term care. The policy will usually only cover one person, so you and your spouse should each get a plan if you need coverage.
For more information about planning ahead for senior healthcare, contact Senior Health Solutions LLC. Choosing the right life insurance policy is an important and often complex decision. The knowledgeable life insurance professionals at Senior Health Solutions, LLC are standing by to answer your questions regarding life insurance and other senior-focused programs. Contact us by phone at (636) 244-4415 or online. If you cannot come to us, we can come to you.