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How to Get the Best Health Insurance Before Turning 65

Illustration for article titled How to Get the Best Health Insurance Before Turning 65em/em

Everyone wants to have access to the best health insurance plans when entering the retirement years. As mentioned in a recent post on FreeMedSuppQuotes, Turning 65? Consider These Health Care Options, individuals about to enter the age of 65 definitely need to take some precautionary steps in getting insurance coverage that will best fit their needs.


After all, the best retirement health insurance plans do not just land in your lap. You’d need to work for it! Here are a few simple yet useful tips on how to get the perfect policy that’ll address your retirement needs:

1) Realize the Importance of Health Care Costs

Before choosing an insurance policy, you must first know why health care costs during retirement need to be addressed. Doing so will help you have the proper mindset on selecting which health insurance to get and allow you as well to have some much-needed sense of urgency when thinking about future finances.


Here are two important health care statistics that will help you have that drive:

The Damage the Gaps Cause

A Commonwealth Fund report showed how damaging the gaps (out-of-pocket costs not covered by Original Medicare Plans, such as coinsurance charges, copayments, and deductibles) are for a significant number of Medicare beneficiaries. With 15 million policyholders spent more or less 20% of their income on insurance premiums and out-of-pocket health care costs last year, then you definitely know that there is the financial burden of care is real.


Placing this into perspective, the gaps alone will approximately cost at average $3,024 per year.

The Rising Cost of Care

According to the Centers for Medicare and Medicaid Services, national health spending is expected to grow at 5.6% beginning 2016 to 2025. The increase is mainly because of the rise of age-related diseases connected to detrimental lifestyles.


2) Find Out Your Health Care Options

From having a glimpse of health care costs today, you can now then select a plan that will suit your needs or preferences.


As highlighted in the mentioned FreeMedSuppQuotes article, there are several options to consider. Aside from a Medicare Supplemental Plan (which we’ll further discuss below), here are some other suggestions to consider:


Coverage perfect for individuals with low income.

Long Term Care Insurance

Because custodial care can be a costly affair during the twilight years.

Health Care Ministries

If you are part of a church group or similar faith organizations, please ask if there is a health care ministry that you can be part of.


3) Purchase a Medicare Supplement Insurance Plan

We’re considering Medicare Supplements (also known as Medigap Plans) as one of the best insurance policies mainly because of these factors:

The Power to Choose

Private insurance companies sell Medigap policies. And with ten standardized Medicare Supplemental Plans to choose from, applicants have the advantage to select both a policy and an agent.


Flexible Solutions

Medigap policies differ in terms of premium rates and benefits offered. An applicant can consult with an agent in determining which plan will work best.


65 is the Magic Number

The Medicare Supplement Insurance Open Enrollment Period (OEP) allows applicants the opportunity to purchase a plan in a secure and manageable manner. The OEP is a six-month period that begins during the month you turn 65 (you must also be enrolled in Medicare Part B). Buying a supplement during this period allows you these benefits:

· Insurers cannot refuse to sell you any of the Medigap Insurance Plans they offer


· You cannot be charged a higher premium

· Your coverage start date cannot be delayed

Start planning today to get the best health insurance when you turn 65. Good luck!

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