Health Insurance Over 50 and Below Medicare Age
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Baby Boomer Health Insurance
Note: If you already on Medicare, look here: Compare Medicare Health Insurance
I worked with people looking for health insurance for awhile, and I have to tell you that one of the hardest groups to find affordable health insurance quotes for where baby boomers, particularly those between 50 years old and 65 years old. This tended to be an age group that were fairly affluent and responsible, and so they were willing to pay for the security of knowing they had adequate coverage in case they got sick. Compare this to younger people in their 20s, for instance, who could usually find cheaper health insurance but assumed they were immortal and would not need it.
A lot of these middle aged people had left corporate jobs for a variety of reasons and decided to fulfill their dream of running a small business. They were smart, skilled and experienced, so the biggest stumbling block to running their business was not a lack of business savvy. It was the fact that health insurance was not accessible!
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As people enter middle age, their health insurance tends to get more expensive because of age, but also because few of us get this far with a total lack of health concerns. Some potential clients were overweight, had high blood pressure, diabetes, and other controlled health issues. Insurance companies did not want to write this business, or if they did, they wanted to charge for the increased risk of claims.
Anyway, if you are looking for an individual or family health insurance policy, do not give up! You can find an insurance company who will do business with you, or you can seek help with your state’s higher risk plan. Look here: Health Insurance Over Age 50.
health insurance, seniors, baby boomers, middle age
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[...] Health Insurance Over 50 And Under 65 If you are between the ages of 50 and 65 and you are going to be looking for health insurance or are looking for health insurance you need some help. This is a tough age (of course what age isn’t starting with the terrible twos) because you are at a prime age to start developing health problems. Statistically speaking and statistics is the only language insurance companies speak, the insurance company can predict they are going to spend more on 50-65 year old than a 20-45 year old. For that reason premiums are much higher for the older person.But, we Baby Boomers are a smart group and where there is a will, there is a way. So let’s look at some of the options:If you currently have a job and are looking to retire or start your own business, you have a couple of avenues you can investigate. First you can inquire if your company will let you buy health insurance through the company plan. If your company will let you do this your employer (assuming we are talking early retirement) may subsidize part of your premiums. If not, you still get group rates which are a whole lot cheaper than individual rates. If you are married and your spouse is still working strongly consider adding yourself to his/her plan if that option is available to you.The next option (if you currently have a job which provides health insurance) is COBRA or Consolidated Omnibus Budget Reconciliation Act. COBRA lets former employees and their dependents continue their employer’s group coverage for up to 18 months. The best thing about COBRA is it is guaranteed. Your former employer’s insurer can’t turn you down even if you have a chronic medical condition. The worst thing about COBRA is the cost. Your employer generally covers 70% or more of your health insurance premium. With COBRA you have to pay the whole premium plus administrative costs. Industry surveys indicate based on an average premium (for 2007), a former employee would have to pay more than $373 a month for individual coverage and more than $1,008 a month for family coverage.If you are not currently employed by a company who provides health insurance there are still choices for you. If you have pre-existing conditions such as diabetes or high blood pressure you can receive coverage through a state high-risk health program designed to help those with medical conditions that prevent them from getting insurance. Again though like COBRA the premiums can be quite high.You can also check out professional organizations you could join or are already affiliated with to see if they offer health insurance policies for members. Because these are group plans, the premiums may be less than what you would pay in the individual market.Finally, there is the individual health insurance option. There has been some progress in terms of offerings of policies for the 50-65 year age group market mainly because insurers see this age group as a potential growth market. Many Baby Boomers are in good health and have higher income than younger people. Also insurance companies hope that retirees will still purchase their products, such as supplemental insurance, even after they’re eligible for Medicare. Some of policies currently offered may have premiums as low as $200 per month for people who are in good health and willing to pay a high deductible. Many insurance advice columnists recommend combining a high deductible individual health insurance policy with a health savings account. HSA contributions are made with pretax dollars, and any money left over in the account at the end of the year is rolled over for future use. Withdrawals are not taxed if used for qualified medical expenses.By: Marilyn KatzAbout the Author: Get more help finding Health Insurance Over 50. [...]