A lot of people have concerns when it comes to paying for elderly health insurance. While it's true that a lot of private or traditional insurance options can offer some great coverage, government insurance options can be more affordable in some situations. Read on to see which type may be the least expensive for you.
The Benefits of Private Health Insurance
The costs of private long-term care insurance can vary greatly depending on who the insurance provider and care recipient is. Factors like the recipient's age, location of residency, and pre-existing conditions can make premium costs go up automatically. The amount of care needed may make out-of-pocket copays go up as well, depending on the plan chosen.
However, not everyone will qualify for every type of private insurance, and the types of plans you may qualify for will depend on the same factors listed above along with the factor of income and employment. Private insurance is usually obtained through a person's employer, so the cost of the insurance can also vary based on how much the employer will pay to lower the cost of plans for employees.
One benefit of private insurance is the fact that multiple individuals can be covered under one plan. This often makes it less expensive to cover a couple or family than it would be to cover each person individually. Also, private insurance tends to have lower out-of-pocket expenses than some government plans, giving recipients fewer surprises during the billing process.
The Benefits of Public Health Insurance
Unlike private health insurance, nearly anyone can qualify to sign up for a government health insurance plan, like Medicare. These plans, in general, tend to cost less per month than private insurance plans, and some people may even qualify for free public health insurance if they earn a low income or have paid certain taxes for a certain number of tax quarters.
However, public insurance options almost never have a cap on copays, meaning there is no limit on how much you may be expected to pay out-of-pocket for anything from appointments to procedures. This can make government insurance seem affordable with low premium costs, though you may end up paying even more than you would for private insurance when copays come into the equation.
The type of elderly health insurance that's most affordable for you definitely varies. When choosing between private and public insurances, think of who you want to cover with the plan; if it's just you, then public insurance may be cheaper, but if it's you and a spouse or you and your whole family, private insurance may be less expensive. You also want to think about how much you're willing to spend on copays; if you want the insurance to cover everything, then you may want to choose a private or traditional insurance option.
Looking Out for Your Best Interests
At Golden Guardians, we're ready to serve as your healthcare advocates if you're denied coverage, improperly billed, or have another concern about elderly health insurance or long-term care insurance. Give us a call today, and we'll be happy to answer any questions you may have.