Insurance Needs for Senior Citizens
According to the Social Security Administration, women are living to age 86.7 and men are living to age 84.3. Because seniors are living longer, they have different budgeting and financial needs than Americans did 10 years ago. With new and changing insurance needs and challenges.
New Insurance Needs Information
Once the average retirement age changed from 65 to 67, people started waiting later to retire. However, the need for insurance protection remained the same. No matter a person’s age, one thing is certain, and it’s one thing no one likes to discuss, and that’s final expenses. But the fact remains, everyone will die and everyone will have costs to pay for their funeral. One main reason seniors purchase life insurance is to help their loved ones pay off bills, final expenses, medical expenses, and other outstanding debt after they are gone. The National Funeral Directors Association indicates the average expense for a funeral is more than $7,000, and if you look at data from the past few years, that price continues to rise.
Changing Insurance Needs
Seniors qualify for Medicare insurance coverage at age 65, and although they may continue working, purchasing a Medicare Supplement is a good idea to lock in the best rate at the youngest age. Not all Medicare Supplements (also called Medigap plans) are the same, although the plans are regulated by the government and the coverage will be the same across the board, depending on the plan chosen. Check your state’s Medicare Supplement information to learn more about rules and regulations. What seniors care about is customer service, quality, and consistent industry financial strength ratings. Seniors want to know their insurance company is able to pay their medical and/or hospital claims timely with little hassle. You can check an insurance company’s financial strength by verifying their most recent rating from A.M. Best Company, one of the oldest insurance industry analyst organizations.
Seniors have a lot of choices when it comes to insurance coverage. It’s always a good idea to speak to a state licensed insurance agent who specializes in senior insurance to help advise on the best insurance companies and premium rates. Contact us to learn more about insurance options for seniors.
For more information, contact us at Miller Insurance Management. We pride ourselves on finding the perfect insurance policy for your health and future or Call John at 801.637.4420