Posts Tagged ‘over 50’

Finding Health Insurance In Middle Age

Wednesday, May 19th, 2010

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.

If you have been terminated from your job, as so many have been recently, you may be entitled to COBRA health plan benefits. This simply means that some companies must extend benefits for several months past the termination date. Not all employers have to do this. And you will probably have to pay the entire premium without an employer contribution. This means it will cost more. Taking the COBRA extension is a good option for many former employees, but it does not work for everybody.

People without group health insurance can still be coverage. Some people, with health issues like high blood pressure, may need to go to their state’s high risk plan in order to get covered though. All states have their own plans, and many of them still cost a lot. It is a way, however, to get covered if you have been declined by private insurers.

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.

Of course, many of us buy individual major medical policies. If you are in good health, there is no reason you cannot find insurance coverage. Sometimes you may need to opt for a fairly high deductible in order to get covered though. Your rates will be higher than they would be for a younger person. HSA plans, which combine tax advantaged health savings accounts and higher deductible major medical, may be a good choice for you.

Choose one of the best health insurance quotes with our fast and free online quotes.

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Over Age 50 Life Insurance Choices

Tuesday, March 9th, 2010

Can a person in their middle years or senior years still buy life insurance? If you are over 50, or if you are caring for an older person, you can find a wide choice of products. Since statistics show that Americans are living longer and healthier lives, insurers are willing to extend affordable coverage to older people. Most middle aged and older people can still find life insurance policies.

Why would people over 50 even want to buy a policy? When we were younger, we probably purchased term because it was cheaper. We were told that at the end of 20 or 30 years we would not need coverage any more because our savings would cover us. We thought our kids would be on their own, and our mortgage would be paid off. At 30, those 2 or 3 decades of term coverage seem life forever.

How did that idea work out for you? In many cases, it did not work all that well. Our kids took longer to get off on their own than we planned. Maybe they haven came back home, and maybe they have their own kids now. Those mortgages we planned to pay off are still there because we moved or took out another loan to cover some expenses. And job losses or other problems meant that our savings just never really grew like we thought they would.

So, why don’t we have life insurance? Well, that term policy only lasted for 20 or 30 years. Thankfully, we outlived it. Or we had group coverage at work, but we are not at that job any more. We are older now, but we do not have any coverage.

Who buys life insuramce after 50? People have different reasons for wanting a policy. You must understand your options, what different insurance can do for you, and then you will be able to buy the right coverage for you.

If a person is sure they just want coverage, they may consider another term policy. It will probably be much cheaper than whole life. A middle aged person, or even a younger senior, may still find affordable term life. These lower premiums are important to consider.

Some term policies can be converted to permanent policies later. This allows you to get the cheaper one now, and then decide if you need lifetime coverage later. Since you are not sure what you will need in ten or twenty years, this may be a good option. These policies should not require you to prove you are healthy either.

But some people would want to consider whole life now. The premiums at 50 will be cheaper than they will be at 65, and the price will stay level. You get lifetime coverage, and even the chance to build the cash value of your policy. Being able to borrow against that value, cash it in, or use it for senior life settlements, may make this attractive.

How much will this cost you. Premiums will vary by many factors. These include the size of the death benefit, the type of insurance, your age, and your general health. An experienced insurance agent should be able to help you explore your options. Just be careful if they seem too concentrated on one type of policy.

You may want to compare SPLI (Single Premium Life) vs Annuities for retirment planning.

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