Insurance for Senior Citizens | Columbus Ohio

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Insurance for Senior Citizens

Insurance for Senior Citizens

In the golden years of our lives, we always try to consider what would be the best for us. Many senior citizens and their families ask about long-term care insurance and how it would make our lives more fruitful in our later years. Given the many needs and concerns revolving an elderly citizen’s life, health insurance for senior citizens in Columbus Ohio needs to encompass a lot of different services and options.

A proper insurance coverage should include home care and home health care services, as well as adult day care, respite assistance, and hospice care options. Another popular inclusion are nursing home options and senior centers. It should be noted that not all long-term care insurance policies have sufficient inclusions for all these services, nor do they have similar payment schemes.

Some important questions while thinking about health insurance for senior citizens are as follows:

  • Do I Need Health Insurance?
  • What are my options?
  • Strategies for Affordable Insurance?

For a proper background regarding different types of insurance, it is best to find reliable online resources and consult with professional insurance agents. Make sure to also check if these insurance options have an Ohio department for easier plan management.

If you have any questions, we would be more than happy to help! Sheppard Law Offices offers services in the areas of estate planning, tax law, family law, and bankruptcy. Call us today to talk to an experienced Columbus attorney!

Do I need Life Insurance?

In the past few years, especially with the increase in health care acceptance due to the global pandemic, life insurance has been considered by more and more people from different age groups. While some people consider insurance for senior citizens to be less of a necessity, having the option to get one would allow you and your family members to have an assurance that your golden years would be taken care of. It is also beneficial for Ohio residents and seniors to opt for shorter life insurance programs that relate directly for expenses related to their passing like medical payments and burial services.

While a lot of insurance policies like Original Medicare and Medicare Advantage are becoming more popular, plans directed to senior citizens are pricier than their normal counterparts. This is because of insurance companies’ tendency to base premiums on relative health situations, age brackets, and certain risk factors. Because of this, a lot of elderly have stated their opinion that they should have applied for insurance at an earlier age.

How Do I Know Which Life Insurance is Best For Me?

Analysis paralysis can strike when you’re deciding between life insurance companies. There are just so many factors to consider! Well, we also have your back in this matter. Here is a list of the best life insurance companies for seniors in 2022. Here are the factors considered when ranking these insurers: 

How friendly are they to seniors?

  • Since we are considering insurance options for the older adults, it is important to choose a service that caters to more senior citizens. If we do so, we can be assured that they have elderly-friendly policies and experience with older customers.

What financial options do they provide?

  • Given the differing care required for each senior citizen, it is important that we consider the different levels or sizes of plans that they can offer so that we only get a plan that suits the health coverage we need.

How customizable are their plans?

  • Aside from having more potential plan sizes, a good life insurance policy has built-in clauses or options that could allow a senior citizen or their loved one to modify the plan along the way, like accessing benefits earlier if needed. Some options could include home care options or nursing home availability.

Do they have online services?

  • Given our current technological situation, it is an important aspect to see if our insurance provider can help us through online means and provide plan access through the Internet. Aside from making it easier for us to contact them, having accessibility to the provider anywhere can lead to hassle-free experience.

These are the factors that affect the ranking of the top 9 insurance companies of the year. Visit the site so you can see your options! If you have any more questions, our estate planning and probate attorneys at Sheppard Law Office are more than happy to answer them. Call us to learn more!

What are my Options?

Given the availability of different options on insurance for seniors, a curated list of certain insurance policy options can help you and your family consider which would fit best for your context.

Insurance Policy Options for Seniors

Term Life Insurance

  • As the name suggests, a term life insurance policy only caters to a specific term of time period. In a lot of insurance companies, this usually covers 10-30 years. This is one of the better choices for low income seniors because of its low starting price. This is due to its term limit, making it one of the best plans for a senior living alone. While this is cheaper, it is inadvisable if you are considering a policy to cover expenses after death like burial services and medical care and insurance.

Permanent Life Insurance

  • In a permanent life insurance, both whole life and universal life insurance is included. This means that you will be able to access lifelong coverage of these different plans. This also allows your beneficiaries to access death benefits after your passing. This could help them cover finances needed after your untimely demise. Lastly, these types of insurance have a cash value component that you can borrow or loan against. A major consideration for this plan is that it takes time to properly build value.

Simplified Issue Life Insurance

  • In this health insurance option, the inclusion of medical exams as a requirement is waived, allowing you to apply for a policy option in a shorter time frame. This is one of the faster plans to obtain, but the downside is that perks like death benefits are usually very limited given the lack of medical certification. This option can be considered if the main goal is for easier management of funeral expenses and smaller inheritance.

Guaranteed Issue Life Insurance

  • In a guaranteed plan, no medical exams or health questionnaires are required. The insurance company is also not allowed to reject any applicants in this scenario. This is a good option for elderly that need long term care or are prone to hospitalization. While acceptance is guaranteed, the main points to note is that premiums will be very high given the acceptance rate. Valuation of the different coverage options are also less than its other counterparts.

Aside from these options, there are also more flexible plans that could cater to your specific needs. Scheduling a consultation with senior healthcare professionals can allow you to consider the specific options in your area.

Strategies for Affordable Insurance?

While it is easy to get overwhelmed with the different options, it is better to have a plan in mind when it comes to finding the right insurance. The context of the individual, as well as financial considerations should be at the top of your list. Make sure to consider the following while checking for insurance plans for your elderly loved ones in Central Ohio:

Choose context-specific life insurance coverage.

In checking different options, list priority areas of concern or focused cases that might need to be accounted for. List down the elderly family member’s details in the following areas:

  • special work set-ups
  • medical conditions
  • number and age of dependents
  • other notable circumstances

The early bird catches the worm.

Getting life insurance at an early age sounds far-fetched, but getting and paying for your life insurance early can actually help save more. Since insurance companies consider age brackets and health conditions in their terms, younger and healthier applicants are usually given lower rates. Coverage can also be determined by the current health status of the applicant, so a healthier and younger applicant can get larger benefits for their whole life coverage.

Mix-and-match your options.

A lot of interested applicants apply for more robust and expensive insurance options that cover more ground. While this sounds sensible, it might be advantageous in your situation to purchase two or more policies with shorter terms and lower coverage options.

Ask multiple providers and compare your options.

Different providers might consider different checklists when assessing the financial risk of each applicant. As a rule of thumb, make sure to get three quotes from different companies, including an independent broker. In doing so, you can see the different services and have an unbiased broker that can give you more financially-sound combinations from different companies.

Considerations for Senior Citizen Insurance

As we and our family members move closer to retirement, it is important that we have plans in place to help us live our golden years with a peace of mind. By getting insurance plans and policy options for our loved ones, we are able to protect them from issues moving forward. One way of ensuring you are getting the best option possible is by checking out different online sources that have collated relevant info for your choice. It is also best to consult with our attorneys about possible cases.

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