| Who Needs Private Health Insurance In Middle Age? | | | | Another product that is a bit better, but not much, are |
| Actually a lot of younger baby boomers are | | | | some structured benefit plans that promise easier |
| concerned about health insurance today. Many get | | | | acceptance. Often the limits on benefits are so low |
| covered through group major medical plans, but millions | | | | that these plans are not that valuable, and they still |
| more do not have that luxury. The issue of finding | | | | come with fairly hefty premiums. These are, technically, |
| affordable private health plans is a large one, and it is a | | | | health insurance plans, but they are not major medical |
| growing one. I know many middle aged people who | | | | plans. The distinction is very important. |
| are counting the days until they turn 65 so they can | | | | Health Savings Accounts (HSA) and High Deductible |
| enroll in Medicare! | | | | Major Medical Insurance |
| Health reform promises some relief, but it has not been | | | | Here ls a solution that I do like for some older people |
| fully implemented yet. So what can you do, as a | | | | who have trouble affording higher premiums for their |
| middle aged baby boomer, to find a private health plan | | | | age group. These HSA plans come in two parts. One |
| today? | | | | part is a savings account. The first part is a savings |
| Some Issues With Finding Cheaper Private Major | | | | account where any deposits are tax deductible up to |
| Medical Insurance For 50 to 64 Year Olds | | | | IRS limits. The second part is a higher deductible major |
| - The fact that a person is older will put them into a | | | | medical insurance policy. The idea behind the plan is |
| more expensive premium band all by itself. As you | | | | that the consumers can save money by paying less |
| probably know, a 30 year old will generally be much | | | | for a higher deductible plan and by taking tax |
| cheaper to insure than a 55 year old, even if they are | | | | deductions. |
| both in good health. | | | | - HSA plans tend to work well for disciplined savers |
| - People who are over 50 start to develop some of | | | | who like control over their health costs. |
| the problems of middle age. Issues like high blood | | | | - They will not work as well, of course, if the member |
| pressure or diabetes are more common. So a middle | | | | never makes any contributions to the savings account. |
| aged person has a much higher chance of being rated | | | | - They will also not work if the applicant has a serious |
| up or declined because of a health condition. | | | | health condition, like diabetes, and cannot get accepted |
| Be Wary of Guaranteed Acceptance Health Plans | | | | to the major medical plan. |
| I see a lot of products that are being marketed to | | | | Pre-Existing Health Conditions |
| middle aged people as guaranteed acceptance health | | | | Every state has some way to deal with high risk |
| plans. Clever marketers make these seem like these | | | | people who have been declined for a major medical |
| plans are the cheap answer to your health coverage | | | | plan. In some states, these plans are quite expensive |
| needs. The issue here is that these health plans are | | | | and they do not accept everybody either. Health |
| usually discount plans, and they are not health | | | | reform promises some relief with the new federal high |
| insurance at all! The old adage about being careful | | | | risk plan, but that is just beginning to get implemented. |
| about anything that seems to good to be true will | | | | To get current information, please search for your |
| certainly apply here. | | | | state's high risk health plan or pool. |
| Limited or Structured Benefit Insurance | | | | |