When it comes to health insurance for seniors, you should start by learning about Medicare. This is the most popular type of coverage for Americans 65 and older. There is a lot to know about how Medicare works, as well as other types of senior health insurance.
In this guide, we will focus on exploring Medicare for Florida residents, as well as various coverage options that families may consider.
Types of Health Insurance for Seniors
In Florida, over 23% of the state’s population is currently enrolled in Medicare. While this is by far the most popular choice, it is not the only option available. If you are currently enrolled in Medicare or contemplating joining, it is important to know not only how it works but other types of coverage you may benefit from.
Medicare
Medicare is a free government program for Americans 65 and older, as well as some qualifying younger people and adults with end-stage renal disease. There are four parts: A, B, C, and D.
- Part A Medicare is hospital insurance, and it covers both hospital stays and nursing home care, some types of home health care, and hospice care.
- Part B Medicare covers general healthcare expenses, such as exams, tests, outpatient treatments, and medical supplies.
- Part C Medicare is a type of private health insurance that you can buy to supplement your coverage.
- Part D Medicare is prescription drug insurance to help you pay for any medications you need.
Medicaid
Medicaid is a government program that offers free health insurance for seniors with low incomes or qualifying disabilities. If you are over 65, then you may qualify if your income meets the eligibility requirements. A single-person household cannot earn more than $19,392 per year before taxes. A two-person household can have a maximum pre-tax income of $26,228.
You can have Medicare and Medicaid at the same time, so it is a good health insurance option to explore if you have a low income, are unable to work, or cannot afford private Medicare insurance.
Please visit the official Florida Medicaid website, benefits.gov, to learn more.
Private Insurance Options
You can also buy your own private health insurance if you are 65 or older. Medicare Advantage plans, also known as Medicare Part C coverage, offer additional support for expenses that are not covered by Parts A, B, and D.
Some people elect to pay for their own health insurance and not sign up for Medicare. You have a choice. You might find that private health insurance for seniors offers more flexibility and coverage than Medicare, so you pay for it instead.
In other cases, you may buy a Medicare Advantage plan as a form of supplemental health insurance.
Long-Term Care Insurance
There are special types of health insurance plans for seniors that cover long-term care costs. Long-term care (LTC) insurance plans are specifically designed to cover the expenses associated with caring for someone with a chronic condition.
With 21% of Florida’s population over age 65, long-term coverage plans are likely to become more popular over the next two decades. Buying long-term care coverage can make it easier to offset the financial strain of home health care and chronic care management for seniors as they age, especially for those who have degenerative conditions, such as arthritis or dementia.
Cost Considerations
The good news about health insurance for seniors is that Medicare and LTC insurance are often tax deductible so long as your medical bills exceed 7.5% of your adjusted gross income (AGI) and you itemize your tax deductions.
Medicaid is the most robust financial assistance program for seniors with low incomes that need additional support for health insurance. There are also Medicare savings programs you can look into as well. Click here for more information.
Special Considerations for Florida Seniors
Florida seniors can contact the State Health Insurance Assistance Program (SHIP) for assistance with enrollment and learning about their coverage options. The program is available for free to seniors and caregivers who need help navigating the complexities of getting coverage and reviewing plan options.
At Live Health Insurance, we offer dedicated support to individuals and families looking to learn more about Medicare Part C and private health insurance for seniors. Our team is always available to answer questions and guide you toward the best coverage.
Other Resources
The official Medicare website offers plenty of information, and it is a good starting point for anyone looking to learn more about how Medicare works and their coverage options. Visit https://www.medicare.gov/ to learn more.
This Medicare guide by the Social Security Administration is also helpful if you are planning to enroll in Medicare in the future.
Making the Right Decisions
It’s important to find the right insurance for your individual health needs. Seniors must also carefully consider how their health may change in the future, especially if they have underlying conditions such as arthritis, diabetes, or heart disease.
Working with a licensed Florida health insurance broker can help you explore all of your options easily. Our team takes a personalized approach to health insurance, catering to each person’s needs and budget.
Please contact us today to learn more.
