Insurance is very complex.  In addition to the homeowners insurance your senior needs if they are continuing to live in their own home, and auto insurance if they are still driving, your senior will likely need medical insurance and potentially long-term care insurance.

Medical Insurance 

Are you concerned about your senior’s health care insurance?  It isn’t that easy to figure out.  With so many plan options, including both government and private plan options, you need to determine what your senior really needs. Often multiple plans are needed, and Medicare offers a user-friendly tool for making the choice easier.

Check out Medicare’s easy to follow tool, Your Medicare Coverage Choices.

Health care coverage your senior needs depends on several things. Medicare has a good overview called 8 Things to Consider When Choosing or Changing Your Medicare Coverage. This will help you evaluate the important criteria for choosing the right plan.  One consideration that is not on the list is to determine if your senior has a retiree medical plan or military benefits.  If applicable, it needs to be factored into the decision-making process.

Check out Medicare’s overview of the 8 Things to Consider when choosing or changing your Medicare coverage.

Long-Term Care

Long-term care costs continue to rise, so evaluating your senior’s long-term care insurance needs is important.  Like life insurance, long-term care insurance may or may not be a good fit depending on their situation.

For more information, visit Long Term Care Planning.

Note: If your senior has reached the stage where they qualify for nursing home care, a specific resource to check out is PACE.  PACE helps seniors who are eligible for nursing home care but choose to continue to live at home with the help of PACE services.  The specific PACE criteria are:

You can join PACE if you meet the following conditions:

  • You are 55 years old or older.
  • You live in the service area of a PACE organization.
  • You are certified by the state in which you live as meeting the need for the nursing home level of care.
  • You are able to live safely in the community with the help of PACE services at the time you enroll.

A friend was able to qualify her mother for the PACE program because her mother met the need for nursing home level of care even though her mother was not in a nursing home.  The PACE benefit went a long way toward paying for her mother’s costly medications.  Find out more about PACE and see if there is a PACE Program in your senior’s community.