Seniors should carefully evaluate their insurance options during the ongoing open enrollment season.
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Open enrollment is now underway and, with it, new opportunities for millions of Americans to reassess their insurance protections and coverage needs. From now through December 7, approximately, Americans can revisit their personal insurance needs for opportunities to boost coverage, improve savings and eliminate policies they can't afford or don't find useful. While the exact open enrollment dates vary based on insurance type, state and more, this window of opportunity is critical to take advantage of for many Americans.
And it's arguably even more important to leverage for seniors, many of whom are reliant upon tight retirement budgets consisting of Social Security and limited savings. While adding new insurance policies or boosting existing ones may feel counterintuitive for this group, especially considering the pressing economic concerns they're already facing, it may make sense to do so if the end result will mean more coverage and fewer out of pocket costs.
So which insurance types, specifically, should seniors consider this open enrollment season? Below, we'll break down three worth exploring further right now.
Start by seeing how the right Medicare supplemental insurance can help you here.
3 insurance types seniors should consider this open enrollment season
While each senior's financial needs and goals differ, many would benefit from considering these specific insurance types now:
Medicare supplemental insurance
Famously also known as "Medigap" for its ability to cover the gaps left over by traditional Medicare insurance, this could be the smart insurance type to secure now. This can cover most or even all of the leftover expenses from co-pays, deductibles, hospital stays and more that you otherwise are currently getting stuck paying out of pocket.
Take the time, however, to compare your options as different companies come with different costs and coverage limitations. And be realistic about your financial needs. While it may feel more secure having another layer of insurance protection, it may not be needed if you're financially comfortable paying these costs on your own.
Get a Medicare supplemental insurance price quote here and learn more.
Long-term care insurance
While not relegated to just open enrollment season (you can apply at any time), you may want to use this time to reevaluate your broader healthcare coverage needs, too. Long-term care insurance may be one to explore further. This type of insurance can be critical for those concerned about their expenses as they age, as it can help cover the costs associated with nursing homes, assisted living facilities and in-home caretakers. You may even be eligible to have family members or friends take care of you (and get reimbursed) via one of these plans. So take the time to explore your options now. Waiting to apply could lead to higher premiums and reduced coverage benefits.
Learn more about your long-term care insurance options here.
Life insurance
You may be able to secure a valuable life insurance plan outside of the normal open enrollment window but if you know you need it, now is a good time to get started. Like long-term care insurance, premiums will only rise and coverage will only become more limited the longer you wait. And waiting doesn't often make sense, especially if you need the coverage a life insurance policy can provide to cover end-of-life expenses like funerals and burials or if you simply want to leave an inheritance to loved ones.
A six-figure life insurance policy for seniors doesn't have to be expensive, either, especially if you take the time to shop around and compare terms, policies and providers. Take the time to do so now, then, before the end of the year, at which point you may be considered a bit older and riskier to insure.
Compare your term life insurance options online now.
The bottom line
The start of open enrollment season should be the incentive for seniors to reevaluate their insurance protections, costs and needs. It should also be utilized to explore alternative types, which they may not have (or may not have coverage in). By reviewing their Medicare supplemental, long-term care and life insurance needs this season, too, seniors can potentially save money, boost their protections and eliminate some expenses they were previously paying out-of-pocket. Just be sure to evaluate the costs and benefits of each insurance type carefully to determine which is truly valuable (and affordable) versus which is just nice to have.
Edited by Angelica Leicht
