When Baby Boomers
Lose Health Insurance Benefits
By Sue Swen of LivingSenior
Losing health insurance benefits can be a frustrating and stressful experience for a person of any age, but for baby boomers that are nearing retirement age; it is even more overwhelming.
Baby boomers, or men and women born between 1946 and 1964, are entering their years of retirement (www.livingsenior.com/retirement_communities), which is associated which retiring from their jobs, living on a fixed income and dealing with the financial obligations of living on this lower income, paying additional fees for assisted or independent senior living communities, and the heightened health conditions and risk factors. So when a baby boomer loses their medical insurance coverage, whether while they are still employed or as a result of losing their job, it can be a debilitating experience due to the other worries associated with getting older and entering the next phase in their life.
Health insurance benefits and coverage is expected to change over the next several years which will have a direct effect on baby boomers. When they lose health insurance benefits before or during the age of retirement, baby boomers are expected to pay for insurance out of their own pocket and without substantial retirement savings; this can be close to impossible or otherwise diminish their quality of life considerably. When their group coverage insurance benefits are taken away, baby boomers will have limited choices in what insurance they can receive, most of which are not only pricey but may not accept seniors with pre-existing conditions.
COBRA insurance is typically the first choice for baby boomers that lose their job and insurance benefits as a result. However, while COBRA will give them an additional 18 months of health insurance benefits without worrying about pre-existing conditions, the costs of this insurance is staggering and may not be worth pursuing. Baby boomers that have serious medical conditions and may not be able to get insurance elsewhere should consider COBRA at least as a short-term solution.
Another option for health insurance coverage after losing their primary insurance benefits is to enroll in Medicare (www.livingsenior.com/Senior_Center/post/Allsup-Outlines-Costly-Mistakes-to-Avoid-With-Medicare.aspx) early, which may be an option for seniors who have retired early from their jobs. Enrolling in Part A or B of Medicare is recommended, along with Part D for discount prescription drug coverage and Medigap (www.livingsenior.com/blog/the-abcs-and-d-of-medicare) supplemental insurance to eliminate most out-of-pocket costs. If baby boomers are not able to enroll in Medicare when they lose their health insurance benefits, private insurance should be considered however it can be very expensive and have exceptions such as what kind of drugs are covered and if they can be enrolled with pre-existing conditions.
The best way to cope with losing health insurance benefits for baby boomers is to focus on their current health and maintain that level of health in order to reduce the necessity of seeing the doctor and paying these extra costs.
- Living a healthy lifestyle with regular exercise
- eating natural, organic foods
- drinking plenty of water
- decreasing the amount of unhealthy substances such as alcohol and tobacco
can impact their health greatly.
Contact for links underlined: http://www.livingsenior.com/retirement_communities
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