Health Insurance Over 50 And Under 65 - Copy by satria.pratama02x


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									If you are between the ages of 50 and 65 and you are going to be looking
for health insurance or are looking for health insurance you need some
help. This is a tough age (of course what age isn't starting with the
terrible twos) because you are at a prime age to start developing health
problems. Statistically speaking and statistics is the only language
insurance companies speak, the insurance company can predict they are
going to spend more on 50-65 year old than a 20-45 year old. For that
reason premiums are much higher for the older person.

But, we Baby Boomers are a smart group and where there is a will, there
is a way. So let's look at some of the options:

If you currently have a job and are looking to retire or start your own
business, you have a couple of avenues you can investigate. First you can
inquire if your company will let you buy health insurance through the
company plan. If your company will let you do this your employer
(assuming we are talking early retirement) may subsidize part of your
premiums. If not, you still get group rates which are a whole lot cheaper
than individual rates. If you are married and your spouse is still
working strongly consider adding yourself to his/her plan if that option
is available to you.

The next option (if you currently have a job which provides health
insurance) is COBRA or Consolidated Omnibus Budget Reconciliation Act.
COBRA lets former employees and their dependents continue their
employer's group coverage for up to 18 months. The best thing about COBRA
is it is guaranteed. Your former employer's insurer can't turn you down
even if you have a chronic medical condition. The worst thing about COBRA
is the cost. Your employer generally covers 70% or more of your health
insurance premium. With COBRA you have to pay the whole premium plus
administrative costs. Industry surveys indicate based on an average
premium (for 2007), a former employee would have to pay more than $373 a
month for individual coverage and more than $1,008 a month for family

If you are not currently employed by a company who provides health
insurance there are still choices for you. If you have pre-existing
conditions such as diabetes or high blood pressure you can receive
coverage through a state high-risk health program designed to help those
with medical conditions that prevent them from getting insurance. Again
though like COBRA the premiums can be quite high.

You can also check out professional organizations you could join or are
already affiliated with to see if they offer health insurance policies
for members. Because these are group plans, the premiums may be less than
what you would pay in the individual market.

Finally, there is the individual health insurance option. There has been
some progress in terms of offerings of policies for the 50-65 year age
group market mainly because insurers see this age group as a potential
growth market. Many Baby Boomers are in good health and have higher
income than younger people. Also insurance companies hope that retirees
will still purchase their products, such as supplemental insurance, even
after they're eligible for Medicare. Some of policies currently offered
may have premiums as low as $200 per month for people who are in good
health and willing to pay a high deductible. Many insurance advice
columnists recommend combining a high deductible individual health
insurance policy with a health savings account. HSA contributions are
made with pretax dollars, and any money left over in the account at the
end of the year is rolled over for future use. Withdrawals are not taxed
if used for qualified medical expenses.

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