Opinion: Senior Citizens Can Expect To Shell Out A Bundle For Health Care

They have put their time into the work force but their golden years are beginning to be to costly if they become sick. Senior citizens health care coverage is set to hit wallets more in the near future.
A study put out by Fidelity Investments is saying that a couple that retired this year in the United States can expect to pay out about $240,000 for their health care until they die. That is assuming that the husband lives another 17 years and his wife survives him by the average three years. That figure also assumes that the couple qualifies for Medicare and neither spouse has employer-provided health coverage.

The figure this year is up 6.7 percent from 2008’s $225,000 projection.

That cost does not take into account over-the-counter drugs, long term care or dental costs.

Seniors have one day to make changes to their 2009 medicare benefits.

Fox Business reports:

“By now, seniors should have had some experience with their current benefit packages, whether seeing physicians, filling prescriptions or finally reviewing the packet of information provided by their health insurers,” said Bill Stapleton, president and chief executive officer of Health Plan One, the parent company of MedicareSolutions, an online insurance brokerage and Medicare information portal. “Some may be surprised to find out that their physicians are no longer in their plans’ networks or that co-pays and other costs had gone up more than they had anticipated.”

The following changes can be made before April 1, 2009;

— Individuals enrolled in Medicare Advantage Plans with prescription drug
coverage can disenroll back to original Medicare coverage and a separate
prescription drug plan.
— Individuals enrolled in a Medicare Advantage Prescription Drug (MAPD: undefined, undefined, undefined%)
plan can change to another MAPD plan.
— Individuals enrolled in original Medicare can enroll in a Medicare
Advantage Plan.

Seniors will low incomes are eligible for assistance for drug coverage through the Centers for Medicare and Medicaid Services. The income requirements for the program is below $12,500 for individuals and $25,000 for couples.

MedicareSolution has a help center set up with customer service advocates to help individuals determine if they are eligible for federal and state programs. To take advantage of this go to www.medicaresolutions.com or call (800) 328-7305.

Gone are the days when the Golden Years meant a time to relax and play with the grandchildren. To survive in today’s world many seniors have to track down a part time job just to make ends meet. If they find themselves sick that is not a possibility.

The high cost of medicine both over and behind the counter is forcing many to have to give up their dreams. And with advancements in the health field that dream becomes a double edged sword. We are living longer. With longer life comes more chances of developing an illness that can wipe out any nest egg that has been put aside. Seniors have to be vigilant in investigating what programs and insurance policies they need to make it through their retirement years.


One response to “Opinion: Senior Citizens Can Expect To Shell Out A Bundle For Health Care

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