President Biden as well as progressive Democrats have proposed lowering Medicare’s eligibility age to 60 to help older individuals obtain affordable coverage. A new study, however, has found that Medicare is more expensive than other options for individuals with modest assets. Two reasons exist why Medicare is more expensive: traditional Medicare contains gaps in what it covers which often necessitates purchasing supplemental insurance. Additionally, premiums for the Affordable Care Act have dropped substantially due to President Biden’s COVID relief measure and as a result, the act has become more attractive. This article reviews some critical details that you should remember if you’re helping a loved one consider whether Medicare is the best option for them.
# 1 – Long Term Care Insurance
Provided that you’re capable of being insured and can pay for the premiums, long-term care might be the best option that you need to satisfy your needs. Coverage, however, varies based on the insurance company you utilize as well as what plan you end up choosing. Assisted living costs continue to climb, though. If you can pursue long-term care insurance as an option, you should make sure to start planning early. The more a person ages, the more difficult a time an individual has getting covered by an insurance carrier.