Three insurance tips you should know

While insurance is important for everyone, it is especially necessary for senior citizens who are likely to face increased health risks due to aging. Additionally, older adults are at risk of losing their employer-based health plans when they retire. Here are three tips from Elderwerks Educational Services for finding the right insurance coverage:

1. Comparison shop

Shopping around and comparing quotes is key if you want to save money. Consider what you will need in terms of benefits, services and treatments based on your lifestyle and check with several insurance companies to find the most affordable rate. For instance, according to the National Council on Aging, older adults spend on average more than $600 a year on prescription drugs. If you are one of them, make sure your plan covers the medications you take.

2. Check for discounts

You don’t want to pay more for insurance than you have to. To that end, inquire about potential discounts and assistance programs offered by the insurer and the needed qualifications to receive them. For instance, some insurance companies may offer discounts to retired military veterans. Other companies offer a bundling discount for multiple policies, such as home, life, long-term care, and health insurance.

3. Consider working with an expert

Navigating the world of insurance can be complicated. Consider consulting with an expert to get specific answers regarding coverage options, costs, and plans for your needs. The not-for-profit Elderwerks Educational Services can provide assistance in finding any type of senior housing, home care or support services, free of charge for your or your loved ones. If you need a referral for a professional who provides insurance geared toward senior needs, give Elderwerks a call.

Elderwerks Educational Services : 251 E. Northwest Highway, Palatine, IL 60067: 855.462.0100 : https://www.elderwerks.org/