What is the best health insrunce for a 70 year old ?
its for my grandma & grandpa
Medicare. As long as they are citizens who have accumulated enough quarters (40 is the guide).
There is Part A for hospitalization and Part B for such things like outpatient services. There are also Part C/D. Most private insurance companies will also provide supplemental coverage (there are limites to Medicare) and your grandparents may also want to consider checking into Long Term Care.
There is also Medicaid but that is public assistance for the very poor. The government will help with part of it and the rest will depend on how much asset your grandparents have. The government will not allow anyone to keep much.
I will assume your Grandma & Grandpa, are american citizens and are eligible for Medicare Parts "A & B". if they do they have three choices. 1. (most popular) Assign a HMO, example Secure Horizons, Blue Cross/ Blue Shield, Kaiser Permanente- advantages low or little cost per month, low copayments for services, you might ask why do the Health Insurance offer these plans at little or no cost? Because they receive your allocated monies once you assign to them, example lets say I am 65 and I pick an HMO that company now receive literally hundreds of dollars each month. disvantages, 1 year lock in, limited Dr. Choices. 2. Medicare Supplemental plans- these are as the name implies- they suplement what medicare does not pay for, either a small portion or the whole amount. Advantage- not limited to one Dr., some plans allow you to see any physician who will accept Medicare (literally thousands). Disadvantages- expensive compared to the HMO, because you are paying for the supplemental. 3. Part "D" RX coverage, hopefully they have picked a plan, this is the newest from medicare that offers prescription plans, depending on their income you might be able to receive this for free. For others it will cost as little as 4.00 a month, and as much as 35.00 a month. In California if you have any questions regarding Medicare, and or your options, feel free to contact me directly. www.HSAInside.com
Answers:
They should be on medicare if they live in the US. They need part A and part B.
After that they need to be signed up in one of the drug programs and a medicare suppliment. AARP have good programs.
It's called Medicare. They should be familiar with it if they are on Social Security. The rates for a private insurance plan at their age will be astronomical. The best source of information on the topic however is AARP.ORG.