Finding Health Insurance Over 50
As we pass 50, but are still too young for Medicare, it may seem ironic that insurance companies refer to us as “underage”. This means we are under the US Medicare age of 65. There are young people under 65, but they must meet the strict qualifications for a disability, and they must meet it for a long waiting period. Most of us must work with the private health insurance market, creaky bones and all!
Awhile back, we published an article about health insurance for age 50 to 64, but we figured it was time for an update.
Group Health Insurance Through Employers
The easiest way for most middle age people to be covered is to have a job that provides group medical benefits. Technically, group insurance plans are not allowed to individually underwrite employees. If that works out for you, that is just great. However, a growing number of younger baby boomers are striking out on their own as small business people, contract workers, or shop owners.
For people like us, and yes I am one of them, we need to throw ourselves on the tender mercies of the individual heath insurance market. There is also some concern that employers may hesitate to hire older employees because they are concerned about the impact on their group insurance premiums. This may be particularly true of small employers who do not have a lot of employees to spread the risk with.
Private Major Medical Over 50
Now, in theory, these major medical insurance companies will accept applicants from age 50 – 64. You can get individual health insurance quotes here! Lots of us are covered by private medical plans, and this should probably be your first option if group major medical is out of the question.
Of course, it is obvious that many people are confronted with a couple of problems.
Rates for a 55 year old, for example, will be a lot higher than rates for a 35 year old. And the health issues of middle age are likely to crop up, making it harder to get through underwriting. I have hardly met a 50 year old who hasn’t been instructed to watch his or her cholesterol levels. Other health issues, like high blood pressure or diabetes, are more likely to start cropping up too.
Keep in mind, that if you purchase self employed health insurance, you will also usually be able to deduct it from your federal returns. This makes the “real” cost of medical plan premiums a bit lower to you.
Pre-Existing Health Conditions and Private Insurance
If some minor health issues have cropped up, and are controlled, a private insurer may still accept you. You may, or may not, have to pay more, or even have that particular health condition excluded from coverage. Health reform is scheduled to remove a lot of this worry, but according to the plan, this will not happen until 2014. I assume that you are reading this because you are concerned about buying health insurance right now.
State High Risk Pools if Private Insurance Is Declined
Every US state has some sort of plan for high risk individuals who have been declined for individual health insurance. Not everybody will qualify though, and a lot of times, these plans are quite expensive. If you would like to know more about your own state’s high risk health plan or pool, you can search for it on the internet or find a good insurance agent who should be willing to help you. An experienced health insurance professional should be able to help you find the right options for you. Even if they cannot sell you a private policy this time, they should be willing to assist you because you may refer future business to them.
Low Income Health Insurance For Middle Age People
If you have lost coverage because of money troubles, you may still be able to find some help. The federal and state Medicaid program is only for people with very low income and almost no assets. It is pretty tough to qualify for if you are employed, and it is not really a refuge for a budget challenged middle class person.
Your county may have a hospital system which has a sliding scale health plan. This may make it easier to access medical services for individuals with some budget problems. You can also look for low cost clinics in your area if you just need routine medical services. Some clinics are supported by state or federal programs, while sometimes the clinics that have cropped up in grocery stores and drug stores, can provide the help you need.
If you have a chronic health issue, and no insurance to help you, consult the PPARX.org website. It has a lot of resources, which include financial aid, private charities, state programs, and a zip code search for low cost medical services in your area!
Don’t Wait Until You Are Sick
Don’t assume you won’t qualify for any major medical insurance because you are over 55 or have a health conditions. In general, insurers like to see that applicants are taking steps to control their health condition, and will accept many of these people.
If your doctor diagnosed you with high blood pressure 2 years ago, but your last reading was within normal limits because you took steps to control it, you can get accepted at a standard rate with many insurers. Some health conditions, like diabetes, may be tough to cover no matter how well you control it. In this case, a high risk pool or county health system may be your best bet.
In any case, it is a lot easier to prepare to take care of your health before you suffer a major illness or injury! Have a plan in place. Take advantage of any resources you can.
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Thanks for the article. Finding health insurance over 50 is tough. And I do not think it is legal, but small group health insurance premiums are a big factor in age discrimination IMO.
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