Private health insurance for senior citizens is very hard to come by. As you get older, it becomes more prevalent that commercial insurance companies don’t want to cover older Americans. Since the creation of Medicare, there is no incentive to cover senior citizens because most buy into the Medicare system any way. Even though this may be true, there are still some older Americans who need to buy private health insurance. So let’s take a look at some of the main reasons why getting insurance for them can be difficult.
Your Age Is a Dominant Factor.
There are a number of reasons why senior citizens can’t get health coverage. For starters, a lot of health insurance companies look at your age. When people start getting over the age of 50, they are prone to have more illnesses, they see the doctor more often, and they might have more hospital stays. So the risks of insuring an older person far outweigh the benefits. We all age so why is this such an important factor?
The Cost Of Insuring An Older Person Is High.
Due to the fact that the elderly are prone to so many conditions and will need so much care, there are many companies who consider them to be a big risk. The average hospital stay of a person over the age of 50 is longer than some one in their 20′s and 30′s. Younger people heal and recover a lot quicker then older adults so their cost per treatment is less. Insurance companies know approximately how much they have to pay out for each age group and take all these things into consideration when pricing policies.
Pre-Existing Conditions are Not Insurable.
If you have a pre-existing condition like diabetes or high blood pressure, it is most of the time not insurable. May be with the new health care reform this will change. However, what does a pre-existing condition tell an insurance company? It tells them that you may not do a good job in taking care of yourself or you have bad eating habits. So why insure someone who could have possibly prevented such conditions by not drinking, not smoking, and not overeating. This may not be fair but insurance companies are in the business of making money for their investors.
Affordability May Be A Problem.
The last thing that you will find is that many times, senior citizens can’t afford the insurance. Even if they find a company willing to insure them, many are retired and are on a limited income. The cost of premiums alone can eat up any retirement check or pension income. Many have to choose between insurance or keeping a roof over their heads.
Getting health insurance for senior citizens is still a big problem for many. Many have never paid into the social security system and are not eligible for medicare and private insurance is way too expensive. Hopefully, the new health care reform will address many of these issues otherwise what options do these seniors have.