over 50 life insurance

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Over 50 Life Insurance

Posted on 30 May 2010 | 9:06 am by queen

In case you are between the ages of 50 & 65 & you are going to be looking for medical health insurance or are looking for medical health insurance you require some help. This is a hard age (of work what age is not beginning with the dreadful twos) because you are at a prime age to start developing health issues. Statistically speaking & statistics is the only language insurance firms speak, the insurance company can predict they are going to spend more on 50-65 year elderly than a 20-45 year elderly. For that reason premiums are much higher for the older person.

But, they Child Boomers are a smart group & where there is a will, there is a way. So let's look at a number of the choices:

In case you currently have a job & are looking to retire or start your own business, you have a couple of avenues you can inquire in to. First you can inquire if your company will let you buy medical health insurance through the company plan. If your company will let you do this your employer (assuming they are speaking early retirement) may subsidize part of your premiums. If not, you still get group rates which are a whole lot cheaper than individual rates. In case you are married & your partner is still working strongly think about adding yourself to his/her plan if that option is available to you.

The next option (in case you currently have a job which provides medical health insurance) is COBRA or Consolidated Omnibus Budget Reconciliation Act. COBRA lets former employees & their dependents continue their employer's group coverage for up to 18 months. The best thing about COBRA is it is guaranteed. Your former employer's insurer cannot turn you down even in case you have a chronic medical condition. The worst thing about COBRA is the cost. Your employer usually covers 70% or more of your medical health insurance premium. With COBRA you require to pay the whole premium and administrative costs. Industry surveys indicate based on an average premium (for 2007), a former worker would must pay over $373 a month for individual coverage & over $1,008 a month for relatives coverage.

In case you are not currently employed by a company who provides medical health insurance there's still choices for you. In case you have preexisting conditions such as diabetes or hypertension you can get coverage through a state high-risk health program designed to help those with medical conditions that prevent them from getting insurance. Again though like COBRA the premiums can be high.

You can also check out professional organizations you could join or are already affiliated with to see in the event that they offer medical health insurance policies for members. Because these are group designs, the premiums may be less than what you would pay in the individual market.

Finally, there is the individual medical health insurance option.

There has been some progress in terms of offerings of policies for the 50-65 year age group market chiefly because insurers see this age group as a feasible growth market. Lots of Child Boomers are in lovely health & have higher income than more youthful people. Also insurance firms hope that retirees will still purchase their products, such as supplemental insurance, even after they are eligible for Medicare. A number of policies currently offered may have premiums as low as $200 per month for individuals who are in lovely health & willing to pay a high deductible. Lots of insurance advice columnists recommend combining a high deductible individual medical health insurance owner with a health savings account. HSA contributions are made with pretax dollars, & any money left over in the account at the finish of the year is rolled over for future use. Withdrawals are not taxed if used for qualified medical expenses.

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