Different Types of Health Insurance for the Elderly

Most people get health insurance through their employers, but after retirement, elderly people need to get health insurance elsewhere in order to afford the medical care they need as they age. Elderly people have a variety of health insurance options from which to choose, including plans that cover common medical treatment, prescription drugs and dental care. Elderly people can participate in more than one health insurance plan if they wish to do so.

Traditional Medicare

• Most people ages 65 and over qualify for Medicare. Traditional Medicare consists of two parts, Part A and Part B. Part A covers inpatient medical treatment and Part B covers outpatient medical care. Most elderly people receive Medicare Part A at no cost, but must pay a monthly premium for Part B. Those with low incomes may qualify for assistance with the monthly premiums.

Medicare Part D

• Medicare Part D covers prescription drugs for elderly people. Medicare recipients can choose from a number of different prescription drug plans. They must pay a monthly premium for Part D. Those with low incomes may qualify for assistance with the monthly premiums.

Medicare Advantage Plans

• Medicare recipients can choose to sign up for a Medicare Advantage Plan, also known as Medicare Part C, instead of traditional Medicare. Medicare Advantage Plans cover inpatient and outpatient medical care. Recipients can choose from a number of different plans.

Medicaid

• Medicaid provides health insurance for elderly people with low incomes and limited resources. Medicaid covers inpatient and outpatient medical care, prescription drugs, mental health care and home health care. In some states, it also covers dental care for elderly recipients. People can receive both Medicare and Medicaid if they meet the eligibility criteria. For more information or to apply for Medicaid, seniors should contact the agency that administers Medicaid in the county in which they live.

AARP

• AARP offers a number of health insurance options for elderly people, including supplemental plans or Medigap plans that cover at least some of the things that Medicare does not cover. AARP also offers dental insurance and long-term care insurance for elderly people.