Insurance for Seniors Over 80: What Are Your Options?

Jun 10, 2022 | Life Insurance | 0 comments

insurance for seniors

16% of the U.S. population was 65+ in 2019. That’s more than 54 million seniors.

As the baby boomer generation ages, this number is expected to grow.

As a senior, finding insurance can be tricky – especially if you’re over 80. That’s why we put together this guide.

Keep reading to learn more about insurance for seniors and your options when you’re 80+.

Medicare Advantage

Medicare Advantage, also called Medicare Part C, offers additional coverage beyond Medicare Parts A and B. Think of it as bundling your healthcare plans for more comprehensive coverage.

Medicare Advantage plans also offer Medicare Part D coverage, which covers prescription drugs. 

Medigap

Seniors who have Original Medicare (Parts A and B) might be left with high out-of-pocket costs for medical care. Medigap, also called Medicare Supplement Insurance, can help fill in those gaps.

This type of insurance can lower your out-of-pocket costs when it comes to deductibles, copayments, and co-insurance. 

Vision and Dental

Seniors can purchase vision and dental insurance through Medicare supplement plans or private insurers. Out of pocket costs can quickly add up as vision and dental problems get worse with age. Older adults may also qualify for free or low-cost dental care options. 

Life

One of the hardest parts of aging is the uncertainty of what will happen to your loved ones after you’re gone. Life insurance for seniors ensures that your family won’t be financially burdened by your passing.

There are two types of life insurance for seniors – term and whole life.

Term life insurance for seniors offers coverage for a set amount of time or a term. Whole life insurance provides coverage for the duration of your life. 

Long-Term Care

Many seniors over 80 will need long-term care at some point in their lives. Unfortunately, this isn’t cheap. That’s where long-term care insurance comes in.

This type of insurance provides coverage for daily living assistance and skilled care including nursing homes, assisted living centers, and long-term care facilities. 

Auto

If you’re still driving in your golden years, you can save money by shopping around for auto insurance.

Many seniors stay with the same carrier for years or even decades, but they might be overpaying for the services they need. As an older adult, you might qualify for auto insurance discounts that can lower your premiums. 

Travel

If you plan to do any traveling in your retirement years, you could benefit from having a travel insurance policy. Travel insurance provides coverage for medical treatments, medical evacuation, trip cancellation, and lost or stolen luggage.

Burial

As you plan for end-of-life expenses, be sure to consider burial insurance for seniors.

A burial insurance policy for seniors can help cover the costs of a funeral and outstanding debts. Social Security death benefits simply aren’t enough to cover burial and funeral costs. You can protect your loved ones after your passing by purchasing final expense insurance. 

Are You Looking for Burial Insurance for Seniors?

Whether you are already 80+ or just planning ahead, it’s never too early to start thinking about what will happen after you’re gone.

Burial insurance for seniors is an affordable way to get peace of mind and take care of your family. Click here to contact us today for a quote or to learn more about the burial expense options available to you. 

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