3 Interesting Facts About Insurance Coverage in America’s History
Americans are a scattered society. While the media may play up the over zealous roles of helicopter parents and the newest term “stealthy” parents, the reality is no matter how much over the top mentoring parents do today, the situation does not compare with the family dynamics of America two generations ago.
Families that were once concentrated in a single area lived next door to parents, down the street from aunt and uncles, and across a small town from grandparents, are now scattered across the nation, sometimes, even scattered across the globe. As families deal with the implications of distance created by national statistics that indicate the average American moves as many as 11 times in their life, they also look for ways to care for their aging parents and other relatives. While health insurance and life insurance for seniors can not replace a son or daughter living next door to an aging parent, these policies can help ensure that policy holders have the affordable care they need when they need it.
The Crossover Between Care Giver and Receiving Care
Interestingly enough, the age when many adults find themselves in a position when they are helping find healthcare for their own parents is the same age when those same adults should consider looking for their own senior health and senior life insurance options. By the time many Americans are 55 years of age, the most informed individuals in this age bracket are looking at the options they may have for supplemental Medicare coverage. Commonwealth Fund studies in 2015 document that approximately 10,000 Americans, age 65 and older, enroll in Medicare for the first time every single day. Other statistics from the 2015 Commonwealth Fund study include:
- 13% of working adults between the ages of 19 and 24 were uninsured in 2014. This number represents a 7% decrease from the 20% who were without health insurance in 2013.
- 50% of Americans over 65 had no health insurance in the year 1962. Current data indicates that only 2% of Americans over 65 now lack coverage.
- 37 million Medicare beneficiaries received free preventive services in the year 2013. These services included everything from flu shots to cancer screenings and diabetes care, as well as care for other chronic diseases.
If You Are Not Insured, You Are in the Minority
Clearly, life insurance for seniors is a growing trend. Even though Medicare is available to those over 65, the majority of these policy holders understand the importance of supplemental insurance care as well.
In addition to being knowledgeable about federal Medicare offerings, many people also indicate that it is in everyone’s best interest to become informed about state Medicare options and limitations. Choosing a medicare supplement plan in Iowa, for example, can be different from Medicare health insurance companies and their options in California. Understanding the necessary information for the state where you live will lead to informed decisions that will provide you with the best coverage at an affordable price.
Watching the strengths and weaknesses of a parent’s health coverage, and their life insurance for seniors decisions, can be a significant motivation in helping those nearing the age of Medicare coverage make sure that they have the insurance they need for themselves. Long before many people need to look at end of life care decisions, they need to consider what kind of coverage they need to bolster basic Medicare provisions. As the Medicare Fall Open Enrollment approaches each year, millions of Americans sign up during the window from October 15 to December 7. Once registered, the coverage starts January 1 the following year. Understanding what is covered and included in the Medicare plan will help policy holders what other additional coverage they should purchase.
Are You Ready to Move from Being a Protector to Being Protected?
Whether you live close to family members who are looking out for your best interests, or you live far from relatives, choices about Medicare coverage and life insurance for seniors are important decisions. If you are unable to understand the complicated plans and supplements, make sure that you find a trusted source for the information you need. It is never too early to begin planning for the health and life insurance benefits that your future will require.