Health insurance is one of the most important things that Americans can have today, especially older Americans who are (or will be) facing health issues in the future! While many American adults can afford to have health insurance plans through a private service or through their employers, there are just as many people who benefit from using government-sponsored policies like Medicaid, Medicare, and Medicare supplement insurance.
Signing up for these health insurance policies may seem pretty confusing and seem like a lot of work at first, but if you’re part of the aging Baby Boomer generation, it’s incredibly important that you take the time to find the best individual health insurance plans for you!
Take a quick look at some of these statistics, and you’ll see what we mean:
- Many Baby Boomers have already begun turning 55, including many people who are already 60+ and rely on subsidized insurance plans. By 2050, however, there will be an estimated 89 million Americans over the age of 65 — and that will mean there will be a lot of medical costs in the future.
- Just over 20% of American adults (about one in every five) said that in 2014, their out-of-pocket medical expenses were at least $2,000. Without a good health insurance policy, this can easily skyrocket by thousands of dollars per year.
- Chronic health conditions are an unfortunate part of getting older; while there are many preventative ways to stay healthy, it’s a fact of life that you’ll end up dealing with some ailment or another as you get older. Chronic medical conditions like diabetes and heart disease are very common; 87% of older Americans say they have one chronic illness, and 68% say they have two or more.
- As common as these conditions are, they never seem to get any less expensive to treat. It’s estimated that out of the total healthcare costs for the country, 66% of the costs are allocated toward treatment of chronic conditions. Out of the total healthcare costs for Americans 65+ years, this percentage rises to 95%.
You’re going to have plenty of expenses as you age, ranging from healthcare costs to family vacations. The important thing is to make sure that you’re able to spend your money on things that really matter to you — things that make your life more enjoyable and less stressful.
Choosing a health plan right now might seem pretty stressful, but it will definitely help you later on down the road!