Health Insurance Rates for Senior Citizens in Ohio
By: Arthur Cooper
Submitted: 2010-10-20 12:26:49 | Word Count: 664
Health insurance is a concern for all people of all ages, but for those in their senior years, it is important to know which insurance to choose, which insurance you need, and information about senior health insurance rates.
Medicare is split into different sections , and each section sets different parameters for what they cost. Medicare Part A can be at no cost for most Americans. Seniors aged 65 years or older, and are eligible for Social Security, Civil Service Retirement, Railroad Retirement, or Survivors benefits are eligible for Part A Medicare without paying any premium. If you or a loved one are under the age of 65, received social security disability benefits for 24 months, then you are eligible Medicare Part A coverage at no cost. Some people may not be eligible for free Part A coverage, but they can still purchase this coverage for a monthly premium. This premium can cost $233.00 each month if you have 30-39 work credits for Social Security or Civil Service work credits. If you have less than 30 work credits, Medicare Part A coverage will cost $423 each month. Some people may not know how many work credits they have, and in order to find out, you can visit the Social Security website to check your annual earnings and credits.
Medicare Part B has no free options for this insurance. Everyone who has Medicare Part B coverage will pay a monthly premium that will increase each year on January 1st. Many people pay $96.40 each month for Part B coverage. Those who are eligible for Medicaid benefits, Medicaid will pay the Medicare Part B premium. Those who are single, or filing a separate tax return, with an adjusted gross income of over $82,000 each year will pay higher premiums. The same goes for those who are married whose gross income exceeds $164,000 each year.
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More specifically, as Part B is based on income: income up to $102,000/$204,000 (single/couple), monthly premium of $122.20 per person; income over those amounts and up to $153,000/$306,000 (single/couple), monthly premium of $160.90 per person; income over those amounts and up to $205,000/$410,000 (single/couple), monthly premium of $199.70 per person; income over $205,000/$410,000 (single/couple), monthly premium of $238.40 per person.
The Medicare-regulated prescription drug program, Medicare Part D, are drug plans that are sold by private insurance companies. This costs between $10-$50 each month depending on the coverage and based on the company selling the plan. Medicare Part D will pay for the high cost medicines a senior may need.
Medicare Part C, also known as Medicare Advantage, is a private insurance policy which replaces Medicare Part A and Medicare Part B. If you enroll in Part C coverage, you will not receive coverage through Part A or B. Medicare Part C requires every plan to provide the same coverage as the Medicare Part A and B coverage. Medicare Part C will eliminate some Medicare co-payments and some deductibles. Part C plans will provide coverage for some gaps in Medicare Part A and Part B, therefore you will not need Medigap if you have Part C coverage. The costs and expenses with Medicare Part C are usually lower than Parts A and B. There are two types of coverage, Managed Care and Fee-for-service plans. Each state and region will sell different insurance Part C plans. In Columbus Ohio, rates for Part C plans can range from $3,000-$6,000 annually depending on the plan you choose.
Sometimes seniors in Ohio may be faced with expenses that are not covered by Medicare. Medigap insurance helps cover medical costs that Medicare Part A or B will not cover. Medigap insurance will help pay the copayments, uncovered expenses, and deductibles that Medicare Part A and Part B do not pay. Medigap policies are sold by each state and will change state by state. If you buy Medigap coverage in one state, and move to another state, the insurance company will continue to honor the policy. The company may choose to raise premiums for the policy if the cost is higher in the new state that you moved to, but they must file for a premium increase to the level that is similar in that state.
Senior Health Insurance can include privatized insurance, or Medicare services. Senior citizens can benefit from having a good insurance policy with a low, or no-cost, premium. Each policy is different, so make sure you talk with a Medicare consultant in your area, or a Geriatric Care Manager regarding your senior health insurance options.
