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HEALTH INSURANCE SQUEEZES BABY BOOMERS

2The nation's 76 million Baby Boomers (born between 1946 and 1964) need to prepare themselves for financial security in retirement -- and that includes making wise decisions about their Health insurance needs. The National Association of Insurance Commissioners (NAIC) recommends that Boomers consider these options:
  • Convert a Group Health plan. If you're employed and have Group Health insurance through work, but expect to retire soon, find out if your company has a Group plan for retirees or if you can convert your plan to an individual policy.
  • Choose a High-Deductible plan. Because these plans require high out-of-pocket payments -- a minimum of $1,200 for an individual or $2,400 for a family -- you should be in good health and be able to afford the expense. You can also pay for most appointments and prescriptions through a tax-advantaged Health Savings Account HSA) A high-deductible plan will provide coverage for major medical care such as surgery or disease treatment.
  • Qualify for a Pre-Existing Insurance Condition Plan. Starting in 2014, the Affordable Care Act will prohibit Health insurers from denying coverage or charging you a higher premium because you have an illness or health condition. In the meantime, you might qualify for a Pre-existing Condition Insurance Plan (PCIP) if you have a pre-existing condition and have been uninsured for at least six months. These policies provide comprehensive coverage, including primary and specialty care, hospital care, prescription drugs, home health, and hospice care. Also, you won't pay higher premiums due to your health condition.
  • Consider Long-Term Care insurance. Some seven in 10 people (70%) age 65 or older will need long-term care services at some point in their lives, at an average cost of $80,000 a year, according to the NAIC. If you don't have the financial resources to pay for nursing home care or suffer from a chronic condition or disability, consider buying Long-Term Care insurance (LTC). However, be aware that many insurance companies are limiting LTC benefits or dropping this coverage altogether.

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