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The average retired couple can expect to spend an estimated $315,000 on medical expenses while in retirement.1 Although you may fall off an employer-sponsored plan in retirement, at age 65, you may be eligible to apply for government healthcare programs like Medicare and Medicaid that can help reduce healthcare costs. These plans, however, may still have coverage gaps. Let's dive deeper into the types of health insurance plans for seniors 65 and older and how they work.
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Health insurance for seniors helps provide coverage for health events to help seniors reduce out-of-pocket healthcare costs. Most seniors become eligible to apply for additional government health programs upon turning 65. Seniors may leverage public options like Medicare and supplement their insurance with private coverage options.
Seniors tend to have higher healthcare costs than younger people. Generally, health declines with age, and you may experience cognitive decline, physical discomfort, and an elevated risk for diseases like cancer.2 Treating illnesses can rack up significant hospital bills.
Health insurance is important for seniors because:
We’ve mentioned a few health insurance options for seniors, but let’s explore a few in greater detail:
Medicare is the nation's largest health insurance plan, covering more than 66 million people.3 This extensive government program offers health insurance for people aged 65 and older, as well as younger adults with qualifying disabilities or medical conditions like Alzheimer's.
Here are the parts of Medicare:4
Parts A and B include 99% of the nation’s doctors in network,5 but do not cover all of your healthcare costs, which is why some individuals choose to supplement their coverage with Part D.
Also known as Medicare Part C, Medicare Advantage is a Medicare plan purchased from a private insurance company. Plans must help cover the same services as original Medicare, but they usually go a step further to include prescription drugs, dental and vision coverage for one monthly premium.5 Your plan may require you to use an in-network doctor or hospital to get the cheapest rates and most coverage.
Medicaid is a joint federal and state program that helps income-eligible individuals with medical costs.4 Each state runs its own programs based on general rules set by the federal government, which creates different eligibility requirements and benefits between states. That said, about 12 million people are “dually eligible” in both Medicaid and Medicare and are enrolled in both.6
Medicaid offers benefits not covered by Medicare, like nursing home and personal care expenses. Typically, with Medicaid, you don’t pay for covered medical expenses, but you may have a small co-pay for some services.
Although Medicaid offers some long-term care coverage, it may not be enough for your preferred level of care. Long-term care insurance helps cover the costs of services and support for chronic illnesses or disabilities, including assistance with daily activities like bathing and dressing. Depending on the plan, it may support care:
Considering the cost of a private room in a nursing home can cost over $10,000 per month,7 long-term care may be a good supplement to health insurance for seniors.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedAfter retirement, you’ll likely lose your employer-sponsored healthcare plan. When it’s time to choose your next healthcare plan, consider the following:
With supplemental insurance, you can help fill coverage gaps and reduce out-of-pocket costs for unexpected health events. Here are some supplemental insurance plans Aflac offers that seniors can consider:
Older adults must think critically about their healthcare needs . Both public and private health insurance plans can support your goals but may leave coverage gaps that expose you to expensive medical bills. Chat with an agent today to discuss Aflac’s supplemental insurance and get a quote.
Ready to get supplemental insurance?
Get Started
Let’s dive deeper into what cancer insurance is, how it works, and what it costs so you can decide if this type of policy makes sense for your unique situation.
Critical illness insurance offers financial protection if you have a major disease. Learn about the costs and benefits of critical illness insurance.
Let’s dive deeper into what cancer insurance is, how it works, and what it costs so you can decide if this type of policy makes sense for your unique situation.
Critical illness insurance offers financial protection if you have a major disease. Learn about the costs and benefits of critical illness insurance.
1 CNBC – Medical costs can eat up a sizeable portion of your retirement savings – here’s how much you should expect to spend. Updated July 30, 2023. Accessed March 28, 2025. https://www.cnbc.com/select/how-much-expect-to-spend-on-medical-expenses-in-retirement/.
2 City of Hope – At what age is cancer most common? Updated June 6, 2023. Accessed March 28, 2025. https://www.cancercenter.com/community/blog/2023/06/cancer-risk-by-age.
3 Medicare – About Us. Accessed March 28, 2025. https://www.medicare.gov/about-us.
4 Medicare – Parts of Medicare. Accessed March 28, 2025. https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/parts-of-medicare.
5 ValuePenguin – 7 Best Health Insurance Plans for Retirees and Seniors. Updated January 6, 2025. Accessed March 28, 2025. https://www.valuepenguin.com/best-health-insurance-retirees-seniors.
6 Medicaid.gov – Seniors & Medicare and Medicaid Enrollees. Accessed March 28, 2025. https://www.medicaid.gov/medicaid/eligibility/seniors-medicare-and-medicaid-enrollees/index.html.
7 Senior Living – Nursing Home Costs in 2025. Updated April 13, 2025. Accessed March 28, 2025. https://www.seniorliving.org/nursing-homes/costs/.
This is a brief product overview only. Coverage may not be available in all states, including but not limited to ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For availability and costs, [please complete the form above].
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York:
Accident: In Delaware, Policy A371AA & A371BA. In Idaho, Policy A37000ID. In Oklahoma, Policy A37000OK. In Virginia, Policies A371AAVA & A371BAVA. A38000 series: In Delaware Policies A38100DE – A38300DE & A382OFDE, In Oklahoma A38100OK – A38300OK & A382OFOK.
Cancer/Specified-Disease, B70000 series: In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. A75000 series: In Virginia, policies A75100VA–A75300VA.
Critical Illness/Specified Health Event, A74000 series: In Delaware, Policies A74100DE, A74200DE, A74300DE. In Idaho, Policies A74100ID, A74200ID, A74300ID. In Oklahoma, Policies A74100OK, A74200OK, A74300OK. In Virginia, Policies A74100VA, A74200VA, A74300VA. A73000 series: In Delaware, Policies A73100DE & A7310HDE. In Idaho, Policies A73100ID & A7310HID. In Oklahoma, Policies A73100OK & A7310HOK. In Virginia, Policy A73100VA & A7310HVA. B71000 series: In Delaware, Policies B71100, B71200, B7130H & B7140H. In Oklahoma, Policies B71100OK & B7110HOK.
Hospital Confinement Indemnity, B40000 Series, In Arkansas, Policies B40100AR & B401HAR. In Delaware, Policies B40100DE & B4010HDE. In Idaho, Policies B40100ID & B4010HID. In New York, Policies NYB40100 & NYB4010H. In Oklahoma, Policies B40100OK & B4010HOK. In Oregon, Policies B40100OR & B4010HOR. In Pennsylvania, Policies B40100PA & B4010HPA. In Texas, Policies B40100TX& B4010HTX. In Virginia, Policies B40100VA & B4010HVA.
Coverage underwritten by Tier One Insurance Company:
Accident: In Delaware, Policy T37000. In Idaho, Policies T37100ID, T37200ID, & T37300ID. In Oklahoma, Policy T37000OK. In Virginia, Policies T37100VA, T37200VA, T37300VA, T37400VA & T37600VA.
Cancer/Specified-Disease: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, policies T70000VA & T70000GVA.
Critical Illness: In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Virginia, Policy T71100VA.
Aflac Medicare Supplement insurance, Policy series AFLMS – In Arkansas, policies AFLMSP22A-AR, AFLMSP22F-AR, AFLMSP22G-AR, AFLMSP22N-AR. In Idaho, policies AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In Oklahoma, policies AFLMSP22A-OK, AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Oregon, policies AFLMSP22A-OR, AFLMSP22F-OR, AFLMSP22G-OR, AFLMSP22N-OR. In Pennsylvania, policies AFLMSP22A-PA, AFLMSP22F-PA, AFLMSP22G-PA, AFLMSP22N-PA. In Texas, policies AFLMSP22A-TX, AFLMSP22F-TX, AFLMSP22G-TX, AFLMSP22N-TX. In Virginia, policies AFLMSP22A-VA, AFLMSP22F-VA, AFLMSP22G-VA, AFLMSP22N-VA. Some plans may be available to qualified consumers under age 65. Plans not available in all states. Benefits/premium rates will vary based on coverage selected. For complete details of benefits, definitions, and exclusions, please carefully read the outline of coverage and policy forms, and refer to the “Guide to Health Insurance for People with Medicare.” Aflac Medicare supplement insurance is not connected with or endorsed by the U.S. government or the federal Medicare program. All benefits payable under the policy are based upon Medicare-eligible expenses (as applicable). This is a solicitation of insurance. Contact may be made by an insurance agent or company. Aflac Medicare Supplement insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated, and is administered by Aetna Life Insurance Company.
Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
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