Supplemental Health Insurance for Seniors

As you age, your healthcare needs change, and your costs may increase. When primary care gets more expensive, supplemental health insurance for seniors can provide additional coverage to help reduce your out-of-pocket costs. These plans typically cost less than primary health insurance, but pricing can vary based on several factors. Aflac offers a range of supplemental plans to support seniors in specific coverage areas, including dental, critical illness, cancer, short-term disability, and vision insurance. Read on to learn how supplemental health insurance for seniors works and find information on some types of plans that are available.

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Key Takeaways

Supplemental health insurance can help cover costs that primary health insurance doesn’t, such as living expenses, copays, or prescription costs.
The cost of supplemental health insurance for seniors will vary; for instance, short-term disability insurance can cost between 1% and 3% of your income, while critical illness insurance premiums can cost $10 to $20 per month.^1,2
Aflac offers a range of affordable supplemental health insurance plans to help seniors get more comprehensive coverage.

How does supplemental health insurance for seniors work?

Supplemental health insurance is a type of plan that pays cash benefits to help minimize out-of-pocket expenses not covered by your major medical plan. These plans can pay cash benefits to help you cover copays, deductibles, and other costs to reduce your out-of-pocket expenses.

Seniors automatically qualify for Medicare, a national health insurance program in the United States for seniors 65 and older.³ However, you may need additional support before you turn 65, or want to supplement Medicare with additional coverage. Supplemental plans allow you to get specific types of coverage, to cover costs related to cancer, critical illness, disability, vision, and other illnesses or needs.

Average cost of supplemental health insurance for seniors

While supplemental insurance is often cost-effective regardless of age, the price can increase as you get older. The average cost seniors will pay for supplemental health insurance can vary based on factors like the type of plan you choose, your age, and the state you live in. Generally, though, it will be cheaper than primary health insurance.

The average cost of short-term disability insurance is between 1% and 3% of your salary.¹ Critical illness insurance premiums, on the other hand, range between $10 and $20 per month.² Those amounts can be much less than the average cost of health insurance for seniors aged 60, which is around $1,319 per month.⁴

Factors that impact the cost of supplemental health insurance for seniors

Supplemental health insurance is an additional cost to your primary health insurance that helps provide seniors with more coverage. Several factors can affect the cost of a supplemental plan, including:

Age: Typically, the older you get, the more expensive health insurance is because you are deemed a greater risk.
Type of Policy: Some policies are more expensive than others, so exploring all your options is essential.
Location: Costs can vary from state to state.
Coverage amount: Usually, the more coverage you want, the more it may cost. Chatting with an agent can help you choose a level of coverage that makes the most sense for your goals.

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Types of health insurance for seniors

When you reach age 65, there are typically three kinds of health insurance plans to consider, unless you’re still on an employer-sponsored plan:

Medicare: Medicare is a government-run program that helps provide healthcare support for seniors 65 and older.
Medicaid: Medicare is a government-run program that helps provide healthcare support for seniors 65 and older.
Supplemental health insurance: You can also work with a private insurer, like Aflac. In this instance, you may have more options with the type of insurance coverage you desire.

Which supplemental health insurance plan is right for me?

Aflac can help provide support in one or more of these areas. Many of our policyholders consider more than one type of supplemental health insurance plan:

Accident: These insurance plans can help cover the costs that arise if a covered accident happens.
Cancer/Specified-Disease: Get help facing the physical and emotional repercussions following a cancer diagnosis. This type of coverage offers varying levels of support that can help with out-of-pocket expenses.
Critical Illness: These plans can help cover the costs of treatments and procedures following a life-changing health event.
Hospital: Get assistance with hospital expenses not covered by major medical plans.
Short-Term Disability: These plans can help provide income and sometimes treatment support if a covered short-term disability temporarily puts you out of work.
Dental: Stay on top of your oral health with additional coverage that can help with treatments that may not be covered by your primary dental insurance plan.
Vision: Can help provide vision benefits in the areas your primary vision plan may not cover.
Final Expense: Can help provide additional financial support for your family after you pass, including help covering funeral expenses.

Get an Aflac supplemental health insurance quote

There are many types of supplemental health insurance plans for seniors, each of which may help you address specific coverage goals or needs. To learn more about our supplemental insurance plans, better understand if additional coverage is right for you, and get a quote, start chatting with an Aflac agent today.

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