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How Much Does Supplemental Health Insurance for Seniors Cost?

As you age, you may want or need new kinds of health care. As the need or desire for new health treatments rises, so does the cost. Supplemental health insurance pays in addition to your existing health insurance to help provide more holistic coverage and decrease out-of-pocket costs.

Aflac offers various supplemental health insurance plans to help provide support in specific coverage areas. A few popular options are dental, critical illness, hospital, accident, cancer, short-term disability, final expense, and vision insurance.

It can be helpful to understand the average cost of supplemental health insurance and how it often changes based on age. Chatting with an Aflac agent can help you find an insurance plan that works best with your budget. Read on to learn how supplemental health insurance for seniors works and find information on some types of plans that are available.

How supplemental health insurance for seniors works

Supplemental health insurance is a type of plan that offers affordable plan options to help minimize out-of-pocket expenses not covered by your major medical plan.

It’s important to note that seniors automatically qualify for Medicare, a national health insurance program in the United States for seniors older than 65.1 However, there may be a period of time before you turn 65 when you need additional support. That's where supplemental health insurance for seniors can help.

Average cost of supplemental health insurance for seniors

Supplemental health insurance for seniors works the same way it does for other ages. While supplemental insurance is often affordable regardless of age, the price can increase as you get older. For reference, the average cost of health insurance for seniors aged 60 is around $1,025 per month.1 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.

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Types of health insurance for seniors

There are three kinds of health insurance plans to consider as you get older:

  • Medicare: Medicare is a government-run program that helps provide healthcare support for seniors older than 65.
  • Medicaid: Medicaid is a government-run program that helps provides coverage for qualifying low-income candidates.
  • Supplemental health insurance from a private insurer: 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.

Factors that affect the cost of supplemental health insurance for seniors

When navigating how much health insurance costs for retirees, there are a handful of factors to consider. Remember, your major medical plan is an entirely different cost. Supplemental health insurance is an added cost that helps provide seniors with more coverage. Several factors can affect the cost of supplemental health insurance, 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.
  • Where you Live: Costs can vary from state to state, so your location can dictate costs for some plans.
  • Level of Benefits: Usually, the more coverage you want, the more it costs. Chatting with an agent can help you choose a level of coverage that makes the most sense for your goals.

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 things from talk therapy to radiation.
  • Critical Illness: These plans can help cover the costs of treatments and procedures following a life-changing health event, like a heart attack.
  • Hospital: Get assistance with hospital expenses not covered by major medical plans. This type of coverage offers benefits for covered hospitalizations and care.
  • Short-Term Disability: These plans helps provide income and sometimes treatment support if a short-term disability temporarily puts you out of work.
  • Dental: Stay on top of your oral health with additional coverage to help with treatments that may not be covered by your primary dental insurance plan.
  • Vision: Increase vision benefits in the areas your primary vision plan may not cover.
  • Final Expense: Provide additional financial support for your family after you pass, including help covering funeral expenses.

Aflac offers supplemental health insurance plans for seniors

We hope that you have a better understanding of the various insurance options, including supplemental health insurance plans, that are available for seniors. Now, you may be able to better decide if supplemental insurance coverage is right for you. Chat with an agent to determine if Aflac can fit into your budget.

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