There are many insurance considerations to make as you age.
From Medicare and prescription plans to Long-Term Care Insurance, it is important to understand your options.
Here are 3 insurance tips you should know about to find affordable coverage and the best policy for your needs.
1. Understand the basics of Medicare
Medicare open enrollment begins on Oct. 15 and continues until Dec. 7. Plans change from year to year, and it is important to consider your health care needs and preferences to ensure you select the plan that’s right for you.
Medicare doesn’t cover living expenses in a retirement community, hearing aids or dental work.
2. Save money on prescription drugs
Most individuals can lower their out-of-pocket prescription drug costs by 25 to 75 percent by using generic instead of a brand name drug.
Reports indicate that seniors over the age of 65 spend an average of over 3 percent of their income on prescription drugs. If your insurance plan does not include a prescription plan, look into coupons, drug discount cards or switching to a generic brand.
3. Learn how to save on auto insurance
Auto insurance for older drivers often costs more. Many states, including Illinois, mandate that drivers over 55 be given discounts for good driving and/or for taking approved driving courses. Mature driver courses offered by AARP and others can reduce your premiums by 5-15 percent.
Data from the National Transportation and Safety Bureau (NTSB) and National Automotive Sampling System (NASS) show that drivers 70 and up experience much higher rates of intersection-related accidents than younger drivers. If your insurance rates are sky-high because of your driving record, it might be time to quit driving.
Plum Landing offers transportation via our courtesy car or bus. Our driver will take you to your desired destination and pick you up when you are ready to return for a very reasonable charge. In addition, several complimentary shopping trips are offered each week.
Plum Landing : 495 North Lake Street, Aurora, IL 60506 : 630.896.5031 : www.plumlanding.org