Most people agree that insurance is a necessary evil. Most of the time, people don’t use it or even think about it unless they have a monthly premium to pay. When you need it, however, it suddenly becomes invaluable. This is true at every stage of life, including your senior years. 

What may be different is the type of insurance plans you should think about. So which insurance plans are important for seniors?

Medicare Advantage

It’s no secret that healthcare issues are a major concern for seniors. As you age, your body has a harder time repairing itself and is more susceptible to illness. A lifetime of lifestyle choices impacts health, all too often for worse. 

Good health insurance is critical to maintaining good health for as long as possible. Medicare is usually considered a good choice for seniors, but Medicare Advantage offers better coverage. In addition to everything Medicare offers, Medicare Advantage often offers prescription drug coverage and other health benefits.

Long-Term Care Insurance

Most seniors reach a point where they can’t take care of themselves as well as they used to. Those who need help with activities of daily living or skilled medical care benefit from long-term care services. The challenge is that those services are expensive. 

That’s where long-term care insurance comes in. Medicare will cover hospice needs in most cases. It doesn’t cover everything long-term care insurance does though. Long-term care insurance covers multiple services that private medical insurance won’t, making it a valuable policy for seniors to carry.

Life Insurance

A person’s passing can put a significant financial burden on their loved ones. That can be mitigated with a good life insurance policy. A good policy can help cover outstanding credit card debt, funeral expenses, car payments, mortgage payments, and more. How much you pay for life insurance depends on a few factors, including what type of life insurance you choose, your age, any preexisting conditions you have, whether or not you smoke, and your overall health. 

As a senior, you’ve put in the work and done your time to contribute to society and your community. Now it’s time to relax and enjoy the fruits of your efforts. That’s most easily done without the stress of sudden financial burdens. Insurance is meant to protect you from undue financial burden. Make the most of it by choosing the right insurance plans for your stage of life, health, and unique circumstances.

Did you enjoy reading this article? Here’s more to read. Important Benefits to Take Advantage of During Retirement