Navigating Health Insurance as a Senior Beyond Medicaid Eligibility

As a senior citizen over the age of 65, it's important to ensure you have adequate health insurance coverage. However, if your income is slightly too high for Medicaid, you're not out of options. Here’s how you can find affordable health insurance tailored to your needs.

Options on the ACA Marketplace

First, consider yourself fortunate to be in a position to have income that's just above the Medicaid threshold. This means you have some financial stability to explore other health insurance options. One of the most accessible avenues is the Affordable Care Act (ACA) marketplace.

Visit your state’s ACA marketplace or the federal marketplace if your state does not have one. Depending on your income, you can qualify for subsidies to help with premium costs. Some plans are very low-cost but come with co-pays, while others are more expensive monthly but have lower co-pays. The key is to review these options thoroughly and identify the plan that best suits your healthcare needs.

Community Help and Guidance

Feeling overwhelmed? Don’t hesitate to seek help from a professional. The ACA marketplace offers free, unbiased assistance from certified counselors who can help you navigate the process. These counselors do not accept commissions from insurance companies and can guide you in selecting a plan that fits your budget and coverages.

Investing in Unexpected Life Events

It's crucial to prepare for unexpected health events as you age. Consider investing in a high-deductible health plan that includes a Health Savings Account (HSA). An HSA can provide additional financial security by allowing you to save pre-tax money specifically for medical expenses.

Real-life Experience

Let me share a personal experience. During my poorest days, after being laid off, I was enrolled in Medicaid, food stamps, L.I.F.E. (Louisiana Initiative for Families in Need), and P.I.P.P. (Prohidic Prepaid Program). I paid a significant amount of taxes for these services over 44 years, so there was no shame in utilizing them when needed. One time, the welfare worker gave me a flyer for a non-profit program to help those who fell through the cracks like me. This program connected me to an ACA private insurance plan that was affordable and suited my needs. This plan covered me until I became eligible for Medicare.

Finding a Health Insurance Navigator

Consider finding a health insurance navigator in your area. A navigator can help you find a low-cost ACA plan that may be silver or even bronze level – but it’s better than nothing, and certainly better than Medicaid. Ensure you choose a navigator, not a broker, to get the most unbiased advice.

Conclusion

If you find yourself in a similar situation, don’t overlook the resources available through the ACA marketplace. With some research and possibly the guidance of a professional, you can secure the health insurance you need without compromising your financial stability.