Many people are working past their normal retirement age to plan well for a comfortable retirement. However, as seniors enter life’s final season, they have many questions about finances, insurance, and medical care.
This is the season when seniors rely heavily on guidance and advice from their insurance agents. With that in mind, we have included some of the most common senior insurance questions to help insurance agents and brokers prepare answers and assist their clients in retirement planning.
Questions About Medicare
As seniors consider the best time to retire, some will lose their employer’s benefits. Healthcare expenses may prompt them to ask the following questions:
- When should I sign up for Medicare?
- Should I stick with my employer-sponsored health plan or sign up for Medicare?
- What do Medicare Parts A, B, C, and D mean?
- How much does Medicare cost?
- What is a Medicare Advantage plan?
Questions About Vision and Dental Care
As people age, their vision may deteriorate, and their teeth may not be as strong. This is the season when seniors want to improve their health so they can enjoy the rest of their lives. They may ask questions about caring for their eyes and teeth, such as:
- Will I have to pay for eye exams?
- How can I get my glasses paid for?
- Will my insurance cover glaucoma treatments?
- What kind of coverage can I expect for dental work?
- Will my insurance pay for dentures?
Questions About Disability and Critical Illness Care
As seniors experience health problems, they begin to question what will happen if they become disabled or acquire a critical illness such as cancer or a heart attack.
The following questions may come to mind:
- How can I get coverage for short-term disability?
- How can I cover my income for a long-term disability?
- What programs are available for long-term disability?
- Is there a way to cover my medical bills if I acquire a critical illness?
Questions About Life Insurance
Seniors may be familiar with the term and whole life insurance, but they may believe the time has passed for them to buy an affordable plan. Instead, they may be pleasantly surprised to find they have more options than they previously thought. Agents and brokers should be prepared to answer the following questions:
- Can I purchase a life insurance policy for my children?
- Am I too old to get approved for life insurance?
- Will my health affect my ability to get approved for a life insurance policy?
- Can I get a life insurance policy to cover only my final expenses?
Questions About Retirement
Senior clients will likely have many general questions about insurance and retirement. Be prepared to answer the following questions to reassure them:
- Is the best age for me to retire?
- How much money will I need during retirement?
- What are the best vehicles to invest my money in while working?
- One last time or do I need to claim Social Security benefits?
- How much should I allot for healthcare costs during retirement?
- When will I be required to take my IRA and 401(k) distributions?
Questions about Long-Term Care and Short-Term Care
According to the U.S. Department of Health and Human Services, people over the age of 65 have nearly a 70% chance of needing long-term care services or support of some type. They may have questions about long-term care or short-term care, such as:
- What does a long-term care insurance policy cost?
- Will Medicare cover long-term care?
- How much money should I allot for long-term care coverage?
- Will long-term care insurance cover assistance at home?
Final Thoughts
Answering common senior insurance questions is a service you can provide to your clients that provide value. In addition to scheduling appointments with your senior clients, they may look at your website to find answers.
To learn more about the common questions your clients may have, contact the experts at American Senior Benefits. Our licensed experts will be happy to answer any questions you have.
