How Much Health Insurance Do I Need in My 50s?
Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.
Health insurance is a complicated matter. While we all likely have strong opinions about how costly healthcare expenses are and how difficult the choices can be to navigate, there’s a need for the coverage a healthcare plan provides. As we get older, our insurance needs change, too, as we face more illnesses and a growing family and career changes. Today, we’ll look at all the considerations you need in mid-life, specifically how much health insurance you need in your 50s.
In this article
Why do I need health insurance in my 50s?
Health insurance is important at any age, but particularly in your 50s, for several reasons:
Increased health risks
As you age, the risk of developing health conditions tends to increase. This could include chronic conditions such as heart disease, diabetes, or arthritis, as well as age-related issues like vision or hearing loss. Health insurance can help cover the costs of diagnosing, treating, and managing these conditions.
Cost of healthcare
Healthcare expenses rise as you age, especially if you require more frequent medical care or prescription medications. Health insurance can help mitigate these costs by covering some of your medical bills, including doctor visits, hospital stays, prescription drugs, and preventive services.
Protection against catastrophic events
Even if you've been healthy, unexpected health emergencies can occur anytime. Without health insurance, you may face significant financial strain if you require expensive medical treatment or surgery due to an accident, illness, or injury.
Medicare eligibility
In the United States, individuals become eligible for Medicare, the federal health insurance program for people aged 65 and older, once they reach age 65. However, having health insurance coverage leading up to Medicare eligibility can provide you with continuous access to healthcare services and help bridge any gaps in coverage.
Prescription drug coverage
Many health insurance plans include coverage for prescription medications, which can be essential for managing chronic conditions or recovering from acute illnesses. Insurance coverage for prescription drugs can make medications more affordable and ensure you can access the necessary treatments.
Preventive care and screenings
Regular preventive care, such as screenings, vaccinations, and wellness exams, becomes increasingly important to detect potential health issues early and prevent more serious complications as you age. Health insurance typically covers preventive services at little to no cost, encouraging you to prioritize your health and well-being.
In summary, having health insurance in your 50s provides financial protection against unexpected medical expenses, ensures access to necessary healthcare services, and supports your overall health and well-being as you age.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
What does health insurance cover?
Health insurance offers coverage for medical expenses and services, many of which would be too costly to pay for out-of-pocket and on our own. As you face your fifties, you may have chronic health conditions, pre-existing conditions, or coverage for your family members to consider.
Although the details of each health plan vary depending on your plan and provider, you can generally expect healthcare insurance to cover the following:
- Doctor visits. This includes visits to primary care physicians, specialists, and other healthcare professionals. Doctors' visits can range from routine checkups to consultations and examinations.
- Hospitalizations. Health insurance generally covers expenses related to hospital stays, including room charges, surgical procedures, anesthesia, and medications administered during the hospital stay, both for outpatient services and when you require an extended stay.
- Emergency care. Health insurance can cover emergency room visits for medical conditions or injuries requiring immediate attention.
- Laboratory tests and diagnostic services. The doctor orders laboratory tests, imaging services (such as X-rays, MRIs, and CT scans), and other diagnostic procedures for diagnosing medical conditions or monitoring recovery.
- Prescription medications. Many health insurance plans include coverage for prescription medications, although the extent of coverage may vary.
- Preventive care. Preventative services, such as vaccinations, screenings, and wellness exams, are often covered under healthcare plans. The goal of these services is to detect and prevent potential health issues before they become more serious.
- Mental health and substance abuse treatment. Health insurance may provide coverage for mental health services, including counseling, therapy sessions, and treatment for substance abuse disorders.
- Rehabilitation services. If you need physical therapy, occupational therapy, or speech therapy.
Healthcare plans typically cover maternity, prenatal, and postnatal care. While this may not apply to you personally in your fifties, it’s possible your spouse needs these services.
While your fifties can mean changing family sizes, such as children going off to college, career changes, or more responsibilities with aging parents, it’s too critical of a time to forgo adequate healthcare coverage.
How much health insurance do I need in my 50s?
Determining how much health insurance you need in your 50s depends on various factors, including your health status, financial situation, lifestyle, and personal preferences. Here are some considerations to help you determine the appropriate level of health insurance coverage in your 50s.
Evaluate your health needs
Consider your current health status, pre-existing conditions, and anticipated health problems. You may need more comprehensive coverage if you have chronic conditions or require ongoing medical treatment. Additionally, consider factors such as family medical history, whether you have life insurance, and lifestyle habits that may impact your health.
Assess potential healthcare costs
Estimate your potential healthcare costs based on your anticipated medical needs. Consider routine doctor visits, specialist care, prescription medications, preventive screenings, and potential emergencies. This will help you determine the coverage level you need to protect yourself financially.
Review coverage options
Explore different types of health insurance plans, such as employer-sponsored plans, individual plans, Medicare, or supplemental insurance policies. Compare the coverage options, premiums, deductibles, copayments, and out-of-pocket maximums to find a plan that aligns with your healthcare needs and budget.
Consider your financial situation
Assess your financial situation and ability to pay for healthcare expenses out of pocket. Choose a health insurance plan with a premium, deductible, and out-of-pocket costs that you can afford while still providing adequate coverage for your medical needs. Balance the premiums' cost with the coverage level and potential out-of-pocket expenses.
Think about long-term care
As you age, you may want to consider long-term care insurance to help cover the costs of nursing home care, assisted living facilities, or home healthcare services in the future. Older people have more health problems and need extra care. Long-term care insurance can provide financial protection against the high costs of long-term care that may not be covered by traditional health insurance or Medicare.
Review policy benefits and exclusions
Carefully review the health benefits, coverage limits, and exclusions of the health insurance policy you're considering to ensure it meets your specific needs. Pay attention to network providers, prescription drug coverage, and coverage for services like mental health care, maternity care, or alternative therapies.
Ultimately, the amount of health insurance you need in your 50s will depend on your circumstances and preferences. It's essential to carefully assess your healthcare needs, financial situation, and coverage options to select a plan that provides adequate protection and peace of mind. Consulting with a qualified insurance agent or financial advisor can help you navigate your health insurance options and make informed decisions.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
How to purchase healthcare insurance in your 50s
Having health insurance in your fifties is critical because your age does not yet qualify for Medicare coverage. A healthcare plan must either come through employer benefits, purchased privately or own your own, through the ACA marketplace plan (commonly referred to as Obamacare), or government-assistance programs like Medicaid.
Healthcare insurance costs
The average cost of health insurance depends on numerous factors, and indeed, cost can be a real barrier to getting a more comprehensive plan. The type of plan is a major factor, including whether or not you have an HMO, PPO, or high deductible health plan (HDHP). Another factor is the amount of coverage or coverage level you select. Age, location, number of dependents, and household income are also major influencers. If you’re getting health insurance through your employer, then the amount of employer contributions will impact your monthly costs.
Take a policy purchased through the marketplace as an example. According to data from Healthcare.gov, the ACA marketplace averages $393 to $860 in monthly premiums purchased in Georgia, depending on whether you purchase the Bronze, Silver, Gold, or Platinum plan. Depending on your location and exact age, these plans can cost more or less, plus additional coverages you may add (such as dental care).
As you look at your various coverage options for healthcare, keep these other expenses in mind, too:
- Deductibles. You’re responsible for this before your insurance provider pays for the covered healthcare expenses. You typically have an individual and family deductible, plus a maximum you’ll pay out of pocket each year.
- Co-pays. A fixed amount you pay for medical expenses. Typically, plans with higher health insurance premiums have lower co-pays.
- Coinsurance. Coinsurance is what you pay after the deductible has been met. This amount varies (unlike the co-pays) and is a percentage of the cost of treatment.
- Endorsements. An endorsement, or rider, is an add-on to your healthcare plan. It either adds coverage to the standard amount or a new coverage, such as maternity care.
FAQs
How do people who retire early get healthcare?
Retiring early (before the age of 65) does require consideration for healthcare. If you previously purchased through your employer, then you can continue purchasing healthcare coverage through COBRA, but this is typically only available for about 18 months. You can also purchase a plan through the health insurance marketplace (ACA) or purchase a private plan through an insurance company.
What is the best health insurance for age 50?
The best health insurance available depends on where you live and what plans you have access to. You’ll either need to purchase healthcare through your employer, a private plan through a health insurance company, or a plan through the ACA healthcare marketplace. The best plan balances healthcare coverage, out of pocket costs, and affordable premium costs.
Does health insurance go up when you turn 50?
Age generally impacts health insurance costs, but there are laws in place. If you purchase a plan through ACA, it limits the amount the monthly premiums can increase because of age.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
The bottom line
Healthcare costs and coverages are a challenging subject matter. However, you must have at least the very basic coverage set up, whether it’s through your employer, the marketplace, or a government-assisted program, so you have some level of coverage available to you. Not having insurance coverage and experiencing a major health event can be financially devastating, potentially wiping out what you’ve been working so hard to build over the last few decades of your life.
Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.
Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.
Images appearing across JoyWallet are courtesy of shutterstock.com.
Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
Share this article
