Seniors and Baby Boomers

Last updated: October 7, 2015

What You Need To Know About Insurance

Auto Insurance

  • You may be eligible for age-related discounts

  • Limiting your driving can get you lower rates

  • Stable employment can also get you a discount

  • Not having teenagers regularly driving your vehicle can lower your rates

  • Taking a senior driving refresher course can qualify you for a discount

  • Consider an umbrella policy to protect your assets

  • If your car is old, consider dropping collision coverage

Home Insurance

  • Tell your insurer when you retire -- you could get discounts

  • As your assets have grown, consider a homeowner’s liability and/or an umbrella policy to protect those assets

  • Reassess the value of your home and belongings and get your insurance to reflect the current value

  • If costs are too high, consider renting instead of owning (the insurance is cheaper)

  • If you have a boat or vacation home, see if you can consolidate insurance policies with the same provider for a discount

  • If you just paid off your mortgage notify your insurance company to send the premium bills directly to your home address instead of a mortgage company

Health Insurance

  • Plan ahead

  • Medicare becomes available at age 65

  • Beware health discount cards. Do extensive research with your provider and Kansas Insurance Department to make sure they are legitimate.

  • Do you still need disability insurance?

  • Is long-term insurance right for you?

  • Medicare: traditional or the Medicare Advantage plan?

    • Do you need a Medicare Supplement or Medigap policy?

    • Find out which hospitals and doctors are in-network with each option

    • Should you enroll in Medicare Part D?

      • Calculate your spendings on prescription drugs over the last year and see if that cost is more than the cost of Medicare Part D

      • Check with your existing employer and provider to see if there would be negative consequences to your current plan

    • Keep track of the deadlines for signing up!

Life Insurance

  • Review your policies to see if you can reduce coverage and cost

  • Update your beneficiaries

  • At age 59½ you can tap into your 401(k) and IRA penalty-free. You can consider purchasing an annuity, but be sure to examine the different types and understand any penalties or fees you may incur.

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