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.

This article is published on KansasMoney.gov. Find more information by contacting these state agencies: