Diabetic options at age 60
Q: I am writing in regard to the rising cost of health care. We just turned 60 years old and our present health coverage just went up 40% over what we were paying. I am a diabetic but my husband hasn't had any serious health issues. Because of the diabetes and our age I hate to drop all health insurance which my husband is suggesting. Do you have any recommendations for us?
A: Diabetics often face a terribly difficult situation balancing their medical and other financial needs. The answer is not as simple as switching to a different insurance policy. Diabetes is a lifelong situation that may dominate your financial future. From now until the age of Medicare eligibility, the cost of health care - both out-of-pocket and insurance costs - may outweigh all of your other living expenses combined.
You really need to open up your entire life situation for re-examination and development of a long term life plan that put your health as the top priority. This may involve some emotionally intense decision-making with your spouse and family members. If you have adult children, your decisions may affect them as well. In many cases a professional adviser with experience is worth the cost, even when money is tight. This topic is discussed in the recently updated articles titled "Health Insurance for Diabetics" and "Finding Health Insurance to Cover Pre-existing Medical Conditions".