4 Affordable Insurance Plans for Retirees in 2025
Written by
Brooke Barley
Edited by
Rebekah Evans
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Insurance plans for retirees can be incredibly costly and it often feels like there aren’t a ton of choices. Senior citizens might find themselves constantly looking for a better deal, which is very time consuming. GOBankingRates reached out to insurance experts to find the best health plans that won’t be cost prohibitive for retirees.
Medicare Supplement Plans
Scott Maibor, managing director at Senior Benefits Boston, recommended not opting for the least expensive premium. “We always caution clients that a cheap premium is not necessarily the cheapest or most affordable plan,” he said.
Instead, Maibor suggested that retirees look into Medicare Supplement Plans. “A Medicare Supplement with a relatively high premium has a very small annual deductible and no copays for medical services and supplies. This may easily prove the least expensive option overall despite the high premium,” he added.
Medicare Advantage Plans
For retirees in fairly good health, Medicare Advantage plans are suggested. “Medicare Advantage plans can be cost effective with little or no monthly premiums for those who are healthy and do not incur many co-pays,” Maibor said.
Alex Adekola, CEO and founder of ReadyAdjuster, specifically recommended Medicare Advantage Part B and Part C plans. “Next year, the projected premium for a Medicare Advantage plan is around $17 per month which is incredibly affordable compared to other plans,” he said. “But, it can go as low as $0 a month if you’re still paying your Medicare Part B premium.”
Adekola added that there’s usually a cap on out-of-pocket expenses, which can make planning finances easier. Plus, they usually cover add-ons like dental, vision, and hearing care.
Maibor cautioned that if health does decline, the co-pays will increase and these plans could become expensive. Adekola added that those looking into these plans should know that there are service area restrictions that might apply to them.
Medicare Drug Plans
Retirees often need a plan that will cover prescriptions. Maibor recommended the Medicare Drug plans, as he found they’re very cost-effective. “Medicare Drug Plans may have a very low premium but high drug co-pays or deductibles and a high premium but with no deductible and much smaller copays. For many clients, budgeting the higher priced plan with its predictable premium is easier,” he explained. “Also, the formularies on the pricier plans are larger and help to reduce the surprise or aggravation of not having a new prescription covered.”
Aetna Medicare SmartFit Plan
Dan Hardle, CEO of Agent Boost Marketing, recommended that all retirees shop around for the best insurance plan for them. It can largely change based on their location, their income and their health. “The best way to find an affordable plan that is available in your area is to speak to a Medicare Advocate,” he said. “Agencies that are licensed nationally and appointed with many of the carriers can compare between all providers and plans in your area.”
That being said, if it’s available, Hardle recommended this Aetna plan, as it’s very affordable. “The Aetna Medicare SmartFit plan boasts an estimated annual cost of $0, while featuring dental, vision, hearing and over-the-counter benefits,” he added.
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