Here are 3 insurance tips you should know about to find affordable coverage and the best policy for your needs.

1. Understand the basics of Medicare

Plans change from year to year, and it is important to consider your health care needs and preferences to ensure you select the plan that’s right for you. Open enrollment begins on Oct. 15 and continues until Dec. 7.

Medicare doesn’t cover living expenses in a retirement community, hearing aids or dental work.

2. Save money on prescription drugs

Reports indicate that seniors over the age of 65 spend an average of over 3 percent of their income on prescription drugs. If your insurance plan does not include a prescription plan, look into coupons, drug discount cards or switching to a generic brand.

Most individuals can lower their out-of-pocket costs by 25 to 75 percent by using generic instead of a brand name drug.

3.  Consider a Long-Term Care insurance policy

Long-Term Care Insurance will safeguard savings while providing resources for quality care.

Long-Term Care Insurance premiums are based on your application age, health and the amount of benefits you want to have. Plans are custom designed to fit your needs. The older you are, however, the more challenging it will be able to obtain coverage.

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