All You Need to Know about AARP and its Purpose
AARP is a non-partisan member-driven organization that focuses on helping people live a life they wish to, irrespective of their age. With about 38 million members, it helps people above the age of 50 live a fulfilled life. It was founded in 1958 by Ethel Percy Andrus under the name American Association of Retired Persons in order to help retired teachers and promote health insurance.
With phenomenal growth and success, the organization was thrown open to all members of the public above the age of 50. It was officially renamed as AARP in 1999. Now to become a member, one need not be a retiree.
- Insurance – AARP members can buy insurance plans from AARP’s partners for health care and dental and eye care. They become eligible for free vision exams and loss of vision benefits.
Popular offers with AARP in insurance
New York Life
AARP has partnered with New York Life insurance to provide customized and affordable coverage and reimbursement for long-term care. It offers its members long-term care insurance as they grow older. This plan covers the cost of factors that are usually not covered under regular health insurances. Long-term care is essential for those who are aged, sick, injured, or who have a cognitive impairment. This plan helps them as they will need assistance with everyday activities as they grow older. This plan is great for:
- Families who want to care for their older members and also protect their assets
- Retirees who need to safeguard their earnings
- Persons who do not have immediate family to take care of them
- Members who cannot afford to pay for long-term care
Long term care is expensive. A private nursing home could cost as high as around $104,000 per year and home care on average costs about $49,920. Assisted living care too is expected to cost around $57,000 a year. Medicare and MedAid may cover part of the costs, but mostly only short term care and they do not cover individual caregiving.
AARP’s partnership with New York Insurance works out a plan that can suit the member’s budget and needs. This means any expense incurred for long-term care is reimbursed. This is one of the most popular plans that the members avail.
Another popular insurance plan for AARP members is the customized life insurance plan offered by New York Life insurance. This is a group coverage plan that offers coverage from $10,000 to $100,000. The premium has been worked out as low as $12 per month (subject to coverage value). Members can opt for coverage for a period that they like. Moreover, no medical examination is required. Members can get a free quote online and set up an appointment with an agent to get their queries clarified. However, this policy is exclusively designed for AARP members.
In other insurance plans, AARP members can purchase insurance plans for young members in the family, like the grandchildren. They can set up coverage for their entire life.