Do you know why you should help purchase a Medicare Supplement Plan for elderly parents?
You are lucky if your parents have enough money squirreled away to take care of themselves – for the most part – during their retirement years. They may have a home that is fully paid for, they are able to take care of their food and daily expenses, and they have Medicare.
Before you celebrate think about this: their biggest expense, which is Medicare, doesn’t cover all their medical costs. This is something that many people who are caring for elderly parents don’t realize until it is too late.
You Don’t Want Them to Pay Out of Pocket
While Medicare is an excellent program that helps many people, it only pays for a fraction of the cost of medical care, typically about 80%. The rest has to be paid out of pocket. 20% may not seem like a big deal but when you are confronted with it you will realize just how serious it can be. As your parents get older they will need more medical care and may even have to go into hospital for stays. Imagine, for example, that one of them has a hospital bill of $20,000. If Medicare takes care of 80% of that, the rest – $4,000 – will have to come out of pocket. While your parents may have planned for the basic necessities of their retirement, that amount will put a serious dent in their savings and you may find yourself running out of money in a few years.
It Doesn’t Matter If They Have Existing Conditions
That is why it is important to invest in a Medicare Supplement Plan. This is a strategy where you pay small amounts every month, much like insurance, and when you need Medicare the company pays whatever amount is not covered by Medicare. You may wonder why you shouldn’t just buy a straight insurance package, and here is why. First, the premiums for a regular insurance package are higher, so in the end, you will end up spending a significant part of your parents saving on an insurance policy for the same benefits.
Second, many insurance companies have strict policies about who they can and cannot take on as clients and you may find that your parents are excluded for the smallest reasons. A Medicare Supplement Plan doesn’t ask questions – whatever existing conditions your parents may have doesn’t matter.
Medicare On Video Is Here to Help
When you decide to purchase a Medicare Supplement Plan for elderly parents make sure you sign up with a company like Medicare On Video that is reputable and trusted. We provide great value for your Supplement Plan and have helped thousands of people just like you.