Is a Supplemental Plan Right for Your Parent?
Posted on: 29 April 2021
If you are an adult child of someone over 65, they may turn to you for help with choosing their Medicare plan. This can be challenging, since you may not have had the time to study out the different plans. If you want to help your parents, here are a few things that may help you to determine if a supplemental plan would be a good choice for your parent.
Supplemental plans are purchased in addition to original Medicare. They supplement the coverage of Original Medicare. Original Medicare covers 80% of your parent's medical needs and additionally includes deductibles and coinsurances that must be paid. Some people struggle to pay the 20% that is left to them. Fortunately, supplemental plans fill the gap. For that reason, another name for a supplemental plan is a Medigap plan.
There are a few things that may help you to determine if a Medicare supplemental plan would be a good fit for your parent.
1. Health Challenges
If your parent has health challenges the 20% that they are responsible for with original medicare can add up very quickly. An advantage plan may also be pricey, due to the constant need to pay copayments for visits and procedures.
For example, if your mom or dad has a condition that requires seeing a specialist twice a month, they may need to pay $50 per visit, and then pay 20% of the cost of their treatments. Their copayments would be more expensive than the cost of a supplemental premium, so they should get a Medigap plan.
2. Fixed Income
If money is a bit tight for your parent, it could be a good idea to get a supplemental plan. Yes, they are a bit pricey, but one scheduled payment each month could be cheaper than leaving the cost of their medical needs up to fate.
In conclusion, your parent may really benefit from having a supplemental plan. Just make sure that they can afford it and they really need it. If they can, they will not have to worry about their medical insurance anymore, which can be such a load off of both of you. Your parent can purchase a supplemental plan from any health insurance agency that offers one in your area. Keep in mind that each agency decides the price for their policies, so it is important to shop around. Good luck with signing them up.
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