As you grow older, your body weakens, becoming more prone to various severe illnesses. Thus, once your parents reach 65, you should ensure they get Medicare coverage.
But not just any plan. In this day and age, you should ensure you have the best plan for medical health coverage. Some specialists, such as Medicare Mama, can help you find suitable health insurance coverage depending on your underlying conditions and other special needs. With that in mind, below are five reasons to give your senior parents’ health insurance:
- Increase In Medical Inflation
Thanks to technology, there are a lot of advancements in medical equipment, drugs, and treatment procedures, causing Medicare costs to skyrocket. The increased cost of living also results in high-cost hospital services. Due to the ever-changing inflation rates, you can’t rely on your savings alone to cater to your parent’s medical bills. To stay ahead of things, you should purchase medical cover. This way, you will not become a victim of the rapid changes in the rising costs of medical services.
Likewise, Medicare terms and conditions change every year. Thus, you must stay updated on the changes to know the scope of your current plan. This video highlights the latest changes in Medicare for the year 2022:
- Expensive Medical Insurance
Age is paramount in deciding the most suitable medical premium for seniors. You should get the cover as soon as your parents reach age 65 to avoid paying penalties or extra fees while trying to get the coverage. Hence, getting into a health insurance plan as early as possible would be best. The cost of securing medical coverage increases with age. This makes senior citizens’ health plans the most expensive.
- Rise In Diseases
Due to poor lifestyle choices, seniors are at risk of contracting diseases such as hypertension, depression, heart failure, dementia, arthritis, multiple sclerosis, type 2 diabetes, and chronic kidney disease. Such illnesses are fatal for senior citizens since their immunity is weak.
On the other hand, the treatment is costly. You might not have enough money to take care of all their medical needs instantly. Once they contract such diseases, they require special care. If so, you must dig into your pockets if they have no medical cover. As such, the rise in illnesses requires you to purchase medical insurance for senior citizens.
- Heightened Need For Care
Once old age catches up with your parents, you’ll need to offer extra care to them. You often hire in-home caregivers to ensure they’ve appropriately looked after. It becomes expensive to fit the bills if you don’t have medical covers for their critical conditions. At the same time, there are frequent doctor visits.
Without medical coverage, you spend twice as much. But with insurance covers, you don’t feel the pinch of parting with your money as the deductions on medical covers are done on your income over a long period.
- Availability Of Comprehensive Coverage Plans
If you’re an employee in some firm, you should go for group insurance, where you can include your parents in a medical coverage plan. You can also go for a family floater medical plan that provides for family members in a health plan. In addition, it’s better to get the group plan compared to the medical bills you get to pay without a cover. The comprehensive coverage plan helps take care of severe illnesses that affect seniors.
Qualifications For Medicare
Now that the reasons have been discussed, you must familiarize yourself with the qualifications to help you enjoy the services. Since not all seniors qualify for Medicare, you need to identify the eligibility requirements for coverage.
Here are some of the eligibility criteria:
- You must have legally been residing in the United States for five years.
- You should have a work record to receive retirement benefits.
- You or your spouse works for the government paying Medicare taxes.
What Medicare Covers
Medicare doesn’t cover all medical health care costs. You’ll have several options when enrolling your senior parents for the medical cover. It would be best if you understood how the medical coverage works to get the best Medicare plan.
The options are divided into three distinct groups, as outlined below:
Medicare Part A
This medical coverage caters to hospital services such as:
- Inpatient care: Consists of tests and treatments you’ll receive during hospital admission.
- Home health care: If you receive a home care aide after discharge, the medical coverage pays for your care.
- Hospice care: Medicare covers some health costs if you receive hospice care.
- Short-term facility stays: This is covered in Medicare part A if you receive professional nursing care.
Medicare Part B
This medical part covers 80% of the cost accrued while in the hospital, such as:
- Doctors’ visits from approved suppliers
- Emergency room services
- Same-day surgical procedures
- Screenings and testing
- Mental health services
- Chiropractic care
Medicare Part C
You only qualify for this Medicare part if you already qualify for A and B. Some of the services covered include:
- Inpatients hospital stays
- Doctor’s visit
- Laboratory tests
- Durable medical equipment
- Dental treatments
- Vision care
- Hearing treatments
Medicare Enrollment Options
Due to its versatility, Medicare has several enrollment options. Some are time-bound, while others are only flexible for seniors. These are:
- Initial Enrollment Period: If you want to avoid paying late enrollment fees, you should enroll for your Medicare three months before or after your 65th birthday.
- Annual Enrollment Period: The enrollment period lasts from the 15th of October to the 7th of December. You can change or drop from one plan to another during this time.
- General Enrollment Period: You can enroll between the 1st of January and the 31st of March if you miss the initial enrollment period. However, you pay a higher premium.
- Special Enrollment Period: If your parents are still working even after clocking 65, they can enroll anytime between eight months if their employee coverage plan has ended.
- Open Enrollment Period: The Medigap open enrollment period for seniors begins one day after their birthday and runs for six months. However, the seniors should have enrolled in Medicare Part B.
Since taking care of your parents as they grow old is essential, you should ensure you enroll them in medical coverage such as Medicare. There are several benefits to giving you affordable health from health insurance. Besides, you can assess the policies online, evaluate them, and decide the best plan for your parents. Ultimately, health insurance covers allow you to enjoy financial security with medical coverage in the face of emergencies.