It’s Medicare time again for people approaching sixty-five. And the decision on what kind of Medicare supplement you need is mind-boggling. Information about plans is confusing and varies depending on the state in which people live.
Rushing to make a decision without knowing it is risky. Take the time to make an informed decision about what type of plan to buy.
Medicare now pays 80% of the cost of medical bills; that is, IF the medical center (doctor or specialist) even accepts Medicare as a payment method. So let’s think about this.
If your medical bill is $ 1,000.00 and Medicare only pays 80%, your out-of-pocket costs would be $ 200.00. But what if the medical bill is $ 100,000.00 and the out-of-pocket cost is $ 20,000.00?
As people age, the reality of hospital visits is a possibility. The out-of-pocket costs for this type of treatment are astronomical and increasing. Take the time to think about what kind of Medicare supplement you really need.
While I was in the salon last week, the topic of Medicare came up. My stylist shared the plight of her parents and her husbands’ parents about their options when they were eligible for Medicare.
Janet, my stylist parents chose a Medicare supplement when they turned sixty-five; one that would cover twenty percent of the costs of medical bills. Their monthly payment was high, but they understood that aging can cause medical problems they never dreamed of having.
Whereas William’s parents (her husband) at the age of sixty-five chose a different Medicare Supplement because he had a very low monthly payment. They thought they were healthy and active at the time and would not need extensive medical care.
Five years later, the financial outcome of the elections for these two couples is very different. Janet’s mother and father experienced unexpected health problems that required hospital care. His out-of-pocket expenses were minimal.
William’s father is now experiencing unexpected health problems that require intensive care. His mother is still healthy and has not needed the Medicare supplement policy. However, due to the choice they made at age sixty-five, large financial copays with Williams’ father have led this couple into financial trouble.
Seniors should take the time to read, research, and understand the consequences of choosing a Medicare supplement plan. The aging process brings with it unexpected health problems. Just because medical care is not a problem at the time, it does not necessarily mean that there will never be a health problem that requires extensive medical attention.
Choose a Medicare supplement with caution. Elections have consequences.
