It’s Medicare Time again for people nearing the age of sixty-five. And the decision about what type of Medicare Supplement needed is mind-boggling. Information about plans are confusing, and vary by the state people live in.
Rushing into a decision without knowledge is risky. Take the time needed to make a wise choice about what type of plan to buy.
Medicare now pays 80% of the cost of medical bills; that is IF the medical facility (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% then the 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 is astronomical and increasingly rising. Take time to think about what type of Medicare Supplement is really needed.
While at the beauty shop last week, the subject of Medicare came up. My hair stylist shared the plight of her parents and her husbands’ parents about their choices when they were eligible for Medicare.
Janet, my hair stylist parents chose a Medicare Supplement when they turned sixty-five; one that covered the twenty per-cent costs of the Medical Bills. Their monthly payment was high, but they understood that aging can cause medical issues they never dreamed of having.
While William (her husband’s) parents at the age of sixty-five chose a different Medicare Supplement because it had a very low monthly payment. They figured they were healthy and active at the time and wouldn’t need extensive medical care.
Five years later, the financial out-come of these two couple’s choices are very different. Janet’s mother and father experienced unexpected health issues that required hospital care. Their out-of-pocket costs were minimal.
William’s father is now experiencing unexpected health issues requiring extensive care. His mother is still healthy and hasn’t needed the Medicare Supplement policy. However because of the choice they made at age sixty-five the financial burden of large co-pays with Williams father have led this couple into financial trouble.
Seniors must take the time to really read, research, and understand the consequences of choosing a Medicare Supplement Plan. The aging process brings unexpected health issues. Just because health care is not an issue at the time, doesn’t necessarily mean that there will never be a health problem that requires extensive medical care.
Choose a Medicare Supplement with caution. Choices have consequences.
