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The Cost of Taking Care of Elderly Parents

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Caring for aging parents isn't for the faint-hearted. If you are in charge of handling major finances, like bills and medical care, your bills will primarily be for medical care and they will be exhausting.

COSTA MESA, Calif. - EntSun -- According to a 2015 study, called Medical Spending of the U.S. Elderly (https://www.nber.org/aginghealth/2015no2/w21270...), on average, people age 65 and up spend over $18,000 a year on medical expenses. Yes, your parents may qualify for Medicare (https://smartfinancial.com/senior-home-health-care), but did you know that there are many areas they won't have coverage?

The elderly have the most expensive dental costs of anyone and Medicare does not cover dental visits, implants, and dentures. Also, copays add up, especially if your parents see several specialists a month. The cost of prescription drugs, as everyone knows, is also a big drain for older people. Are you prepared for this task you've been given?

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Would you like to figure out how to save some money by comparing Medicare options (https://smartfinancial.com/health-insurance)?

For more on Medicare Advantage vs Medigap, visit here: https://smartfinancial.com/Caring-for-Aging-Parents

What Is Medigap?

Medicare supplements are called Medigap. The definition of Medigap definition is a private individual plan that helps cover the costs not covered by Original Medicare, including copayments (https://smartfinancial.com/health-insurance-copayment), deductibles and health care outside of the U.S. It does not usually cover prescription medication (Medicare Part D).

Medigap plans range in prices so it's best to compare Medigap plans. Medigap is a coverage you can buy to supplement your Medicare coverage. However, you can only buy it with Original Medicare, not the private insurance alternative, Medicare Advantage. Agents are legally banned from selling both Medigap and Medicare Advantage to the same client.

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Medigap and Med Supps: What Do They Cover?

Medigap and Med Supps (Medicare Supplements) are all the same thing, so don't get confused. The main reason people buy Medigap or Med Supps is to cover copays and deductibles, which do not apply to prescription drugs, only visits to healthcare providers. Just as you would if you had any type of private health insurance, you pay a monthly premium. In exchange, instead of paying copays out of pocket when your parents visit the doctor or any healthcare provider, insurance will cover it.

What Medigap Doesn't Cover:

You'll still be on your own with long-term care, dental care, vision, hearing aids, eyeglasses, and private duty nursing even if you have Medigap. Most plans also do not cover prescription drugs. If you want a comprehensive plan that covers these, you should consider a Medicare Advantage Plan (see below).

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Source: SmartFinancial
Filed Under: Health

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