If they are old enough, your parents (or grandparents) may be experiencing the joy that is Medicare (and all its Parts). While Medicare helps cover up to 80 percent of your loved one’s medical costs, it may not be enough. After all, a battle with the unthinkable (cancer, a stroke, heart problems, diabetes and so on), extended hospital stays or home health services can quickly add up. Don’t even get me started on the cost of some prescriptions.
If your parent is on a limited income, high medical costs can quickly become a burden. This is when insurance for Medicare might help. Medicare insurance is a type of supplemental health insurance that helps fill in the gaps left by A and B Plans. This type of policy for senior citizens may provide a policy premium that is less than what your loved one may owe in medical expenses.
One of the benefits of supplemental insurance through MedicareSupplementalInsurance.com, is that a senior can receive a policy without having to pass a medical exam during a “guaranteed issue period.” I’m not sure what a “guaranteed issue period” is, but I guess a policyholder has to remain healthy for a certain amount of time before filing a claim. However, once a policy is active, renewal is guaranteed and the premium will not increase.
Before signing on any dotted lines, read (and re-read) all the fine print.
More about Senior Living.
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