Hello there again, millennials! We’d like to share some insights on how you can treat your dad to a wonderful Father’s Day this year. By guiding him on how to request for a Medicare Supplemental Health Insurance Quote, you may just give him the best way to take hold of brighter golden years!
But why entertain the idea of insurance with your father? Mainly, one of the best ways for an individual to prepare and secure his or her future is by requesting for Medicare Supplemental Health Insurance quotes. This form of insurance, which helps policyholders pay for out-of-pocket fees not covered by Original Medicare Plans (Part A and Part B), may just be the perfect tool for a person to have brighter golden years.
As such, we’d like to emphasize the need for more people to be aware of how these plans can help them. Requesting a quote, particularly, may be the first step towards the future that everyone desires and deserves. And just like every Father out there who has consistently been supporting their families through thick and thin, don’t you think that they only deserve the best?
Some Medicare Supplements Basics
As mentioned above, Medicare Supplemental Plans (commonly called Medigap policies as well) help individuals manage their finances by tackling out-of-pocket medical bills they may encounter during retirement. These fees (also known as “gaps,” such as coinsurance charges, copayments, and deductibles), if not properly addressed, can quickly deplete an individual’s hard-earned savings at any given time.
But how does one get into exploring, and eventually, purchasing, a Medigap policy? This is where a quote request will help out. By submitting some details to an agent or insurance provider, a quote can be sent out to you for applicants to review and plan the next best steps to take in preparing for the twilight years.
Of course, learning some Medigap essentials will help in not only selecting a Medicare Supplemental Insurance Plan that’ll best address one’s needs. Doing so will also contribute to streamlining the entire process of understanding the best approach to choosing a policy. It may even help you and your dad get a better view on how to tackle the retirement years!
As such, here are some vital information that will prove in handy when requesting a Medicare Supplement quote:
There are ten standardized Medicare Supplemental Plans (labeled accordingly as Plan A – N, with E, H, I, and J discontinued). As seen in our Medigap plans comparison chart, policies differ when it comes to the scope of coverage and premium prices.
Regardless of the plan chosen, a policyholder will always be covered for the following:
- The first three pints of blood needed in a medical procedure
- Coinsurance fees for Medicare Part A
- Copayments (for hospice care and services) for Medicare Part A
- Coinsurance fees or copayments for Medicare Part B
A Medicare Supplement Plan F is considered by most to be the most comprehensive policy to purchase. Your father may want to consider this, mainly for the foreign travel coverage included in this plan. If your dad has any plans to travel abroad during retirement or regularly takes trips to locations with warmer climates during the cold months, then the safety net and assurance of coverage for emergency medical services will be truly appreciated.
To take note as well, understand that Medigap does not cover long term care services, vision, hearing, and dental services. Yet with the significant savings one gains from these policies, more money can be managed to address the excluded services.
Private insurance companies sell Medigap plans. This means that policies may be priced differently by agents in a given location. As such, applicants have the advantage of shopping around the market for a plan that will fit their budget.
And when it comes to shopping, a millennial can definitely help out their old man. Compile a list of private insurance providers or agents that your dad can check out. From there, help out in contacting these groups. Additionally, you can help out your dad search for Medigap quotes online – agents would usually invest in having an online presence. Searching through several links and helping your father choose an agent to work with can be a satisfying way to celebrate their special day!
Qualification and Purchase
The best time to buy a Medicare Supplement Plan is during the Open Enrollment Period (OEP). This is during the first time an applicant turns 65 and is enrolled in Medicare Part B as well. Lasting for six months, the OEP assures individuals that:
- Private insurance companies cannot refuse to sell applicants any Medigap policy it offers (even in cases of disability or health condition problems).
- Private insurance companies cannot charge applicants a higher premium (prices tend to increase for individuals older than 65).
- Private insurance companies cannot delay the start of Medigap coverage.
- Applicants will not undergo strict medical underwriting procedures.
As such, preparing beforehand will help your father secure a policy for their future.
The Importance of Setting Aside Funds for the Future
Now, let’s cite some numbers on why helping your dad with supplemental health insurance quote requests and Medigap applicants will be beneficial in securing their funds for the future:
Lifting a Heavy Burden
According to a recent report by Commonwealth Fund, approximately 15 million Medicare beneficiaries (or more than one-fourth of total Medicare beneficiaries) spend 20% (or even more) of their income on insurance premiums and out-of-pocket medical and health care costs. On average, $3,024 is spent on the mentioned expenses – a hefty amount to consider, especially for one with plans to pursue during the twilight years.
The Link of Health Literacy and One’s Finances
Also from the same Commonwealth Fund report, individuals with high needs (such as multiple chronic conditions or physical or cognitive limitations) are more likely to spend more on health care. And these needs may be attributed to one’s age and level of health literacy – a cause of alarm that awareness and advocacy may help address.
As mentioned from several of our posts last month, health literacy is something that more people needs to improve on to have better retirement years. For fathers, having the access and means to interpret, comprehend, and make use of available health information and resources can be the stepping stone towards safer, healthier, and even financially-capable retirement years. As revealed by the U.S. Department of Health and Human Services, 77 million (and increasing) individuals in the country have inadequate health literacy skills. This figure then results, for the affected individuals, to have more emergency room visits (many of which are even unnecessary), longer hospital stays, and higher mortality rates. And considering that low health literacy is seen among people age 65 or older, your father may just need all the help he can get in facing these health jargons and the like!
A Lack of Savings Mindset
An Insured Retirement Institute report last year showed that almost half (45%) of the study’s boomer respondents have not set aside a single dollar for retirement at all! Additionally, with health care as a top concern that most boomers consider during late in retirement (at 61%, second only to the 65% of changes in Social Security), a more vigilant take in saving funds for the golden years is needed.
With the given points above, it can then be concluded that a Medicare Supplemental Plan will be a useful safety net to fall back into in case something does happen during the twilight years. And considering the often heavy or frustrating issues that each factor discusses, don’t you know think that your dad will appreciate the help you can contribute? Do the right thing to make him realize that there’s hope!
A Supplement to an Excellent Retirement Plan As Well
Lastly, requesting for supplemental health insurance quotes for Medicare can be seen as an essential ingredient for your father’s perfect retirement. More often than not, retirement planning mostly deals with vacations, managing finances for daily expenses, and pursuing a dream or an opportunity. Of course, there definitely isn’t anything wrong with these goals!
But by not considering some of the most important aspects during the golden years, such as health, even the most organized retirement plans can be derailed. Taking Medigap plans as not only a supplement to Original Medicare plans but also as a supplement to retirement plans can assure any boomer that his or dreams will definitely be achieved in the future. Now, isn’t that something you’d like your father to experience?
Celebrate Father’s Day the Best Way Possible!
A Medicare supplement quote will give your father the clarity needed in planning for the desired future. By finding out what needs to be done to get a Medigap policy, one can then take the next steps and have the right mindset to prepare for retirement. We hope that you consider helping your dad out this way for Father’s Day – it may just be the gift that he’ll truly appreciate.
Please let us know if you have any suggestions, thoughts, or even questions by leaving a comment below. And again, Happy Father’s Day to all dads out there!