The Perfect Gift for Mom: Learning About Medigap Insurance


Hello, millennials! Do you want to know of an awesome way to show your heartfelt care for your mom during her special day? Consider learning more about Medigap Insurance with her!

Aside from checking resources, such as our Medigap Buyer’s Guide and reading our previous blog posts, please consider as well that this article is a way for you, other millennials, and mothers all over to bridge gaps in relationships. And more than celebrating Mother’s Day (which we believe should be observed every day), we hope that this post will inspire families to work together towards a brighter future.


Defining Medicare Supplemental Plans

A Medicare Supplement Plan, also known as Medigap, is a form of insurance that will help policyholders pay for out-of-pocket expenses not covered by Original Medicare Plans (Original Medicare is made up of Part A and Part B). These out-of-pocket expenses, often termed as “gaps” as well, can quickly drain one’s life savings if not adequately addressed.

Additionally, private insurance companies sell Medicare Supplements. And with ten standardized Medigap Plans to choose from, applicants have the advantage of choosing an agent to work with and selecting a policy that will best address his or her circumstances.


A Snapshot of What a Mother is Today

Now, let’s consider a typical baby boomer Mother’s stand and how Medigap plans can help them. According to the 16th Annual Transamerica Retirement Survey of American Workers, almost half of the study’s female respondents who are raising children state that they “are not too confident” or “not at all confident” about retirement. Additionally, the gender pay gap is still an issue that almost all industries need to address: a report released last year by a Ranking Member of the U.S. Congress Joint Economic Committee (JEC), Carolyn B. Maloney (D-N.Y.), revealed that the pay gap between men and women adds up to approximately half a million dollars (the $500,000 figure is based on median annual earnings for full-time employees).  

And it doesn’t help that most women will find it hard to work full-time. With other responsibilities on their plate (such as of them being the primary person to look after other family members), financial management may come as a big challenge for women. Also, if they do find the time to decide to re-enter the workforce, females may find it hard to resume paid job, particularly because of younger employees or lack of needed experience. And since women are more likely to work part-time, they are also less likely to be offered retirement benefits as well.

Another financial risk that women, specifically stay-at-home mothers, are exposed to is dependence on a single source of income – their spouse. According to a 2015 study conducted by Aegon, 75% of the homemaker respondents stated that they view their spouse’s income for retirement as “extremely important.”  However, only having one source of revenue opens up a woman’s potential towards financial difficulties – the risk of divorce, loss of work, and increasing costs of health care and other expenses can make stretching a budget a burden too heavy to bear.

And it doesn’t stop there. A study done by the U.S. Government Accountability Office highlighted the frustrating Social Security rules that affect women. Since benefits are based on an individual’s top 35 years of earning/employment, a shorter working means a lower payout. And because most mothers face career interruptions, they, unfortunately, are expected to receive lower Social Security benefits.

The Social Security mishaps also result to another frightening scenario. Based on a study done by the Insured Retirement Institute (Boomer Expectations for Retirement 2016), more than half of the survey’s respondents (59%) stated that they would rely solely on Social Security to pay for retirement expenses. And this statistic is further compounded with the revelation that 45% of the respondents having not set aside any funds for the golden years at all!

Another significant concern that mothers need to be aware of their finances and retirement is longevity. As stated by the Social Security Administration, women are expected to outlive their male counterparts (87 years as compared to a male’s 84 years). Also, married couples were also observed to live two to five years longer than singles. Of course, more years mean great opportunities for mothers to enjoy what the world has to offer. But this also means more health care costs to consider.


The Importance of Medicare Supplemental Plans in Your Mother’s Life

Considering all the issues and problems that most mothers face, their children can offer them the gift of convenience and security by explaining the importance of a Medigap insurance plan.

As mentioned in the first point about, Medicare Supplements help in paying the gaps found in Original Medicare plans. The savings that these plans provide for mothers can prove to be a blessing, especially for women who:

  • Have career interruptions
  • Are struggling to make ends meet because of a divorce
  • Are relying on Social Security for retirement costs
  • Are expecting regular medical attention during retirement
  • Are in need of a security net when paying for hospital bills
  • Do not want their nest eggs from being spent in a quick manner
  • Want to improve their retirement health literacy

Of course, it does depend on a woman’s needs or circumstances, but children who take the time to explain the benefits (and together learn with his or her mother) of a Medigap policy is synonymous with giving a gift that’ll truly reward a mother of what she needs in the future – clarity and security.


Learning Something New Together May Lead to Precious Memories to Share

Discovering what Supplements for Medicare can provide for a person may be challenging. Which is why tackling this task together as a team can prove to be a practical and efficient learning experience for a child and a mother alike. Here are a few suggestions on how you can help out:

Research and Explain

Looking up information online on Medigap may be daunting for mothers. Some, who aren’t tech-savvy at all, may even find surfing the web intimidating. You can guide your mother on the steps needed to search for resources online. From there, you can then show her which websites are authority resources. Additionally, looking up videos or podcasts of insurance agents explaining how Medicare Supplement policies work will give an alternative – and possibly fun – way of learning.

Reaching Out to Experts and Agents

If possible, try to set a meeting with insurance agents or financial experts for them to explain to you and your mom on how coverage works. Since Medigap applicants are granted the advantage of shopping for the best plan (and agent) to address their unique needs, make sure to maximize this edge by meeting with as much agents as possible. To give you and your mother an idea on how much a plan costs, make sure to request for Medicare supplement quotes online as well.

Be Her Security Blanket

Probably one of the best ways to help out your mother in this pursuit of insurance knowledge is by being patient and genuinely listening to her concerns. Remind her that retirement is a period of her life when she can enjoy and experience the fruits of her hard work. It is her time to shine, to be able to live out her dreams. And with you by her side, you can reassure her of the care and support she deserves.

These suggestions also result in something special that you and your mother can treasure: the opportunity of being together and creating special memories to hold dear for life.


Because, Simply, Your Mom Deserves the Best Care

Best of all, committing to learning a retirement solution together with your mom isn’t not only because you want to give her something special for Mother’s Day. It’s simply because she deserves only the best in life. And one more important benefit of you learning and being with your mother in this retirement planning phase is the physical and emotional connection that you build with each other.

And this connection is proven to be beneficial for one’s health. We’ve mentioned before on social isolation, and how this issue affects a majority of those in the baby boom generation. With no one to speak to or spend time with, most boomers fall into the pits of despair and anxiety, which then leads to depression or indulging in vices and chemical and substance abuse. Inherently, humans are social creatures. With you being there, present, when your mother needs help, is a gift that will truly make the golden years even brighter!


Happy Mother’s Day!

We hope that these tips can help you reach out and help your mother. A Medigap policy can be a great retirement gift that mother’s will truly appreciate during the twilight years. But the connection you’ll build together is a present that’ll make every moment worthwhile. To all mothers out there, we hope you enjoy your special day with your loved ones!

Lastly, please leave a comment below – we appreciate feedback and ideas on future content that you’d want to read on our blog!

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