Parents approaching their senior years should have a health insurance plan that takes into account their personal needs. Different plans are available from the government, employers, and insurance agencies. Here are a few important points that you must know before finding appropriate insurance for your senior parents in Houston, TX.
The Original Medicare Coverage
The basic foundation of the federal government’s health care plan for seniors is Original Medicare, which provides parts A and B. Part A covers inpatient hospital stays while Part B covers doctor visits and preventive care. Part D covers prescription drugs, dental, vision, and hearing services but isn’t included in the Original Medicare. Part D can be found in some Medicare Advantage plans or can be bought separately from insurance providers.
The Types of Insurance Coverage My Parents Are Eligible for
An independent insurance agency can help you find the three main types of health insurance coverage for seniors, which are the following:
- Original Medicare: Social Security benefits are available at age 65. As soon as seniors receive these benefits, they are automatically enrolled in Medicare.
- Medicare Advantage: This coverage provides supplements that fill gaps in Medicare.
- Medigap: This coverage also provides supplements that fill gaps in Medicare.
Factors Determining My Parents’ Coverage Cost
The cost of your parents’ coverage will depend on:
- monthly premiums,
- coinsurance, and
The out-of-pocket expenses your parents pay depend on the percentage they are able to pay for health services and whether they pay a flat fee for these services.
List of Providers My Parents Can See
Your parents can visit any participating Medicare provider they want through an Original Medicare plan or one combined with a Medigap policy. Some options include choosing a health maintenance organization (HMO) or a preferred provider organization (PPO). If they choose an HMO, they must see in-network doctors, whereas a PPO allows them to continue seeing a familiar physician.
What Is One Way to Cover Out-of-Pocket Expenses for My Parents?
It helps if your parents have contributed to a tax-free health savings account. Once they enroll in Medicare, they will no longer be eligible to contribute to an HSA but can still receive funds for approved medical costs.
How Can I Help My Parents Get the Right Coverage?
You can ask for the following:
- their list of doctors
- annual healthcare expense
- important coverage due dates
- to buy insurance from licensed insurers
- benefit from preventive and screening offered by Medicare
When trying to find the right health insurance plan for senior parents, it’s best to work with an independent insurance agency that can help you customize a plan. Contact our expert insurance agents at J. Archer Insurance Group today for help in getting the best health insurance for your parents’ needs.