Every year from October 15th to December 7th, Americans over the age of 65 have the option to change their Medicare supplemental insurance. Anyone who has ever navigated the Open Enrollment process knows that this can be confusing. As the adult child of an aging parent, you would be well served to understand the process and recognize red flags.
The Medicare Open Enrollment Period
Generally, Americans turning 65 must apply for Medicare within a specified time frame. Most also purchase supplemental insurance (also called Medigap ) to cover medical expenses that basic Medicare doesn’t. These policies vary widely, not only in what they offer, but in price. Every fall, there is an open enrollment period when seniors can change their selections.
Coverage needs may change based on a senior’s health conditions and prescription requirements. And because supplemental coverage premiums can be significant, it’s important for the senior to understand their options and make informed decisions.
Growing Issues as Seniors Age
Several factors come in to play as a senior ages.
- Medical/medication needs can change rapidly
- Every fall, seniors are bombarded with tv ads and mailers suggesting what they should do or what their best options are
- Cognitive decline can make understanding their needs or recognizing the intricacies of a new policy more challenging
- For those on a limited income, their first instinct may be to elect the lowest price option which may be more economical in the short term, but end up financially detrimental when needed care isn’t covered.
How Should You Prepare?
If you are a regular reader of our articles, you know that our best advice always starts with “plan ahead…have the conversation.” To that end, to protect your parents you can:
- Understand their current medical/prescription needs
- Connect with their Medicare insurance specialist
- If they don’t have one, do research to find a reputable agent
- Review coverage options to ensure that they will “get what they pay for”
Yes, this will require sitting down and having sometimes uncomfortable discussions. Yes, your aging parents might be resistant or fear a loss of independence. But it is incumbent on you to, especially in the case of mental decline, aggressively make the effort.
We Can Help
There are several ways Life Managers & Associates can help. Here are a few:
- If we are routinely involved with your parents, either with bill paying services or organization, we can be eyes and ears for you to look out for changes in their health, including being attuned to their mental state and acuity.
- If we have not been consistently involved, but you are concerned about your parents’ situation, we can help you start a conversation to help ensure they are getting the coverage they need with a reputable representative
- If you are concerned that your parents are vulnerable to scammers, we can recommend trustworthy sources to help protect your loved ones
Supplemental insurance is vital coverage that, if selected wisely, can lower the financial risk of medical debt for seniors. Understanding the process, the supplemental coverage options, your parents’ needs and finding the right representatives can give you peace of mind that they will be adequately covered – until the next enrollment period rolls around.