Is providing for one's parents obligatory?

The well-off child must provide for his needy parents, beyond his needs and the needs of his wife, regardless of whether the parents are Muslim or disbelievers, and whether the child is male or female. Scholars have reached a consensus on this, based on the Almighty’s saying: (And accompany them in [this] world with beneficence), and on the Prophet’s, peace and blessings be upon him, saying: "Indeed, the best of what a man eats is from his own earning, and his child is from his earning."