Do I need a Medicare Supplement Plan? 

I love hearing that!

Thank you!

You are so welcome!

Thank you!

I love hearing this! Thank you for watching, and Happy Valentines Day to you as well!

I concur!!! I thank God for her videos!! I tell everyone I can about them. 😊

Thank you!

Thanks!

what about medication?

Very informative

Thanks for watching!

Thanks for your reply; I was wondering about the cost/benefit of medigap premiums -vs- 20% of medicare part B fees. I think it gets lost in the discussion that its 20% of the medicare negotiated rate that is payable, not 20% of the doctor's normal, non-medicare rate. Thanks for providing clarity on this issue!

@@cbp9510 Yes, indeed. Good point to reinforce.

Glad to hear that!

Why thank you!

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I'm a nursing home administrator. Medicare advantage is not good in the nursing home. The insurance company will deny benefits after about 14 days. If your not done with therapy, or you can't walk, hell, if you can't get out of bed, you are going home. They won't pay.

An Advantage Plan Part C is typically a strong local network, but poor outside the network and area. And there is increasing complaints about insurers denying specialty coverage or treatment that should be covered.

Yes, Plan G covers all expenses except the Part B deductible!

Too expensive? Really? I pay $98 a month for Aetna medigap plan N. $20 copays and nothing else to pay, no matter what happens. My hospitalizations, cancer treatment, all covered in full without an extra penny out of my pocket. How much is your MOOP? You know, maximum out of pocket before your plan pays for anything? Most range between 2 and 4K from what I've seen and heard. Then a premium on top of that. Medicare Advantage is a hassle if used out of your home state- extra fees etc. for out of network. Referrals and preapprovals needed for everything, then often denied.. None of these problems with Medigap plans.

Medigap open enrollment is 6 months from your Part B effective. This is different than the enrollment window for Parts A B C and D. More information can be found on Medicare.gov !

Not at all. Original Medicare is a lot better than employer offered coverage. Part A is free of charge and pays for up to 60 days of hospitalization for one deductible charge. This year it’s about $1640 (?) . Not sure if that’s exact or not. Part B is about $175 a month and has a small deductible, couple hundred dollars a year. Medicare has approved amounts for every procedure that amount to about 17 to 18 cents on the dollar. It pays for 80% of the approved charge and then you pay the other 20%. Every insurance policy I ever had always had at least 30% copays and usually a deductible of thousands of dollars (per person) and also a family deductible as well. Medicare is great insurance!

It isn't crap at all. In fact, the day I turned 65 I canceled my employer's plan (which was crap, with it's high deductibles and copays) and signed up for Medicare and G Supplement! Much better coverage!

Yes! Absolutely. 888-465-9728.

I explain here that Medigap plans have no networks.

Great question! In general, if you plan to leave the US and not return you don’t need Medicare since Medicare generally doesn’t work outside of the US (although some Medicare Advantage Plans and Medicare Supplement Plans include foreign travel emergency benefits). But if you plan to return to the US or receive care in the US then you should enroll in Parts A and B when you are first eligible. I hope this helps! Please call us for more information. 888-465-9728.

@@AbtInsuranceAgency thank you for your response and valuable info.

It’s hard to say without knowing how much of that portion was covered by Part A vs Part B of Medicare.

For example, if the hospital portion was 100,000 and the doctor, etc portion was 30,000 - you would pay the hospital deductible of 1600 (for 2023) plus 20% of the 30,000 or 6000. So your total out-of-pocket would be 7600 ( if yes were the split).

@@youngtimer964not quite. Hospital bills are works of fiction. The $30,000 portion which would be paid through Part B would be discounted by Medicares approved rates. So it would probably be around $5,000 and the copay would be $1,000. Add that to the Part A deductible and the patient responsibility would be a lot less.

@@johnscott2746 Good example, most people do not understand Medicare, insurance peddlers want us to be confused about Medicare approved rates.

Great question. One of the biggest issues when it comes to the 20% that you would be responsible for without a Medigap plan is a cancer diagnosis and treatment. 20% of the coat of one chemotherapy threat can be up to or above $3,000 (the full cost of a single treatment is estimated to be $1,000-$15,000). Data shows that one out of every 2 people will get diagnosed with center in their lifetime. In my opinion this is the biggest financial risk on going without a Medigap plan.

The risk is bad. I’m 62. I tried an Advantage plan. After thousands in copays, I switched to plan G. Yes, it costs. But one serious illness or accident, it pays for itself. Look at plan N if you are super healthy. But don’t go without a supplement. I am on disability and budget for my gap insurance, because the copays and deductibles for procedures and surgeries would break me.

In general, yes. If you are more than 6 months from your Medicare Part B effective date.

Yes. The only time you don’t is the first 6 months. You are allowed to change once during this period without a physical.

No, most all plans cover this Part A deductible at 100%!

Can do it later

Three months before your birth month and then three months after. Otherwise, you have to pass the HEALTH QUESTIONS to get a Med Sup.

Hi, I am confused. The video said 6 months after your part B effective date, but I have been told what werefeat said which is 3 before and 3 months after. Which is it and is there a quick FAQ medicare link to find out fir shure? Thanks.

Even though it’s work, best to do a Google search and read Medicare.gov info. Then research the different plans like A to F, N, etc. You will have a hard decision in selecting a Gap policy that you can afford or a cheaper policy with less coverage. Then, about 50% of 60 million people chose a Part C Advantage policy while some alleged experts say, don’t give up Original Medicare for Advantage even if you can convert back. I actually don’t know because my employer provides Retiree Medical coverage with dental and vision but requires I enroll in A and B.

I answer that question with this 60 second video: ru-vid.comdHpyIu_JYbI?si=zl3Gpkvj6CyEM7_F

Adjusted every year!

No! The plans always travel with you.

@@AbtInsuranceAgency Thank you.

In most states you will have to go through medical underwriting to change or “upgrade” your Medicare supplement plan in the future.

@@AbtInsuranceAgency Thank you

Only in the first 6 months of coverage. You can switch once. I did it. Went from Advantage to Part G.

Yes. But the $226 is paid directly to your doctor, for services each calendar year ($240 in 2024)

Yes, that’s exactly right!

My mom did not sign up for prescription coverage (part d) at 65 because she still had coverage from work but when she did retired at 78 she was penalized for late enrollment ! And it's not a one time fee, it's monthly. Something to consider ....

@@AbtInsuranceAgency will I be able to get plan D later also with no penalties?

@@amiehill8104 yes as long as you have had creditable coverage.

That’s exactly what we can help with. Call us at 888-465-9728 or email stephanie@abtinsuranceagency.com.

This shows that most people don’t need a supplement plan. The small amounts that your supplement plan paid are what YOUR responsibility would have been without that plan. A lot of people are paying dollars to save nickels. Unless you are being hospitalized every year, it will never be cost effective to have that plan. You could self insure much cheaper. If it is worth it to you to pay for peace of mind, then that’s great. But you can see from your experience that original Medicare is great insurance.

@@mikeo9219lol. I wish I could claim to be young! It took many years of weighing the options to reach my conclusions. I have no doubt that SOME people would benefit from a supplement plan. But the only way it is profitable for the insurance companies is if they have a broad pool of clients. The healthy people get to pay for the sick ones. And supplements are unique in that they are insurance on insurance! Like getting a car policy and then getting another policy to pay your deductible if you have an accident! Most agents present the almost impossible situation as being very likely in order to scare people into getting a policy. It’s better to think about it logically. Have a nice day!

With the price of healthcare what it is, it is very easy to rack up $100,000.00 bill with just a day or two in the hospital. 20%=$20,000.00! A diagnoses of cancer or heart disease could run five or six hindred thousand, or even a million or more. I've watched it happen to previously very healthy people. 20% of a million would be $200,000.00! It doesn't seem much for a few doctor visits a year, but can add up REALLY fast when you end up in the hospital. No one thinks it will happen to them. A misstep coming off a porch, or a slip on ice can result in tens of thousands of dollars in hospital bills, rehab, physical therapy etc.

@@alansach8437wrong! First of all, Medicare is split into two parts. Part A covers hospitalization. Part B is medical coverage for Doctor bills and other medical expenses. So if you went into the hospital and were in there for a month and ran up a bill of a million dollars you would not have to pay 20% of that. The hospital bill would be the majority of the bill and you would only pay the part A deductible and then Medicare would cover the rest. Medicare also has approved charges for every procedure which typically amount to 17 to 18 cents on the dollar. If the part B portion was billed at $50,000 then the approved amount would probably be about $8500. Your 20% of that would be $1700. Add the part A deductible and your total out of pocket would be about $3300. These scare tactics are really despicable. I understand that some people may need a supplement plan but a healthy individual can do without one and be fine.

Check out form SSA-44 to see if you can appeal IRMAA!

@@AbtInsuranceAgency oddly, they reinstated my IRMAA penalty automatically when I sold no stocks.......I got it back, with no effort on my part.....but when I make a few million, two years in a row....they will take it away again, this is a reoccuring thing...the Indian givers!

@@sanhedrin5595when you make a few million? You should just be thankful and shut up! I know people who are living in their cars!

People who were on Medicare F before January 1, 2020 can stay on that plan. If you don’t have plan F, have you looked at plan G?

@@KMarik That's right. In fact, if you have a plan F and want to change carriers, you can do so. OR if for some reason, you didn't get on Medicare because you stayed with your company plan, and your birthday is early enough, you can get an F plan. After that, the Plan G is the best plan you can buy for Medical.

Plan F and G are identical except F covers the $226 yearly deductible. Plan G is like $30 less per month so it is actually cheaper than F even when paying the deductible.

@@mikef8846 You're right. The big thing is that at the beginning of the year, you have to cough up the Part B deductible. So a lot of people wouldn't go to the doctor because of the initial expense. The rational is to just budget for the premium and forget about any medical expense. Plan F was the most popular plan ever until Obamaman nuked it. He said that he didn't think it was fair to have a plan where you "don't have any skin in the game." Awwwww. And of course, he never mentioned the premium difference.

Unless you are wealthy, medigap insurance is necessary to keep you solvent. The 20% costs can bankrupt you if you have a major medical problem and don't have medigap.

Yes ! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PxPBb80x_S4.html

No

@@rwilia that’s incorrect, Medigap plans do help with Part A expenses.

Monthly payment

Medicap is for the 20 percent part b doesn't cover

Thanks for sharing your input!

I agree but people fall for it.

Ok, Billionaire!!!

Self insure? Doesn’t sound to smart.

@@TheVistaview1I guess it just depends. In my state, a plan g starts at about $210 per month. That is over $2500 a year. If you put away that amount each year (and you are of decent health) you should come out ahead. The average hospital stay is 3 days . Medicare has approved rates for all procedures which are around 17 or 18 cents on the dollar. If you have to have a medical procedure at say age 70, and you spend 5 or even more days in the hospital, your responsibility would be pretty low, The part A deductible and 20% of the APPROVED charges for PartB. By age 70, you would have have saved and put away 13 or 14 grand. After all, the premiums go up every year. So, unless you can get the supplement plan dirt cheap, it might be more cost effective to self insure. If you are in really bad health, that’s another story. If you think you are going to be hospitalized for six months (very rare) get all the insurance you can. Hope this helps.

That is a broad generalization which is not correct. Zero dollar plans have definite drawbacks. Is more expensive ones are much better.

Define long stay. The average hospital stay is 3 days. Even a heart attack with surgery to implant a stent would only keep you in for 5 days. You can be in the hospital for 60 continuous days and only pay one deductible. All other hospital bills would be paid by Medicare. Do some research and see how many hospital stays last more than 60 days.

@@johnscott2746 Obviously you live in a bubble where a six hundred dollar a day copayment is nothing. Three days of that would be a terrible expense for a lot of people.

@@bilahn1198As was noted in the video, the first 60 days in the hospital are covered by a single deductible. Then the next 30 days there is a $400 per day copay. Don’t know where you got $600.

I stand corrected on Part A But it is the 20% coinsurance on Part B For nearly all services, that is going to hurt most people. There are also many gaps in coverage, like vision and hearing, which, for me, are essential. There is also no upper cap on spending. If you are okay with that, then by all means, skip the supplements. I am not that healthy or wealthy.

Very unlikely. Medicare has approved rates for every procedure which are much less than the billed amount. If someone had an illness which hospitalized them for six months, they would incur some large copays which could bankrupt them. But the average hospital stay is 3 days. And Medicare part B typically pays 17 to 18 cents on the dollar for any procedure. So an MRI billed at $7,000 would be reduced to about $800 and your copay would be $160. Actually spoke to a friend who said his MRI was reduced to $400 so his copay was $80. Medicare is great insurance just as it is.

@@johnscott2746 I don't know what data you're reading. I stand by what I said. The hospital co pay is six hundred dollars PER DAY. You must be fairly wealthy.

@@johnscott2746 Agree with your comment. Most people are clueless, lots of deception and scare tactics by insurance peddlers.

The best plan will really depend on your area, because pricing can vary.

What part of this video was misleading?

Are you implying that I didn't convey this properly?

@@AbtInsuranceAgency everybody including you keeps saying part b is doctor office visit. It is not. It is doctor visit period. Office or hospital. Why are u confused? It is simple.

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Stephanie@abtinsuranceagency.com

@@AbtInsuranceAgency…..is part D the prescription very expensive…I am planning on taking megagap plus the part D for my prescription …please reply …my area code is 30017 .