Thanks. Good information. I am 74, wife 71 and we have had high deductible plan F since age 65. We love it. We like the security of a max out of pocket expense so we won't bankrupt with a horrible medical diagnosis. Also it helps us be choosy about going to the doctor unless we are really sick. My background as a retired physician of course helps that.
I’m 75 and my wife is 72 and we just discovered the HD Plan last year and switched to it in 2022. We cut down our premiums by 70% and our normal copays and coinsurance have been normal so we are literally saving over $2000 this year in our outofpocket expenses in NJ.
We have had the plan F high deductible for about 9 years now. Started out with plan F. After a couple years the price started getting very high. 78 and 75 now, and last year is the first time that I have had to pay the $2,450 because of my bill's. So far coming out way better than with a regular plan. Don't know about the future.
What he doesn’t say is how to decide which company to buy the HD Plan. I’d suggest asking the back office people at your doctor’s office who handle the insurance payments if there’s any company they like or really dislike.
I’ve been thinking I would get a plan G and be done with it. But the more I look at the HD plan G, the better I like it. Most years, I won’t come close to the max oop (otherwise, who cares?…I’d be too sick to enjoy life in general!). I would be able to keep the money I save in premiums in an S&P 500 fund (always keeping enough liquid assets to last for a four year market downturn, which would double as a two year max oop fund). The high premiums for plan g in my area (Tallahassee, FL) that will keep increasing are more of a threat to my wealth than the occasional year or two of high medical bills. Thanks for your informative videos!
I got the PART G hd ,becuse my s.s. check isn't so good at 55 dollars a month seems the best way to go. We have cash to cover the deductible if an emergency happens. Clinics visits no problem. Plus I'm in good health.
It's 2023 and I have Plan F and am looking at Plan G. I don't go to the doctors often, I'm 72 and am researching my options. Thank you for your expertise.
@@irisandu2 That was an automated email we send out so you know we have received your inquiry. We then reached out to you by phone within 24 hours of your contacting us. I don't know what you expect, but 24 hours is a very reasonable turn around.
There’s very little difference in premiums between plan F and G. But there’s a very BIG difference compared to the HD versions. I’m my case the difference was 65%.
Clear, concise info…didn’t even have to turn down the speaking speed to fully absorb the info. Switching from Advantage to an F HD plan that even offers dental cleanings and vision exam! Have a Part D plan lined up too…only paying 60.00 per month total more than my PPO Advantage plan that didn’t even offer dental.
My Wife signed up with Matt last year and we felt his service was outstanding. I look forward to working with Matt again when I apply for Medicare supplements
Best explanation I’ve watched. I am coming off med adv plan. Looks like I’m going to qualify underwriting. I was just interested in the explanation of high deductible. Thank you!
Qualifying medical underwriting is a MAJOR barrier for most seniors. That’s why it’s important to make the decision between MA/Medigap in the first 6 months after becoming eligible for Part B when you are protected by the “guarenteed issue” period.
Dear Mr. Claassen, I learned more from your videos than the various seminars I attended to when my wife and I started our retirement and trying to look for supplements to our Medicare part A & Part B. Thank you for making them easily available. Had they been available then, we would have not made some wrong decisions in our health insurance. Again, thank you. Will be in touch soon. With our prayers, Rod and Mimi Cabanban
Thank you Nick. I invest a lot of time in finding a way to help people understand these plans in the simplest of terms. I am glad you find value in my presentation.
Hello Mr. Claassen, Thank you for your candid information to help people understand everything about Medicare. I didn't have any of the knowledge and understanding when I initially applied for Medicare and relied on an company to help me with that decision, and I still didn't understand what I was getting into until too late. Please continue to help others whom have a lot of decisions to make at one time where there has to be a tremendous amount of research to be completed before retiring.
You said “company”. Does that mean you accepted a Medicare Advantage plan from your employer? If you did, there is some good news. If and when you decide to leave your plan, you will be eligible to select ANY Medigap plan you want without worrying about passing medical underwriting cause you will be in a “guaranteed issue” protection.
I like your in depth presentation. One of the best out there. I was fortunate to switch from an Advantage plan to original Medicare with Plan G for this year in my early 70s. I was able to pass the underwriting questions, and thus make the change. I am surprised how Medicare negotiates down the fees submitted by providers, and thus the portion (20%) that I pay is modest. It would take a lot of visits, tests, etc. to burn through that $2300-plus deductible. So I see this new Plan G-HD as true insurance against a medical catastrophe that would include hospitalization as well as multiple visits with doctors and all the tests involved. It's something to consider. Given the potential savings involved in monthly premiums.
It would take a lot of visits, etc. to burn through that 2300 deductible. Exactly! There is no medical “catastrophe “ that could justify paying those monthly premiums., I have seen videos detailing a one million dollar medical bill that was handled with just Part A and B Medicare. Total patient responsibility was 15,000. So unless you are getting a liver transplant every year you are wasting your money,
@@Thom3748 yes but I was using that as a worst case example. Most people will never have such a horrible experience and that’s the point. The choice is between paying large , ever increasing premiums for a policy that pays co-pays from the start or getting a high deductible plan that doesn’t cost as much but will probably never pay out anything because you aren’t going to have a catastrophic event year after year.
@@johnscott2746 Yes, I am considering the switch to a high deductible plan, and save annual premium. Currently looking at the negatives. There is a doc from Berkeley, CA, who argues that supplement plans aren't needed, given the very, very low co-pays. The only threat to one's pocketbook is a lengthy hospitalization.
@@Thom3748 yes, a lot of people don’t realize how low the co-pays are. Medicare typically only allows about 17% of billed charges. The example I gave before was worst case scenario. But how about a more likely accident? If you had a serious fall and broke your arm and gashed your forehead, your trip to the emergency room would include x-rays and possibly an MRI. Your arm gets set and a cast put on. Plus they stitch (really glue nowadays) your forehead. If the total for all that came to $25,000 , the allowed charges would be $4,250 and your co-pay would be $850. A high deductible plan would not pay ANYTHING on this. And if you are paying for a regular plan at about $200 per month then you are paying $2400 per year to save $850.
Good stuff; just what I was looking for. Clear and logically presented, no fluff. This is the fourth of your videos I've watched, and I'm understanding this stuff as never before. Thanks, Plan N is next.
Thank you so much for all the info and clarification. I am always convinced that my personal preferences are validated after watching your videos. That is so comforting!
Great Video on HD plan. My question is - if a person is healthy and rarely sees a doctor except for routine exams, wouldn't that person be better off to choose a HD plan?
S.May, I think in my opinion, if ur healthy, I would go get Plan N, u don’t have to go through Medical underwriter, cause once u start getting sick with diabetes, high blood, high cholesterol, u might get denied! Once ur in and get accepted, u can switch to F or G without going through medical underwriting.The risk on HD FOR G, like this video says,is inflation risk base on ur social security COLA, the annual deductible on HD F OR G.
I pray others can find you~ I have found you at 10:00 pm, Dec. 7, 2020. I was ELIGIBLE for Medicare on Dec. 1, 2109 and NO ONE TOLD ME I COULD GET THE F PLAN; I am on Disabiliy and paid THOUSANDS this yr on straight Medicare Original~ so important to do research.
These high duck plans are excellent plans, it just takes a little to get you your head wrapped around the plan. These are excellent plans if you're in relatively good health, why pay for a full medicare plan when a high duck plan works and considerably cheaper too, but like the man said here, it depends on where you live because the base price for this plan is zip code driven. A lot of agents don't like taking about High Duck plans is that they make LESS commissions on these plans verse a more traditional med supp plan. Medicare supplement plans are far better than Advantage plans and HDG/HDF plans beat these hands down, we use United American for our area of operation.
In some areas United American is a hands down best option. They also have features that make the decision and management easier. Too much to go into here, but one is allowing a person a 30-day window on their 2-year anniversary where they can change to any plan with UA with no medical questions asked. It's a very consumer friendly company. 800-847-9680
The deductible for 2021 is $2,370. Feel free to ask questions. I make an effort to answer each question. Please Tell me if you liked the content! We are operational even during quarantine! 800-847-9680 This is a more recent video on HD plans: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-uvbjxxAb2tg.html
I got licensed up and help my dad during AEP, I know this stuff inside and out, between video's and dad who has been doing this for 12 years, I can hold my own
Good video! One thing I would point out about the COLA increases in the deductible for HD part G. Medical cost inflation is quite a bit more than the general inflation which is reflected in the COLA. Over time, it will be easier and easier to meet your deductible as prices paid are rising much faster than your deductible.Just saying...
Wages and income would have to rise faster than the COLA-U in order for that to be true. While other prices may rise at a faster rate than the COLA, income (especially retirement income) almost never does.
You are so informative and I can't thank you enough for your teaching skills, clarity and very important information re Medicare! I'm at full retirement age and couple months away from retiring and I'm scared re Medicare. I need to become a student of this whole medicare madness before speaking to anyone about what plan I need and can afford. I feel like I need to take a written test first! God bless you Sir and God help me!
Hi Yvonne - when you call our company for help you will find we educate first. We make sure our client make an informed decision and understand the Pros and Cons of your choices. We then recommend the right insurance company for your area and the Plan you wish to get. Best fo all, our services are free to you, the consumer. 800-847-9680
@@MedigapSeminars thank you so much. I have to watch more of your videos so I can continue to educate myself especially re insurance terminology first before I decide to call. In my opinion, you should if you don't already have something like a quiz from each of your videos re Medicare with multiple choice answers on your website. I would love that because I learn best by writing. God bless you, stay safe and goodnight. I will be watching more of your videos tomorrow and throughout this week taking notes. Thank you again!
Thanks for all the valuable info! I have one question about HD plans having two components that can inflate over time (Premium and Ded) vs. only the Premium for regular plan. Wouldn't both the Ded and Premium be susceptible to the same inflation rate? Or, is there a reason why overall the potential benefit of a HD plan relative to regular plan will diminish over time?
Great video, and helps us our so very much! My wife and I will be calling you as well! We both have the Anthem Mediblue Essentials Preferred. And need a lower out of pocket maximum than what the Anthem plan has. Thank you for your video
👋 Im trying to learn Medicare. Do you have a trainig video about how to present the summary of benefits to a beneficiary. What to say and what to avoid? Thabks for your video.
I am trying to understand your rules of thumb when advising someone to buy a High Deductible Plan. If I must pay $120/month ($1440/year) for PLAN N or $50/mo ($600/year) for a High Deductible Plan, that means if I choose the Plan N, I will pay $840 more per year, for Plan N, BUT I will be protected from the $2340 annual deductible in the years I need a lot of medical services. Therefore, the annual premium for Plan N is more than 1.6x LOWER than the High Deductible MOOP. In this case, is the High Deductible Plan a good choice?
Hi Wilma -- It also depends on what state you are in. Does your state mandate Issue Age or Community Rated policies? In states with Attained Age policies you have to worry about two components of the High Deductible plans compounding against you for the decades you are on Medicare. If you provide us with the information we need, we will show you the plans etc. we recommend for your state. Our services are free to you, the consumer; medigapseminars.org/medicare-supplement-specialist-independent-medicare-insurance-broker/m-quote-request/
Sir, I browsed thru your company's website and did not see an AARP Medigap Plan G listed. I live in California. Is there no such plan offered for Ca. residents?
I’ll be joining Medicare in March 2023. So, I’ve watched a number of your videos in preparation. I quickly decided I will be doing traditional Medicare with (most likely Medigap Plan G) and a Rx. I understand we can always go back to an Advantage plan but very likely would have to be approved via underwriting to switch back to Original. My question is this: I will do traditional with supplement, however, over time, can you switch a supplement (even staying with the same Plan letter) to another company? Again staying with original with supplement but with another company. Or does that too require underwriting?
That’s why you should seriously consider a HD Plan G. Your premium savings will be substantial especially when you apply to ALL your retirement years. Our savings are in the 65-70% range.
I enrolled in Florida for F-HD, then I move to North Carolina. I believe FL is an issue state, but NC is an attained state. Do I keep FL issue state or does it go by NC attain state?
@@Miguel195211 Much depends on the insurance company you used in Florida. The company I use in Florida has a net price decrease on the high deductible F-HD since 2010. No other company can touch that. If you have not had price increases on your high deductible plan and you want to keep that plan, just keep what you have. That said, prices are so low in NC that you can probably get a Plan G or Plan N for close to what you are paying for your Florida F-HD. Thank you for the nice comment and question.
I have pension insurance through Federal Gov. Retirement for life. It seems plan G HD makes the most sense when combined with double coverage to eliminate out of pocket costs. Thoughts?
Great videos, I've gone through several and one thing I must have missed. I'm going to keep Original A & B and feel like G will be way to go when I turn 65 next year. Do I still need to pick a part D as well and if so is there anything else / options to look at. Thanks.
Unless you have VA (Veteran's) coverage you will need a Part D Plan. medigapseminars.org/medicare-part-d-2020/ That is all Medicare requires. You might consider a dental plan and / or cancer protection too. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-f7A0VidXeR4.html
Thank you for this break down on HDG Plan. It will be my plan of choice when I get on Medicare. Matthew so I understand HDG deductible. Total out of pocket cost is say 2020 is $2340 plus the part B deductible, right? Or would it have been just $2340? Again going off 2020 numbers. THANKS 😊
Matthew - many insurance plans give a discount for annual payment. I have not seen this with Med Supp plans. Is it something that is available, or is monthly payment the only option? (I’m 61...just planning ahead.)
Great video. Here is an observation: I believe the note under "the benefits chart for supplemental plans" could be changed to become more accurate and not confusing. We know that Plan F and Plan F-HD cover the Part B deductible of $198, while Plans G and G-HD do not. Therefore, the last sentence in the note should not refer to plan F-HD and refer only to plan G-HD. I propose that the sentence reads as follows: "However, high deductible Plan G counts your payment of Medicare Part B deductible toward meeting the plan deductible." This change makes Plans F-HD and G-HD equivalent on the basis of deductibles, both with a MOOP of $2,340 for year 2020.
The short answer yes. But please look at medigapseminars.org/medicare-supplement-plans-explained/ for some details You can change plans, but not have two plans at the same time.
I need help in deciding which plan is the best plan for me. I have expensive inhalers and have been in the donut hole since I believe March. Please help me. Virginia McCabe
Hi, you providing,good information. Thank you. My question, if I only stay with medicare part A and part B with out buying any medigap. What are the risk?
I'm a bit confused as to the difference between Supplement Plan G vs High-Deduct Supplement Plan G. I understand the deductible of $2340 difference, but are the copays different between the two versions? Must I meet the $2340 deductible before I would have a $0 copay on the high deductible plan?
Think of your deductible as your annual maximum out-of-pocket. With the Plan G-HD once you have $2,340 out-of-pocket you have 100% coverage for the rest of the year. With a regular Plan G you have 100% coverage after you have had $198 out of pocket (all 2020 numbers)
I turned 65 last Dec in 2019 and when I spoke with my agent who sold me Plan G he told me all that I pay is my yearly deductible which was then the 185.00 which is also noted in the paperwork I received from them. But it showed nothing else of what is covered and mentions nothing about the 2340.00 deductible you are speaking about, which I thought was kind of weird. He said everything else was covered 100% which was not true after receiving a small bill from tests that I had done, they only paid like 7.00 on the bill. I asked the agent twice that is all I pay for a deductible is the yearly Medicare deductible and he said yes. Wow wished I would have checked more on this before signing with this company, but I can cancel it at anytime from what I understand or is that wrong too.
It sounds like what you have is the regular Plan G. All you pay is the Medicare Part B deductible. This video is about the High Deductible Plan G. As I mention in the video, this is a new plan as of January 01, 2020. It was not available when you got your plan.
You can change your plan any time you want with a med supp, you're just subjected to medical underwriting. Only two companies offer High Deductible plans in our area of operation, they are United American and Humana, U/A is priced better than Humana. There are three reasons why your agent didn't tell you about a high deductible plan, 1 he doesn't understand them himself, 2 the company he pushes doesn't have a HDF/HDG plan, 3 his commissions are a lower with the sale of a HDG/HDF plan and it could also be that in your area a HDF/HDG plan is on the expensive side when compared to a Plan N, but where I live that isn't the case.
I understand that the 198 deductible of Plan B is absorbed into the G high Deductible, but if your're talking about MOOP numbers, Does the real MOOP for the year include the 1408 Part A deductible........ or is it 1408 + 2340?
It does include the Part A deductible as well. It includes all of your out-of-pocket for inpatient and outpatient Medicare expenses. It does not include insurance premiums and outpatient prescription drugs.
@@MedigapSeminars Wow !!! Thats really only $734 more in out of pocket expenses for a lower premium.. But for the risk of Cost of Living adjustments , seems like the savings on premiums will take care of that long term .. Great Videos and Great Information here!! You've made everything so easy to understand and helped me make educated decisions ! Thanks, Rick
@@rickschilling8955 I am glad its all coming together. Of course, actual prices vary a lot from state to state. Your $ example fits perfectly for you, but not for Virginia or the Carolina's, Arizona etc. I love the High Deductible plan in states where the Plan N or G annual premium is over $2,000 and the plans are required to be Issue Age or Community Rated.
In my area GA, which is issue age, for a 65 male, the difference between HD Plan G and Plan N (Aetna) is only about $58 a month. Under that scenario HD Plan G doesn't make sense.
Correct. Which does not make the HD a good value. GA is like AZ in that respect. One of my rules for making an HD a good value is that the Plan N annual premium should be at or near $2,000.
Please help me with this question. Does Plan G HD qualify one to use an HSA account? I would like to sign up for an HSA, but I understand it must involve using a HD plan. But I also learned that Medicare does not work with HSAs. I would like to also benefit from tax savings on medical care. This seems like a conundrum. Could you please clarify. Thank you! I will be working with you next year when I become eligible (2022).
I live in Virginia. I have Medicare A and B, Medigap legacy plan F and a part D plan. I need brand name Xalatan for my glaucoma and had to ask for a formulary exception which was approved Tier 4. My questions are: Does the high cost of Xalatan, now that I got approval, go towards my deductible or, since it was not originally in the formulary, does it NOT go towards my deductible? Also, would the cost of a non-formulary eye medication which was denied an exception by the insurance company go towards the deductible when I have to pay the full price myself?
Sir, does Plan G also include a Part D, or do you have to get it separately? Please disregard, I see that someone has already asked that question. Thx.
