We just signed up for medicare for my husband. Medicare, plus a medigap plan g, will cost us DOUBLE what we paid for health insurance when he WAS working. We had a PPO with the same company. Welcome to retirement.
Mine will be the exact opposite. I’m currently paying $475 a month with a $3000 deductible if I need major medical care. They don’t cover any procedures
@@debbiehall362 would recommend this video on the difference between Supplemental vs Advantage: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yxXuGQYJ-ug.html We think it explains the differences pretty well, but we are biased :)
@@Theretirementnerds I think I saw that one already but will check it again. It seems that if you do not have any medical issues and don't expect any the advantage plans are the way to go. But like was mentioned in this one if you cronic medical problems the Plan G will be better. But I could see where people who only need the extra care could bankrupt the system, even with someone having to "quafily" to switch from the advantage plan to a suplimental plan. I guess that is one of the reasons for all the hate for the advantage plans from some and it must be profitable for insurance companies because of all the advertizing for them. But I like your videos as it does not seem you have a bias.
This is the best video I have seen on the subject. Most agents only mention the age 65 rates. Plan G at age 80 and beyond will be unaffordable. High Deductible Plan G is a good alternate.
@kimdiedrich9712 here's one on Plan N ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-azxACbIj394.html Here's another: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LmpaQdZxyl4.html
That is not 100% true. There are community-rated states where everyone pays the same rate, no matter the age. And there is "attained-age" states where you pay the rate at the age you enroll (my favorite). So if I enroll in Medicare Part G at age 65. And make sure my payments are paid on time, when I turn 80, I will stay pay the same as 65 year olds.
@@Theretirementnerds not only watching, subscribing. You’re my second in 2 years. That Plan G high deductible is scratching me where I itch. I sign up for Medicare at the end of this month. The biggest thorn is that change is inevitable.
High Deductible Plan G is very strong in certain areas. In others, we see people move pretty quickly off of it to Plan N or to the full-fledged Plan G. Don't want you sharing a bunch of personal info on RU-vid, but if you want a deeper dive into options, always welcome to shoot me an email at erik@90daysfromretirement.com Plans are zip code specific, so including your zip code would be helpful :)
After WEEKS of painstaking research which would confuse even Einstein--this is the most comprehensive overview available--Great Job! QUESTION: I thought I heard you say that "....seniors who are living off Social Security and not yet qualifying for Medicaid." Could you clarify by providing your understanding of "when" a senior would qualify for Medicaid--vs. the state imposed--usually very limited income restrictions? THX
Thank you for watching! We were simply referring to those who live off social security or have low incomes, but not low enough to qualify for Medicaid as defined by the state level.
Good video with a clear explanation. One thing you did not mention as to why the premium for Plan G rises more quickly than the other plans, is because Plan G is the Guaranteed Issue Plan. This means that the insurance company is required to accept beneficiaries into the plan in certain special enrollment situations, regardless of their medical history, so Plan G tends to have a considerably higher number of sick beneficiaries. To compensate for this, the premiums for Plan G tend to increase at a higher percentage than other plans over time.
Hi Mary Beth, thank you for watching. I believe we covered that starting at the 8:00 mark and going through about the 9:15 mark. Let me know if I am missing something there. Excellent point and we agree!
I continue to be so impressed by the clarity, accuracy and balance in your videos. They are surely helping people in meaningful ways. I’m 63 now, and in 2 years, I’ll definitely be reaching out to you. I wish you continued success in your channel. Really appreciate you!
Just recently have Medicare part B and still figure out the supplement, very confuse and shouldn't be for older people. I've been having very good insurance from work and hardly used besides annual physical exams. I live in Washing state if you can refer some one I can talk to to help made the decision. Learned a lot the last two days watching these videos but still can't yet making decision. Thank you
Excellent video - especially the dialog with respect to age based plan G increases. I noticed that in my home state of Florida many of the plan G insurance companies state that they do not increase rates due to aging up. Is this a requirement in Florida or just something that they offer to appeal to the end user?
Hi Ron, community-rated plans are common. In this case, the rates aren't based on age, however, these plans will still have increases - not based on the person's age, but more around annual increases to account for inflation, rising healthcare costs, etc. A few different ways to structure those costs. You can have community rated plans and age-based plans in the same state, or have one that's more popular than the other, or areas where they only offer one or the other. Great question!
Thank you for a very informative video. I am disabled and I have Medicare Parts A & B, but I don't have anything else because my husband is currently working and we have health insurance through his work so my Medicare is my secondary insurance, but he is retiring the end of 2023 and I will have to get a supplemental plan to cover my health costs and a prescription coverage also. From what I am able to tell is even with prescription coverage my prescriptions are going to cost me a whopping $36,000 a year out of my pocket. I wish I could find a good prescription drug plan that would cover more of my costs of the medication but I don't know what that would be. If you have any advice I would love to hear it.
Thank you for watching! I got your email and have connected you with someone who is licensed in your state. They are great and will look at the options available to you. Thank you!
I was thinking about the Oprah Winfrey show and on this particular one it's all the audience members birthdays. Oprah stands up and points yelling "Your Premium's going up" Your Premium's going up" and yours and yours and yours. lol. So many mixed feelings on it as far as people with health issues. Some live their life right and are punished with bad genes. Others have health issues because of bad choices. Sometimes it's just the luck of the draw. But it comes down to affordability and #1 Peace of Mind. And I might add you did do videos on Plan G with low and high deductibles which goes hand in hand with the premiums. It's another option for someone healthy. In all honesty it;s just makes a lot of sense that this plan would go up more often for all the reasons you state, and why it is so popular. What I find so odd is none of the carriers push this plan. All the commercials push the Advantage Plans. There is a reason that this plan is titled the "G" plan. G stands for Great. Just curious if it was you turning 65 and in good health which plan would you choose, providing you had access to all of them. Great Video.
I love the Oprah imagery. So true. As to what I would personally choose, it is such a tough question because a lot of people won't like the answer, assuming some underlying bias, but I think about it often and at this point in my life, there are a few important factors: 1. I am currently healthy (knock on wood) and don't have any real serious family histories of chronic conditions. 2. I have an HSA that I have been contributing to my whole adult life and will continue doing so for a couple more decades. 3. We have VERY strong Advantage plans when it comes to the insurance companies and their service, plus they have access to all 4 major hospital systems around here. So, for me personally, if I were going on Medicare today where I live and the factors mentioned, I would get an Advantage plan. However, that could all change really quickly if a few of the above-mentioned things were to change over the next few years. My risk-tolerance is probably higher than most and my financial philosophy is to always have enough saved for rainy days. The HSA really helps here. I couldn't use the HSA dollars to pay supplement plan premiums, so those dollars become less effective in my eyes, whereas with an Advantage plan, even if I hit my maximum out of pocket, I can use my HSA dollars for what they were meant to achieve. I've said it in previous videos though, for one of my parents, a Supplement is a no-brainer. For one of my in-laws, supplement for sure, likely for both. Very personal decision. But, if I were to get a supplement and could afford it, Plan G is awesome!
@@randolphh8005 it is more complicated than that, but yes, there are generally higher first year commissions for agents and, if costs are manages, the insurance companies can make a profit. Depending where you live, there are some very strong Advantage plans that are hard to ignore.
@@Theretirementnerds I like your balanced approach! We are both recently retired physicians, so we have a whole different perspective. Also all our parents have been on Advantage for years. Both dads died this year after significant illness. As you state all situations are different, but also unpredictable. My father-in-law was eligible for VA care as well as a special Advantage plan due to dialysis. So his care was good from the financial side, the medical side was quite variable, and required a lot of intervention by my wife to keep it on track. My dad died from complications of cancer. His advantage plan had pretty good access to providers, but lots of extra costs, and need for arguing with the insurance company. As providers, it was obvious that patients on regular Medicare got more care more easily. Those on managed care, usually less care, with a constant focus on saving the insurance company money. As to being healthy and avoiding care, that only works till it doesn’t. People with chronic illnesses tend to use care more routinely, and it can add up over time, but they also don’t live as long. Living long is the number one driver of medical costs. HSA’s are wonderful! You can use them for so many things insurance won’t cover, Medicare B and D premiums, copays, deductible, LTC care and premiums. One reason we went with High Deductible Plan G was our HSA balances(only the $46 monthly premium is not reimbursed). We have been saving receipts for several years. And another way to pay for dental and vision.
I have seen people worked over by high healthcare OOP expenses who developed serious healthcare problems w an advantage plan and could not get beneficial tests because they were denied. So anything that says advantage plan is something I simply wont consider......I am going w a supplement plan.
I would bet that only 15-20 percent of the average Social Security payment goes to Medicare and Supplement. Plus you get COLA increases. That's a fairly predictable cost that you can plan for. The thing that really chews up the rest are the (often) unpredictable costs of vision, dental and hearing. It is a travesty that these essential benefits are not included with original Medicare. Sure, you can get them with Advantage Plans, but at a cost of lack of transport ability of your healthcare, higher out of pocket expenses, requiring referrals to see a specialist, and higher costs for out of network services. One trip to the dentist can cost thousands, and insurance plans that are available are not only yet another premium to pay, but are all but worthless due to annual caps.
Is it possible to switch each year from a high deductible plan G to a low deductible plan G without underwriting health qualifications or any penalties?
Great question! In MOST states... no. If you try switching, you'll likely go through underwriting. There are 13 states with different rules around this. In MOST of these 13 states, you have windows to switch to an equal or lesser supplement plan, not up. So the HD G to regular G isn't guaranteed. In 2 states (NY & CT), there is year-round open enrollment for any supplement plan. VT, too, for 2 insurance companies, not all. Now, an insurance company in any of these states can make an exception to this. We most commonly see a carrier say we'll take an equal or lesser plan switch, but this is an exception, not a rule.
I am on SSDI and am 64 & 4 months old. My question is am l have to start Medicare start all over when I reach 65 or wait until full retirement age? Thank you!
@@Theretirementnerds Thank you for your response! Do I have to take any action on Medicare or I don't have to do anything ? Person at the SSA once told me while ago that I don't have to do anything, it will change automatically when I get to full retirement. Now, I'm thinking back. Is that for both social security payment & Medicare ?
So sorry to hear about your cancer! We would need to know more about your situation. The knee-jerk reaction is yes, a plan G and standalone Part D plan. Feel free to reach out via email to erik@90daysfromretirement.com and happy to look into it. Please include your zip code. I hope treatments are going well!
Drugs are handled in a very similar way on an Advantage plan. The difference would be the dollars you would save with no premiums with Advantage but are those savings worth it with the coverage? That's the question you'd need to look at
As to dental insurance, I have never had any dental insurance worth a crap, even when working. I know people have been on the Medicare Advantage dental insurance, same story. I needed and got dental implants. My work insurance at the time only paid about 10% of the cost. My opinion is that dental insurance is mostly a ripoff.
