Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
AARP Medical Advantage Insurance Plan, ages 50-64
Old 06-26-2008, 04:25 PM   #1
Recycles dryer sheets
mark500's Avatar
 
Join Date: Feb 2006
Posts: 146
AARP Medical Advantage Insurance Plan, ages 50-64

Anyone have this plan?

I was thinking of carrying it in addition to my employer's group plan.
That way, if I developed a serious illness before I quit work and was uninsurable for a new policy in the private market, this plan could act as a back up to defray costs.


The AARP Medical Advantage Plan
__________________

__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

Winston Churchill
mark500 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-03-2008, 02:26 PM   #2
Confused about dryer sheets
 
Join Date: Dec 2007
Posts: 8
I am also interested in hearing comments about this. Am I right in thinking this is the first of its kind? I sent for the info, and it looked pretty good - certainly much cheaper than the typical individual plan. I'd be interested in just hearing an educated assessment along with caveats.
__________________

__________________
Cubitt is offline   Reply With Quote
Old 07-03-2008, 02:31 PM   #3
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,758
Quote:
Originally Posted by Cubitt View Post
I am also interested in hearing comments about this. Am I right in thinking this is the first of its kind? I sent for the info, and it looked pretty good - certainly much cheaper than the typical individual plan. I'd be interested in just hearing an educated assessment along with caveats.
There are probably many carriers in your community who offer Medicare Advantage plans. Be aware you have to be eligible for Medicare and need to pay your Part B premiums. That's why the cost is so much lower than individual plans.

All the Medicare Advantage plans have the same basic benefits, but each carrier may offer additional options and pricing will vary by carrier.

-- Rita
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 07-03-2008, 02:37 PM   #4
Confused about dryer sheets
 
Join Date: Dec 2007
Posts: 8
Quote:
Originally Posted by Gotadimple View Post
Be aware you have to be eligible for Medicare and need to pay your Part B premiums. That's why the cost is so much lower than individual plans.

-- Rita
Rita, I believe this plan is intended to fill the gap between early retirement and Medicare eligibility. One must be between 50 and 64 to qualify. Medicare doesn't kick in until 65. I think insurance companies are realizing there is an untapped market of people who might retire earlier if healthcare were not so expensive. Such is my hope, anyway.
__________________
Cubitt is offline   Reply With Quote
Old 07-03-2008, 02:55 PM   #5
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by Gotadimple View Post
There are probably many carriers in your community who offer Medicare Advantage plans. Be aware you have to be eligible for Medicare and need to pay your Part B premiums. That's why the cost is so much lower than individual plans.

All the Medicare Advantage plans have the same basic benefits, but each carrier may offer additional options and pricing will vary by carrier.

-- Rita
I thought the same thing, since my (disabled) son is on Medicare and has the "Part C medical advantage plan". As you stated, he has to keep part B in force, and his plan replaced his previous "medigap" plan.

I did a search on the AARP site. I believe this is what the OP was talking about:

Health Plans for AARP Members Ages 50 - 64

As such, it's not tied to Medicare.

- Ron
__________________
rs0460a is offline   Reply With Quote
Old 07-03-2008, 03:08 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
Quote:
I was thinking of carrying it in addition to my employer's group plan.
Save your money. If you lose you job you will be eligible for COBRA for 18 months. The indemnity plan you posted about would be a big waste of your $ as you already have employer group coverage.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 07-03-2008, 03:13 PM   #7
Full time employment: Posting here.
tangomonster's Avatar
 
Join Date: Mar 2006
Posts: 756
Quote:
Originally Posted by Gotadimple View Post
There are probably many carriers in your community who offer Medicare Advantage plans. Be aware you have to be eligible for Medicare and need to pay your Part B premiums. That's why the cost is so much lower than individual plans.

All the Medicare Advantage plans have the same basic benefits, but each carrier may offer additional options and pricing will vary by carrier.

-- Rita
I do think you're right about Medicare Advantage programs, but this is Medical (not Medicare) Advantage programs by AARP---for people under 65 who don't qualify for Medicare. It seems legitimate----but as they note, it's not Major Medical.

Here's what Kaiser says about the AARP plan:

Kaiser Daily Health Policy Report

Coverage & Access | AARP, UnitedHealth Group Launch New Health Insurance Plan for 50- to 64-Year-Olds in 10 States
[Feb 12, 2003] AARP and UnitedHealth Group have launched a new health insurance plan in 10 states for individuals ages 50 to 64, the Washington Post reports. The Medical Advantage Plan costs between $142 and $362 per month, based on the age of participants and their scores on a questionnaire. The plan covers a set cost for a number of health services. For example, the plan provides $75 for physician visits, $1,200 per day for hospital stays and $7,856 for coronary-artery bypass surgeries. Tom Lindquist, president of the AARP insurance division at UnitedHealth, said that the plan "will be attractive to AARP members who have retired early, are employed part time or are currently not working" and will serve as "an affordable alternative to major medical insurance." However, some health care experts raised concerns about the plan. Gary Claxton, director of the Kaiser Family Foundation health care marketplace project, said that the plan is "not a substitute for more classical insurance." Urban Institute senior fellow Marilyn Moon added that the plan "might lure people into thinking they have a lot of protection" and recommended that low-income individuals purchase traditional health coverage to protect themselves from "major expenses." Julie Alexis, member health products manager at AARP, said that although the plan is "not comprehensive in any way, shape or form," the group "had to make something available (to) people who are going without coverage" because they cannot afford to purchase individual health insurance (Graham, Washington Post, 2/11).
__________________
“It is not a sign of good health to be well adjusted to a sick society”.------Krishnamurti
tangomonster is offline   Reply With Quote
Old 07-03-2008, 11:36 PM   #8
Recycles dryer sheets
mark500's Avatar
 
Join Date: Feb 2006
Posts: 146
Save your money. If you lose you job you will be eligible for COBRA for 18 months.

Nope. Employer too small for COBRA to apply. State requires 6 months of COBRA like coverage.
Anyway, 18 months of COBRA is not much help if you become uninsurable on the private market.
__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

Winston Churchill
mark500 is offline   Reply With Quote
Old 07-04-2008, 07:55 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,925
Quote:
Originally Posted by tangomonster View Post
-but as they note, it's not Major Medical.

Here's what Kaiser says about the AARP plan:
. The Medical Advantage Plan costs between $142 and $362 per month, based on the age of participants and their scores on a questionnaire. The plan covers a set cost for a number of health services. For example, the plan provides $75 for physician visits, $1,200 per day for hospital stays and $7,856 for coronary-artery bypass surgeries.
Any idea of what hospital stay actual costs are? coronary-artery bypass surgeries? My impression is that a physician visit in my area would be something like $125 for a family practice/GP and $250 for a specialist.
I guess those costs would depend on location. Any idea what a major medical policy would cost......deductible=?, max out of pocket? Just to compare w/ the AARP policy.
__________________
kaneohe is offline   Reply With Quote
Old 07-14-2008, 11:08 AM   #10
Confused about dryer sheets
 
Join Date: May 2008
Posts: 1
I had a coronary-artery bypass 15 years ago, and the total bill was around 60k. Maybe the costs have come down since then (lol), but that $7856 wouldn't make much of a dent.

As far as costs of other major medical policies, it really depends on your medical history and there is no way to find out without applying. Most of the insurance companies will give you a quick online "quote" but that assumes you are in perfect health and have never been treated for anything more than a cold. For example, in NC for the highest deductable Blue Cross policy it would be about $400/mo for a husband and wife of 57 in perfect health. Throw in some medical complications like mine and it could go over $2000/mo for even the highest deductible policy if you can get one at all.
__________________
jeffs555 is offline   Reply With Quote
Old 07-14-2008, 11:23 AM   #11
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Quote:
Originally Posted by mickeyd View Post
Save your money. If you lose you job you will be eligible for COBRA for 18 months. The indemnity plan you posted about would be a big waste of your $ as you already have employer group coverage.
Not necessarily. For many in the lost years of 50-64, they don't even have access to insurance even if they were able to afford it. I wouldn't dismiss this kind of gap insurance for some. Retiree health insurance is often not offered to early retirees.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 07-14-2008, 02:35 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by mark500 View Post
Save your money. If you lose you job you will be eligible for COBRA for 18 months.

Nope. Employer too small for COBRA to apply. State requires 6 months of COBRA like coverage.
Anyway, 18 months of COBRA is not much help if you become uninsurable on the private market.
Depends on the state. In WA last I looked, if you exhaust Cobra benefits you are elegible for a non-underwritten standard issue individual policy. I had no known health issues when I made use of this, but it did make the whole process simpler and a lot more secure.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-14-2008, 04:45 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
I tried to review the offering and found that it is NOT offered in my area (Chicago-area).
I will be in the market for DW policy when our COBRA ends at the end of this year.
Would like to know opinions of others on this policy. Thanks.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 07-15-2008, 07:15 PM   #14
Recycles dryer sheets
mark500's Avatar
 
Join Date: Feb 2006
Posts: 146
If you had a coronary artery bypass, the AARP gold plan pays $1500 per day you are in the hospital, plus the $7856 for surgery. Average in hospital cost for a CABG is $20,673.
The plan certainly is not a substitute for a major medical plan or even a good state high risk pool plan, but it may be very helpful in some situations.
__________________

__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

Winston Churchill
mark500 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Medical Insurance runnerr FIRE and Money 4 11-27-2007 11:59 AM
Part time w*rk with medical insurance. Lakewood90712 Life after FIRE 24 06-30-2006 08:57 AM
Medigap or Medicare Advantage Plan? modhatter Life after FIRE 1 04-30-2006 07:54 PM
Medical Insurance GTM Other topics 21 12-27-2004 09:08 AM

 

 
All times are GMT -6. The time now is 12:16 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.