lower insurance cost through medicare.

[frank]

I was talking to a lady yesterday about the medicare supplement plans her and her husband use. they use blue cross plan f, but that is not the point here. She told me that if she pays her supplement insurance directly from her social security check, like with medicare, that the supplement has the same restriction and can only increase as much as the cost of living allowance. She told me she got this information from an article in the "bottom line", whatever that is. She also told me that, her and her husband have implemented this and saved 20. each monthly for the last year. does anyone here know of this new regulation? is it actually something that can be used? what are your thoughts?

frank

 

[HGTVfan]

I think that she is confused.

Maybe her Medicare supplement insurer gives a break if you have the amount direct debited from checking/savings. But I don't think that it has anything to do with SS or a federal regulation.

 

[pb4uski]

+1 Never heard of anything like that and I doubt that it exists. Not for anyone I know. Why would the federal government want to take on the task of withholding from SS recipients checks and remitting the withholdings to the hundreds of insurers that issue medicare supplement policies?

 

[CRLLS]

I think she is talking about the "hold harmless" provision in SS.

 

[frank]

what is the hold harmless provision? do you have a link?

 

[pb4uski]

You can google it. In short, it limits Medicare Part B premium increases to the SS benefit increase so recipients SS checks would not go down if the Part B increase exceeded the SS benefit increase.

 

[CRLLS]

You can google it. In short, it limits Medicare Part B premium increases to the SS benefit increase so recipients SS checks would not go down if the Part B increase exceeded the SS benefit increase.

^ +1

From what I read, it could only be a temporary benefit. If the COLA increases in SS outpace the Medicare premium increases, they will try to catch up in following years on the Medicare premium until you are on PAR with what others are paying. The benefit(if any) also depends on the amount of SS one gets. The SS COLA increases as a % while Medicare premiums increase as a fixed $ amount. The ratio of the two changes depending on the amount being received.

Sorry if this description is a bit muddy.

But I don't think hold harmless applies to Medicare Supplemental policies, only Medicare part B premiums.

 

[travelover]

..........But I don't think hold harmless applies to Medicare Supplemental policies, only Medicare part B premiums.

I don't think so either, having just become Medicare eligible and gone though the process of buying insurance. The rates are set by the insurers, not the Gummint.

 

[braumeister]

I think your neighbor must have been referring to this publication. Not a terribly credible source of information to start with, and she probably misinterpreted something she read.

Bottom Line/Personal is a business and finance magazine (in a shorter newsletter format) that offers the most useful, accurate, expert answers to the many challenging questions individuals face in their personal lives today.

 

[MBSC]

I was talking to a lady yesterday about the medicare supplement plans her and her husband use. they use blue cross plan f, but that is not the point here. She told me that if she pays her supplement insurance directly from her social security check...

She meant Part B. I assume your location of Dubuque is the one in Iowa.
Payment methods for Medicare supplements from Wellmark Blue Cross Blue Shield of Iowa.

Wellmark Blue Cross Blue Shield of Iowa MedicareBlue Supplement Application:

Section I. Choose your method of payment.

Select how you would like to pay for your MedicareBlue Supplement premiums from the options below.

1. Direct Bill - Quarterly, Semi-annually, Annually
2. Automatic Bank Account Withdrawal from Applicant's Account
3. Automatic Bank Account Withdrawal from account other than Applicant's

Attach a voided check or complete the following information:

Financial Institution Name:
Bank Account Name(s) (exactly as appears on account):
Financial Institution Routing Number (9 digits):
Bank Account Number:

https://ebusiness.wellmark.com/memb...enID=18807659&State=ia&Product=medicare&PF=42