Snidely Whiplash
Recycles dryer sheets
- Joined
- Apr 12, 2009
- Messages
- 206
As I've explained elsewhere, at 55 years old my wife has developed some significant health issues (neuroendocrine liver cancer, Cushing's Syndrome, diabetes, etc). She has been placed on Social Security disability and will receive Medicare near the end of this year. I had expected my medical costs to decline when she moves from private insurance to Medicare but as I investigate further it looks like our costs will skyrocket tremendously and it has me losing sleep.
Our current private insurance (which covers us both), a policy I have had for 15 years from when I was self employed, has an annual premium of $6,000. and a deductible of $10,000. and then our insurance picks up 100% of medical costs and prescriptions, so our outgo is capped at $16,000. per year.
When my wife is placed on Medicare my costs will be : private insurance will cost me $3,000. per year in premiums with a $5,000. deductible and the Medicare costs look to be Part A -0-, Part B $1800 year, Perscription plan $840 year plus co-pays, and Plan F $8,400 per year, for a total of $19,040 plus prescription copay (not an insignificant amount).
We live in Florida (a "must issue" state for medigap plans) but the costs are substantial. I see no way around such a plan as the 20% co-pays would quickly bankrupt us. I understand most providers waive the 20% but do they do so if the patient has assets? I suspect I need to protect myself with the Medigap policy.
Am I missing something? Medicare looks to be a terrible alternative to what I have now. I'm not sure why so many are happy with it. I must be overlooking something. I'm grateful for any advice or suggestions.
Our current private insurance (which covers us both), a policy I have had for 15 years from when I was self employed, has an annual premium of $6,000. and a deductible of $10,000. and then our insurance picks up 100% of medical costs and prescriptions, so our outgo is capped at $16,000. per year.
When my wife is placed on Medicare my costs will be : private insurance will cost me $3,000. per year in premiums with a $5,000. deductible and the Medicare costs look to be Part A -0-, Part B $1800 year, Perscription plan $840 year plus co-pays, and Plan F $8,400 per year, for a total of $19,040 plus prescription copay (not an insignificant amount).
We live in Florida (a "must issue" state for medigap plans) but the costs are substantial. I see no way around such a plan as the 20% co-pays would quickly bankrupt us. I understand most providers waive the 20% but do they do so if the patient has assets? I suspect I need to protect myself with the Medigap policy.
Am I missing something? Medicare looks to be a terrible alternative to what I have now. I'm not sure why so many are happy with it. I must be overlooking something. I'm grateful for any advice or suggestions.