Medicare Plans

[audreyh1]

I'm one of the cheapskates who chose the lowest cost plan but it does cover at no cost the three prescriptions I take daily. The problem with choosing a more expensive plan to cover some future drug you might need is how do you know what that drug might be? As I understand things, these plans all cover different drugs at different rates so without knowing what drug you might need, it's pretty much impossible to select the best plan. Also, you can change your Part D plan annually so I'm willing to take the risk that I might have to go for some part of the year paying through the nose for a drug not covered by my $7/mo plan. I would also look into getting the drug in Canada as I have family there and visit when I can. Lots of ways to mitigate the risk I think.

Completely agree. We’re willing to take that risk for a year.

 

[VanWinkle]

I am curious about medigap G plan for people 75 and above. I have seen information that the premium increases substantially as you age. This reminds me of a long term care policy that is reasonable when you are young, and almost cost prohibitive as you age and may actually need to make a claim. Can someone advise if their plan G premiums are still low at age 75 and above?

 

[REWahoo]

VanWinkle, there are numerous threads on the forum regarding Medigap policy pricing (including G) that may be worth searching for. Here's one: https://www.early-retirement.org/forums/f38/medigap-plans-to-rule-out-93148.html

 

[SoReady]

I am curious about medigap G plan for people 75 and above. I have seen information that the premium increases substantially as you age. This reminds me of a long term care policy that is reasonable when you are young, and almost cost prohibitive as you age and may actually need to make a claim. Can someone advise if their plan G premiums are still low at age 75 and above?

I would also agree that talking with boomer benefits people is worthwhile, even if you end up not using them as I did. I would have gone with them but megacorp requires me to go through Mercer in order to use their funded HRA. But BommerBenefits can tell you which companies have a higher rate of increase vs. others. This can help in determining your decision for the longer term.

 

[Gotadimple]

HSA covers Part B and Part D Medicare premiums as well as Medicare Advantage plans. It does not cover the Medigap supplement.

Correct! Also includes dental premiums and out of pocket. For the OP, there has also been a change to the rules that broadens what the HSA will cover - including over the counter items. Go to any HSA provider's web site for a complete list.

- Rita

 

[harllee]

I am curious about medigap G plan for people 75 and above. I have seen information that the premium increases substantially as you age. This reminds me of a long term care policy that is reasonable when you are young, and almost cost prohibitive as you age and may actually need to make a claim. Can someone advise if their plan G premiums are still low at age 75 and above?

I am not 75 (only 70!) --- my AARP/UHC plan G policy has gone up very little and is only $106 per month. DH who is also age 70 has seen much larger increases in his Mutual of Omaha plan G policy and now pays about $160 per month. Last year DH tried to change from Mutual of Omaha to AARP/UHC but UHC rejected him because of preexisting conditions. From talking to older friends the AARP/UHC policy Plan G does not go up very much as you age which is probably why they are one of the most popular policies.

 

[audreyh1]

I am not 75 (only 70!) --- my AARP/UHC plan G policy has gone up very little and is only $106 per month. DH who is also age 70 has seen much larger increases in his Mutual of Omaha plan G policy and now pays about $160 per month. Last year DH tried to change from Mutual of Omaha to AARP/UHC but UHC rejected him because of preexisting conditions. From talking to older friends the AARP/UHC policy Plan G does not go up very much as you age which is probably why they are one of the most popular policies.

The AARP/UHC policy is different as it starts with a discount that goes up slowly by age and then stops at age 75 with inflation and I think total group coverage costs increasing it. It can be called community rated, but there is that 30% initial discount that makes it more competitive, and drops by 3% each year. The other Medigap policies are age rated and often start lower, but increase faster by age and other factors. Some of those Medigap companies close their books on what they offer, jack up the price to current captive customers, but then offer cheaper policies with slightly different names or companies to new Medicare enrollees. I wouldn’t touch Mutual of Omaha because of this practice.

*ref for the discount that is from a NJ document, but shows how the discount works with UHC https://nj.gov/humanservices/doas/documents/SHIP_AARP_page2.pdf

 

[REWahoo]

Some of those Medigap companies close their books on what they offer, jack up the price to current captive customers, but then offer cheaper policies with slightly different names or companies to new Medicare enrollees. I wouldn’t touch Mutual of Omaha because of this practice.

While MoO was one of the first to come up with this strategy, it appears virtually every age rated insurance company now does this. That makes the AARP/UHC policy sound like a better deal, but after running the numbers, I'm not sure it actually works out to be less expensive in the long run. Looks to me like "you pay me now or you pay me later" applies and there is no way to know which, if any, is the best choice.

 

[audreyh1]

Perhaps. If you live shorter, the age rated policy is cheaper. If you live longer .....

Personally we assumed we would live longer. Hope we are right, and stay in good health.

 

[CRLLS]

Can you see the amount of rate increases of an age rated policy in the later years? Our state publishes the rates for every 5 year age bracket. We originally chose the F-HD. When they closed the F plans to new entrants, we changed to a Plan G with AARP/UHC, maily due to the community rating and potential future savings. I think the "breakeven" (I hate using that term with this group) was around age 80 or 85. Since our plan is to age 100, I think the AARP/UHC will eventually be the better financial decision for us.

That being said, I think most of us here are not needing to find the last 500 or 1,000 dollar savings that may, or may not happen 10-30 years out in the future. It is unfortunate that the Supplement providers/Medicare makes it so difficult to change plans after the first year, unlike the Part D drug plans. A few states make it easier to change Supplements but not many.

 

[harllee]

One really bad thing about Medicare supplements is that in most states you can get stuck with an expensive policy like my DH has. When we turned 65 we went to a Medicare counselor at the senior center and they recommended Mutual of Omaha Plan G and that is what we want went. Started out about $100 per month each. Then that policy started going up about 25% per year with no end in sight. I was able to switch to the much less expensive AARP/UHC which is $106 per month for me at age 70. DH was rejected by UHC due to a preexisting condition and is stuck with Mutual of Omaha and now pays a much higher premium. Buyer beware.

 

[REWahoo]

Harllee, there is a way to change medigap insurers, even if you can’t pass underwriting. https://www.early-retirement.org/forums/f38/medigap-underwriting-loophole-101243.html

 

[pb4uski]

My monthly cost is $149 for Part B, $7 for Part D and $186 for Medical Plan G... so $342.

Higher than our unsubsidized ACA cat plan that was around $260 much lower deductibles.

 

[REWahoo]

My monthly cost is $149 for Part B, $7 for Part D and $104 for Plan N... so $260 at age 74.

 

[harllee]

Harllee, there is a way to change medigap insurers, even if you can’t pass underwriting. https://www.early-retirement.org/forums/f38/medigap-underwriting-loophole-101243.html

REWahoo, I would be interested in looking into this way to change policies--how can I find out if DH's existing Mutual Of Omaha policy is still being sold in NC--or if it is a "closed book"? Thanks!

 

[Sue J]

DH and I are both 66 and in Ohio.

Medicare Part B 148.50x2=$297.00
Medicare Supplement Plan G AARP/UHC combined for both of us = $224.64
Part D 7.30x2= $14.60
Total cost $536.24

Like many here we went for the cheapest Part D plan - Aetna SilverScript SmartRX and most of our prescriptions have been at $0.00. DH takes one that is Tier 4 on that plan and he'd have to pay the full price until he met the deductible. Instead we use GoodRx or RXSaver and don't have it go through the Part D insurance. It's been working just fine doing this. Saving big $$!

 

[REWahoo]

REWahoo, I would be interested in looking into this way to change policies--how can I find out if DH's existing Mutual Of Omaha policy is still being sold in NC--or if it is a "closed book"? Thanks!

I'd recommend finding an independent agent to help, maybe start with Boomer Benefits?

 

[daver]

This thread has been very helpful Thanks!

For those using Traditional Medicare, with a Supplement and a Part-D Plan, what are your thoughts for needing Dental and Vision coverage or do you pay OOP as required? Maybe use HSA funds?

 

[harllee]

I'd recommend finding an independent agent to help, maybe start with Boomer Benefits?

DH used Boomer Benefits when he tried to move from Mutual Of Omaha, they tried several avenues and told DH that there was nothing that could be done, he had to stay with Mutual of Omaha.

 

[harllee]

This thread has been very helpful Thanks!

For those using Traditional Medicare, with a Supplement and a Part-D Plan, what are your thoughts for needing Dental and Vision coverage or do you pay OOP as required? Maybe use HSA funds?

Regarding vision --my traditional Medicare and supplement seems to pay for most all my vision appointments and I buy my reading glasses from Zenni, very inexpensive. Regarding dental --I have searched for dental insurance and asked my dentist and I have not found any dental insurance worth having so I pay dental out of pocket and get reimbursed from my HSA.

 

[CRLLS]

This thread has been very helpful Thanks!

For those using Traditional Medicare, with a Supplement and a Part-D Plan, what are your thoughts for needing Dental and Vision coverage or do you pay OOP as required? Maybe use HSA funds?

Starting this year, the AARP/UHC supplement plans include dental discount program at no extra charge thru Dentegra. For Vision, I use the Walmart vision center for testing and Zenni for the glasses. I have never had dental or vision insurance, I always have self-insured. I didn't feel I needed them now.

 

[bmcgonig]

Starting this year, the AARP/UHC supplement plans include dental discount program at no extra charge thru Dentegra. For Vision, I use the Walmart vision center for testing and Zenni for the glasses. I have never had dental or vision insurance, I always have self-insured. I didn't feel I needed them now.

Anyone with any experience using Dentegra affiliated dentists?

 

[Telly]

For those using Traditional Medicare, with a Supplement and a Part-D Plan, what are your thoughts for needing Dental and Vision coverage or do you pay OOP as required? Maybe use HSA funds?

For vision, Original Medicare covers the medical part of visits. I go to an Ophthalmologist, everything gets covered except for Refraction. Original Medicare DOES cover the first Refraction after cataract surgery. They also cover the basic spherical-correction IOLs (Intra Ocular Lens).

For Dental, I pay OOP. Many of the dental plans I have seen were laughable, seem to be targeted for people who do not like to pay some $ at a dentist office, but are happy paying a monthly premium for limited benefits. Accent the word "limited".

 

[harllee]

Anyone with any experience using Dentegra affiliated dentists?

I looked at the list of dentists and my dentist was not on there--only one in my area was on the list and his reviews were not good.

 

[REWahoo]

DH used Boomer Benefits when he tried to move from Mutual Of Omaha, they tried several avenues and told DH that there was nothing that could be done, he had to stay with Mutual of Omaha.

Then your best bet is probably to find an independent agent in your state who knows the ins and outs of this process and is willing to work with you. Too bad member MBSC isn't around to offer input as he was the forum expert on this subject.