Medicare supplement

[uncledrz]

We are still a long way off from medicare and at this point purchasing our full medical insurance or self insuring.  At some point we will reach 65 and then be covered by medicare.  In another post HaHa raised an interesting point regarding medicare and supplemental coverages.

As I understand it, medicare provides a base hospital and doctor coverage, and the individual then has to purchase supplental coverages.

What types of supplements do you feel are necessary and what are the costs for those coverages?  Just an informal survey.

Uncledrz

 

[ProfHaroldHill]

Since there has been no reply, I'll tell you what I think I know (I'm not an expert in this or any other topic, except for organizing bands).

Two thing to consider -- (1) Medicare Part A, which covers hospitilization, provides good coverage for 30 days, some coverage for the next 120 days, and no coverage at all after that. The number of days is cumulative for your entire lifetime, not per-year. So, most perople buy Medigap supplemental coverage. Medigap comes in ten flavors, which are identified by letters of the alphabet, A-J. Most people choose A, C, or F (F is the most comprehensive).

(2) In some states, Doctors who take medicare patients are required to "Assign." This means that the Doctor cannot charge anything beyond the standard cost for a treatment as decided by Medicare. In other states, not so, and the patient is responsible for the difference between the cost auuthorized by Medicare and the actual cost decided by the doctor. Part F covers this difference. So, in some states it makes sense to buy Part F, and in other not.

Other readers -- if any of this is wrong, PLEASE let us know!

HH

 

[ProfHaroldHill]

Forgot to mention -- it is important to sign-up for Medicare when you turn 65 (or maybe 90 days before) -- whether or not you are already on SS, planning to take SS at 65, or planning to wait til age 70 to sign pp for SS -- Medicare and SS are two separate animals . . .

HH

 

[uncledrz]

Thanks prof
this is long way off, but I figure that in the next few years the seeds that have been planted are going to come home to roost, and just trying to get some idea on what will not then be available throught medicare coverage.
guess this is one that I'll have to research on my own, but its so much easier to ask and get feed back from those who are already dealing with it.
uncledrz

 

[haha]

I become Medicare eligible in about 6 months. I am just beginning to look at the supplements. It is somewhat clouded this year, because of the Medicare pharmacy benefit that goes into effect Jan1. For this reason, some of the supplemental programs that included drug coverage will be rewritten. Also, it appears that the (excellent but unpopular with insurance marketers) rule that Medigap supplements can only compete on price- i.e. a  D is a D, an F is an F- is being scrapped for the new pharmacy benefit policies. I guess Mr. Bush owed one to the health insurance underwriters.

Anyway, it looks complicated to me. When the time comes I plan to employ a broker to help me figure out what is going on. For anyone living in WA or OR,  I have had excellent experiences using  Dann Loewenthal at Loewenthal Insurance in Eugene, OR.

He helped me find a good individual policy, and took care of many glitches and delays coming from the company. Also he kept in close touch with me all the while.

Before people start harassing me about giving him a plug, I just want to say I don’t know the man except through this client-agent relationship, but he has done great work for me.

Dann Loewenthal
dann@lowinsure.com
541 434 9613
800 884 2343
www.lowinsure.com
www.oregonhealth-insurance.com
www.hsaoregon.net
www.healthinsurancewashington.com
www.msawashington.com

There is also a well informed guy named Art who sometimes posts to this board. He is broker or agent in CA.

Ha

 

[ProfHaroldHill]

The AARP site has lots of information re Medigap. Explians the benefits offered by the various options, and so forth

http://www.aarp.org/health/medicare/supplemental/

Open to the public -- no need to register or belong to AARP to look . . .

HH