Medicare Supplemental Insurance a Scam?

[Disappointed]

One of my friends sent me a link to a video on Youtube by David Belk MD, his video The Truth About Medicare Supplemental Insurance stated that subscribers will never benefit from the insurance as much as the premium paid. He said that is also true with Part D.

Has anybody ever watched any of his videos and is there any truth to what he is presenting?

I am currently signed up with Plan F Extra with Blue Shield of CA, my Part D is also with BS of CA.

Thanks,

MP

 

[REWahoo]

... subscribers will never benefit from the insurance as much as the premium paid.

I can recognize a false generalization without even bothering to add another view to Dr. Belk's YouTube video.

 

[travelover]

Made me look. His argument is that you probably won't have a catastrophic bill that warrants supplemental / drug insurance. For many / most, that is true. Feeling lucky?

 

[REWahoo]

Made me look. His argument is that you probably won't have a catastrophic bill that warrants supplemental / drug insurance. For many / most, that is true. Feeling lucky?

+1

You can use the same argument for not needing to pay for home insurance. After all, the odds of having a fire destroy your house are extremely low.

 

[Dawg52]

Made me look. His argument is that you probably won't have a catastrophic bill that warrants supplemental / drug insurance. For many / most, that is true. Feeling lucky?

Even if one truly believes that I would at least by the HD supplemental plan.

 

[athena53]

Made me look. His argument is that you probably won't have a catastrophic bill that warrants supplemental / drug insurance. For many / most, that is true. Feeling lucky?

I agree (but have not seen the video). During the 4.5 years between retirement and Medicare eligibility I paid over $30,000 in ACA premiums with an annual deductible of $6,000. The only claim payments the insurers forked over was for routine screening: a colonoscopy, annual physical and bloodwork, and mammograms.

Scam? Hardly.

 

[SumDay]

I started a thread about this a while back. Good old Dr. Belk...

I can see his point, but if you're one of the ones that gets cancer, or needs an organ transplant, or whatever, you'll be d*mned glad you have that supplement.

To me, this is just how insurance works. I'm not willing to risk going without that coverage.

 

[kaneohe]

I started a thread about this a while back. Good old Dr. Belk...

I can see his point, but if you're one of the ones that gets cancer, or needs an organ transplant, or whatever, you'll be d*mned glad you have that supplement.

To me, this is just how insurance works. I'm not willing to risk going without that coverage.

I didn't watch the video link in OP but I did read the article on your older thread..........wanted to see not only what he said but how he said it. Noticed that the article was dated 2013 and yet had >$200/mo. prices for the supplement..........seems high, perhaps deliberately, to help his case. He definitely does seem to be discouraging purchase of the supplement which
suggests he does not understand the concept of insurance.

You do want to be the "loser" when you buy insurance. Pay your premiums and get nothing for it because you didn't get sick. It would be a strange person who wanted to "win" by having huge medical bills that were covered........but even that person is a "winner" ...........so in some sense, all who buy the supplement are winners........you either have good health and "waste" some money or you are ill but get your bills covered. The only real loser is the one who doesn't get the supplement and gets a serious illness and large bills.

 

[VanWinkle]

I have seen his video and there is some truth to what he describes. The problem is that no one knows who the "lucky" ones are in advance. I don't think the gamble is worth the risk of not being one of the lucky ones. My wife was in cancer treatment for over 4 years at a cost of over 100,000 per year. At 20%, that would have been 80,000 without Insurance. Play it safe, and you won't regret it.