Medigap Primer (HELP, I need somebody, Help..)

[HadEnuff]

I am about to turn 63, so I have some time to figure all of this out. Mostly, just to see how becoming eligible for Medicare will effect my budget in 2 years, I'm trying to wade through the Medicare alphabet soup.

According to this site: https://www.medicare.gov/find-a-plan/results/medigapresults/medigap-view-all-policies.aspx

Looking at the "F" plan, the monthly premiums are $51 -$167, but the Estimated Annual Cost is $7,140. How do they get from $167/ month to $7140/ year? Is that Estimated Annual Cost assuming your history for the year requires you pay the maximum deductibles?

 

[MBSC]

While Medicare.gov is good for researching Part D (Rx) plans, it is lacking when it comes to Medigap. The estimated annual cost is the average amount Medicare pays based on historical data plus the premium and out-of-pocket you pay. In the case of Medigap 'F', the only out-of-pocket consists of non-covered services. I looked at your posting history and it appears you live in NY. If so, NY is very consumer friendly when it comes to Medigap. You can find their current plans and rates here:

Information for Medicare Beneficiaries

NY is a community-rated state so anything you read regarding rate increases for attained-age plans would not apply. NY is year-round Medigap guaranteed issue so anything you read about not being able to change Medigap plans in the future or having to undergo medical underwriting would not apply.

 

[HadEnuff]

Thanks. Good info.

Now what I think I need, that I am not finding, is a comparison of the various Medigap plans, an alphabet soup all to itself.

 

[meierlde]

There is a nice comparison on the AARP web site (since they sell all of the letter plan the provides the differences) Note that the only difference between f&G is the part B deductible. If you compare the two rates you may find you pay more that the deductable to get the deductable paid in plan f (the deductable is about $160)

 

[Ian S]

There is a nice comparison on the AARP web site (since they sell all of the letter plan the provides the differences) Note that the only difference between f&G is the part B deductible. If you compare the two rates you may find you pay more that the deductable to get the deductable paid in plan f (the deductable is about $160)

Unfortunately, the AARP/UHC plans don't include a "G" plan in Arizona. As a result, I went with the "F" plan after considering the "N" plan too. While it's a good idea to work with an insurance broker, you need to educate yourself as well. I considered a bunch of different companies and went with the AARP plan at least in part because of its included Silver Sneaker membership which my gym accepts. Saves me $15/mo on that alone.

 

[CRLLS]

Check with your state for available plans. In Illinois, there is a great g'mnt website that compares all available policies and their costs. AARP plan pricing is based on all participants in the plan and not based on my age like all other plans in my state. I read that as, other policy premiums will increase quicker as I age. Changing policies midstream is , I think, not as "free" as it should be. May want to check on that. I think the AARP plan is the one we will take in a few months.

 

[Ian S]

Check with your state for available plans. In Illinois, there is a great g'mnt website that compares all available policies and their costs. AARP plan pricing is based on all participants in the plan and not based on my age like all other plans in my state. I read that as, other policy premiums will increase quicker as I age. Changing policies midstream is , I think, not as "free" as it should be. May want to check on that. I think the AARP plan is the one we will take in a few months.

Yes Arizona also has a detailed listing of Medigap plans offered and their pricing as a function of age. The AARP plans include an initial discount that gradually goes away over time (10 years I believe.)

 

[calico1597]

What is the Illinois website? I turn 65 next April, time to start educating myself, thxs

 

[meierlde]

To find the list of plans just go to your favorite search engine and type medigap followed by your state name and you will have a large number of results to pick thru.

 

[CRLLS]

Illinois website for medicare related info is:

SHIP: Medicare Related Information

3rd line down is the plan comparisons.