Supplemental Insurance

[AliceB777415]

Hi everyone, 

I'm 79 and wondering if my supplemental insurance is worth the cost anymore. I have seen so many of my parents and older siblings drag out their passing and I have no wish to have a prolonged demise. I pay almost $400/month for nothing I use, and I wish I could put that money into my bank account for my son who is also my caregiver. Could anyone give me any opinions? Have any ove you felt the same way?

[somarco]

@AliceB777415 almost $5,000 per year is nothing to sneeze at. I would assume you have the F plan. The one that covers all of your Part A and Part B OOP expenses.

Changing to an Advantage plan will save $$ on a monthly premium but there is an offsetting downside.

You lose the ability to use any doctor, including possibly your own.

In most areas your OOP for health care would go from $0 to $6700 per year. That is only for IN NETWORK APPROVED medical charges.

OON (out of network) charges raise the ante.

Many specialty centers such as Mayo, Cleveland Clinic, MD Anderson, etc do not accept most Advantage plans.

Advantage plans are wonderful as long as you are in good health and are not particular about which doc you use.

If you are in good health you could do what @GailL1 suggested and look for a lower premium plan that is less comprehensive than the F plan.

A few states allow you to change plans without underwriting. Some have a birthday or anniversary rule. Others have no underwriting at all or have a carrier of last resort that will take anyone. These scenarios are limited to about half a dozen states so the odds of having these options are not in your favor.

Ask your friends for a LOCAL agent that specializes in Medicare plans. Dealing with national agencies, SHIP counselors and even 800-MEDICARE can be a crap shoot.

[GailL1]

---

@AliceB777415 wrote:

Hi everyone, 

I'm 79 and wondering if my supplemental insurance is worth the cost anymore. I have seen so many of my parents and older siblings drag out their passing and I have no wish to have a prolonged demise. I pay almost $400/month for nothing I use, and I wish I could put that money into my bank account for my son who is also my caregiver. Could anyone give me any opinions? Have any ove you felt the same way?

---

Without more specifics,like I mentioned in my last post to you,  I can only give you some general info and direction.

Check to see if you can switch to a less inclusive supplemental plan.  For instance, a HIGH DECUCTIBLE PLAN F - it has a deductible of $ 2340.  If you can, and that depends on many things, the premiums would probably go down substantially.

You can compare coverage of the different plans here:

Medicare.gov - Medigap Compare

You also have the choice of enrolling in a Medicare Advantage plan if available in your area.

[GailL1]

@AliceB777415 

Alice, I have asked the moderators to move your post to the Medicare and Insurance Board and I think you will get some good comments over there.  There maybe a delay in the move to the other board but that is where you will get the better info.

 It would help if you give a few general details:

• what state you are in because that makes a difference with supplemental insurance (Medigap) - states do some regulating on these policies especially on certain rules.
• what plan you have now (Letter)
• what is your general health now