Medicare Supplement Quote: The Case Against Getting An Online QuoteAugust 26, 2019
For Medicare beneficiaries who have Medicare supplements, I strongly encourage you to take a look at what you are paying and then do some comparison shopping. Many are surprised to learn that they can get the same exact coverage (or better coverage) through another carrier and save money. Typical savings will range from $300/year to as much as $1200/year per person.
First, Part B premium is the amount you pay with Traditional Medicare (not including a supplementary health insurance for medicare plan) for the part of Medicare that deals with physician costs. This is different from Part A which deals with Hospital costs and generally does not require a premium payed as it has been deducted from payroll during the course of your lifetime (in theory). Part B, however, does require payment and is voluntary…you must sign up for it. Each year, Medicare releases the annual deductibles and premiums as these amounts are generally indexed to inflation and will gradually (hopefully) increase with time. This is where you can find more information on how much you will pay for your Part B premium and the true extent of “means tested” comes into focus.
However, before you rush out to purchase a Medigap policy, there is an eligibility criterion that needs to be fulfilled. In order to purchase a Medigap policy, need to have the Original Medicare Part A and Part B plans. Secondly, such a plan has to be purchased through a private insurance company. You cannot buy the plan from a government organization. This basically means that you can purchase the plan from any private insurance company, you will still get the same set of benefits. No insurance provider can deny you coverage for something that another insurance company is providing.
Do you understand Medicare Advantage plans? These plans have provided a way for millions of Americans to reduce their health care and health plan costs. They have been around since the late 1990’s. Yet many people are confused about them, and there is a lot of misinformation being spread around.
The attained age rate premium may seem like the lowest premium of all. Out of all the medicare supplements pricings, it starts out at the lowest pricing. However, it doesn’t stay low. The premiums will go up as you get older. They will continue to go up. It is similar to an adjustable rate mortgage. There is no fixed price, or guarantee of a fixed price. This will hurt you in the long run. It’s a common fact that you will have less income as you get older. With continuously increasing premiums, you may find that you can’t afford to pay for your supplemental insurance at all. This can result in loss of policy, which you may need at a crucial time in your life.
The older you get, the more you may need a supplement plan. At this point in your life, you may find that you don’t need one. If you only go to the doctor for preventative care, and only need to fill a prescription once or twice a month, Medicare plans may actually wind up taking money away from you. This is especially true if you have Medicare Part A and Part B. You are required to pay a premium on Medicare part B. Some policy holders may already find this premium a bit expensive. If you are not in dire need of health care, it’s possible to hold off on a supplement plan.
True. Between 2000-2006, Alzheimer’s disease had a 47.1% increase as cause of death. All other major causes of death decreased – Heart disease (-11.5%), Breast cancer (-0.6%), Prostate cancer (-14.3%), Stroke (-18.1%).