Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064382
01/30/24 01:26 PM
01/30/24 01:26 PM
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Joined: Aug 2010
Posts: 682 Southern Wisconsin
Fishdog One
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Joined: Aug 2010
Posts: 682
Southern Wisconsin
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So many people think it will be so easy once you are getting Medicare for free, WRONG. Between the money coming out to pay for it and the constant barrage of solicitations to buy it is a pain. I have a good Advantage plan C with presciption and dental to $2500 a year, costs me an extra $23 a month. I am not a fan of having a supplement plan just to avoid some co-pays. Takes work to know what is right for you, and don't take a salespersons word for what is best for you.
Born twice, die once
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064497
01/30/24 04:50 PM
01/30/24 04:50 PM
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Joined: May 2015
Posts: 684 N.Y. Mid Hudson Valley
Tommyran
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Joined: May 2015
Posts: 684
N.Y. Mid Hudson Valley
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I plan on retiring in a few month. I have had Medicare since I turned 65 last Sept. I live in Mn and would like to here what you retirees have for your supplement insurance. And if you have prescriptions and dental. It is so confusing on what to get.
Thanks
I have MVP through my former employer + Medicare now. 2 operations in the past 3 years didn't cost me a dime. Plus 8-9 trips to the ER only costing me $50 a piece.
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064655
01/30/24 08:57 PM
01/30/24 08:57 PM
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Joined: Dec 2010
Posts: 34,955 Central, SD
Law Dog
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Posts: 34,955
Central, SD
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I have thrivent just keep in mind they get you signed up and you’re kind of locked in sort of because the older you get the harder it is to change. My coverage started at $180 a month and goes up every year like clockwork it’s about $220 now. If you have meds run that by the provider to see how much they cover or if the will cover it.
Look into good RX also you will be surprised what that will save you for no cost to you.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064842
01/31/24 12:36 AM
01/31/24 12:36 AM
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Joined: Dec 2020
Posts: 1,738 Wisconsin
Scott__aR
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Joined: Dec 2020
Posts: 1,738
Wisconsin
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Medicare Advantage + plan has dental ($3500 annual benefit) and vision ( basic exam + $300 annual vision benefit). No prescription drug benefit, but covers all CDC recommended vaccines free if you're so inclined. Plan provides a $70/month clawback off the total Medicare deduction.
I have a prescription plan through the state for $30/year; pays 50 precent after $500 deductible, no maximum out of pocket, so probably not good for cancer, etc. Also have Good Rx for everyday meds (diabetes and heart = ~$7.00/month).
All set up and reviewed annually with my independent insurance agent, healthcare is what they specialize in.
Megapredator ... top of the food chain! Member of WTA Member of MTPCA Member of NTA
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064847
01/31/24 12:44 AM
01/31/24 12:44 AM
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Joined: Dec 2010
Posts: 34,955 Central, SD
Law Dog
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Joined: Dec 2010
Posts: 34,955
Central, SD
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Some meds are covered now that were not covered before on Medicare, check out the changes that just took place I just had my meds filled and don't see any charges from the pharmacy.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064873
01/31/24 03:23 AM
01/31/24 03:23 AM
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Joined: May 2011
Posts: 352 Ohio
Mike C
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Joined: May 2011
Posts: 352
Ohio
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You have a 7 month window in which to sign up for Medicare. For most, this will include 3 months prior to your 65th birthday, the month off, and 3 months after your birthday. (Other timelines explained below)
Medicare part A is free to most folks who worked or whose spouses worked. This covers hospital stays. Medicare part B cost around $175 a month and is deducted from any social security payment you receive. This covers Doctors and medical care and covers 80% of you bills. Medicare supplement plans vary, but are in the neighborhood of $125 to $200 a month depending on discounts and your age. This covers the other 20% of your bills. Most folks use plan G, but there are about 10 different plans to choose from based on your needs. These other plans vary by how much of the 20% you want covered and how much of a deductible you want. Medicare part D is prescription drug coverage. Plans run from $0 to $1-200 a month or more. Depends on your your prescription needs. Part C is provided by private insurance companies and combines parts A, B, and D.
When you turn 65 you should sign up for part A whether you retire or not. It is usually free (no monthly premiums) and can be used in combination with other insurances you may have.
When you turn 65 if you continue to work you can stay on your employers insurance if available. When you turn 65 and you retire, or if you have no Insurance through your employer, you can/must sign up for Medicare part B(or C). If you do not sign up at that time you will pay an additional monthly penalty for the rest of your life when you do sign up. (Keeps healthy folks from waiting until they get sick to sign up). (If you sign up for Medicare part B but delay your Social Security payment the government will send you a bill quarterly until you start drawing Social Security).
The same applies for part D. Turn 65, keep working, employer if available. Retire at 65 or no prescription coverage from employer can/must sign up then or pay a monthly penalty.
If you choose parts A, B and D you are in what is classified as a PPO. You can go to any provider or facility that accepts Medicare. This insurance also goes with you if you travel. If you decide to acquire a supplemental plan (G) you will pay an annual deductible, forget exact amounts but around $150 for part B and I think $200 for A. Other than that all of your healthcare cost are covered 100%. Outside of prescriptions. Too many variables to even try to explain.
If you choose a Medicare Advantage plan you are in what is classified as an HMO. You must go to approved Doctors or facilities within your providers network. Most times you will also need prior authorization for most procedures. If you do not do this you will will have to pay part, or all, of you”unapproved” bills. This insurance does not travel with you. They will cover ER visits if you are traveling but nothing else. And you must need the ER under their definition of an emergency or you are responsible for the bill. Once you are on an Advantage plan you can only go back to traditional Medicare by filling out an application and being accepted. (Meaning if you relatively healthy they will take you back, if you have problems, not so much). Most Advantage plans cover eye and dental.
Additional Supplement info. The first year you sign up you will almost certainly be accepted into any plan you wish to enter. Then on an annual basis you must reapply for your supplement. Stay with you current provider and they are required to keep insuring you. If you want to switch to another provider you need to apply and they have the right to deny coverage if they want to. You can add eye and dental to most supplemental plans or purchase coverage separately.
Additional part D info. There is a Medicare website where you can enter you prescriptions and pharmacy preferences and it will automatically sort out coverage plans for you. You can pick the one that best covers your needs for the premium you want to pay. For most folks there will be one or two or more plans that will cover all your meds, pick the best plan for you. Some will have a med or two not covered by different plans. Find the med that you can get the cheapest over the counter or with Good RX and pick the part D plan that covers the rest of your meds. You will have to pick a new drug plan each year. If you Like your current plan, do nothing, and it automatically renews at whatever the new rate will be. If your needs or prescriptions change you can change plans. Very important, make sure that your current meds are covered each year. You may have added or discontinue certain meds. Also, Companies add and subtract drugs from their formulary list each year. Just because company X covered your meds this year there is no guarantee that they will cover them next year.
Additional eye and dental info. Most of these plans have premiums which cost more, or close, to the coverage that they provide. However, you can save money on what the insurance company doesn’t pay by getting the in network price. Have bad teeth or major eye problems, consider more inclusive plans. Fairly healthy, consider basic plans.
Ps. This is the short version which covers most folks. Whole litany of variables depending on individual needs.
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064891
01/31/24 06:04 AM
01/31/24 06:04 AM
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Joined: Jun 2016
Posts: 14,154 Michigan
Trapper Dahlgren
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Joined: Jun 2016
Posts: 14,154
Michigan
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this really depends on your health, and what drugs you take, I pay 440 a month for insurance, and never get a bill from doctors or hospitals, I have had 3 types of cancer and get scoped every 3 months, and no bills, I can budget for my bills, last checkup was 18 thousand and I never got a bill, last time I was in hospital over night was over 20 thousand and I never got a bill,
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Re: Retiring and supplement insurance
[Re: MTtraps]
#8064919
01/31/24 07:36 AM
01/31/24 07:36 AM
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Joined: Dec 2006
Posts: 10,769 Philippines, s.e. asia,ohio
west river rogue
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Joined: Dec 2006
Posts: 10,769
Philippines, s.e. asia,ohio
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I have Medicare and a supplement through Mutual of Omaha (plan N ) plus prescription plan through Medicare. It was a real shock when I found you have to pay every month for Medicare, it ain't free and even though I've been paying in to the system since I was 16 (1974) still get to pay but considering that I'm on dialysis and it pays to have it same
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Re: Retiring and supplement insurance
[Re: yukonjeff]
#8064921
01/31/24 07:38 AM
01/31/24 07:38 AM
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Joined: Dec 2006
Posts: 10,769 Philippines, s.e. asia,ohio
west river rogue
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Joined: Dec 2006
Posts: 10,769
Philippines, s.e. asia,ohio
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Good info Mike C Was wondering if you know of a plan that will pay/reimburse medical cost over seas, say perhaps Philippines or Thailand. I read a guy with an advantage plan with Humana got reimbursed medical cost from there. Would that be possible ? Thanks. I have Humana and would like to know also.
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Re: Retiring and supplement insurance
[Re: yukonjeff]
#8064923
01/31/24 07:43 AM
01/31/24 07:43 AM
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Joined: Dec 2006
Posts: 10,769 Philippines, s.e. asia,ohio
west river rogue
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Joined: Dec 2006
Posts: 10,769
Philippines, s.e. asia,ohio
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Good info Mike C Was wondering if you know of a plan that will pay/reimburse medical cost over seas, say perhaps Philippines or Thailand. I read a guy with an advantage plan with Humana got reimbursed medical cost from there. Would that be possible ? Thanks. In Philppines you get cheap medical.....I paid for sons moms c section...about 200 bucks. My bloodtest for cancer check was 11,680 dollars in 2017 in usa and in Philippines I payed 6 bucks for it.
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Re: Retiring and supplement insurance
[Re: OhioBoy]
#8064946
01/31/24 08:17 AM
01/31/24 08:17 AM
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Joined: Jan 2007
Posts: 5,242 Northern Minnesota
BernieB.
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Joined: Jan 2007
Posts: 5,242
Northern Minnesota
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Where do you go to have them help you figure all this Medicare / Insurance / Retirement business out?
The one guy said independent insurance agent... whats that mean? Like find a Mutual of Omaha office / agent? I would say start by going to the closest social security office, they usually have someone who specializes in this stuff. And he/she is not trying to sell you anything. Get the basics from them. Then from there start looking at insurance plans. That's my strategy for next week since I turn 65 in March.
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Re: Retiring and supplement insurance
[Re: OhioBoy]
#8064963
01/31/24 08:34 AM
01/31/24 08:34 AM
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Joined: Dec 2006
Posts: 10,769 Philippines, s.e. asia,ohio
west river rogue
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Joined: Dec 2006
Posts: 10,769
Philippines, s.e. asia,ohio
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Where do you go to have them help you figure all this Medicare / Insurance / Retirement business out?
The one guy said independent insurance agent... whats that mean? Like find a Mutual of Omaha office / agent? Alot of people do that.
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8064966
01/31/24 08:37 AM
01/31/24 08:37 AM
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Joined: Dec 2006
Posts: 1,133 Adirondacks, N.Y.
trapdye
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Joined: Dec 2006
Posts: 1,133
Adirondacks, N.Y.
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I went on Medicare last November, A few months before I had a bunch of Insurance agents come to the house to show their stuff. After comparing & going with what's best for me, I went with a Humana advantage plan, with which I get my same Docs, pharmacy & eye coverage. Dentist was not on this plan, but at my age & no cavities yet, I'll be fine. For this plan, It's 87.00 taken out s/s monthly.
John's Nuisance Wildlife Control If you like what you do for a living, It's better than a vacation. Most days.
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8065000
01/31/24 09:05 AM
01/31/24 09:05 AM
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Joined: Nov 2010
Posts: 605 pa.
jarentz
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Joined: Nov 2010
Posts: 605
pa.
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We went to a independent Ins agent. My wife is diabetic and has other health problems. I have been lucky and no known health problems. The agent set us up with different plans I have a advantage plan and Part A and B, My wife has A,B,G,and D hers cost about 200.00 more per month than mine.It can be real confusing looking at different plans, that is why we went to a agent.
jarentz
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Re: Retiring and supplement insurance
[Re: 1lessdog]
#8065058
01/31/24 10:10 AM
01/31/24 10:10 AM
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Joined: Dec 2010
Posts: 34,955 Central, SD
Law Dog
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trapper
Joined: Dec 2010
Posts: 34,955
Central, SD
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We have a program called Shine here I believe it’s through the State but the wife is my HR person so she deals with that stuff. They review your programs every year and see what’s the best prescription coverage for what your meds are.
We have plans through our financial advisor but I’m not happy with the consistent hikes every year but that might be normal maybe others will chime in on that being normal or not.
Don’t blow off Good RX it’s free and saves you money.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Retiring and supplement insurance
[Re: Law Dog]
#8065076
01/31/24 10:32 AM
01/31/24 10:32 AM
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Joined: May 2015
Posts: 684 N.Y. Mid Hudson Valley
Tommyran
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Joined: May 2015
Posts: 684
N.Y. Mid Hudson Valley
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Some meds are covered now that were not covered before on Medicare, check out the changes that just took place I just had my meds filled and don't see any charges from the pharmacy. But I found that several meds I used to take are no longer covered under medicare. However my blood pressure and atorvastatin meds are now free. They were my cheapest meds anyway.
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Re: Retiring and supplement insurance
[Re: Tommyran]
#8065086
01/31/24 10:40 AM
01/31/24 10:40 AM
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Joined: Dec 2010
Posts: 34,955 Central, SD
Law Dog
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Joined: Dec 2010
Posts: 34,955
Central, SD
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Some meds are covered now that were not covered before on Medicare, check out the changes that just took place I just had my meds filled and don't see any charges from the pharmacy. But I found that several meds I used to take are no longer covered under medicare. However my blood pressure and atorvastatin meds are now free. They were my cheapest meds anyway. I just checked my bank account I still don’t see where I was charged for my medications from a week ago they must be covered now they were only a few bucks before and Walmart mails them to me for free. I have had great service from Walmart they are a pleasure to deal with. Looked up my Thrivent coverage it’s under $2,500 a year now.
Last edited by Law Dog; 01/31/24 10:41 AM.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
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Re: Retiring and supplement insurance
[Re: OhioBoy]
#8065175
01/31/24 12:43 PM
01/31/24 12:43 PM
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Joined: May 2011
Posts: 352 Ohio
Mike C
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Joined: May 2011
Posts: 352
Ohio
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Good info Mike C Was wondering if you know of a plan that will pay/reimburse medical cost over seas, say perhaps Philippines or Thailand. I read a guy with an advantage plan with Humana got reimbursed medical cost from there. Would that be possible ? Thanks. Whatever insurance you go with you will have to ask about your specific situation. As a general rule, Traditional Medicare coverage travels with you. Advantage plans do not. You may get reimbursed for your expenses after you have paid your bills, you may not. Depends on plans, Country you are in and type of procedures you need. Chech all this out prior to purchase and prior to use. Where do you go to have them help you figure all this Medicare / Insurance / Retirement business out?
The one guy said independent insurance agent... whats that mean? Like find a Mutual of Omaha office / agent? In Ohio there is a State/Federally funded program called O-SHIP. You can contact them. They have people who walk you through the program and concentrate on your specific needs. I would think other states have similar programs. Anyone from other stats have info on that? This program is free to use. They also put on free seminars around the state for anyone close to retirement. As mentioned above, as we age we can run up some huge bills 10s and100s of thousands of dollars. Traditional Medicare with a supplement pays 100% of these bills beyond you deductible. One other hint. Once you are on Medicare and you have a supplement, do not pay any bills until the 2nd or 3rd notice. Feds are slow on paying bills, supplements take a while, communication between the two adds further delay. Usually this occurs at the first of every year until your deductibles are paid.
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