Medicare & Medigap

[Dixie]

Soliciting input and advice. I'll be 65 in December, meaning I'll be on Medicare (I'm already on SS). My current plan is to pick a Medigap plan G, or high deductible G. The G cost $168 to $230, while the High G is $46 to $90.

I need a plan D, correct? (I only take a couple cheap meds now, but surely that will change with age.)

Why the big difference in premiums? I presume they reflect differences in copay and deductibles?

I'm shying away from the high deductible plan. I currently have a very high deductible, yet expensive, policy in case something catastrophic happens. That means I have some delayed care to address. I suspect I have cataracts, a bit of hearing loss, and a bunion that needs to go.

Anyway, tell me what you picked and why?

[GH85Carrera]

My wife worked as a HR director, and retirement specialist at a local university. She knows retirement options. I let her tell me what to sign up. We both are on Medicare as we are official geezers. She had a health insurance plan that is a supplement to Medicare from her university where she retired. We also have Medicare plan A and B. That payment is just deducted from our SS.

After a lifetime of paying a co-pay for every doctor visit, now they just wave goodby as I leave. No more co-pay.

[MMiller]

Find a quality broker to work with. I talked to 4 before I found one that I was comfortable working with. Some brokers are in the back pocket of the large insurance companies, I'm looking at you United.

A good broker will give you a quality education and help you make the best choice for your situation. It can be a complicated process but once you sort thru the level of coverage you want/can afford the decision comes into focus pretty quickly. YMMV

[Sooner or later]

I have:
A - no cost
B - 174.70
D - 36.00
F - 273.47 (F no longer available to new enrollees)

Only medical out of pocket is $3 per month each for 2 prescriptions. No coverage for dental or eye.

Your cataract surgery should be covered.

[SpyderMike]

Doing the same right now ...Medicare A and B with Medigap G and D. I am avoiding insurance company driven Advantage programs as they limit who I can see and ultimately cost more. My insurance costs with this plan are half of what I was paying yet I get better coverage and lower deductibles.

[Dixie]

Medigap question. Do premiums vary significantly year-to-year?

[Sooner or later]

Originally Posted by Dixie

Medigap question. Do premiums vary significantly year-to-year?

My overall percent wise was quite a bit.

Preliminary numbers show Part B going up about $10. $174 to $184.

Won't know about Part D and F until later.

My actual history of D and F 2024/2023/2022

D 36.00/28.30/22.50
F 273.47/248.16/224.64

[jcommin]

Originally Posted by MMiller

Find a quality broker to work with. I talked to 4 before I found one that I was comfortable working with. Some brokers are in the back pocket of the large insurance companies, I'm looking at you United.

A good broker will give you a quality education and help you make the best choice for your situation. It can be a complicated process but once you sort thru the level of coverage you want/can afford the decision comes into focus pretty quickly. YMMV

^ this. This topic has come up many times here and there is no set answer. Too many programs, things vary from state to state. Age, medical condition, doctor selection medications, just too many variables.

I have a very good plan that probably won't work for you - that doesn't mean anything other than it works for me.

You can do some research, but I would suggest you work with someone who is knowledgeable with Medicare and supplemental plans.

Medicare Part A
Medicare Part B ( I pay an additional charge due to my income level, but this will get reduced as I am no longer working)
Aetna - supplemental plan - This plan I can take out of state if/when I relocate
Prescriptions plan is $3/month. I have only 2 prescriptions and they are covered (no payment)
I do not have eye of dental

[jcommin]

Originally Posted by Dixie

Medigap question. Do premiums vary significantly year-to-year?

I review supplemental premiums annually - everything goes up. I expect the Medicare premium to go up as well.

[Scott Watkins]

Hey Dixie, I watched this podcast yesterday, and while not specific to MC, he does discuss they set your rate based on your age 63 income when you signup at 65. I did not know this.

We had great help from a local insurance consultant when we got on the barrycare after COBRA.

Good luck!

[Sooner or later]

Yes, there is a 2 year lookback. 2024 looked at 2022 earnings to determine Part B cost. Next year, 2025, will look back to 2023 earnings.

Costs for Part B in 2024.

[Dixie]

Originally Posted by Sooner or later

Yes, there is a 2 year lookback. 2024 looked at 2022 earnings to determine Part B cost. Next year, 2025, will look back to 2023 earnings.

Thanks, my '22 & '23 income were rather low. I was newly retired and scared to spend much. This Year I was forced to increase my income. Taxes, as well as my car, health, and home insurance, all went up drastically. Okay, three went up drastically. My homeowners, which was already high from being on the river, practically doubled.

[JackDidley]

I think the cost varies from state to state. I have an advantage plan. Good dental and great vision included. Prescription coverage seems good but I just started taking cholesterol meds and that is free. No other scripts for me. Last year I crashed my motorcycle and destroyed my wrist and most of that was covered. Anyway the advantage plan works for me.

[fintstone]

Originally Posted by Scott Watkins

Hey Dixie, I watched this podcast yesterday, and while not specific to MC, he does discuss they set your rate based on your age 63 income when you signup at 65. I did not know this.

We had great help from a local insurance consultant when we got on the barrycare after COBRA.

Good luck!

The Medicare rate (for part B) keeps changing based on the previous year's modified adjusted gross income as reported (per your 1040). Since your taxes are due in April (for the previous year), it is actually the income from two years prior. Sell some stock or other investment and your rate (and that of your wife if you file jointly) jumps for a year.

[Scott Watkins]

re insurance, auto specifically, we had good success lowering by dropping rental car and uninsured driver. Dropped about $600 every 6 months. Oh, and we also installed the State Farm trackers in the cars.

Hope this helps.

[Sooner or later]

It is about that time of year.

Significant changes in prescription drug plans. My Walgreens plan is being eliminated and it looks like my replacement could have a significantly higher premium.

Be aware.