which insurance plan to chose ?

[hosspuller]

Most of the important points have been covered. Get some advice ASAP. Some choices are permanent or at least expensive to change.
Get a drug plan. If you don't, later you will pay a penalty to get one. Changing insurance company after initial enrollment period means you'll go through "underwriting" Pre-existing conditions allow them to refuse coverage or charge more.

I chose traditional Medicare with a medigap policy for wife & I. Cheapest plan "D" since I don't take any maintenance drugs. Wife is using VA benefits for drugs. VA is considered "credible drug coverage."

 

[mikester]

I don't have any choice because I live in Canada. The government chooses carbon tax to save me...

 

[2manyrocks]

Good, you are coming along well. Good review of choices. I will add a few comments and notes.
1. You become eligible for Medicare on the first day of the month of your birthday---Unless your birthday is on the first day of the month.
2. When you are in the IEP, you qualify for ALL medicare products. Any supplement, Pt D drug plan or Advantage offered can be purchased.
3, Per an act of Congress, all Medigap F plans were grandfathered in if previously purchased and Plan F was removed from the market. Same is true of Plan C. That is because those two plans paid the Part B (Medical) annual deductible. This changed in JUNE. of 2010.
4. BE AWARE - IF YOU KEEP YOUR COMPANY.INSURANCE PAST THE IEP, YOU BECOME THE "WORKING AGED." WHEN YOU DROP YOUR INSURANCE PLAN AND ENROLL IN PART B, YOU HAVE ENROLLMENT RIGHTS. THAT IS A SEP (SPECIAL ENROLLMENT PERIOD). YOU WILL HAVE EIGHT MONTHS TO ENROLL IN PART B (I THINK) AFTER ENDING YOUR COMPANY PLAN, BUT YOU WILL HAVE ONLY 63 DAYS TO ENROLL IN A SUPPLEMENT PLAN. YOUR CHOICE AND PLAN N WILL NOT BE OFFERED. YOU CANNOT CHOOSE PLAN N AFTER USING YOUR CO PLAN AND ENROLLING IN PT B LATE.

You may want to check this out if you are looking at an N plan (a good choice, in my opinion.)

5. If your company ins. is provided by a co with 20 or less employees, you will want to enroll in Pt B during your IEP. This is because Medicare will be primary payer and your co ins secondary. If you do not have MC Pt B, then Medicare will not pay, and as secondary, your secondary ins may pay little or none of the bill when they find you are eligible for MC.

6. If more than 20, you may delay part B and you ins will pay their commitment. UNLESS you are disabled --then the number is 100 emploees.

Sorry to take so long, just want to caution you about the options relating to working insurance past 65 and Plan N.

This is a good illustration of the complexity of making these choices. It's extremely easy to get tripped up without realizing it. This is why it is a good idea to start looking at plans early on to give yourself enough time to understand what all the options really are.

A local general insurance agent probably doesn't know all of the pitfalls. The OP needs to find someone who really understands medicare supplements.

 

[kenmac]

Good, you are coming along well. Good review of choices. I will add a few comments and notes.
1. You become eligible for Medicare on the first day of the month of your birthday---Unless your birthday is on the first day of the month.
2. When you are in the IEP, you qualify for ALL medicare products. Any supplement, Pt D drug plan or Advantage offered can be purchased.
3, Per an act of Congress, all Medigap F plans were grandfathered in if previously purchased and Plan F was removed from the market. Same is true of Plan C. That is because those two plans paid the Part B (Medical) annual deductible. This changed in JUNE. of 2010.
4. BE AWARE - IF YOU KEEP YOUR COMPANY.INSURANCE PAST THE IEP, YOU BECOME THE "WORKING AGED." WHEN YOU DROP YOUR INSURANCE PLAN AND ENROLL IN PART B, YOU HAVE ENROLLMENT RIGHTS. THAT IS A SEP (SPECIAL ENROLLMENT PERIOD). YOU WILL HAVE EIGHT MONTHS TO ENROLL IN PART B (I THINK) AFTER ENDING YOUR COMPANY PLAN, BUT YOU WILL HAVE ONLY 63 DAYS TO ENROLL IN A SUPPLEMENT PLAN. YOUR CHOICE AND PLAN N WILL NOT BE OFFERED. YOU CANNOT CHOOSE PLAN N AFTER USING YOUR CO PLAN AND ENROLLING IN PT B LATE.

You may want to check this out if you are looking at an N plan (a good choice, in my opinion.)

5. If your company ins. is provided by a co with 20 or less employees, you will want to enroll in Pt B during your IEP. This is because Medicare will be primary payer and your co ins secondary. If you do not have MC Pt B, then Medicare will not pay, and as secondary, your secondary ins may pay little or none of the bill when they find you are eligible for MC.

6. If more than 20, you may delay part B and you ins will pay their commitment. UNLESS you are disabled --then the number is 100 emploees.

Sorry to take so long, just want to caution you about the options relating to working insurance past 65 and Plan N.

well, I have a private insurance plan. not a company plan. I sold my business several yrs ago and retired. I stayed with the insurance plan I had at the time I was in business.
More expensive than medicare and any of these supplement plans.

I'm going to call someone that's verse in selling these plans, but the two I'm interested in is going to be either G, or N not a high deductible plan.

From what I'm reading, and found on U tube, not sure I'll consider a disadvantaged plan LOL
Those plans seem cheap on the front side, but If one has to go into the hospital, or have something serious occur, it can really get into your pocketbook so to speak !

 

[ljjhouser]

I started with an Advantage plan at 65, but before the end of that year I found an exception for an SEP and changed to an F plan. That was before the N plan was offered. That advantage plan did well for me, but I had 5 stents put in at the end of the year in 2009 and came concerned that I actually could get sick. But the protection I was banking on with the Advantage plan had a $2200 max out of pocket. It changed to $9000 max out of pocket the next year.

But it did well for my hospital visit and I have no complaints about that. But the plan changed where I felt I could not afford to get sick. Since my stents were at the end (Nov) of the year, the thought occurred to me that the max out of pocket ($9000) could be met would be required again the following few months if I needed help.

The Medigap plans do increase in price as you age, do to company practices and inflation. My F plan started in 2009 at $148 and is now $300. Sometimes I think that is a lot. When I think that, I have to remember that I pay $751 a month for my wife. She is 20 years younger than I and not on MC. I pay nothing for any service, and she pays deductible $1350 and then copays.

I have learned to view the Medigap as paying my health care in advance. If I had my choice today again to choose a plan, it would be Plan G or plan N. Both cover you for major hospital costs. As we age, a cronic condition or a cardiac event could take a heavy toll financially in a short time. Since my wife has time after I am gone, I try to insure I will not leave her with bills.

It seems like you are doing very well navigating MC.

For twelve years I was a MC counselor in Missouri and was OFTEN asked - Why is Medicare so complicated? I always responded - It is because we have several choices. Be thankful we have choices working with a government program.

 

[Oaktree]

From what I'm reading, and found on U tube, not sure I'll consider a disadvantaged plan LOL
Those plans seem cheap on the front side, but If one has to go into the hospital, or have something serious occur, it can really get into your pocketbook so to speak !

Advantage plans aren't for everyone, but if you're in relatively good health you can save a lot by using one.

 

[Jstpssng]

This type of discussion comes up often, and I always browse through them because I will have to think about it sometime in the future.
Today I realized "Holy ; I'll be 65 in less than a year!!!

I don't mean to hijack the thread but would like to ask just one question. My employer has a pretty good plan which I am on. Assuming that I can still stay on it after 65, is there an advantage or disadvantage? I vaguely remember it being discussed at one of our company meetings a few years ago but it didn't seem to apply to me at the time.

 

[2manyrocks]

If your employer is footing the bill for your healthcare insurance coverage and you find the coverage adequate, you wouldn't have to pay the Medicare premium or pay for a supplement until you go off your employer's plan.

My wife's employer offers health care insurance that supposedly covers spouses. They had no clue what their insurance coverage actually was for people 65 and older, however. Her employer referred me to their carrier who didn't even bother to answer me when I asked them to tell me what their coverage actually was. Instead, they transferred my call to someone in their medicare supplement area who tried to sell me one of their supplement policies to which I replied that if they couldn't tell me what the employer plan covered, I wasn't interested in their supplement policy.

My recommendation to you would be to try to get satisfactory confirmation from your employer as to what coverage you would have after 65. Some employers will have an HR department that will immediately be able to help you with your questions.

 

[Jstpssng]

If your employer is footing the bill for your healthcare insurance coverage and you find the coverage adequate, you wouldn't have to pay the Medicare premium or pay for a supplement until you go off your employer's plan.

My wife's employer offers health care insurance that supposedly covers spouses. They had no clue what their insurance coverage actually was for people 65 and older, however. Her employer referred me to their carrier who didn't even bother to answer me when I asked them to tell me what their coverage actually was. Instead, they transferred my call to someone in their medicare supplement area who tried to sell me one of their supplement policies to which I replied that if they couldn't tell me what the employer plan covered, I wasn't interested in their supplement policy.

My recommendation to you would be to try to get satisfactory confirmation from your employer as to what coverage you would have after 65. Some employers will have an HR department that will immediately be able to help you with your questions.

Thank you. That was the answer I was looking for, and I hope that my question didn't derail discussion about the OP's question.

 

[2manyrocks]

Thank you. That was the answer I was looking for, and I hope that my question didn't derail discussion about the OP's question.

Although the OP has private insurance, your question is still relevant in the sense that anyone about to turn 65 needs to understand exactly what is going to happen to their healthcare coverage at 65 and will have to transition into medicare /supplement arena when that coverage ends or is no longer the most cost effective for them.