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Medicare Supplement Plans (2020) / Benefits & Hidden Risks
See our other videos on Medicare Supplement Plans too.
Plan N vs G
Plan G vs F vs N
If you are researching Medicare and you want to know about Medicare supplement and their role in your healthcare, this video is for you. This video covers Medicare Supplements Plans / Benefits & Hidden Risks.
Even if you have already looked at different Medicare supplement plans, this video will have new information that will help you make an informed decision and avoid taking on a hidden risk.
In this video I am going to help you
understand Medicare supplement plans and their role in your healthcare.
I am going to reveal to you how to determine what a Medicare supplement will cover and what it will not.
We will take a look at the new Medicare supplement benefit table for 2020 that includes a new Medicare supplement plan.
Lastly, if you stay until the end of the video, the last item I discuss is a very important hidden risk in choosing a Medicare supplement insurance company that most consumers are not even aware of. This will refer to an issue that has really come to the forefront in the last two years.
Matthew Claassen is an independent Medicare insurance broker licensed in 49-states.
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What are those benefits of Original Medicare that pass on to your Medicare supplement?
One…With Original Medicare you can see any doctor, go to any hospital in the US or its territories, as long as they accept Medicare. Because this is a feature of Original Medicare, any Medicare supplement you choose will also have this benefit.
Two…Medicare’s intent is to cover everything that is medically necessary. Let’s stop at that point for a second. I mentioned at the start of this video that I would tell you how to determine what your Medicare supplement will cover.
This is a Medicare Supplement Plans Explained video, focused on Medicare supplement plans.
What does a supplement do?
The role of a Medicare supplement is to pay some or all of the copays and deductibles from Original Medicare so you limit your out of pocket expense. Limit your financial risk in the case of a health event. With the more popular plans your out of pocket maximum exposure is less than a couple hundred dollars a year.
Original Medicare Part A & Medicare Part B all by itself has no maximum out-of-pocket limit and some large copays and deductibles. A Medicare supplement will reduce your financial obligation and can set a limit on your annual out-of-pocket risk for medical bills. You can reduce your out-of-pocket costs down to virtually nothing.
A Medicare supplement plan cost extra, it has a monthly premium. But your out-of-pocket cost are much less when you need medical services. With a Medicare supplement you can virtually eliminate your financial risk when you need medical services and you get the care your doctor advises.
My advice; you should get the Medicare supplement insurance you will want to have when you are seriously ill, not whatever is cheap because today you are healthy.
When you consider your freedom of choice, choosing any doctor that accepts Medicare, the extreme low financial risk or out-of-pocket costs for medical bills and the fact that no insurance company has to pre-approve your procedures, the Medicare supplement plan is the best choice for most and, in fact, is most chosen by those that do their research.
#Medicaresupplement #MedigapPlans #Medicare #MedicareSupplementPlans
Feel free to comment or ask a question!
Unbiased. Comprehensive.
Thank you D’Big O!
Thanks for your info very informative.
You are welcome DeavyHeval!
Hi, and thank you for tremendous educational videos you do for us!
I understood there are some “hidden risk” with a cheap company. But in my understanding we can simply change this company once a year if something bad happens. Is that correct?
I just got a message from you. You are in New York? New York has great Medicare rules. You have a perpetual open enrollment. Have seen my video on New York medicare? https://youtu.be/74K4cZIJpb8
@MedigapSeminars.org Does Pennsylvania have “perpetual open enrollment” ?
@EWT Mann No PA does not have perpetual open enrollment. But, it does have special rules that should influence your decisions. Here is the deal, fill this quote request out and I will include Pennsylvania’s Medicare rules with your quote: https://medigapseminars.org/medicare-supplement-specialist-independent-medicare-insurance-broker/m-quote-request/
Very informative, as usual. Are there any indicators that premiums for Plan F or its HD companion will rise significantly (and quickly) due to its “close-out” status in 2020? Full disclosure: I purchased my policy through Mr. Claussen’s firm. It was a thorough, yet simple process, and he was very helpful in the one-on-one session. Thank you.
Hi, there is no reason to believe that the phasing out of Medigap Plan F and Plan F-HD will have any impact on Medigap Plan F-HD prices. Right now, the average person on Medicare has about $800 / year in Medical bills. When that goes up by just $1 it has a negative impact on Medigap Plan F because Plan F has to pay that $1. However, with the Plan F-HD the insurance company does not pay a dime until the consumer has $2,300 out-of-pocket. It takes about $11,000 in medical bills for the consumer to pay $2,300 out-of-pocket because Medicare still pays its portion. So the average person on an FHD will have to have more than $11,000 in annual medical bill for the FHD to be negatively impacted. That’s a heck of an increase from the current $800.
Great information.
Very unique information, so interesting and helpful learning more about the intricate back story on how medigap policies operate. To me it’s uncautionable that insurance companies in states that can’t change companies without underwriting aren’t more transparent.
My first question, on the California Department of Insurance website anyone can get sample rates for companies selling policies in our zip and age. Some companies have waiting periods from 60 to 180 days before they will cover underwritten conditions. Would you say the longer waiting periods may have a healthier pool?
Question 2, Last year 3 companies began selling a medigap called an F-Extra that has ancillary benefits like vision or hearing or dental much like Part C plans. Their price was LOWER than a Standardized F plan. I suspect they are low balling to gain market share. My opinion: I don’t think they should call themselves a Medicare Supplement if their benefits aren’t standardized. Some of your examples reminded me of what their doing and what about the pool size and premium cost a few years from now? I’d be interested in your opinion.
Thank you for helping us understand our insurance, Medicare is complex and like no insurance we’ve ever had before.
Wow, you make me feel good know at least someone is really paying attention. The good news on preexisting conditions is that they can only occur if you have a gap in coverage of at least 63-days. If you change form any Medicare policy to another without that long of a gap there will be no preexisting conditions. The waiting period, when on occurs, can be no longer than the time you went without a policy or six-months. Whichever is shorter. Some companies have shorter waiting periods, and yes those are often (not always) the same companies that are very lenient in underwriting and can have higher expenses.
You have the best videos! I recommend them to my friends. I’m very happy that we have the option of Medicare Supplements. I hate HMOs and am SO happy the supplements allow me to have the freedom I have long enjoyed with my excellent PPO.
Hi Ardently, thank you so much for you kind words and referring my videos!
Can i get a supplement insurance plan with ESRD? I’ve been denied a few times
Hi Ray, The answer to that question has a number of variables. It will depend on 1. which state you live in 2. are you on Medicare under age 65 on disability 3. are you in your Medicare supplement initial enrollment period. Federal Law does not require insurance companies to offer Medigap plans to people under 65. Some state have rules that override this law. Two publications that may help: https://www.medicare.gov/Pubs/pdf/02110-Medicare-Medigap-guide.pdf? pages 15 and 39 Plus https://www.medicare.gov/pubs/pdf/10050-Medicare-and-You.pdf start on page 109. Look up your state and call the SHIP volunteers for any state specific rules that pertain to you. You should also find out if there are any Special Needs Advantage plans specific to ESRD. I hope that helps. All the best!
Why don’t they have a Group Medicare Supplemental Insurance per state with a group or a pool of Insurers. Ones to pay like 50% after whatever Medicare does not pay and the second group of insurers to pay the last 50%. Just curious. No once can ever understand Insurance because they make it too complicated.
Medicare supplement policies are defined by law, not insurance companies. You would have to ask Congress. which probably answers your concern about why it’s all so difficult to understand. 🙂
Time Stamp: Go to 23:45 to watch Hidden Risks!
Excellent video. You did not address ratings. Like community base vs age. I am one month into my 65 decision and chose the only community rate available to me. Raising the cost soley on age seems scary. The state said their increase average history was 3-5% year because of it. Was that the best move?
Hi Chainsawguy, You have a great question. I do address this in other videos. There is no “Better pricing” method. Insurance companies are not philanthropic. If you are in an attained age state, the best price over your lifetime for you will be an attained age policy. If there is a company offering you a different pricing method, look carefully. They are likely trying to pull one over. For example, in the above video I mention a company that is extremely lenient in underwriting. The one that used to have just three questions, now has five. Because they are lenient in underwriting they have one of the highest annual price increases out there. That company also calls themselves “Community Rated” in many states. This is, in my opinion, very misleading. A community rated policy is the same price for everyone in that zip code regardless of age or gender. That is not he case with this faux Community Rated policy. In fact, the price is different depending on age. How do they get away with this? They call their price a “discount”, then reverse that discount by having automatic price increases each year of 3% per year to reverse the discount. Wait..wait a sec. If it has a 3% automatic price increase each year, doesn’t that make it “attained age” ? Actually, most of the better attained age policies don’t increase by that each year. But there is more. They have price increases almost every year in addition to the automatic 3% because they have lenient underwriting. That average price increase has to be added to the 3% to get a total. I will bet when they gave you an average price increase they used their national average and did not include the reversal of their “discount”. I do a lot of business with people in their mid-70s whose price with this company has about doubled and they are panicking. By the way, there is more you are probably not aware of. But the above should suffice to get the point. It is very unlikely you got a policy whose price will be your best price over your lifetime. 800-847-9680