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Learn about the three medicare choices available to seniors in this short video and how they could each effect Jack's real life medical scenario.
This recording is done with real plans and premiums for a specific coverage area in Southern New Hampshire. These plans are comparable options through the country. Meet Jack, he is 67 years old and has been on original medicare since he turned 65. At the time it seemed like the least expensive choice, and simplest way to enroll in Medicare, as he really did not need to do much. Everything was going fine while he was healthy, but recently he was admitted to the hospital for an illness, and received a bill for $10,000 that he had to pay. he thought being on Medicare meant he only had to pay small copays. Jack quickly realizes that he cannot afford to pay this again, as he is on fixed income with little savings to spare.
After some research he finds that he has 3 options to choose from. Although his monthly payments are low on original Medicare with only his part B portion of $104.90. With Original Medicare will face the possibility of limitless medical bills in the future. Jack sees that he is not getting any younger or healthier.
His next option is to enroll into a Medicare advantage plan, which seems to make sense. He sees that there are low premiums and they include prescription drug plans. Unfortunately he realizes that his network of doctor will shrink and one of his doctors is out of network. He discovers that these plans can change each year and there is no guarantee that the plan will stay the same.
His 3rd choice is a Medigap or supplement plan that he has seen commercials for but never really understood. He notices that there are several options to choose from, but the F plan makes the most sense for him, as it is the most comprehensive. His doctor will also be included and he can see any doctor that accepts medicare patients. This information is easy for Jack to find right in his Medicare and You guide book that is provided to him by Medicare. You can also click below this video to find other helpful link for this information.
Lets see how much each of these choices would cost Jack if he was admitted to the doctor again with the same illness that cost him $10,000 on original medicare. he knows that if the bill was to double so would his bill with original medicare as his portion of the cost is limitless. This could be financially devastating and cost him his retirement.
he finds the medicare advantage plan that would be most suitable for him, and it has a reasonable premium of $32 a month. This plan also includes a prescription drug plan. He will lose one of his doctors and need a referral to see specialist doctors since he has an HMO plan, but he likes the low monthly cost. The maximum he can be responsible to pay with this plan in a year is up to $6700. This is still a lot of money for Jack and if the same illness was to happen he would have to pay that $6700 so the annual cost for health care would over $7000
In searching for a Supplement plan he finds that there are premiums ranging from $166-$252 a month. He knows that all the F plans are exactly the same and the only difference is the premium the insurance companies charge. Jacks plan will also never been changed unless he chooses to have it changed. He now knows there will be no medical expenses beyond the monthly premium other than his prescription drug plan. He has certainty that the annual medical expenses will be $3634 regardless of how big the doctor bills may be.
What would you choose if you were Jack? . We suggest using an independent broker that can help compare rates and plans across a wide variety of companies to help Shop, compare, and apply. For more informational videos click the link below to be directed.
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