The Truth About Medicare Supplemental Insurance Policies

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This doctor is an absolute fool who knows nothing of the plight of the retiree.

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40 thoughts on “The Truth About Medicare Supplemental Insurance Policies

  1. Wow, so glad I viewed this, it makes sense for people that are in good
    health and taking generic low cost drugs. Thanks for taking the time to
    post this information.

  2. Thank you for making something that counters what we see from the insurance
    industry. Seniors are targets for all kinds of predation in this culture.

  3. David, you completely disregarded the fact that Plan F and High Deductible
    Plan F covers “excess charges” as well— doctors can charge up to 15%
    higher than Medicare Assignment. Also, the fact that the 20% co-insurance
    has no limit is reason enough for any rational human with assets to AT
    LEAST get a high-deductible Plan F to protect themselves in the case of
    catastrophic outpatient costs. Not even mentioning extra days in the
    hospital, extra benefits for skillled nursing, blood transfusions, and
    more. Overall, this video is misleading and dangerous in my opinion. The
    insurance is SUPPOSED to be profitable to the company— on average you are
    SUPPOSED to utilize it less than what you pay. that is the concept of
    insurance— you pay to protect you in the case you need it.

  4. Dr. Belk is just exposing this highway robbery of the insurance companies,
    the facts he is relaying are available on various sites. The agents that
    are bellowing out here take a good part of that monthly premium, that’s why
    they are demonizing an honest doctor.

  5. Let’s play with some numbers. Let’s say I am a Medicare patient (A/B), and
    I need a not-uncommon coronary-artery bypass surgery. Let’s say total
    hospital and surgical charges are a total of $100K (a realistic albeit
    outrageously inflated amount). Now, according to this, from debt.org: “…
    total payments are often broken down into hospital expenses (60-80%
    depending upon procedure), physician payments (13-19%), and post-acute care
    (7-27%).” So, worst case for this scenario, the hospital bill is $80K.
    Regardless, my only out-of-pocket is the $1,288 annual deductible. Worst
    case for this scenario, the charges of the surgeon(s) and other medical
    personnel = (rounding up) $20K. Medicare can easily discount that to $5K,
    and then pays 80%. I co-pay $1K.

    My $100K surgery has cost me $2,288. (I haven’t included out-of-hospital,
    post-operative care, but Medicare does pay for the first 20 days in a SNF.)
    Is this a figure that frightens you? What happens if you don’t pay it? A
    few calls from collectors. Want to be “honorable,” but keep a little in
    your pocket? Make an offer. The providers have already been paid a lot and
    made a profit, even at Medicare’s rates. They’ll take your offer.

    I realize I’ve addressed only one kind of event here. If someone has a
    chronic disease with continuous large bills, maybe a supplement is worth
    it. If someone thinks my numbers or the scenario are whack, then I’d like
    to hear it. Otherwise, I believe Dr. Belk is right-on and on the right
    side!

    One last thing, if you’re not 100% behind a federal Medicare-for-all
    program, you’re an ignoramus.

    • Well, quite pleased to have your response, doctor. Even more pleased to
      have confirmation of my (educated) guesstimate. I don’t recommend
      “stiffing” the hospital, but I’ve learned (at least with one of our local
      hospitals) that, given some persistent resistance, it will discount 40% off
      the private-insurance allowable. And they have a policy of not suing. It’s
      all a racket. I was SO hoping that Sanders would be prez, and move the ball
      forward on M-for-all. Thanks much for what you do. I look forward to
      reviewing more of your videos and links.

    • Yeah, $2,000-$2,500 is the approximate out of pocket cost for a Medicare
      patient who undergoes coronary artery bypass surgery. That will cover most
      of the outpatient follow up as well. I wouldn’t recommend stiffing the
      hospital, though. They will go after you and they’re usually not very nice
      about it.

  6. your patients are not telling you the truth then because there is no $400
    premium anywhere in California. I don’t mean to be disrespectful with you
    but you are really misinformed, I am licensed in 24 states and there is no
    state with those type of premiums unless the person is on Medicare
    disability under the age of 65.

  7. This man is dangerous to listen to. I see supplements in all 50 states and
    nowhere are supplements $400 a month. Yes it’s true that Medicare pays 60
    days of hospitalization, but only after a deductible of $1260. This only
    covers inpatient care, not your physician services which is covered under
    Part B at 80%. Do you want to pay 20% of a surgery? He is also very
    mistaken about Part D. It is true that generic medications are cheap, but
    what if you are a diabetic and have to take insulin? Filling one vial of
    insulin can be between $400 to $600 a month. Not everyone needs
    supplemental insurance, or even Part D, but saying that nobody does, and
    using vastly inflated premiums for examples is just as bad as someone who
    wants to scare you into buying something you don’t need.

    • +gaspar17 400 for a vial of insulin? That is NOT true. Go to Walmart where
      you don’t even need a prescription for a vial of insulin at about $20.

    • +Anne Craig Not in any state I have ever been in. Insulin is one of the
      most expensive medications out there. Don’t think you would ever benefit
      from a Medicare Supplement and just want to do straight Medicare? Try
      getting RA and having to do shots of Reclast and pay the 20% of that $5000
      per shot medication. This is just one example of the benefits of a Medicare
      Supplement. There are many more.

    • +Concerned Agent Then your using the wrong companies and not doing your
      clients a service. Try the Plan G prices and compare to the Plan F. I will
      bet the price difference more than makes up the Part B deductible. I just
      did a Plan G for an 82 y/o female in Nevada for $164. This guy is seriously
      mistaken.

  8. I have no idea who to listen to because I have no more faith in doctors
    than I do the insurance companies. Health care is not about treating the
    patient but what they can bill insurance companies for.

    I have cancelled two medical appointments in the past week, which is scary
    because I have glaucoma and diabetes. I am insulin-dependent and destined
    to stay that way because I was diagnosed as a Type-1 long after I thought
    that I was too old. I even argued with the doctors at the hospital where I
    was diagnosed that surely I was Type 2. Yet I had also thought that I was
    safe because I wasn’t overweight before I got diabetes, so what do I know?
    I mean I was 20 minutes away from the intensive care unit with
    keytoacidosis (spelling?) from high blood sugar before I even knew that I
    was diabetic. Yet I have lost count of how many times the paramedics have
    woke me up by putting sugar into me with an IV needle because I was found
    unconscious and non-responsive.

    The fear that I have because I never know how much the doctor’s
    receptionist is going to demand that I pay immediately, even though I was
    not given fair warning that I was going to owe this, has me cancelling
    doctors’ appointments in order to make sure that I will not have to hand
    over money earmarked for groceries like I did last time because the doctor
    wouldn’t see me for if I didn’t pay much more than I was expecting before I
    got there. Oh, well, I hate having to eat anyway and have begged doctors
    for years to get me some nutritious insulin because food is the enemy for
    we diabetics so maybe saving me that trip to the supermarket wasn’t really
    so bad on her part.

    My Medicare is original Medicare and just started in July. My Medicare
    premium is about a third of my total disability amount from Social Security
    before I was terminated while on medical leave from Disney World after I
    failed the physical needed to keep my job. The whole thing is so
    discouraging that the insulin that I need in order to live is a threat to
    my life. So far all of my dangerously low blood sugars have been accidental
    because I am what is called a “brittle diabetic” so that I can swing too
    low and too high within a couple of hours. Sometimes I wish that I had the
    courage to just take a whole bottle of insulin at once and just end this,
    but I am afraid that doing that would be committing the one unforgivable
    sin. Sometimes I think that I am already in hell, so what is the
    difference?

    Apparently the Medicare supplement that I thought might be my rescue from
    the stress of the unknown could just make things worse. I am grateful to
    get your perspective on this though so I do thank you for telling the truth
    as you see it. I think that many doctors are afraid to say anything
    negative about insurance companies which they may very well consider to be
    a rip off.

    By the way, do you think that maybe I might someday get my wish to be able
    to get all of the calories and nutrients that I need without having to eat?
    That would be really great because I am sick of the assumption that
    illnesses suffered by diabetics are self-imposed. Food is just medicine so
    I wouldn’t miss it.

    • +Mary Simas, if your income is as low as you say, you may be able to
      qualify for Extra Help with your prescription coverage. You can do that by
      contacting your local Social Security Office or call 1-800-772-1213. Here’s
      a link which explains how it works:
      https://www.ssa.gov/pubs/EN-05-10508.pdf
      If you qualify for 100% Extra Help you will pay no more than $7.40 for your
      insulin.
      Buying a Medicare Supplement is not going to help you with your
      prescriptions, since Med Supps do not include prescription coverage.
      You also said that your fear is not knowing how much the doctor’s office
      will demand that you pay before your visit. In this case I suggest that you
      contact Medicare and ask them which Medicare Advantage plans are offered in
      your area. Some areas may offer plans with as little as $0 monthly premiums
      and $0 to $10 copays for your primary doctor. If he or she is a part of
      that network, they cannot charge you more than your copay.

      Good luck to you. Try not to stress too much, stress is a killer.

  9. An F plan supplement (the industry standard) pays 100% of the part A
    deductible ($1100) and 100% of the 20% of part B the senior is responsible
    for. There is no co pays or out of pocket costs after the premiums are
    paid. They do not cost 200 -400 in most cases. I just wrote one 3 hours ago
    on an 83 year old lady. The premium is $169.00 month. (rates go by state
    and zip code for different carriers) It also pays the $147 part B
    deductible. It is correct that Medicare must cover the procedure. Medicare
    will process and approve an “assigned” amount. Once that is established,
    the supplement will pay the remaining 20%. There are specialists that are
    “non assignment” doctors. They reserve the right to bill up to but no more
    than 15% over the assigned amount. So the Medicare recipient is responsible
    for 35% in that case, all of which would be paid for. I have been in
    Medicare insurance for 20 years. I have seen claims paid very small and I
    have seen a client have his 20% be $80,000. You can always roll the dice
    and say the odds are…….What are the chances of you having a fire in
    your home? Very slim. Does that mean we cancel the fire insurance? That’s
    the point. Most seniors that have and can afford a supplement, would not
    part with it out of fear. Fear is the ONLY reason you buy ANY type of
    insurance. Insurance is to ‘transfer risk” in case something does
    happen…….and it does to some people. With all due respect to this
    doctor. He needs to focus on medicine because sales and salesmanship is not
    his bag. Also I would ask him what are the chances of him being sued for
    mal practice? I don’t know either, but I bet he has some malpractice
    insurance.

  10. Nice. Just show generic drugs. Not taking part D also means that you have
    to wait until January. Advising someone to go without is not responsible.
    You…..

    • +Rick Erickson And do not forget if someone does not get a drug plan then
      they will get a penalty added on when they need it and do get it down the
      road. So then that individual will pay MORE then the average person because
      they did not have it.

  11. This is the most absurd video that I have ever heard, considering that you
    have no clue about the cost of supplements, you just overstated the cost by
    300%, and on a large surgery unless you are going to eat the 20% that
    Medicare does not pay then the customer will have to pay thousands of
    dollars. I can go over and over the poison that you are feeding the poor
    people that listen to you!

    • I’m also licensed in 24 states and like yourself, I make a good living, but
      unlike yourself, I’m not extremely proud of the industry I’m in. You’re
      using the same scare tactics the majority of agents use–omg, if you have a
      major surgery in a hospital, they will bill you hundreds of thousands and
      you will be responsible for 20%. Not true, they will be responsible for
      $1288. I suggest you educate yourself and check out what Medicare allowable
      rates are for different areas and procedures, you would be amazed. It’s not
      going to help you sell more insurance, but at least you’ll know the truth.

      There are some instances where I would strongly recommend getting a
      supplement, for someone who’s in end stage renal disease, for example. If
      they need dialysis three times a week at $40 per treatment, that translates
      into $6240. By all means, get a supplement when you can, it would save you
      a lot of money. Someone who’s relatively healthy is better off putting that
      $2,000-2,500 yearly premium in a savings account in case they might need a
      major surgery later in life.

    • Here are Medicare Supplemental premium rates for Blue Shield of California
      for non smokers from 2012 (they’ve gone up since then):
      http://truecostofhealthcare.net/wp-content/uploads/2015/05/Medicare-Supplemental-Premiums.pdf

      As you can see, Plan F rates start at about $133 a month for a 65 year old
      but then rise rapidly to over $200 a month for for a 71 year old. So the
      rates they give 65 year olds are basically teaser rates. All other claims I
      made in the video are backed up by bills, EOBs and links to Medicare itself
      on this webpage here:
      http://truecostofhealthcare.net/medicare-supplemental-insurance/

  12. Price Advair, Lantus, xarelto, cymbalta, Revlimed for cancer….you are
    saying don’t get coverage? Revlimed does not wait for January. You are
    dangerous!

  13. Your facts and numbers on copays are very misleading and could really hurt
    someone who follows your advise.

  14. Your an idiot. Part C is giving insurance companies money-just in different
    ways. So sorry we cannot all be rich like you and self fund after Medicare
    doesn’t pay, but I have seen more people benefit under supplements than
    anything else.

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