True Cost of Medicare coverage . . . an update
Posted 07-16-2018 at 10:32 AM by jdhpa
Quote:
Originally Posted by 4khansen
Medicare Supplemental Insurance - True Cost of Heathcare
This article has been updated to reflect 2018 premiums, etc. I found this to be very helpful for my wife and I. She was diagnosed with advanced cancer in 2014 and was considered disabled because of the type and severity. Anyway, she became eligible for Original Medicare in 2016.
We looked long and hard as to what type of coverage to choose. Such as Medicare Advantage, buying a supplement, etc. Our state does not require under 65 SSDI recipients to be able to access a supplement plan. But, there are two or three supplements available at much higher than normal premium prices. The supplement she would qualify for was a Plan A at over $300 a month premium.
After reading this article, we thought it was in our best interest to go with just original medicare and no supplement. It has been a very positive experience. We went from paying $600 a month for her individual insurance to $134 a month for original medicare and $21 a month for Part D prescription.
Despite MRI's every three months, many doctors visits, physical therapy, emergency room, blood draws etc. She rarely owes more than $150 in medical bills a month on top of the premium costs. A physician visit is usually $9, a specialist $13, MRI $75, etc. Blood draws are $0. Physical Therapy about $3-5 a visit. In fact, I think the most we have paid for medical bills in any one month has been $273. Still below what just the supplement would have cost and it still would have co-pays on top of the premium itself.
Of course, once she reaches 65 we will buy a supplement but we would also buy the least expensive supplement available. At this time, it is Plan F high deductible. By the time she is 65 it will probably be Plan G high deductible because Plan F is being phased out. The main reason we would buy that particular high deductible is for the foreign travel coverage in addition to the maximum out of pocket a plan allows.
If you are thinking about what to do, I would highly recommend reading this article linked above!
This article has been updated to reflect 2018 premiums, etc. I found this to be very helpful for my wife and I. She was diagnosed with advanced cancer in 2014 and was considered disabled because of the type and severity. Anyway, she became eligible for Original Medicare in 2016.
We looked long and hard as to what type of coverage to choose. Such as Medicare Advantage, buying a supplement, etc. Our state does not require under 65 SSDI recipients to be able to access a supplement plan. But, there are two or three supplements available at much higher than normal premium prices. The supplement she would qualify for was a Plan A at over $300 a month premium.
After reading this article, we thought it was in our best interest to go with just original medicare and no supplement. It has been a very positive experience. We went from paying $600 a month for her individual insurance to $134 a month for original medicare and $21 a month for Part D prescription.
Despite MRI's every three months, many doctors visits, physical therapy, emergency room, blood draws etc. She rarely owes more than $150 in medical bills a month on top of the premium costs. A physician visit is usually $9, a specialist $13, MRI $75, etc. Blood draws are $0. Physical Therapy about $3-5 a visit. In fact, I think the most we have paid for medical bills in any one month has been $273. Still below what just the supplement would have cost and it still would have co-pays on top of the premium itself.
Of course, once she reaches 65 we will buy a supplement but we would also buy the least expensive supplement available. At this time, it is Plan F high deductible. By the time she is 65 it will probably be Plan G high deductible because Plan F is being phased out. The main reason we would buy that particular high deductible is for the foreign travel coverage in addition to the maximum out of pocket a plan allows.
If you are thinking about what to do, I would highly recommend reading this article linked above!
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