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I got a call from my insurance agent who informed me I would be getting a letter from my medigap insurer of a sizable increase. The first of the year I had a 30% increase and now it sounds as though they are going up by 40-50%. I am still trying to decipher the reason the insurance agent gave me which made no sense at all. (He sounded like one of our politicians). I am meeting with him to discuss other options this week.
This amounts to a fair sum of money I think many seniors would have trouble with paying. I have friend who had prostate cancer and opted for radiation treatments. At the end of these treatments he told me he got a bill from the radiologist for $16,000. I told him Medicare would pay it. He told me that was the bill after Medicare paid their share. He claims he cannot afford a medigap policy. He is paying the radiologist $100 a month. If he gets hit with another major illness I have no idea how he will pay it. He will probably end up losing his home.
When seniors are trying to live on $1000 a month any increase in medigap insurance is too much. Generally after a few years in retirement for most seniors their savings are gone. It is just sad to see people who have worked all their lives for a modest home only to lose it for medical reasons. Many seniors are often forced to make a decision between medications or food. Of course you don't have posts on forums like this one from them because the one cost that is first to go is usually the internet.
If you are in a position to pay your medigap insurance then you should count your blessings and pray for those that cannot.
Well, if you live in a larger metro area where the Advantage plans are popular you might try them. But they too have co-pays which can add up if you are in poorer health.
The situation with Plan N is that it is a new plan. Some insurers like Mutual of Omaha in order to gain market share started with low prices, did not do medical underwriting and ended up losing money--so they responded with massive price increases.
The situation with Plan N is that it is a new plan. Some insurers like Mutual of Omaha in order to gain market share started with low prices, did not do medical underwriting and ended up losing money--so they responded with massive price increases.
I wonder how many seniors don't have enough income to even pay the monthly Medicare charge. I had not thought about that before but I'd bet there a fair number in that situation.
When seniors are trying to live on $1000 a month any increase in medigap insurance is too much. Generally after a few years in retirement for most seniors their savings are gone. It is just sad to see people who have worked all their lives for a modest home only to lose it for medical reasons. Many seniors are often forced to make a decision between medications or food. Of course you don't have posts on forums like this one from them because the one cost that is first to go is usually the internet.
If you are in a position to pay your medigap insurance then you should count your blessings and pray for those that cannot.
Please tell us how you came to the conclusion that most seniors find that "their savings are gone after a few years in retirement".
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