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I'm pretty confused at this point, although I think I'm close to the end.
One thing I can't get a straight, consistent answer on is what is the deadline for purchasing for the first time (turning 65) a Medicare Supplement Plan G.
I'm all set for original Medicare Parts A & B. I just need a supplemental plan.
One agent told me she didn't know, another said it was 12/7, and another said that open enrollment Oct - Dec 7th is not for the initial buy of a supplement plan. He said that I have a longer time period.
Does anyone know this, by any chance? Or is it that I can buy at any time, but it's cheapest if I buy the Plan G for it to start in January or February 2019?
I'd appreciate any definitive info on this, if anyone can help. Thanks.
I'm pretty confused at this point, although I think I'm close to the end.
One thing I can't get a straight, consistent answer on is what is the deadline for purchasing for the first time (turning 65) a Medicare Supplement Plan G.
I'm all set for original Medicare Parts A & B. I just need a supplemental plan.
One agent told me she didn't know, another said it was 12/7, and another said that open enrollment Oct - Dec 7th is not for the initial buy of a supplement plan. He said that I have a longer time period.
Does anyone know this, by any chance? Or is it that I can buy at any time, but it's cheapest if I buy the Plan G for it to start in January or February 2019?
I'd appreciate any definitive info on this, if anyone can help. Thanks.
From Medicare.com:
"The best time to purchase Medicare Supplement insurance, also known as Medigap, is during your Medigap Open Enrollment Period. This period lasts six months and begins the first day of the month in which you are 65 or older and enrolled in Medicare Part B. So if you turn 65 on April 3 but don’t join Medicare B until May 25, your Medigap Open Enrollment Period will start on June 1, which is the first day of the month in which you are both 65 and enrolled in Part B."
I agree that wrapping your head around Medicare is confusing. Biggest thing for me is that with Medicare Advantage, your care is managed by an insurance company. With a Medicare Supplement, you can go to any doctor that takes Medicare and your supplemental policy picks up what Medicare doesn't.
One thing I can't get a straight, consistent answer on is what is the deadline for purchasing for the first time (turning 65) a Medicare Supplement Plan G.
One agent told me she didn't know, another said it was 12/7, and another said that open enrollment Oct - Dec 7th is not for the initial buy of a supplement plan. He said that I have a longer time period.
Does anyone know this, by any chance? Or is it that I can buy at any time, but it's cheapest if I buy the Plan G for it to start in January or February 2019?
I'd appreciate any definitive info on this, if anyone can help. Thanks.
12/7 date applies ONLY - repeat ONLY - to Medicare "health plans" - aka Advantage and Part D plans.
Medigaps aka supplemental plans can be bought at anytime. However, if you are outside your initial Medigap Enrollment Period, you may be required to undergo health underwriting. Premium may vary slightly if you delay the purchase from January to February. Depends on the insurer.
Gator has provided you correct information on when you, as a new Medicare beneficiary, have guaranteed issue rights to a Medigap with no health questions asked other than ESRD (end stage renal disease).
We have other excellent threads on Medigaps and how they should be chosen. Essentially, to mitigate outlandlish price increases as you age, you should be looking at either an issue-age or community-rated policy - unless you are in a guaranteed issue state in which case you have guaranteed issues rights to a lower-priced plan if your current plan becomes too expensive.
"The best time to purchase Medicare Supplement insurance, also known as Medigap, is during your Medigap Open Enrollment Period. This period lasts six months and begins the first day of the month in which you are 65 or older and enrolled in Medicare Part B. So if you turn 65 on April 3 but don’t join Medicare B until May 25, your Medigap Open Enrollment Period will start on June 1, which is the first day of the month in which you are both 65 and enrolled in Part B."
I agree that wrapping your head around Medicare is confusing. Biggest thing for me is that with Medicare Advantage, your care is managed by an insurance company. With a Medicare Supplement, you can go to any doctor that takes Medicare and your supplemental policy picks up what Medicare doesn't.
Well, boy is my face red. I don't remember reading that at all on the Medicare site. Thanks so much!
12/7 date applies ONLY - repeat ONLY - to Medicare "health plans" - aka Advantage and Part D plans.
Medigaps aka supplemental plans can be bought at anytime. However, if you are outside your initial Medigap Enrollment Period, you may be required to undergo health underwriting. Premium may vary slightly if you delay the purchase from January to February. Depends on the insurer.
Gator has provided you correct information on when you, as a new Medicare beneficiary, have guaranteed issue rights to a Medigap with no health questions asked other than ESRD (end stage renal disease).
We have other excellent threads on Medigaps and how they should be chosen. Essentially, to mitigate outlandlish price increases as you age, you should be looking at either an issue-age or community-rated policy - unless you are in a guaranteed issue state in which case you have guaranteed issues rights to a lower-priced plan if your current plan becomes too expensive.
Thanks so much! That is so helpful. The point you mention of outlandish price increases as I age is the exact sticking point I want to be sure I explore thoroughly.
I've seen that how-they-price-policies page. Will review it again. I'm leaning toward UHC, which is an age-related pricing plan, which will increase more as I age, I think. Not sure. And not sure what Aetna's is, although I found a chart showing the rates.
That's why I was concerned about the deadline, since I want to make sure I understand the Plan G's pricing for the future.
I've seen that how-they-price-policies page. Will review it again. I'm leaning toward UHC, which is an age-related pricing plan, which will increase more as I age, I think. Not sure. And not sure what Aetna's is, although I found a chart showing the rates.
Unless you are in FL, UHC is a community-rated plan which discounts premiums for those under age 77. Until you reach age 77, UHC will raise rates for inflation and age. After age 77, everyone - whether 78 or 98 - pays the same basic rate - but does experience an increase for inflation based on regional medical costs.
Otoh, Aetna is an attained-age policy which can impose age-based rate increases to age 85. My sister has an Aetna Medigap F which she bought three years ago at age 66. Her premium of $142 is now $205 - a 12% increase annually. She's exploring moving to UHC which today would be a few dollars more a month but stops age-based increases at age 77, but she may not be able to pass health underwriting for their Level 1 rate because of the question they ask "within the past two years, did a medical professional provide treatment or advice to you for any problems with your kidneys?" Doctor has told her she "may" have an issue. I told her three years ago the higher-priced community-rated plan long-term would be a better choice, but the lure of the lower premium at the time prevailed.
All Medigaps are subject to increases due to inflation.
What state are you in? It matters, because you may have guaranteed issue rights not available elsewhere which means you can buy the cheapest policy now and then choose another when this one gets too high.
Last edited by Ariadne22; 12-04-2018 at 09:48 PM..
If you live in MN and had A cost plan taken away (platinum blue) you have until February to make a decision. This is the only time to get a supplemeement (senior gold) without extra physical tests. Otherwise, open enrollment ends this Friday, Dec 7. Why wait? Just make a choice.
Unless you are in FL, UHC is a community-rated plan which discounts premiums for those under age 77. Until you reach age 77, UHC will raise rates for inflation and age. After age 77, everyone - whether 78 or 98 - pays the same basic rate - but does experience an increase for inflation based on regional medical costs.
Otoh, Aetna is an attained-age policy which can impose age-based rate increases to age 85. My sister has an Aetna Medigap F which she bought three years ago at age 66. Her premium of $142 is now $205 - a 12% increase annually. She's exploring moving to UHC which today would be a few dollars more a month but stops age-based increases at age 77, but she may not be able to pass health underwriting for their Level 1 rate because of the question they ask "within the past two years, did a medical professional provide treatment or advice to you for any problems with your kidneys?" Doctor has told her she "may" have an issue. I told her three years ago the higher-priced community-rated plan long-term would be a better choice, but the lure of the lower premium at the time prevailed.
All Medigaps are subject to increases due to inflation.
What state are you in? It matters, because you may have guaranteed issue rights not available elsewhere which means you can buy the cheapest policy now and then choose another when this one gets too high.
I'm in Louisiana. No community priced plans.
I read online that almost all companies now use the "attained age" pricing. UHC uses age-related, but not sure which age-based pricing.
For UHC, you get a discount based on age 65. It increases 3% every year for 13 years, to take away the discount. The 3% is in addition to regular/inflation raises. If someone were to buy in 2 years, he would pay an amount for 11 yrs of 3% discounts. That's what everyone pays when they buy at 67.
No matter when someone buys, they reach the full price at age 77, after having increased each year by 3% on the prior premium (not counting regular and inflation increases). Those age-related prices stop, but regular increases continue, as they would for any policy.
UHC could end up being very expensive by age 77 or 80.
I did a spreadsheet for the UHC Plan G policy. I did the 3% discount rate increases, and estimated 2.6% regular rate increases. At 65, my policy is $123. At age 77, it's $237. So it almost doubles in those 13 years.
I found a chart for Aetna, which is also age-based. But the price increases are less regular, and less %. Aetna starts out at $109 at age 65, and becomes about $149 at age 77 (incl. regular 2.6% inflation increases). BUT, the price increases don't stop.
So I don't know. The problem I'm having is the selling agents aren't truthful. They'll say anything to get me to sign up and/or they're not that knowledgeable about different pricing structures. They wouldn't even tell me I didn't have to sign up by December 7th.
It's good to know that I have a bit more time. Maybe I'll get better help after the December 7th deadline, and the agents have more time.
I read online that almost all companies now use the "attained age" pricing. UHC uses age-related, but not sure which age-based pricing.
For UHC, you get a discount based on age 65. It increases 3% every year for 13 years, to take away the discount. The 3% is in addition to regular/inflation raises. If someone were to buy in 2 years, he would pay an amount for 11 yrs of 3% discounts. That's what everyone pays when they buy at 67.
No matter when someone buys, they reach the full price at age 77, after having increased each year by 3% on the prior premium (not counting regular and inflation increases). Those age-related prices stop, but regular increases continue, as they would for any policy.
UHC could end up being very expensive by age 77 or 80.
I did a spreadsheet for the UHC Plan G policy. I did the 3% discount rate increases, and estimated 2.6% regular rate increases. At 65, my policy is $123. At age 77, it's $237. So it almost doubles in those 13 years.
I found a chart for Aetna, which is also age-based. But the price increases are less regular, and less %. Aetna starts out at $109 at age 65, and becomes about $149 at age 77 (incl. regular 2.6% inflation increases). BUT, the price increases don't stop.
So I don't know. The problem I'm having is the selling agents aren't truthful. They'll say anything to get me to sign up and/or they're not that knowledgeable about different pricing structures. They wouldn't even tell me I didn't have to sign up by December 7th.
It's good to know that I have a bit more time. Maybe I'll get better help after the December 7th deadline, and the agents have more time.
I believe you are incorrect on what you wrote here. Hopefully Ariadne22, will be along with the right info. No one knows this stuff like her. I believe that only in FL does UHC medicare plan not have community pricing, and after 77 only goes up if everyone's premium goes up. I think that is the reason most of us here chose the AARP/UHC plans, I started with planF, and changed to plan G about a year ago.
Find "supplements and other insurance" - click on that, choose "Find a medigap policy" - plug in your zipcode - a list of plans will be populated. Go to Plan F - AARP UHC is at the top of the list - which clearly states COMMUNITY RATING. AARP UHC is not on the Plan G list, but Medicare.gov often is late with its updates.
If, as you've learned, AARP is now offering Plan G in Louisiana, it will also be COMMUNITY-RATED.
Quote:
Originally Posted by bpollen
I read online that almost all companies now use the "attained age" pricing. UHC uses age-related, but not sure which age-based pricing.
EXCEPT FOR United Healthcare which is community-rated. Once again, Medicare lists the methods of pricing here:
There is no "age-related' pricing. It is either community, attained-age or issue age.
Quote:
Originally Posted by bpollen
For UHC, you get a discount based on age 65. It increases 3% every year for 13 years, to take away the discount. The 3% is in addition to regular/inflation raises. If someone were to buy in 2 years, he would pay an amount for 11 yrs of 3% discounts. That's what everyone pays when they buy at 67.
No matter when someone buys, they reach the full price at age 77, after having increased each year by 3% on the prior premium (not counting regular and inflation increases). Those age-related prices stop, but regular increases continue, as they would for any policy.
Yes, that's exactly what I said upthread. That is what community rating is - after age 77, everyone pays the same.
Quote:
Originally Posted by bpollen
UHC could end up being very expensive by age 77 or 80.
NO, it will not be. Also, at this time for UHC, there is no "age 80." Age-related discounts end at age 77. Thereafter, whether you are 78 or 98 your rate is the same.
The reason everyone pays the same is the younger people in the community-rated risk pool are offsetting the risks of the older people. We have horror stories here of people with attained age polices with premiums of over $400 a month today. The community-rating prevents that.
Quote:
Originally Posted by bpollen
I did a spreadsheet for the UHC Plan G policy. I did the 3% discount rate increases, and estimated 2.6% regular rate increases. At 65, my policy is $123. At age 77, it's $237. So it almost doubles in those 13 years.
Of course it will. You are 13 years older and could very well be much sicker. But, for the third time, age-based increases stop at age 77. NOT TRUE FOR OTHER POLICIES.
Go to the UHC website. Plug in your zipcode and age and date you will begin Medicare. The website will give you prices depending on the data you enter. Enter a different age, you will get a different result.
Here is the UHC link:
I found a chart for Aetna, which is also age-based. But the price increases are less regular, and less %. Aetna starts out at $109 at age 65, and becomes about $149 at age 77 (incl. regular 2.6% inflation increases). BUT, the price increases don't stop.
I told you what happened to my sister with her attained-age Aetna policy. DO NOT think at age 77 your rate will be $149 - IT WILL NOT BE. She, at age 69, is already paying Aetna $205 after starting out three years ago with a rate of $142.
Fyi, AARP UHC has 35% of the Medigap market. There is a reason for that - community-rating - which means an affordable rate at age 90. Read this link:
If you expect a long life, you do not want an attained-age policy.
Last edited by Ariadne22; 12-05-2018 at 02:47 PM..
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