Medigap Insurance Increase

[donsabi]

According to my insurance guy Mutual of Omaha came out with Plan N thinking it would take off. Instead it flopped and now they no longer want to continue to write the Plan N policies.

Escort Rider,

All you need do is listen to the news and the financial dilemmas seniors find themselves in and the reasons are many. I will post one link to help you understand. If you are truly interested you can do your own research.

National Alliance to End Homelessness: Library: Demographics of Homelessness Series: The Rising Elderly Population

[Escort Rider]

Originally Posted by donsabi

Escort Rider,
All you need do is listen to the news and the financial dilemmas seniors find themselves in and the reasons are many. I will post one link to help you understand. If you are truly interested you can do your own research.

National Alliance to End Homelessness: Library: Demographics of Homelessness Series: The Rising Elderly Population

You failed to understand my post. I am very well informed and as such, I am aware that there are seniors who find themselves in financial dilemmas. What I took issue with is your statement that most seniors fall into that category. Ironically your link butresses my position and demolishes yours. According to that link, in 2008 9.9% of people over 65 had incomes below the poverty level, and 2.6% of the elderly population was in "deep poverty". How is that most seniors?

My calling you on your gross exaggeration in no way denies the very real problems which seniors in poverty face. In fact, such gross exaggerations as the one you indulged in make it more difficult to take those problems seriously. An analogy might be the fact that medical errors sometimes cause deaths. If I wanted to address that problem seriously, would I be helping myself by stating that most doctors are murderers, or would that absurd exaggeration just get in the way?

[veuvegirl]

Mutual of Omaha from my understanding flip flops a lot of its plans.

There are several Medigap plans that have Plan N and are very successful.

I would be very wary of an agent calling you in August about an increase for next year. Usually it takes states months to accept the change from a Medigap Plan. Do your research and talk to someone you trust!

[donsabi]

veuvegirl,

You are so right! I thought I could trust this insurance agent and have just learned he is either grossly incompetent or a liar.
Through his actions my bank account was double dipped with two insurance companies debiting my account on the same month. This agent guaranteed me that one insurance company would be debited in September and terminated with the second insurance company becoming effective and debiting in October. After approaching this agent for an explanation he promptly told me my problem was with the insurance company and denied telling me of our arrangement. I learned that both of these insurance companies are actually the same company. When I moved to this area I had AARP Complete which was not available here. This agent also told me there were no Medicare Advantage plans in this area. I called several insurers today and learned that there were and are various Advantage plans here. I spoke with one very helpful insurance company who took the time to explain the various options. That representative could not understand why this independent agent told me their insurance was not available here.

I had been with one insurance company for over thirty years and always trusted their agents without any incident. This is the first time I have used an independent agent and I got burned. I thought I could trust him but was I ever wrong.

I believe I shouldn't need a lawyer to buy a Medicare supplemental insurance plan, but when using an independent insurance agent it may be necessary. If you have an independent insurance agent I suggest you verify some of the information he/she has given you. You may find yourself putting out thousands each year for unnecessary insurance as I did.

[Charleselliot]

When Mutual of Omaha first offered Plan N they allowed anyone to get the policy without performing Medical Underwriting. Cancer yesterday? No problem. Aids? Come on in. People with kidney failure who could not get a supplement before now had their chance.

Along with this came many problems that any seasoned agent should have foreseen. They were basically destroying the risk pool from day one. Rate increases each year are based on the amount of claims being paid out vs. premiums coming into the group you are in. Taking everyone guaranteed issue put the claims through the roof (obviously) which caused Mutual of Omaha to stop offering the plan. Any time a plan closes (the old Plan J is a good example of this), plan on your rates skyrocketing.

As I mentioned, a good agents knows this along with the track record and underwriting guidelines of each company. If you are in a state where New Era Life is offered they are likely one of your very best bets. They only accept healthy people with no major illnesses in the last 5 years and have maintained some of the lowest rate increases of all the companies. Their primary focus is on the consumer and they'd rather turn away new business than ruin their risk pool.

I would suggest going to Medigapv.com to see if they are in your state or not. Hope this helps!

[texdav]

Originally Posted by donsabi

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.


I have plan N.

Weel fisrt if living on !K then they quaify for mnay entitlements including food stamps. Second the bill your firiend talked about is likely what provider billed medicare;not what medicare will allow which he must accept if he accepts meciare patients. He will get a explaiantion of benfits from mediacre as to what is allowed;what they pay and what his/her responsiblity is.I also question the use of word MOST SENIORS. Especailly when you look at the stats on who holds most weath in this country ;a large part of which is seniors.

[Caltovegas]

If anyone has served in the military they should check with the VA. Yes even if you didn't retire with the military. Contact your local VA socila worker and find out if you may have access to any medical benefits.