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Old 10-09-2018, 10:55 AM
 
9 posts, read 13,507 times
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Quote:
Originally Posted by Ariadne22 View Post
It is for people who have changed plans. The rates you see TODAY are for new people entering the plan - not a long-term insured who is 85 y/o and whose book of business/risk pool has long been closed and whose rates, therefore, are different than those quoted a new purchaser.

Pricing matters. Again, community-rating if you are not in a guaranteed issue state and expect longevity will, in the long run, cap outlandish premiums as you age.

https://www.medicare.gov/find-a-plan...-policies.aspx

Plan F current rates for a 75/yo in Milwaukee County are:
$2,592 (male); $2,323 (female) - CIGNA (attained-age)
$2,641 (male); $2,324 (female) - Aetna (attained-age)
$3,360 (male); $3,360 (female) - Wisconsin Physicians Service (attained age)
$3,781 (male); $3,781 (female) - UnitedHealthcare (community rating)
$3,828 (male); $3,566 (female) - Blue Cross Blue Shield (attained-age)
Plan F current rates for an 85/yo in Milwaukee County in WI are:
$3,283 (male); $2,933 (female) - CIGNA (attained-age)
$3,637 (male); $3,189 (female) - Aetna (attained-age)
$3,781 (male); $3,781 (female) - UnitedHealthcare (community rating)
$4,533 (male); $4,533 (female) - Wisconsin Physicians Service (attained age)
$5,022 (male); $4,654 (female) - Blue Cross Blue Shield (attained-age)
Notice how UHC rates don't change because of age between 75-85.

CIGNA hasn't always been in this market. I expect that company will be increasing its rates over time.

Lastly, even though Aetna rate filing for a 70 y/o female in WI is $1,977 ($164.75/mo.), my sister at age 69 is already paying an Aetna premium of $2,460, or $205/mo. - quite a leap in three years from the original $142.

Most companies do not use community-rating because it is too risky. Because of its large risk pool, UHC can afford to offer it - virtually nationwide. Again, with the exception of community-rated states, this is not true for other Medigap insurers.
Can you tell me how I could get that information for 75 and 85 YO in Georgia? I sign up in 2019 and am a nervous wreck about which company I should go with. That's a big diff for 2 people in their 80s from 3600 to 5k and since I'm planning on living to at least 100, that $ can really add up! Thank you for your help.
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Old 10-09-2018, 12:29 PM
 
Location: Wisconsin
24,109 posts, read 52,127,583 times
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Quote:
Originally Posted by GAflygirl View Post
Can you tell me how I could get that information for 75 and 85 YO in Georgia? I sign up in 2019 and am a nervous wreck about which company I should go with. That's a big diff for 2 people in their 80s from 3600 to 5k and since I'm planning on living to at least 100, that $ can really add up! Thank you for your help.
The rates are in a pdf on the WI Office of Insurance website. GA may or may not provide this.

Further, please do NOT MISS THE POINT that the above rates are for NEW APPLICANTS. Once you are in a book of business, the rates above quoted do not apply to you as your book of business/risk pool will have long closed.

As a result, your rates will be higher than those filed with the insurance commissioner.

My sister's rate is higher than that filed by Aetna for her age group, as I said above.

Presently, UHC community-rated plan caps its age-rating at age 77. Attained-age policies just keep going up due to age.

In GA, your AARP UHC rate should be reasonable. Rates in the south are much lower than in WI. Further, look at Plan G - and possibly add a cost-sharing rider like $20 copays for doctor visits/$50 ER admissions and hospital admissions (in WI we can choose a 50% cost-share). Both will reduce the premium considerably. Further, if there are two of you in a household, UHC discounts the premiums 5%.

Another option, especially if you are healthy, is to consider a High-Deductible F Medigap. After you pay the Part B deductible of $183, Medicare pays its 80%, you pay 20% not to exceed $2,240. Thereafter, plan pays 100%. If you're healthy, plan may not pay anything for years, as Medicare copays are minuscule. You'd need to incur Medicare charges of $11,200 to meet the deductible. Many people here have chosen the HD-F because of the much lower premium. In GA, the premium differential may not be as significant as in the more expensive states but, especially in the high premium states, HD-F can be a smart cost-effective alternative to a full Medigap. Provides the catastrophic protection of a full Medigap at a fraction of the cost.

Talk to a Medicare insurance agent in your area for further help - but be advised they are paid on commission and may push the plan which pays them the most.

You can also contact your GA SHIP people:

https://seniorsresourceguide.com/dir...National/SHIP/

Attained-age policies can be very attractively priced in the beginning - but that changes rapidly. What's cheapest at first may be very costly in the end.

Today, UHC rate for my 69 y/o sister for Plan F is $217 v. $204 w/Aetna. I'm sure by the time she's 77, she'll be paying MORE than the UHC rate. I've told her to consider switching while her health permits.

Last edited by Ariadne22; 10-09-2018 at 01:04 PM..
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Old 10-09-2018, 02:10 PM
 
9 posts, read 13,507 times
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Can I hire you? You are the first person that has "put it to me straight!" I don't trust any information I'm getting from brokers on commissions and I'm more concerned about future costs than my so called low cost 1st year premium. It seems to be impossible to find answers to my questions online. I'm healthy, on no drugs and very rarely (once every 2 or 3 years) go to the doctor. Plus, there is another problem in that I'm in Ohio now, but am moving to Georgia the month before signing up. Thank you so much for responding and I will study your response more in depth tomorrow....
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Old 10-10-2018, 06:32 AM
 
9 posts, read 13,507 times
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What are your thoughts on going with a company like State Farm over Aetna or United Healthcare?
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Old 10-10-2018, 08:57 AM
 
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My only worry about not taking the F plan is that deductibles will start to increase at a rapid rate with plan G. I was able to find the rates with Aetna online for age 95 in GA and there is almost a $600 difference right now between F and G, so right now, G seems like a better choice assuming the deductibles don't rise substantially. You know what they say about assuming though.
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Old 10-10-2018, 12:31 PM
 
Location: Wisconsin
24,109 posts, read 52,127,583 times
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Quote:
Originally Posted by GAflygirl View Post
What are your thoughts on going with a company like State Farm over Aetna or United Healthcare?
I have no opinion on State Farm. I've already discussed upthread how quickly Aetna rates rise. UHC caps rate increases due to age at age 77. As I said, my sister at age 69 is already paying Aetna more than the rates currently filed with the State of WI for her age.

Read this on Medigap pricing:

https://www.medicare.gov/find-a-plan...-policies.aspx

If you haven't yet found the link, UHC can be priced here:

https://www.uhcmedicaresolutions.com...ent-plans.html

Afaik, only UHC offers community-rated plans in states not already mandating community-rating (with the exception of FL where it offers issue-age pricing).

You can risk buying an attained-age rated policy now because it's cheaper (State Farm/Aetna). If your health holds, you may be able to switch to another plan when prices become uncompetitive. If your health doesn't hold, you'll be living with the policy you bought unless you move to a guaranteed issue state like NY or CT - or move to a state like CA, MO, OR where you are allowed to switch once a year.

As a general rule, I will continue to say be cautious on attained-age rated policies.

Quote:
Originally Posted by GAflygirl View Post
My only worry about not taking the F plan is that deductibles will start to increase at a rapid rate with plan G. I was able to find the rates with Aetna online for age 95 in GA and there is almost a $600 difference right now between F and G, so right now, G seems like a better choice assuming the deductibles don't rise substantially. You know what they say about assuming though.
You are not protecting yourself from Part B deductible increases with a Plan F. If the deductible increases, you can be sure your policy premium will rise accordingly. There is no free lunch. Some Plan F insurers today charge almost double the actual Part B deductible just so you don't have to write a check.

Overall, G is the better choice - because it will have an open book of business going forward - as opposed to F which will not be sold in 2020 and will thus be insuring an increasingly older and sicker group resulting in higher percentage premium increases.

Again, also consider the high-deductible F. All the catastrophic coverage without the high premium. Because of the high deductible, HD-F going forward will also have very low premium increases. I had an HD-F for a while. Insurer actually reduced the premium the one year.

Last edited by Ariadne22; 10-10-2018 at 12:58 PM..
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Old 10-10-2018, 04:53 PM
 
439 posts, read 630,202 times
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Quote:
Originally Posted by GAflygirl View Post
My only worry about not taking the F plan is that deductibles will start to increase at a rapid rate with plan G. I was able to find the rates with Aetna online for age 95 in GA and there is almost a $600 difference right now between F and G, so right now, G seems like a better choice assuming the deductibles don't rise substantially. You know what they say about assuming though.
When the Part B deductible increases, the Plan F premium increases by a similar amount to cover the deductible. Either way, you are paying the deductible. Plan G is a better value than Plan F but I agree with Ariadne that strong consideration should be given to High Deductible F (HD-F).
Quote:
Originally Posted by Ariadne22 View Post
You can risk buying an attained-age rated policy now because it's cheaper...
Attained-age policies are not allowed in Georgia. According to the Medicare.gov Medigap plan finder, UHC plans in GA are issue-age rated.
Quote:
Chapter 120-2-8-.15
Filing and approval of policies and certificates and premium rates

7) An issuer shall not present for filing or approval a rate structure for its Medicare supplement policies or certificates based upon attained age rating as a structure or methodology.
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Old 10-10-2018, 05:28 PM
 
Location: Wisconsin
24,109 posts, read 52,127,583 times
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Quote:
Originally Posted by SCGamecock View Post
Attained-age policies are not allowed in Georgia. According to the Medicare.gov Medigap plan finder, UHC plans in GA are issue-age rated.
That's good to know. Thanks - once again.

OP - Issue-age is preferable to attained-age, increases shouldn't be as severe. Community rated long-term provide the most security on price increases, but tend to be somewhat higher priced initially.
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Old 10-11-2018, 05:05 AM
 
9 posts, read 13,507 times
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Thank you so much for clarifying this for me. It's very disappointing that so many retirees have no idea of the long term repercussions of making the wrong decision when signing up for Medicare and Social Security. It seems like the only people that offer help to them are people working on commissions.
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Old 10-18-2018, 05:53 AM
 
9 posts, read 13,507 times
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Can you answer another question for me about Plan G? Let's say I choose G from Aetna and 10 years from now, Aetna goes bankrupt. Since G is not a guarantee issue, what would be my options? What would happen in that same scenario if I had chosen Plan F upfront instead of G, since F is a guaranteed issue plan? I'm not understanding the importance of a guaranteed issue plan and I will not be living in a guaranteed issue state. Thank you for your help!
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