Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am wondering if I should enroll in a Medigap plan right now just in case I happen to become infected with coronavirus. I am 70, with preexisting conditions - high risk for the virus. My only income is Social Security. The premium will be expensive ($300+ est) and may push me into bankruptcy, but virus treatment copays with just plain 80% Medicare would do that anyway. Does anyone have pro/con thoughts on this?
One huge factor in a Medigap decision is smoking. If I used tobacco during
the preceding 12 months, the premium more than doubles - just another
of many reasons to quit.
The probable Medigap premiums could instead be put into a savings account
to build up emergency funds. By getting the policy, those premiums go into
the insurance company profits until/unless the medical expenses actually happen.
Bankruptcy for a senior is an issue relevant to many of us. There is constant
worry about monthly budgeting to pay down debt with little hope
of paying it off before death. Is it more important to ensure the budget
covers basic housing/food necessities, including expensive medicine, with
an adequate savings reserve for cash emergencies? Cancelling old debt
payments would ease the worries and improve monthly cash flow.
It's too bad student loan debt cannot be included.
Bankruptcy before expensive medical care means those new expenses could
not be cleared off the books for 7-10 years. Bankruptcy after medical care
could include those new expenses, which make the bankruptcy more complex,
but add to the justification for it. It also delays the filing, since I would
want to wait until all the medical bills arrive. Meanwhile, do I continue
paying off other debts or just stop repayments, knowing they will eventually
be cleared? If the delay is long enough, those old debtors might force me
into involuntary bankruptcy.
While I have chronic conditions that mirror some of the CV-19 symptoms,
I don't yet have the fever that necessitates going out to find a testing
facility and hope that I can get timely results. Isolation and self-quarantine
is difficult to manage for more than a month or so. Eventually, exposure
is bound to happen if things continue as they are. That exposure is likely
to occur before magic vaccines and rapid testing become available.
These are things to ponder while sifting through over-dramatic,
sometimes misleading, news reports and information. It tends to
over-shadow streaming video, exercise, music, and other distractions.
It helps that I love to ponder.
Last edited by highplainsrus; 03-23-2020 at 08:41 AM..
You may have a hard time finding coverage at a decent price. I found this source by doing a search on "Medigap Late Enrollment Penalties". Up near the top, click on "Medigap Enrollment penalties". The idea is that they want everyone to enroll when eligible rather than waiting till they perceive some increased risk such as susceptibility to COVID-19. It's called "adverse selection" when someone waits to buy insurance till they see a need for it and it raises the overall costs when people stay out of the insured pool when they're healthy.
If you're low-income there are some programs that may help- Medicaid has something called "Extra Help"- not sure how it works since I don't qualify. Some states also have a combined Medicaid/Medicare program for low-income seniors.
I am wondering if I should enroll in a Medigap plan right now just in case I happen to become infected with coronavirus. I am 70, with preexisting conditions - high risk for the virus. My only income is Social Security. The premium will be expensive ($300+ est) and may push me into bankruptcy, but virus treatment copays with just plain 80% Medicare would do that anyway. Does anyone have pro/con thoughts on this?
Assuming you are enrolled in Medicare Part B, consider a high-deductible Medigap. Premiums can be 50-75% less than a full Medigap. Medicare pays its 80%, you pay the 20% Medicare copay - usually very small - up to the deductible of $2,340. Thereafter, plan pays 100%. Many here have the high deductible plan.
Unless you are in a guaranteed issue state, you will need to undergo health underwriting as you would for a full Medigap. If you apply now, it is possible you could be covered as early as May 1 unless you can find an agent who can fast-track an application before April 1.
One doesn't enroll in a Medigap. One purchases a Medigap. Thus, there is no late-enrollment penalty forr a Medigap. Further, I've not heard of anyone paying a late-purchase penalty when a purchasing a Medigap, although penalties for late enrollment in Medicare Part B do exist. The Medigap health underwriting can possibly result in a higher Medigap premium, so I suppose this can be considered a late-purchase penalty.
You can search for Medigap carriers in your zipcode, here:
Thanks for the responses. They certainly point out additional factors to consider. I'm studying the available online information, plus 2020 changes, to reconcile it with those suggestions. My zip code only offers a few companies to check out and only one company with full online access to policy information - AARP. The fine print seems endless as I drill down through it.
I'm increasing my estimated premium for budgeting, which makes a bankruptcy even more likely. I am also preparing for the possibility of being denied entirely.
The only way to know for sure is to pull the trigger and complete the application. My current regular Medicare 20% copay on a huge six-figure hospital bill plus expensive medicines also makes bankruptcy likely if I become infected.
Currently, cv-19 cases are slowly rising in my county and the hospitals still have capacity, although testing remains difficult to find, with slow results. The case histories suggest virus exposure is spreading across all major grocery stores, so those store prevention policies will be critical. Staying home is a must for me as I steer a course between bankruptcy and contagion.
I am wondering if I should enroll in a Medigap plan right now just in case I happen to become infected with coronavirus. I am 70, with preexisting conditions - high risk for the virus. My only income is Social Security. The premium will be expensive ($300+ est) and may push me into bankruptcy,
Check with different carriers, the coverages are all exactly the same the huge differences in premium amounts. Medicare Advisors would be a good place to contact to get comparable rates.
JMO, stay away from Advantage plans!
Thanks for the responses. They certainly point out additional factors to consider. I'm studying the available online information, plus 2020 changes, to reconcile it with those suggestions. My zip code only offers a few companies to check out and only one company with full online access to policy information - AARP. The fine print seems endless as I drill down through it.
AARP does not offer a high-deductible plan.
Quote:
Originally Posted by highplainsrus
I'm increasing my estimated premium for budgeting, which makes a bankruptcy even more likely.
Since BUDGET is a big issue, seriously consider a high-deductible plan. Medicare pays its 80%, you pay the teeny copays, not to exceed $2,340. Thereafter plan pays 100%.
You can always work out payment of outstanding medical bills, but the insurers will cancel the policy if you don't pay the premium. A full Medigap premium will be twice that of a high-deductible plan in most cases. You can have the same catastrophic coverage for half the price with a high-deductible plan. Just be prepared for the potential of a $2,340 out of pocket - which, as I said, can always be negotiated.
Assuming from your posting history you are in Colorado, there many companies offering a high-deductible plan. Standard Life & Accident generally offers a very reasonable premium in your part of the country.
I couldn't find a good, affordable apt in Colorado. Now I'm in a little city
in Texas (a wonderful apt!). AARP (United Insurance Company) is the only
Community-Pricing company for this zip code. There are only two Issue-Age Pricing companies - Humana Benefit Plan of Illinois and United American Insurance Co. I am ignoring the Attained-Age Pricing companies.
After studying the various plans, I am focusing on Plan G as the best one
for my budget. The high-deductible plan might work after bankruptcy, if I could
find one. The Plan N copays would likely exceed the difference in premium.
Guaranteed acceptance doesn't apply to me. It is to my regret that I didn't
find some way to buy Medigap when I first became eligible. I would certainly
urge anyone nearing 65 to get it.
It is eerie driving to a grocery store with empty streets and shopping centers and we haven't even gone into official full lockdown mode yet. Of course,
many of the grocery shelves are empty, but most of the essential food groups are available. Clerks wear gloves and masks. I don't expect we will get into WWII ration stamps or Russian-style shortages or Depression bread lines and soup kitchens (except for the homeless, unfortunately).
Last edited by highplainsrus; 03-25-2020 at 11:29 PM..
Now I'm in a little city in Texas (a wonderful apt!). AARP (United Insurance Company) is the only Community-Pricing company for this zip code. There are only two issue-Age Pricing companies - Humana Benefit Plan of Illinois and United American Insurance Co. I am ignoring the Attained-Age Pricing companies.
After studying the various plans, I am focusing on Plan G as the best one for my budget. The high-deductible plan might work after bankruptcy, if I could find one.
The Plan N copays would likely exceed the difference in premium.
It's possible the price differential between G & N in TX isn't as great as WI for your age group. I am 78 y/o, btw. The southwest tends to have lower Medigap premiums than WI.
For me in WI, premium differential between N & G is significant - Plan N copays of up to $20 per doctor visit are the equivalent of 49 office visits a year, or $900/year. Just shoot me if I have to see doctors that often.
As I examine the AARP rate tables, I realized that, while I can't afford the "good" plans G/N, I can afford premiums for Plans K and L. Plan K is the cheapest, with a high deductible of $5880. Plan L has a lower deductible of $2940.
The problem those Plans present is that of not covering Excess Charges, which seemingly have no limit whatsoever. My total medical debt could sky-rocket into bankruptcy territory. In reality, I would negotiate $25/month payments with each service provider company (doctor,anesthesia,ambulance,etc) until they eventually wrote off the debt. That is how I managed my heart attack debts. I have filing boxes filled with all the bills through the following years.
Thus, CV-19 treatments are likely to result in massive debt, with or without Medigap Plans K/L.
I took another look at the G versus N premiums and the N copays. Plan N premiums are $400/year less than G. The $20/$50 copays likely to be less than that, so I agree with Ariadne22's analysis.
athena53, my SS income puts me just outside of the reach of Medicaid and "extra help". I am low-income but not "lowest"-income. I'll study up on "adverse selection" to see if it applies to me.
GreggT, when I decide to pull the trigger on signing up for a plan, I will definitely compare rates across the three available companies. Analyzing Advantage plans would be a real chore I hope to avoid.
The issues of Medigap budgeting lie on top of issues of Part D medicine budgeting. As things stand now, I am rationing the dosage of my high-cost medicines to reduce that expense - a practice I do not recommend. In the background are expenses for elective health care that I am deferring - such as cataract surgery and dental care.
I continue to ponder.
Last edited by highplainsrus; 03-27-2020 at 05:21 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
