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At age 80, I have been on Medicare now for 15 years. I also have a Medicare Supplement and Prescription Drug plan. My total cost for all the insurance plans is under $400 a month.
While I have had my share of medical appointments and hospital stays I don't understand how Seniors who are on Medicare and have a Medicare Supplement Plan with prescription drug coverage can go broke for medical bills. At worst, I can see spending maybe $4000 out of pocket per year if I got really sick.
One of my great aunts went into a nursing home in her early 70s and died at 80, never leaving.
She was widowed around age 50 and was on assistance the whole time. Count whatever she owed to the nursing home and other medical facilities, she was certainly broke many times over!
At age 80, I have been on Medicare now for 15 years. I also have a Medicare Supplement and Prescription Drug plan. My total cost for all the insurance plans is under $400 a month.
While I have had my share of medical appointments and hospital stays I don't understand how Seniors who are on Medicare and have a Medicare Supplement Plan with prescription drug coverage can go broke for medical bills. At worst, I can see spending maybe $4000 out of pocket per year if I got really sick.
What am I missing?
There are some supplemental plans that require the insured to pay co-pays to the doctors, the pharmacies, the hospitals, etc.
Perhaps you have the plan the covers everything? There are some who cannot afford to pay that $4,000 per year for insurance.
So does $5,000/ year really bankrupt people? I'm budgeting supplemental coverage for 2 at around $700/month with about $5,000 / year in out of pocket for co-pay, deductables etc.as a worst case. Are these figures realistic or totally off base?
we are 3300 for the f-plan or about 2200 for a high deductable plan f, plus the 1250 for medicare and about 375.00 for the part d.
so a bit over 5k for the regular f or 4k for the high deductible f . each state is different . our state is community based so we have zero increases because of age on the supplement unlike most of the country . we also can switch plans if we want with no medical prequalification .
the rest of the country can only pick the first time with no prequalification . after that you may or may not be accepted if you switch .
so yeah we are more but in the end it works out close because we have no age based increases .
For Medicare people, this would apply only to those on Advantage plan PPOs who went out-of-network - or, worse, had an HMO Advantage plan which will not cover out-of-network, except in emergency. HMO MA's often refuse out-of-network coverage for rehab, etc. after the emergency is dealt with. Plus, there is the added exposure of maximum out-of-pockets on MA's, which can reach $8k for some plans. In the end, you get what you pay for. MA's can be a false economy and inappropriate choice for many.
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