Senior Strategies for Paying the Least In Health Insurance and Health Costs

This discussion is offered primarily for those people who have tentatively made the decision that a Medicare supplement plan is their best choice, and that in turn is based on the knowledge that the total out of pocket in a bad year medically would be less with a supplement compared to a Medicare Advantage program, or they simply want the flexibility, and their research has shown that over the years the price cost increases of the two types of plans have been significantly less with the Med Sup. Of course, these people recognize there is an up front cost but they are willing to pay for it and can afford it.

For this group of people the primary question is: “Is there a way to minimize costs with a Medigap Plan?” and the answer is yes. You CAN save substantially, and about the only cost will be a little inconvenience of having two insurance bills and firms to contend with.

Many Medicare Supplement companies–but not all–offer what is known as a  HiDeductible Plan F, or also known as a “PlanF +”. As is true with all other letter plans, the benefits are identical across the board for all companies offering this plan.  But we should mention that a great number of even major companies such as Untied Health (also known as the AARP Plan) do not offer it, and if you have a relationship with a non offering company agent, you may otherwise never learn of it. But today you are lucky, and you are learning as you are reading this.

The Plan F+, like standard Plan Fs covers 100% but AFTER the deductible is met, and that deductible runs around $2100.

Whoa!   Your thoughts might be focusing on that number. STOP right now!  First, the cost of the F + is in general about 1/3rd of the cost of the standard F!

Now think for a moment where are you most likely to get hit with a major bill at one time? One that might hurt.. if you did not bank the savings.  HOSPITAL ADMISSION, right?  Regular Part A deductibles apply and you just got admitted.  Now we enter the other part of the plan.

We take a small part of the savings and purchase a Deductible Saver and this link gives you some typical rates.  Add the two and you are still saving money. Alot of money. That leaves your doctor or Part B costs to be covered before you hit the deductible. You have just one “chunk” to “eat” and that’s the annual $147 Part B deductible.  You probably covered that with the first month’s plan prem difference.  Now the rest comes in small bites of your 20%s until you hit the deductible.. if you do.  If you had a healthy year, you really made out.

In fact, you’ve made out to the point  we’d suggest you now can add in an inexpensive cancer plan, probably a good dental plan, and other things you otherwise could not have afforded.

While  this discussion is a little general, contact us for an appointment to provide specific quotes on the High F for you (varies with age, location, and smoking status). If you are beyond the eligibility age for the Deductible Saver, we also have other plans that can help you with that deductible. In fact, we should compare them because the Hi F plan is like “renting” and if you did not have a claim or use that month, the money is gone. With the alternative, you put money in and if you don’t have a claim where you need to draw on the money, you get to keep it. It may take a few months to build up to the $1000 for that Part A, so you would be at risk during that time… but if you went on a couple years, your money is there, will be safe from any losses, and will earn interest.

Call, email, or reach out to us for YOUR quote, and lets compare this to the other options.

CONGRATULATIONS! You have just mastered a new skill in saving money on your health care expenses.