Wednesday, June 23, 2010

Medicare "MED-SUPs" Type F Plans up in cost. New M & N Plan Offer Seniors a Savings. (updated 2/2013)

NOTE: M & N Types are at low costs. but...ONLY F&G Types cover MEDICARE EXCESS CHARGES, a potentially great $$$ "out-of-pocket" risk.  So beware of the salesman offering you a savings without explaining your RISKS.... 

**By Medicare Definition:  "Excess charge is the amount a doctor or other health care provider is legally permitted to charge a higher than the Medicare-approved amount, the difference is called the excess charge." If something goes wrong or the doctor feels there was extra work he may charge extra. You are responsible for the Part B extra-excess amount. The excess amount can be 15% greater than approved Medicare average cost and that excess must justified, then approved. These charges can occur in the hospital, as an out-patient, or in the doctor's office.

THE F-TYPE IS SAFEST & G-TYPE A VERY CLOSE 2ND.
NOTE* MEDICARE PART B EXCESS CHARGES ARE COVERED
My clients, Mr. & Mrs. C, both having their F-type Medigap supplements with me, have experienced a more than 40% increase in monthly premium costs. Mr. C's F-plan, alone, went up a whopping $34 dollars. I then called the carrier, going to a manager level person to check the prices, it was correct they said. In September, Mrs. C's plan will also increase, so the Mr. & Mrs. C family could possibly see a $55-$70 dollars monthly increase (a lot less groceries/a tank of gas). The reality is that as CMS/Medicare cuts payments to their doctors, the doctors will correspondingly react with healthcare price increases, thus raising their service fees, This is the pattern of insurance premium costs. But there is some relief with you assuming more fees and some extra risk.


NEW MODERNIZED MEDICARE SUPPLEMENT PLANS M and N 

Plan M uses the Part A deductible cost-sharing as a method to keep your monthly premiums lower. What this means is that, in exchange for slightly lower monthly premiums, those on M would split the Medicare Part A deductible ($1184 in 2013) with the insurance company 50/50. The insurance company pays half, and you pay the other half of $592.00. Plan M does not cover the Medicare Part B deductible of $147.00. Most these plan's premiums to be around 15% lower than the popular F premiums. NOTE: Careful consideration to your number of annual hospital visits is needed. The Medicare Part A deductible period is 60 days....there are 5 periods each year. 


Plan N uses Part B cost-sharing as a method to reduce your monthly premiums. However, rather than use the deductible-sharing method you must pay the Plan B deductible and doctor visit co-pays to help reduce the premium costs. The system of co-pays is set at $20 for doctor's visits ($50 for emergency room). You must pay your annual Medicare Part B deductible of $147 in 2013. This plan should provide 30% lower premiums than the popular Medigap Plan F premiums. NOTE: Careful consideration to your number of annual doctor visits is needed.

WHERE TO GOThrough SeniorFamilyRX.com's alliance with Medicare.com you can compare Plans M and N and all of the Medicare Supplement plans. We are a national resource and can answer any questions about the new coverage options and provide customized rate quote comparisons for your age and zip code area. The quote comparison tool is at the link "SHOP MEDICARE PLANS" at www.SeniorFamilyRX.com.

WE 1st RECOMMEND THE MEDIGAP SUPPLEMENTS PLAN TYPES F AND G BECAUSE THEY OFFER THE HIGHEST LEVELS OF COVERAGE, THEY BOTH COVER "MEDICARE EXCESS CHARGES." The only difference between the F & G is the payment of the annual Part B deductible which is $147. (2013). Always and Only ask a qualified Medicare Advisor about healthcare risks. 


For those without internet access please call:  Us at Toll-free 855-SENIOR6 for a personalized consultation. We can help to determine your "break-even" point between your Type F plan and these new plans. Feel free to call or simply comment a question here.


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Stay healthy,

AL

Oh, Helpful INFO: MEDICARE.GOV's publication about "Med-Sup's" for viewing or downloading. "Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare." Click: http://www.medicare.gov/pubs/pdf/02110.pdf


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I work for Seniors with all the Medicare Plans & Sr.Financial Planning... I saw what was happening in the homes of senior families and sacrifices seniors made for their prescriptions & health coverage. So I built a Saving & Educational place for my Seniors & their Families. I had my 1st Medicare Plan job in 1979. I worked for some large Wall Street firms years ago, there I was educated in senior's finance/safe investing, finished my CFP educational requirement in 01'. Now, I am a Plan Broker representing more 172 Medigap-Sups, Plan C Advantage, & Drug Plans. Now, I just apply my education & skills to benefit "Senior Families".. From Federal Housing to Assisted Living to Golf Course Patios, it's the same mission: Education & Healthcare; bringing SAVINGS-SECURITY-DIGNITY. We welcome comments on any posts. Remember, this is a WWW platform so protect your identity, you can post anonymously. Call us Toll-Free 855-SENIOR6 for private help. THE SENIOR FAMILY ALLIANCE IS NOT AFFILIATED WITH THE U.S.GOVERNMENT, STATE DHS, OR MEDICARE. ONLY COMPENSATED BY THE PROVIDER COMPANIES OF THE PLANS. PLAN DETAILS PRESENTED UNDER MEDICARE SOA RULES.