Hi, I'm Matthew Claassen with
paying too much for your Medicare supplement coverage the information in this video can save you thousands of dollars in insurance premiums
For seniors on Medicare nothing can compete with the insurance coverage of keeping
and adding a complete Medicare supplement. The Medicare supplement covers all the
co-pays and deductibles Medicare leaves is your responsibility
you have the freedom to choose from any Dr. In the medical facility in the country that accepts Medicare
and you never have to worry about insurance company deeming your treatment as medically unnecessary just to save a buck.
however in Florida the most complete Medicare supplement often cost over $2000 a year
when you consider that the average Floridian on Medicare has only about $800 a year in annual
medical expenses, with 80% of that covered by
that means that it could be paying over $2000 a year for an average benefit of just $160. That's
only enriching the insurance company and the agent that sol you the high premium policy
for you is like throwing money away and it doesn't have to be this way.
there is a Medicare supplement plan designed specifically for this kind of market,
but few insurance agents or brokers will show it to you because the commissions are about 1/2 to 1/5th that of other Medicare Products.
that supplement is called the Medicare Supplement
To better understand the value of the Plan F-HD let's take a look at the other supplements most often considered by seniors in Florida.
This table illustrates the benefits of each of the 11 different Medicare supplements that are available to you.
Each supplement is referred to by letter.
For example supplement
these Medicare supplements are
that means the benefits offered each Plan F or each Plan G or Plan N etc. are exactly identical
no matter which company offers you the product.
That means that if you're looking at Plan F for example; the only difference between Plan F offer by say Aetna or Blue Cross or
United Healthcare any other company is the price. The benefits offered are exactly the same from one company to another.
In this table the names of the plans are across the top with the asterisk here referring to the Plan F - High Deductible.
The categories of benefits covered, are along the left hand column.
And the amount of the benefit is listed as a percent (%).
Medigap Plan F, for example, pays 100% of the co-pays and deductibles not covered by
and 80% of foreign travel emergency care.
that means that with a regular Plan F that you'll have no out of pocket expenses for any medical event in the U.S.
Except the insurance premium
This means that Medicare pays its part, then sends the remainder of the bill to your Medicare supplement insurance company to pay the rest.
Medicare Supplement Plan F High Deductible is exactly the same as a regular Plan F
except you pay out of pocket the first $2180 that would have been paid by your regular Plan F.
This is not the same as the first $2180 in medical expenses.
Because Medicare still pays its part.
But of the remainder you'll pay up to a maximum of $2180 in any one year.
After which Medicare and your supplement will cover 100% of your expenses.
This compares very favorably about our example to
where you'll have a $6,000 to $10,000 per year maximum out of pocket expense.
More if you go out-of-network with an HMO
And unlike the Medicare Advantage plan, as long as you have a Medicare supplement and
as long as course they accept Medicare
So let's take a look at how this compares favorably to the other plans by using some
actual examples. What we're going to do is look at some examples
considering a person just turning 65 and new to Medicare.
For our first example let's take a look at a Boynton Beach zip code 33435.
In this example a malel who just turned 65 is going to pay $259 a month for regular Medigap Plan F.
That is $3,108 a year
In contrast, the Plan F High Deductible just cost $75.00 a month or $900 a year.
The difference in cost is $2,208 a year.
the difference in benefits
is the possible $2180 a year. That's the maximum out a pocket expense allowed with the Plan F High Deductible Medigap Plan.
This means that the consumers paying $2,208 per year
to protect themselves against a possible $2,180 expense. This is amazing, In this example... real life, really happening, in this example
the 65 year old will be paying more in insurance premiums each and every year for a Plan F
than they would with the Plan F High Deductible and paying the maximum out of pocket annual expense each and every year.
He could have $1,000,000 in medical bills and still be paying less out of pocket with the Plan F High D eductible
than he would with a Plan F.
Let's take a look at a second example. In this case we will go to Sarasota of zip code 34242
Here we have of 65 year old male who will be required to pay $181.75 a month. That's $2,181 a year that's the
This is the same Plan F we just showed costing $259 a month in Boynton Beach.
but the prices change by zip code.
So in this case, in Sarasota it's $181.75 a month for regular Plan F. Its $63.95 a month for Plan F High Deductible. That $767 a year.
The difference in cost is $1,414 a year. A person who chose a plan as high deductible
would pay $1414 a year less in premiums
than with a Plan F.
The difference in benefits as a possible $2,180 a year. That means that consumers paying
$1,414 a year to protect themselves against a possible expense of $2,180.
That's like paying $14,140 a year to insure car worth only $21,800.
In this example the 65 year old woild be better off keeping that $1,414 a year in premiums
and spending it only in those years when there's a serious health condition
and a costly health event that would have required him to pay his maximum out-of-pocket expense.
To be clear; because
in most cases you would still have to accumulate something over $10,000
in medical expenses to actually pay that $2180
maximum out-of-pocket that you have a
That can happen, that may happen on occasion.
But the reality is that seniors who choose the Medigap
and have significantly more comfortable, lower premiums to boot.
No matter where you are in Florida if you're 65 or about to turn 65
one of the two examples we just showed as can be a good representation of your price comparisons between
In between the high expense of the
than the
it should be at least consider as you're taking a look at your Medicare Supplement plans
If you'd like more information on a
Or, for more information on
Thank you for watching.