Any Issues?

[Full Throttle]

Individual is 67 yrs old, on an employer group plan. The rates increased at the renewal, due to the unhealthy group, he is better off getting Part B (already has Part A) and a supplment. Any issues with this? I assume there are no penalties since he has been on a group plan?

 

[captain94]

He is GI when he starts the part B with no penalties since he is coming from group coverage.

 

[jdeasy]

Individual is 67 yrs old, on an employer group plan. The rates increased at the renewal, due to the unhealthy group, he is better off getting Part B (already has Part A) and a supplment. Any issues with this? I assume there are no penalties since he has been on a group plan?

In cluding the part B premium and a s well priced supplement, he is looking at over $200/mo. Then he will most likely need a PDP which will set him back around $40 mo.

He is looking at paying $225-250 mo. to replace his group and then will be subject to the do-nut hole on his drugs which his group plan does not have.

If these numbers are in his favor, he should do whatever is best for him.

 

[Full Throttle]

Thanks for the input, these were all factored in, his total cost with Part B, Supplement, and Part D is $243, current group liability for his 50% share is $470 (a sick group). My understanding is he can run the supplement and Part D through the employers 125 plan, but not the Part B premium.

 

[Frank Stastny]

I believe there is a lot more to take into consideration than just the numbers.

His group plan is not guaranteed renewable.

The cost of his group plan is contingent on the health of a very small number of people. (What he is experiencing now.)

He is most likely limited to only going to doctors and hospitals that are "in network". (That may be okay if he is not planning on doing any traveling.)

He has co-pays and or deductibles that can and do increase.

It is extremely rare that I encounter an individual that is better off staying with their group plan when they can get a Med Supp.

I believe the term Captain94 was looking for is "Open Enrollment". Guaranteed Issue is a totally different set of circumstances.

 

[retirement plan tampa]

i believe if he coming from group coverage than no penalty for him still need to confirm if rules not changed regarding same.