Anyone have clients on High-Deductible Plan F Supp?

Jul 30, 2018

  1. jbage007
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    jbage007 Guru

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    High-F is a HORRIBLE value by most commonly accepted methodologies. Of note, however, it does let people stay on Original Medicare and not have to worry about uncapped out-of-pocket maximums. In other words, it allows people NOT to have to dive head-first into the MA/MAPD dumpster world just to get peace of mind regarding OOP costs.

    Want to use the Mayo Clinic out here in Scottsdale, for example? Can't do it with any MA/MAPD plan. Only original Medicare (with or with a supp).

    Original Medicare is a superior option for most Medicare beneficiaries, regardless of whether they realize it before they need it, and High-F allows people to have some lower cost peace of mind.

    That being said, as a broker, I hate stinkin' High-F.
     
  2. GreenSky
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    GreenSky Guru

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    I'm betting you also thought HSA plans were a terrible value as well.

    What "commonly accepted methodologies" did you use to make that statement. Or is it just an opinion?

    Is it better to spend a guaranteed $1,400 in premiums every year to avoid $2,240 in out of pocket expenses? Isn't insurance best suited to pay for those items one cannot afford.

    I'm sure that the low commissions are really why you hate HDF.

    Rick
     
  3. somarco
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    somarco That Medicare Expert Guy

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    Wrote HDF on husband and wife a few months back. He just retired. Has earned over $300k/yr for at least the last 10 yrs. Just sold their coastal property for over $1M and "downsized" to $650k home in Atlanta.

    Paying IRMAA.

    Could not afford anything more than HDF (his words) but will probably switch to N in a couple of years once they adjust to their new lower income.

    Looking at their med's I said it is a toss up if either of you could qualify.

    They still took the HDF so they could save $50/mo each.

    Life is hard
     
    somarco, Aug 3, 2018
    #23
  4. Midwest Broker
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    Midwest Broker New Member

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    I find it interesting that individuals going on Medicare who were previously covered by group insurance had copays and deductibles to meet. Once on Medicare they feel they need 100% coverage or something similar. Insurance is all about risk. Do you have a 100 deductible on your pc coverage or maybe 1000.00 deductible or higher. If your a safe driver why pay premium when the risk factors are minimal. Same with homeownership. We don't expect the insurance company to pay for every little repair item. We want them to cover the catastrophic expenses.

    If the government really wanted to help seniors they should allow HSA to be sold to any one who has the proper coverage regardless of age. Putting consumers in charge of there health care and allowing pre tax incentives should be the future. Let consumers have there own reserve account and have a reinsurer cover the catastrophic expenses. If this is not a good idea how is that insurance companies and TPA's find this profitable business and saves money.
     
  5. somarco
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    somarco That Medicare Expert Guy

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    somarco, Feb 3, 2019
    #25
  6. BuckNasty
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    BuckNasty Super Genius

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    Do you happen to know the requirements to get that on a PDP? I think I'm getting $74/$37.
     
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