Truth About Medicare Supplements?

[midwestbroker]

He talks about Hi-F at the end of the video...

To be the devils advocate, I can see his point. Someone can overpay for a supplement if they are paying $400 per month. However, $400 is very high for a supp.

But, like Rick pointed out, if you are buying insurance like HiF you are looking to insure big events. It is a matter of do you want to insure your aspirins or your assets?

Statistically, 1/3 of his patients will get cancer. I bet they would like more than just original Medicare...

 

[DS4]

Dang, can you afford to drive home after those sales?

Yes I drive to my office and home. Every now and then, I will visit someone in there home. They better have a good reason why they cant drive to my office for the appointment.
BTW, I have never seen a med sup cost over $300/month.

 

[somarco]

Hi F sounds good if you are young, still working and have a decent income. But things change once you stop working.

At least for most people.

The idea of living on a "fixed income" is very real issue.

65% receive the majority of their monthly income from SS.

For 36%, SS is 90% of their income.

For 24%, SS is their ONLY source of income.

Many retirees will have to make whatever savings they have last 15 - 20 years beyond retirement. Unfortunately a good number of them still have debt, including credit cards, a mortgage and even student loans.

80% of retirees have some debt.

The average is $100,000 and most of that is mortgage debt.

The idea of retiring debt free is great but rarely happens. Along the way job loss, illness (without adequate savings and disability coverage), divorce and death of spouse can throw a cog in the works.

Some have business failures that cost them a bunch of money. I had one that cost me over $1,000,000 in savings and lost income and that one still smarts.

I suppose the people many of you talk to are different, but most of mine are middle class Joe's and Jane's. Most have some savings and are very frugal. A few have assets and some would even be classified as wealthy by most.

Yet every one of them opt for Medigap, usually G, sometimes N over straight Medicare or an MA plan.

Most that ask about Hi F usually agree that N is a better buy for $30 - $40 more per month.

Some can probably afford to cough up an extra $300+ per month to meet their OOP expenses or even $6700 for the big one. But most live on a budget can feel more secure paying $150/mo or less for a Medigap an Rx plan.

I don't know where some agents prospect and run into people who can't afford a Medigap but can afford MA + cancer + HI coverage (usually totaling around $80 - $90 per month) but I never seem to find them.

I find it funny that most of the agents that sell MA plans say they write Medigap on their mom or will buy a Medigap when they go on Medicare. Don't recall any of them ever saying they would buy an MA plan.

 

[G.Gordon]

I would totally take a PPO at $0 or $25/month, no problems. That even makes more sense if you're talking about me and my wife where 2x a plan G or N and 2x part D = $3120 minimum in Missouri. $3500 if talking plan G.

That is a pretty good pool of money to pay expenses out of and statistically both of us aren't going to have that "bad year" at the same time.

 

[MedicareAgent]

He's wrong and an *** in my book.

 

[sman]

I find it funny that most of the agents that sell MA plans say they write Medigap on their mom or will buy a Medigap when they go on Medicare. Don't recall any of them ever saying they would buy an MA plan.

As you know, I'm a glutton for punishment and sell both. In my initial conversation with anyone who is wavering between a Med Supp and MAPD I always state my preference is a Med Supp. Of course I explain why I feel that way. I try and be objective as possible and educate them so they can make an informed decision. I'll list the pros and cons of each without putting more emphasis on the pros or cons. Typically if they can afford the Med Supp, that's the route they go.

If I'm fortunate enough to make it to 65 (or whenever Medicare will begin when I get to that age) I will likely purchase a Med Supp (assuming things are similar to how they are today). And it would likely be Plan G. But even an MAPD would be an improvement over what I currently have. Maximum out of pocket amounts with current MAPD options are no worse than what I have and several are less. And the premiums don't even come close to what I'm currently paying. Even a Med Supp would be a considerable savings over what I currently pay.

 

[somarco]

Glad you didn't make a remark about someone being closer to Medicare age than you are.

Gave a lady your name that may be moving from StL to ATL end of the year. Has Coventry MA and wants to keep MA. Her name is Edith.

 

[senior-advisor-indiana]

Glad you didn't make a remark about someone being closer to Medicare age than you are.

Gave a lady your name that may be moving from StL to ATL end of the year. Has Coventry MA and wants to keep MA. Her name is Edith.

I'll need a little more information than that...

 

[somarco]

I'll need a little more information than that...

I thought she was a little old for you. Didn't know you were into mature women.

 

[sman]

Glad you didn't make a remark about someone being closer to Medicare age than you are.

Gave a lady your name that may be moving from StL to ATL end of the year. Has Coventry MA and wants to keep MA. Her name is Edith.

Thanks. I'll let you know if she contacts me. As you know, sometimes those people you copy me in on emails don't always contact me.

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I'll need a little more information than that...

She likes long walks in the park and crocheting...