Posted on 11/16/2019 3:43:24 PM PST by Openurmind
IT’S NOT easy to get Medicare before you’re 65... Paying for your own health insurance before you hit 65 can easily run close to a thousand a month... AND if you don’t have credible insurance before 65 there are other problems...
https://medicare.com/original-medicare/can-i-get-medicare-if-i-am-under-age-65/
If you’re under 65 years old, you might be eligible for Medicare:
If you receive disability benefits from Social Security or certain disability benefits from the Railroad Retirement Board (RRB) for at least 24 months in a row
If you have amyotrophic lateral sclerosis (ALS, also called Lou Gehrig’s disease)
If you have end-stage renal disease (ESRD). ESRD is permanent damage to the kidneys that requires regular dialysis or a kidney transplant
Medigap F is the only plan worth having if you have assets you want to protect. The plan pays all excess charges. Since I signed up I have not paid one co-pay or medical bill... not one dime. It's all been picked up. Same with everyone I know... not one dime... and you don't need referrals to see a doctor - any doctor.
Unlike advantage plans where it 'looks free'. A medigap "F" plan (the other medigap plans are worthless) costs around two hundred a month. But there's no annual deductible - unlike the advantage plans which have four thousand to ten thousand annual deductibles... when you really start using the plans.
Thank you, but it wasn’t just the post, I have to give credit to all the participation from the community that made it a fantastic thread. A lot of knowledgeable folks here. Definitely woke up a slow Saturday afternoon... I make an effort to do this when I can find something decent. :)
This is all kind of mind-boggling to me. Would I be able to take F in the time remaining, event though I didn’t when I first signed up for basic medicare? (I saw a ‘G’ plan, too.)
It’s hard for me to decide the best thing to do, since I am still working and covered under a very good, affordable plan, and am married to a considerably younger man who also is, and will work much longer than I do.
From memory... I don’t think that matters. Each year of delay increases the SS payout about 8%. So from 70-81ish you’ve doubled your payout versus starting at 62. 3% over 10 years is only 1.35x. I tried multiple scenarios for drawing early and investing at varying interest rates and various inflation rates. They all came out with a BE of 81/82.“
I think the issue is taking SS early and breaking even at 80ish compared to waiting for a larger amount.
Yes, you will receive more later.
But you also give up any growth in investing the $ during the intervening 18ish years.
If you make more than 3% on that investment, you are equal or better than if you had waited for more later.
If you invest at 6-10% return, you are clearly better off.
1. This assumes you will not live on those payments
2. You will be able to pass along that $ to your heirs
Everyone’s situation and makeup is different and you really need to look at this in a good SS calculator.
The other thing about the F medigap plan is everyone offers it who offers medigap plans... by law. They all still have to offer it. BUT and this is a big thing to consider - ALL companies that offer the F plan can charge what they want for the EXACT SAME POLICY. AARP offers it, Blue Cross Blue Shield offers it, etc etc... I called around when I first became eligible and the prices charged varied by $60 a month. FOR THE EXACT SAME "F" plan.
Also they will try to talk you into buying a different plan... don't fall for it. You want the standard plan F NOT the Plan F high deductible or any of the other A, C, G or whatever. I hope you're still eligible ...
I have a friend who had two hip replacements and two knee jobs and didn't pay a dime for hospitals or doctors...
You’re right - this is a wonderful thread... made wonderful by all our caring freepers.
I may be misunderstanding, but isn’t the only difference in the F and G that the G doesn’t cover the Medicare B deductible?
G went away and came back during the time I signed up and now... So I don’t know the answer to your question. You might want to look it up because last time I looked only the “F” plan covered ‘excess charges’... and that’s a biggie.
https://medicare-supplement-comparison.com/what-are-part-b-excess-charges/
from link:
Part B Excess Charges – An Example to Assist in Understanding
Medicare Part B Excess charges, again, do not happen all the time, but it can occur if a physician doesn’t accept the Medicare-approved amount. So, it is important to understand how they work if you are on Medicare. Here is an example:
Mary goes to the doctor for a regular check-up. The Medicare-approved amount for this particular visit in her area is $100.
However, the physician does not accept Medicare “assignment” (the approved amount) and charges an additional 15% (this percentage above the Medicare-approved amount is typically limited to a certain percentage). So, the visit will cost $115.
Medicare will pay their 80% (of the Medicare-approved amount), assuming the Part B deductible has already been met. So, they will pay $80.
That leaves Mary with a cost of the remaining $20, plus the $15 in “excess” charges, for a total of $35.
If she has a Medicare Supplement plan F or Plan G, the plan will pick up both the remaining 20% and the $15 in “excess charges”.
My experience and that of friends is the F plan is the one worth having... AND it’s NOT going to be available soon. If you get it before it ends you can keep it as long as you live. If you don’t get it soon you won’t be able to... My insurance agent tried to talk me into the G plan before she realized the G planned ended. I’m thankful I didn’t go with it... One agent told me the reason they wanted to get rid of the F plan was some old ladies who were lonely were visiting their doctors because they were bored... Seems unlikely but who knows...
Anyhow, when you find out for sure let me know... and remember ‘excess charges’ add up like you would not believe. I had close to $500 one month - and didn’t have to pay a dime.
Thank you for all the time you have put into advising me on this. I think I have a lot of numbers to crunch ;-)
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