Well that's interesting.
In about 6 months I'll be signing up for Medicare and I've been trying to study this as best as I can.
It's about as clear as mud, and the devil is in the details.
I've talked to quite a few family members who are on Medicare and they love it. Each has purchased a supplemental plan that covers everything. For example, my sis had a major surgery, her husband just got cataracts done, and they paid exactly Zero. Nothing.
I suppose if you *think* you're very healthy, and you have a lot of money, these supplements may mean nothing for you.
However, if you have only A & B, and have a drastic to cathastropic health event, you could owe many many thousands of dollars.
In the end, it's insurance just like everything else. You pay to get your butt covered. It's all a calculated risk.
If you have a really good regular pension bringing in a lot of money, and have a LOT in retirement asset dollars, you can probably cover yourself with out any supplements.
In about 6 months I'll be signing up for Medicare and I've been trying to study this as best as I can.
It's about as clear as mud, and the devil is in the details.
I've talked to quite a few family members who are on Medicare and they love it. Each has purchased a supplemental plan that covers everything. For example, my sis had a major surgery, her husband just got cataracts done, and they paid exactly Zero. Nothing.
I suppose if you *think* you're very healthy, and you have a lot of money, these supplements may mean nothing for you.
However, if you have only A & B, and have a drastic to cathastropic health event, you could owe many many thousands of dollars.
In the end, it's insurance just like everything else. You pay to get your butt covered. It's all a calculated risk.
If you have a really good regular pension bringing in a lot of money, and have a LOT in retirement asset dollars, you can probably cover yourself with out any supplements.
They certainly helped pass the ACA so I'm with you.
Spot on.
I have a supplement to my Medicare. Although 95% of my medical needs are met by the VA, the age related macular in my left eye requires an injection every 5 weeks outside of the VA. The cost of the medicine alone is around $2000.00 plus the procedure and office visit.
Total is close to 3K. Medicare pays $1100. I would be on the hook for the balance without the supplement, so the monthly costs for the supplement are negligible in the big picture.
Another reason I opted for the supplement is because we travel 6-7 months of the year and VA facilities aren’t everywhere. If an illness or accident occurred, I’m covered.
Those with advantage plans require a doctor/hospital to be in their network. If one is hospitalized out of network with a Dr out of network in another state or city, the advantage plans pay very little and can run up huge medical bills.
Total is close to 3K. Medicare pays $1100. I would be on the hook for the balance without the supplement, so the monthly costs for the supplement are negligible in the big picture.
Another reason I opted for the supplement is because we travel 6-7 months of the year and VA facilities aren’t everywhere. If an illness or accident occurred, I’m covered.
Those with advantage plans require a doctor/hospital to be in their network. If one is hospitalized out of network with a Dr out of network in another state or city, the advantage plans pay very little and can run up huge medical bills.
I will get clarification later to see if this can be explained in a better way:
I suspect that the people with the knowledge to best compare the value of supplemental Medicare coverage against Part A and Part B alone are people who work in medical billing. Beck asserts that amounts billed are "fictional" ....that is to say absurdly high and never paid by Medicare. Perhaps he is cherry picking his examples...I do know there is at least some truth in his assertion.
Human nature is to champion whatever decision/purchase we have already made or whatever has been earning us money (e.g. insurance sales).... no offence intended but confirmation bias is a powerful force.
Insurance companies work to have nice, good guy representatives .....and to scare you....
Yes - I agree that the decision very much depends on how much retirement income and savings you have. On the other hand, "insurance poor" is a real thing and insurance companies are milking the public with the complicity of our congress critters who are receiving "benefits" from them. It would be excellent to have an analysis of how much money is needed to bypass the additional high costs of supplemental coverage.
Re Westfall's rebuttal of Beck....Wow! is Westfall ever a marketer: American flag waving next to him............photo of happy victorious seniors punching their fists in the air to accentuate his point. He claims to be fighting for seniors and totally independent but the reality is he makes money selling supplimental plans and Beck is goring his ox.
I appreciate all of your points of view.
The following appears to be useful information pointing towards to benefits of passing on the supplemental coverage. If you have a rebuttal of this or alternate data please post it.
Human nature is to champion whatever decision/purchase we have already made or whatever has been earning us money (e.g. insurance sales).... no offence intended but confirmation bias is a powerful force.
Insurance companies work to have nice, good guy representatives .....and to scare you....
Yes - I agree that the decision very much depends on how much retirement income and savings you have. On the other hand, "insurance poor" is a real thing and insurance companies are milking the public with the complicity of our congress critters who are receiving "benefits" from them. It would be excellent to have an analysis of how much money is needed to bypass the additional high costs of supplemental coverage.
Re Westfall's rebuttal of Beck....Wow! is Westfall ever a marketer: American flag waving next to him............photo of happy victorious seniors punching their fists in the air to accentuate his point. He claims to be fighting for seniors and totally independent but the reality is he makes money selling supplimental plans and Beck is goring his ox.
I appreciate all of your points of view.
The following appears to be useful information pointing towards to benefits of passing on the supplemental coverage. If you have a rebuttal of this or alternate data please post it.
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I am very curious about how retirement works and I am always asking questions and I admit it is always way over my head.
My only experience is when my wife couldn’t help my aunt out because of her supplements choices and that got me intrigued.
My only experience is when my wife couldn’t help my aunt out because of her supplements choices and that got me intrigued.
Good. I hope we uncover some useful info in this thread. I need it also as I too am preretirement age and doing my research
Currently have Med A. Still working so don’t have to enroll in MedB until I retire next year. So, have to decide between Med AB & a supp vs MCR replacement plan. MedB is an 80% benefit so there will be a lot of copays per MD visit
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