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Compare Medicare supplement plans

When you are getting ready to sign up for Medicare, you should compare Medicare supplement plans to ensure you get the best coverage for your needs.

What is Medicare supplement insurance:

CLICK HERE TO COMPARE MEDICARE SUPPLEMENTS

Because the plans are standardized by the government, the best way to find the right carrier for your needs is to compare the plans side by side.  This way you can choose a plan that offers the cost and extra benefits that best fit your needs.

Click here to sign up for Medicare on line

Please contact us if you would like help in choosing the best Medicare coverage options for you.  You can reach us either by phone at (203)796-5403 or by email at teal@croweandassociates.com.

Medicare Supplement plans (Also called Medigap plans) have been around for many years.  Plan F Supplement which is offered by a number of companies is the most popular supplement mostly because it covers 100% of medical expenses not covered by Medicare.

Utilization for people with plan F has trended much higher than that of other supplements.  If someone is paying for a plan that will cover all of their Medical expenses, they are probably going to be more inclined to go to the doctor or get a test than someone who has a cost share.   Given that Medicare is primary when using a supplement, people with a plan F supplement are utilizing more than someone without a plan F supplement.

At one point, I thought Medicare Advantage plans would be phased out over the next few years but now it is time to admit that I was way off.  Cost share plans are the ones that will be around and it is the covered in full plan F that is going to be on the chopping block.

I predict that 2014 will be the last year that Plan F will be offered.  I am sure it will be grandfathered to those that already have it but they will no longer offer it to new customers at some point in 2014.

People choose medicare supplement plans for a variety of reasons.  Some people choose them based on the name of the company offering them, advice from family or neighbors, and advertising on TV. Others may go with advice from a local senior center or simply go with a Plan F because it offers the most coverage.  Whatever the reasons may be, they are usually not enrolling in the most financially sound option.

High Deductible plan F should be the choice for any  person over the age of 65 taking a Medicare Supplement Plan. ( I say over 65 because it is not usually available to those on Medicare under the age of 65) High deductible F is not as easy to understand as the more popular options such as Plan F,C,D or even plan N.  However, if people did take the time to understand the plan, they would see that it is by far the best option from a mathematical standpoint.

Plan F High Deductible works in the following manner:  It will cover the Medicare co insurance and cost share once a person spends $2,000 in any given year.  In general, this means that when a person goes to the doctor, Medicare will pay 80% of allowable charges and the patient will pay the 20% left over.  It works the same way with other services such as testing and physical therapy.  If they go to the hospital, they will pay the hospital deductible and then Medicare will pick up the rest.  If these expenses add up to $2,000 in any given year, the high deductible F plan will pick up the remaining charges just like a normal Plan F does from the start.

The reason that high F makes so much sense is the math.  In Connecticut, high F costs $33.06  a month.  The lowest cost standard Plan F is $214.50 a month.  Plan F covers all medical costs (Medicare allowable) so there is no out of pocket expense, but the premium totals up to $2,574.00 a year.  Even if someone uses little or no services for the year, they will still pay this amount.   High F has a total cost of  $396.72  annual premium ($33.06 x 12 months) and a max out of pocket of $2,000 for a total of $2,396.70.  The worst case scenario leaves the person with High F saving $177.00 for the year.

The reality is that few people experience the worst case scenario.  Very few will actually hit the $2,000 deductible for the year. Some estimates show that only 5% of people accumulate over $2,000 of utilization.  There are a number of sources that estimate how much the average senior actually accrues in part A and B coinsurance and deductibles for the year but the average seems to show it is about $900 a year. Given this estimate, the average senior would save about $1,277.00 a year on plan F high deductible.   If they have a very healthy year, they will save even more.  If they have a catastrophically bad year, they will only save $177 but there is no risk involved.  At the end of the day, they will save money period.

Due to a general lack of understanding, High F will never be as popular as plan F but it should be the overwhelming choice for anyone in a supplement.  The math behind it is undeniable.

Anthem Medicare Supplement Summary of Benefits

Anthem Medicare Supplement Application CT 2012 

Applications may be printed out and sent into United HealthCare directly or they may be sent to Crowe & Associates for processing. Crowe & Associates will review applications to ensure they are complete prior to submission to United HealthCare. Applications can be sent to Crowe & Associates by the following methods

Fax- (203)-567-6235

Email- Edward@CroweandAssociates.com

Mail- Crowe & Associates, 155 Main Street, Suite 205 Danbury, CT 06810

Additonal questions may be emailed to Edward Crowe at Edward@CroweandAssociates.com or by phone at (203)-796-5403