The Ultimate Guide to Choosing the Right Medicare Supplement Plan for 2024

[@CRrrr-gq1so]

What this amplifies is that we need universal healthcare, period. No greedy insurance corporations fighting hard for our money and making healthcare a nightmare.

[@logicrealitytruth]

Medicare needs to be simplified. Thank you for your attempt to make it understandable, but even after dozens of years on it and being an educated woman, it thoroughly confuses me. I read the manuals, but only get more confused. It really stresses me out.

[@davidfolts5893]

Nicest gentleman on KZbin, thanks 90 Days From Retirement, for your genuineness and caring about helping people.

[@Theretirementnerds]

You are too kind to us David. Thank you for your support!

[@sister1828]

Talk a bit slower please too much at one time !

[@mmane257]

this is the reason i subscribed to your channel. you get to the point.thank you sir.turning 65 this november.

[@Theretirementnerds]

My birthday is in November, too! Look forward to helping however we can!

[@scottblake6978]

I enjoy watching your You Tubes! I will be 65 in about 7 months, and I have no idea how to go about getting Medicare. I can honestly say that I am at a loss!

[@Theretirementnerds]

Hi Scott! Thank you for watching and you are not alone in those feelings. Trying to do it yourself can be overwhelming. We highly recommend using an independent agent if you have one. If you don't, always here to help 🙂

[@dan1ob]

One overlooked advantage of high-deductible G is a matter of simple math, specifically compounding. Because the HDG premium is so much lower, the same annual percentage increase as G and N results in a much lower increase in dollar terms every year, and that saving compounds over time. For example, a 10% in my $43 premium (74yo male, TX) is $4.30 per month, or $51.60 per year. If instead I had a Plan G at $150, the boost would be $15 per month, or $180 per year. Assuming the same increase the following year, the difference would be ~$57 vs $198, and the gap would widen every year. Furthermore, the actual gap would be even greater, as the HDG enrollees are statistically healthier than those in G and N and would, more often than not, cost the insurer little or nothing in claims. Lower claims overall translate into more modest premium percentage increases. In contrast, the guaranteed-issue nature of Plan G attracts the least healthy, so presumably its % increases would be the greatest, with Plan N somewhere in between.

[@madelynbparisperfect5332]

Thank you for such clear explanations about the Supplement Plans!

[@Theretirementnerds]

Of course! Thank you so much for watching! :)

[@pattigibson6533]

You are covering everything we needed to know...so appreciated!

[@Theretirementnerds]

So glad it is helpful! Appreciate you watching!

[@virginiagilmour4912]

Super helpful. One other thing people need to know about is IRMAA. It can be painful.

[@Theretirementnerds]

Very true! We have an older video on that: kzbin.info/www/bejne/onWakpppbNZ7ZtU Thank you!

[@eduardooramaeddie4006]

Hello 👋 thank you for the Medicare information that you provide ,thank you Eddie

[@Theretirementnerds]

Thank you Eddie!

[@bernarditaschuck9739]

You explained very clearly.

[@Theretirementnerds]

Thank you!

[@wakeup6910]

Would like to see a video on how to help choose a plan and agent considering average rate increases and the cost of health insurance in the future, every year costs increase, what should you consider when choosing a provider

[@Theretirementnerds]

This video goes over the long term potential costs: kzbin.info/www/bejne/epjThJKIoaZnnc0 We can put one together on how to find an agent and pick plans for sure!

[@OpaG]

I just came across your site today and appreciate the info you provide. I'm 74 and with AARP United Health supplement plan F. Is there much difference between plan F and G as far as premiums? I've had hip and knee replacements and never paid a dime out of pocket. Thanks for what you're doing on your site!

[@Theretirementnerds]

Thank you for watching and finding us! It'll depend on where you live. Plan F covers the $240 Part B deductible and G does not. That's a difference of $20 per month if translated to monthly payments. Most Plan F plans cost more than $20 more per month than Plan G at this point, with some exceptions.

[@myriamkluge7823]

Thank you ❤

[@lindajohnson8484]

Confused! So in order to get a Medicare plan g or n I would have to go through a company? Not just through Medicare?

[@Theretirementnerds]

Correct. Supplement plans are offered through private insurance companies.

[@byrykybyryky4336]

So as I near the age of 65 about 11 months away I decided to explore what is available for me here in Wisconsin. To my surprise we don't have Lettered Supplement Plans like I see in all the KZbin Videos I began to watch and after a little more research to my understanding we are the only State that doesn't use the Lettering options, which was really confusing at first. Instead plans here are marketed as "Cost Sharing Plans". We have a Basic, 25%CSP, 50%CSP, and a High Deductible Plan. So how I understand it three of the plans the benefits are set in stone. The Basic Plan you have the option of adding Riders (which makes it very flexible) to pick up added coverage or benefits, for a fee of course. Any thoughts on the way this is done in Wisconsin? I will be connecting with my Agent to get a better understanding on how these plans work here in Wisconsin. Thanks for all the information you provide your videos are very informative.

[@Theretirementnerds]

Yes, Wisconsin is a state that works a bit differently than the rest of the states. There are pros and cons to every type of arrangement, so what you have available to you in Wisconsin will have strengths and weaknesses. You agent will be a great resource around that and outlining what specifics around those plans to look at based on your specific financial, health, and risk needs. Great comment!

[@sandrarenolds]

Thanks from another badger facing a similar situation. Not sure how to go about finding an agent, how did you find yours?

[@byrykybyryky4336]

My wife and I are using the same agent we used when we had to find an ACA Plan, they are a local agency in town where we live. I would guess that you would have Insurance Agencies near you or a town near you that could help you out. If a particular agency didn't handle Medicare Plans I would think they would know an agency that did and would point you in their direction. Of course the larger the city the greater likelihood of finding an agency that can help you. Good luck on Your Journey. @@sandrarenolds

[@jeffs3627]

Do excess charges count towards the $2800 deductible for the HD G Plan?

[@Theretirementnerds]

G Plans (HD G and Regular G) cover Excess charges, so yes. Great question!

[@davidparker7156]

i assume if you have an HSA you can use it to pay deductible? If so it may make the HDG plan interesting for some people.

[@Theretirementnerds]

Correct! You can use the HSA for the deductible 🙂

[@woofinu]

For any plan, Supplement or Advantage, I see two types of companies offering them: health-oriented companies managing health risk of customers like Blue Cross/Blue Shield, and insurance-oriented companies doing health insurance like they would insure an auto or house, like Mutual of Omaha and State Farm. In your experience, is either type better for coverage or customer service?

[@Theretirementnerds]

Surprisingly, even the same mothership company, but in a different state, may handle things in different ways, so it really depends on where you are. All of the big companies will have regional representation and support that act in slightly different ways because, even though they are big companies, we're still dealing with human beings at the end of the day. State Farm is captive, so independent agents can't use them, just State Farm only agents. For the others, an agent familiar with your area would be able to say one company seems stronger or weaker from a service perspective. Great comment!

[@woofinu]

@@Theretirementnerds I don't know if this is a valid consideration, but I'd prefer discussing health coverage with a company that focuses on health than a company more familiar with car fender damage or a hurricane-torn roof. Maybe it doesn't matter since the bottom line is still about dollars of coverage but I am not sure.

[@d-tone551]

So I’m a bit behind the 8 ball here I turn 65 in Jan I’ve applied for Medicare but not received my card yet Been looking through the mountains of mail and watching on line resources like this. I think I’m leaning plan G was reviewing an offering from AARP and they include health questions on the application - I thought that was not allowed during initial enrollment.

[@Theretirementnerds]

You should be okay. I'm not sure when you applied, but if you log into your My Social Security account, you could see a benefit letter before you receive your actual card. That benefit letter will have your Medicare number and Part A/Part B start dates. Most companies have a standard application that includes medical questions, often there is a box of some sort to check that states you are in your initial enrollment period and you won't have to answer those. An agent can do this all for you as well (at no cost). Hope that helps!

[@cjeccher8128]

Can you use HSA to pay part b premium?

[@Squddle]

If you need an operation on an eye, does that fall under medicare hospital coverage, or is that covered under the vision policy?

[@Theretirementnerds]

Operations fall under Medicare :) Routine vision exams, contacts, glasses, etc would not be under Medicare but under a vision policy.

[@zsigzsag]

@@Theretirementnerds If a patient has ARMD that has progressed to wet stage and needs an intraocular injection would Medicare cover it? Would it be covered as a medical procedure (done in office) or would it fall under Part D (the drug administered) or a general specialist office visit. Thanks for any info! Great channel!

[@randolphh8005]

@@zsigzsagmost doctor injected meds fall under B, not D. There are exceptions.

[@FrankRizzo804]

Hi Erik, do you have a video that covers the mechanics of a doctor visit when one has a supplement plan or an advantage plan? Does the patient pay the full cost of the visit and then contact Medicare or the Advantage Plan Company for reimbursement or does the doctor's office know up front what the patient's cost will be based on their plan? (Newbie here) Just curious how it all works in real time. Thanks brother.

[@Theretirementnerds]

Hi Frank, appreciate you watching. Both plan options have ID cards where you show the card(s) to the provider office. With a supplement, typically the service is given, then the bill is sent to Medicare. Medicare covers its part, the remaining amount goes to the supplement that pays its part, whatever is left over goes to you. Similar process with Advantage plans. Provider sends the bill to the Advantage plan, the plan pays its part, remainder comes to you as a bill. Sometimes, the provider knows the Advantage plan has a copay and can collect that at the time of service. Timing of you getting the service and then receiving your bill amount to pay can be weeks... Not always the most efficient. Does that help?

[@FrankRizzo804]

Yes it does. Thanks for the quick reply.@@Theretirementnerds

[@gericbabcock7145]

I'm planning to retire soon. Based on family history, I won't use much in the way of medical benefits for another 20 years. Let's just say 15 years, so ~$300 a month for 15 years for a N or G plan ~= $54,000. That's a lot of co-pay and out-of-pockets paid for. 'course, I could come down with something foul tomorrow. It just doesn't seem at all clear cut what the best choice is.

[@LaelCordes-Pitts]

I have a Plan F Supplemental plan and wonder if the premiums will continue to rise each year? At what point in time might it be wise to switch to Plan G? or Plan N?

[@Theretirementnerds]

Yes, they will continue to rise each year. In most situations right now, the benefits of Plan F are not enough to offset the premium difference between Plan F and G. Meaning, most will pay less in a year with Plan G than Plan F, even if they have a bad year. Got your email!

[@harveyh3696]

Just started watching this vid. I'm leaning "N" based on what I've seen before.

[@Theretirementnerds]

N can be a great option! Especially if you don't have a lot of doctor visits and you go to participating providers :) Thank you for watching Harvey!

[@deanheyne9053]

This video left me just a little confused about HSA use for Supplement plans. The comment was made that you can not use HSA for the Plan G,N,HDG premiums. However, it wasn't clear to me if Part B premiums can be paid with HSA funds? Can you advise please?

[@Theretirementnerds]

Part B premiums can. Supplement premiums cannot. Hope that helps!

[@joannek6805]

What are your thoughts/feelings about Medicare brokers/consultants (e.g., Boomer Benefits), that act as a go-between for contacting customer service for instances such as mis-coding or appealing a denied claim. I will be applying for Medicare in 3 months and am debating whether to do that directly or to use one of these broker-type services. Would value your opinion. Thanks for your videos. I find them extremely helpful.

[@Theretirementnerds]

Hi Joanne, thank you for watching. We have a bias because we are brokers and, given it never costs you anything, we feel brokers are a nice advocate on your side for independent answers around companies and options. Boomer Benefits does well for their customers. There are many other great brokers around. Great question!

[@rickyusa1000]

I turn 65 next spring. I understand any company offering plan G in my area has to accept me without going through underwriting. My question is, for example, if i have or get diagnosed with something like emphysema that would not normally pass their underwriting will they find out and increase my premium based on my illness and associated claims?

[@Theretirementnerds]

No, they can't. If you get a supplement during your supplement open enrollment, a special election period, or a guaranteed issue right reason, they can't do that.

[@kim.in.nature.]

Question: I am in Texas, so If get a HDG when I turn 65 and pick a company, I am stuck with that company for the duration of my HDG plan?

[@Theretirementnerds]

You can try to switch, but you'd lilely be subject to medical underwriting

[@garyrhode3755]

Overall How does Plan L compare to a High Deductible Plan G?

[@MyName-m2l]

Can anyone explain what's going on with Medicare supplement plans in Wisconsin? There is no plan N or plan G. And it seems like you need to add all kinds of riders... maybe.

[@Theretirementnerds]

Wisconsin doesn't have the same standard plans. I have partners there if you'd like help. [e-mail] is my email

[@ChrisSadowski-pp1np]

We have basically a base plan and we can add riders to them to make them equivalent to the national plans. The plan G equivalent I believe is the base plan plus four riders and the N is the base plan plus three riders and we have our own HDG equivalent. There are other cost sharing plans that are not even worth mentioning.

[@wkbellows]

I think the TOTAL for the HD G plan should be $3500 ($700 + $2800), not $3600?

[@CarolDropla]

Can you be denied a supplement plan by pre existing conditions?

[@Theretirementnerds]

Depends on when you get it. If it's during your initial supplement plan open enrollment period, no, you can't be denied. There are a few other windows of time where that works that we cover in this video: kzbin.info/www/bejne/jJ_JZoijfsifnas Outside these windows, yes, you can be denied.

[@VegasVaron]

Assume your 65 and living abroad part of the year, which plan would you subscribe to - Supplement or Advantage?

[@Theretirementnerds]

How long is part of the year? 1 month? 3 months? 6 months?

[@VegasVaron]

@@Theretirementnerds Around 3-4 months a year, most likely consecutive months.

[@RichRich1955]

The biggest clusterfuck in the universe

[@milanveverka4077]

Just ripp of peopl.from S.S no way I can have madicare..shame on you America....

[@lobby5t]

I was denied coverage for an 8 day stay at an in-network hospital, under my advantage plan. The denial is $93000, for a broken pelvis, I couldn’t walk, couldn’t use a toilet, it was awful. I saw a physician from the hospital one time, for 15 minutes. I had no other medical care except changing my cannula for oxygen. I was told the services of $93,000, whatever they were, was denied and I’m appealing. How does your explanation fits my situation. I was royally f*caked by the insurance plan, UNHC. If I were you relative with the heart attack UHC would have denied it and charged me the entire half a million $s. I don’t believe you have taken an unbiased view of advantage. How are you trying to “see”. Won’t be believable to me anymore. Prior authorization for a Buick accident with a broken pelvis should never have been denied.

[@Theretirementnerds]

Interesting... would love to learn more details. Keep me posted on the appeal!

[@wkbellows]

Please let us know more! It sounds to me as if this was an emergency? - you wrote "Buick accident" and I'm not sure if that's a typo or not? Also let us know the result of your appeal.