What Medicare Supplement Companies are Hiding!

[@tomm7505]

Cameron, excellent, excellent video. Thank you so much for putting all of this together. I just started Medicare today, April 1. I live in north Texas. I went through a broker and have a Supplement Plan N with MoO. Their history in the Medicare industry along with their decent rate, relatively stable increases and 12% discount for living with another adult decided it for me. We'll see what happens in the future with their rates but after watching your video, I'm pretty certain that you take a chance with any company and just need to be aware and possibly shop around in the future. I'm going to also check SERFF in Texas as well. Thanks again!!!

[@ezeddie9747]

Great video,very informative. My feelings are that these companies are scamming Americans legally. There should be laws against these practices. I have searching to try to make an informed decision. And the more I find out, the more frustrated I get

[@GiardiniMedicare]

We do wish the State Departments of Insurance would restrict companies more when it comes to the practice of opening and closing blocks of business, but unfortunately we don't see that being the case anytime soon.

[@Rdebeauvoir1]

There is no government office that is helping consumers, this is a phony democracy! This country is run by corporations!

[@spir5102]

You are 100% correct. There is a lot of scamming going on with these insurance companies. I am 77 years old, unwittingly got into a Medicare (dis) advantage plan two years ago (if you can believe it, an older insurance agent stationed at Walmart sold me this plan.) since my rheumatoid arthritis conditions are worsening, my doctor wanted me to go to advanced drugs. To keep from paying exorbitant cost, they recommended I go back to original Medicare with a Medicare plan. I have been turned down by at least three insurance companies because I have RA. once you get into a Medicare advantage plan, and if you have any conditions that worsen, you will not be able to go back to original Medicare. The drugs my doctor wants me to get are going to cost me over $6000 out-of-pocket per year. beware! Never get into a Medicare (dis)advantage plan!!!

[@tacticaltruth8118]

Thank you. This is probably one of the most informative videos out there on Medicare Supplement plans. You have earned a subscriber. Sticking with your Michigan example, what criteria would you look at to make a final selection from the following companies? And also Plan G or Plan N from them? 1. BCBS of Michigan - 58 years in market 2. Humana (Humana Insurance Company of Kentucky) - 20 years in market 3. United Healthcare (AARP) - 26 years in market

[@GiardiniMedicare]

Thanks! We are releasing a video shortly about narrowing down Medigap companies, but if prices are similar, we would likely recommend UHC from that list. We also prefer Plan N to Plan G when possible. To narrow down those three options, we would have to look at recent rate increases and likelihood of closing blocks of business, but it's basically just a "best guess" at that point

[@tacticaltruth8118]

@@GiardiniMedicare Thank you. This is helpful and very much appreciated. Last question, for this video, are there any advantages to going with Local Medigap companies? For example, UHC vs Priority or HAP? Thanks again!

[@GiardiniMedicare]

@@tacticaltruth8118 In our opinion, there is no advantage to choosing either of those companies. Both have had roughly 12% increases after publishing this video

[@CheriannSassan]

​@@tacticaltruth8118What is HAP?

[@jackzfun]

I watched this video a few months ago and came back for a refresh. I followed the directions to get to the SERFF site. I located the documents for Michigan and read through them, including the actuarial data. Illuminating, to say the least. Thank you very much for the information.

[@mikeflair6800]

I have a different perspective. The fact that there so many gap companies, tell me 'there is gold in them customer hills'. I have decided to self insure and take the gap risk. My incentive is to stay healthy, and invest these premiums for my gap responsibility. If it never comes, I keep the insurance company gold, not them. FYI - there is no cost control on these types of business arrangements...the state simply approves as an administrative process. The only cost control is self-insurance. The future cost of premiums is unknown, but it is likely to be in double digits...a good conservative planning assumption is 10% per year. I hear that old saw: if the illness does not get you, the cost will. Here it is in action.

[@jonathanschwartz8]

Tell us more! Just enrolling Medicare now and had not realized this was an option.

[@randolphh8005]

This is a risky move. We are retired and physicians, I would strongly advise to look into High Deductible Plan G if you are concerned about premiums. In our area this plan is about 25% in cost compared to regular G. It has a “deductible “, so there is some risk, but it is capped at $2800 per year. Premiums in our county run about $55 per month and historically are fairly stable. This is for United American. Otherwise go with Medicare Advantage, as there is often no additional cost after paying your Medicare B premium, and they will minimize your risk also.

[@NoMoreTears64]

Sometimes I think this makes better sense. However, I did have cancer 6 years ago. I refused their cash cow chemo, but was persuaded to do surgery and radiation. I would be bankrupt if I had to pay 20% of all that expense. I just dont know the best path to take.

[@GiardiniMedicare]

It's an interesting perspective. Anyone reading this who is looking to have as little insurance as possible or effectively "self-insure" should strongly consider a High Deductible Medigap Plan G instead of only having Original Medicare Part A and B.

[@randolphh8005]

Quite a reckless move! You can get Medicare Advantage for free in most counties. You can also get Medigap Plan HDG for a very low premium in most counties. My wife pays $50 per month. I don’t think you have any concept of how much healthcare can cost when paying cash. Not carrying any insurance only works if you are truly poor!

[@JeanPierreWhite]

Great video. I am either doing something wrong or have found an anomaly in Tennessee. If I am reading the data correctly there are very few people enrolled in Medigap plans with United Healthcare across all plan letters. Is this right? If its right that's a bit of a concern being in a small risk pool.

[@GiardiniMedicare]

Thanks for checking! You are probably looking at the filing for UnitedHealthcare Insurance Company of America, which is more commonly called UHICA. This is a new block of business for UHC, and it opened in Tennessee just recently, in March 2023, which is why the enrollment numbers are relatively low. If you want to find the larger other current UHC block of business, make sure to choose the one that says "GROUP MEDICARE SUPPLEMENT PLANS - MIPPA" under the "insurance product name" category.

[@JeanPierreWhite]

@@GiardiniMedicare Thank You very much that has set me straight and reassured me I made a decent choice. Rate increases have hovered around 6% and haven't varied by too much (2024 being the exception). I did match the group plan number on my certificate of insurance with the documents I downloaded from Serff and you were right I was looking at the wrong book of business. The number of insureds for plan N is half of that for Plan G. Understandable since Plan N is a newer plan and is just becoming more popular. One thing that stood out to me with UHC's document is that they project Plan G numbers to triple over the next ten years while they project plan N numbers to stagnate and not grow. That's kinda puzzling, their Plan N is $40/month cheaper, why would they not expect enrollees to choose the cheaper plan? Projections are just that, projections so we will have to wait and see.

[@Tim1954Tinman]

Thanks!

[@GiardiniMedicare]

Thanks!

[@annaburns5382]

Thanks for the very detailed explanation. You totally lost me early on, and now my brain feels like mush after listening to all of this. I listened to the end, but it only got more complex!

[@GiardiniMedicare]

We are hoping to make a more straightforward version of the video shortly, but we appreciate you watching in the mean time!

[@DaveCLL]

I have Mutual of Omaha and they screwed me! They routinely "close their book", thus isolating policy holders into a dead pool. In five years, my Plan G supplement premiums have doubled. The annual average rate increase has been 15.9%. And because of health conditions, I won't be able to pass underwriting with a different carrier.

[@rickski3769]

WOW.....and i was thinking about them

[@bonnierandklev1463]

Try Physcians Mutual they've been great

[@randyw.8781]

Why do they close blocks only to open another? I noted Bankers had a 4.9% rate increase approved in regard to plan N that went into effect 3-24. Yet the block was listed closed. What does they mean? They have to reintroduce another open block?

[@GiardiniMedicare]

A closed block doesn't mean it does not exist. It just means that it is closed to new enrollments. The closed plans will still experience increases for those that remain with the plan in that block of business, so that is where the 4.9% increase comes into play. We talk in more detail about the opening and closing of blocks of business in our "Why Medigap premiums increase" video. Still, essentially, it comes down to the fact that that is how companies can offer new plans with competitive pricing (for the time being). Here is a link to that video in case it helps: kzbin.info/www/bejne/fXaXhGuOhMl5qrssi=w8bu5US7tDiZ_xTN

[@randyw.8781]

@@GiardiniMedicare Yet Bankers still offers a plan N in my area and that sight you showed only has that plan listed.

[@GiardiniMedicare]

@@randyw.8781 Which bankers company and which area? I can take a more detailed look with that info!

[@randyw.8781]

bankers fidelity plan n (georgia)@@GiardiniMedicare

[@randyw.8781]

Bankers Fidelty -Georgia

[@velmafullerton6991]

Very informative, eye opening.

[@nancymiller5413]

Cameron, this is great. I am looking forward to digging into some real data for my insurer and others, in my state.

[@GiardiniMedicare]

Awesome! If you have any questions just let us know.

[@ggjr61]

This was a great video. I’m going to rewatch it to pick up what I missed the first time. Closing blocks of business seems to be the greatest risk especially for people with medical issues so trying to find out who is least likely to do that seems to be most important.

[@GiardiniMedicare]

Thanks for watching! Closing blocks of business has a massive impact on long-term rate increases, but one thing to remember is that all plans will increase over time, and it's virtually impossible to choose the "right" plan. Let us know if you have questions!

[@rickski3769]

wow wow wow..... i do like info that you share, quite detailed..... i will be "calling back" since you are in my state...

[@rgs611]

Very informative, thank you. A question for you, is the "closing of books" more of an issue for the "Cadillac" plans like Plan G. Does Plan N or HDG also see book closing? Thanks!

[@GiardiniMedicare]

They all see book closings at essentially an equal rate. Good question

[@midnittkr]

This is exactly what I've been looking for THANK YOU!

[@jackzfun]

Excellent video, thank you..

[@24601jvj]

Your presentation is far above any other Medicare videos I have seen on KZbin. Questions: (1) I am in my first year of Medicare. I have a Plan G (AARP) supplement. Can I still get a broker to help with annual Plan D choices, as well as annual consideration of Plan G choices (as long as I stay likely to pass underwriting)? If so, does your company cover Pennsylvania? (I bought without a broker.) (2) I chose AARP partially because I figure that UnitedHealthcare’s market share largely comes from its co-branding with AARP, and AARP will use its position to keep the insurer from taking advantage of AARP members / the insurer’s customers. Any logic in that? Also, as you indicated near the end of the video, I also like the advantages of a big risk pool. Further, I don’t think that many Plan G plans come with the Silver Sneakers gym plan - and that saves me $65 / month. (3) If one goes with a “local” Plan G provider, what happens if you move out of state?

[@GiardiniMedicare]

Thank you very much for the feedback and for watching! Hope these answers help a bit: 1. You can still use a broker to compare options yearly. We do cover PA, but we no longer do personalized Part D reviews for clients due to a variety of factors (mostly insurance companies eliminating Part D commissions for brokers). Instead, we have our KZbin video showing people how to do their own Part D review. 2. Makes sense to me 3. It will depend on the local carrier. You would still be able to keep your plan, but the premium will likely change. How it will change will be up to the specific company.

[@KeithStedman]

Great video. I have a question about the customer service you stated that you provide. After an individual purchases a plan it is my understanding that as long as he pays his monthly premium on time that he will have virtually no interaction with the medigap company. If there is an issue of non or late payment of a claim by the medigap company the dispute is between the provider and the medigap company. The beneficiary is not involved. Please identify what customer support you provide after assisting with the initial policy purchase.

[@GiardiniMedicare]

You're correct that you should have very few issues with the actual Medigap coverage regarding payments. With that said, here are some examples of what we assist people with: - IRMAA appeals - Billing issues with your provider since eventually, even with Medigap, a provider will file something incorrectly or say something isn't covered as it should be. - General Medicare questions - Help with Part D coverage, including questions and alternative ways to save on expensive prescription medications. - Help you find new coverage if you want to change in the future (to a new Medigap or Medicare Advantage coverage) - We also provide hours of educational content that wouldn't exist if people didn't enroll in Medigap and Medicare Advantage with us. Of course, all of this costs you nothing, so even if you never need help, there is no downside to using a broker!

[@edracz1224]

Great video.

[@svetlanamelik-israyelyan8060]

I live in California and interacted Blue shield of California, are they good for my supplemental plan F ?

[@GiardiniMedicare]

With the birthday rule in California, the insurance company essentially doesn't matter. Just make sure it is one of the lowest-cost options. We would of course recommend looking at Plan G or Plan N instead of Plan F.

[@sun96]

Thank You!!

[@rickski3769]

excellent info

[@CheriannSassan]

How did you find that Aenta was selling insurance under a different name?

[@GiardiniMedicare]

Mostly just through seeing their plans change over time

[@dgs8011]

My understanding is that in Missouri, I will be able to change insurance company any year I want to (have to stay with same plan letter to avoid passing through underwriting). This would seem to help with the danger of the book being closed, although I've read that Missouri generally has higher premiums because of this.

[@GiardiniMedicare]

Your understanding is correct! You can change each year based on your policy's anniversary date. You don't have to be as concerned about closing blocks in Missouri.

[@KMaddox]

You wrote: "We would of course recommend looking at Plan G or Plan N instead of Plan F." Why? I can't find anything about that on your video.

[@GiardiniMedicare]

We never recommend Plan F when possible because it is no longer available to people who are newly eligible for Medicare. It is our belief this will lead to higher Plan F premium increases as the years go on.

[@ericgold3840]

Remarkably informative video -- thank you! One comment: your graphs of annual premium price increases over time might benefit from showing the cumulative price increase from opening to closing of each book. So e.g. if a book has annual price increases of 0%, 0%, 5%,25%, I would like to see a graph of 1,1,1.05, 1.31 --- As an aside, HDG is really interesting since it is an amalgam of attained age pricing for the premium and nation-wide community pricing for the deductible. Do you have a sense whether the HDG deductible price increases are in-line with the community premiums of the other plans ?

[@GiardiniMedicare]

Thanks for the feedback! I'll keep that in mind for when I update the video in the future. HDG premium increases are lower than other plan letters like Plan G and Plan N, with the HDG having an average increase in the 2-3% per year range (not including age increases) based on the data we have analyzed. The increase in the deductible itself is tied to the annual CPI-U (Consumer Price Index For All Urban Consumers) numbers that are reported. We looked at the HDG deductible increases, which was $1,900 in 2008 to $2,800, which it is today, and calculated an annual growth rate of 2.45%. But again, it's all up to the CPI-U numbers.

[@ericgold3840]

@@GiardiniMedicare To clarify, I was wondering about a comparison of HDG **deductible** price increases over time, compared to **premium** price increases for those plans that have community pricing.

[@GiardiniMedicare]

@@ericgold3840 I'm sorry, I don't understand your question. I don't know the average premium increases for only community-rated HDG's

[@ericgold3840]

@@GiardiniMedicare Thanks for asking. I meant e.g. community based premiums for N or G. I'm trying to get a sense for how different the HDG pool is compared to the other plans in terms of medical consumption after age and demographic differences are normalized.

[@GiardiniMedicare]

@@ericgold3840 Appreciate the clarification! Unfortunately, I don't have the answer to that question. Hopefully our future HDG video will provide some added insight.

[@calimolina64]

I’m on SSDI, my Medicare A&B became effective March 1st 2024, I’m on long term disability with my employer with no plans on going back to work. My primary insurance is with my employer and my secondary is Medicare, can I get a Medicare supplement plan?

[@GiardiniMedicare]

In theory you can, but it won't pay as well as when you have a Medicare Supplement with just Medicare as primary. Also, if you are under age 65, it is likely that the Medicare Supplement premium will be much higher than someone age 65 or older, but this can depend on the state.

[@Suuegrl]

When and who took private insurance company's a nd grouped them with all these different plans? As a consumer one should have choices and shop around for the coverage they would like not pick plans. Who made these plans? The Federal Government? Use to stink having to shop around and call actual reps for individual companies, but dang, rather do this, then have some Federal peoples tell me these are my options.

[@patriceh2930]

This seems like a lot of info for the regular consumer. Don’t know all this for auto or homeowners.

[@GiardiniMedicare]

It is too much for most consumers to have to know or worry about, but we would rather put out all the details, so people can decide what they do or don’t care about!

[@brin3m]

Ohio looks different than Michigan’s .

[@GiardiniMedicare]

Yeah, they are all slightly different. This should be the direct link to the Ohio SERFF website: filingaccess.serff.com/sfa/home/OH

[@norman7179]

In short, if you aren't in near perfect health, YOU'RE SCREWED !

[@GiardiniMedicare]

Thankfully, no! Perfect health is certainly not required to change plans

[@norman7179]

@@GiardiniMedicare I was recently denied coverage by a well known provider. I KNOW what I'm talking about. Even going to a lesser plan within my same company was $ 100 a month MORE after going through underwriting.

[@GiardiniMedicare]

@@norman7179 I believe your experience. But when others see things like "perfect health" as needed to change plans, it discourages them from trying and saving money. Luckily we have another video talking all about the Medigap underwriting process and what is required. Thanks for watching and sharing your experience.

[@maodi1062]

Very impressed by your thorough knowledge and clear/earnest presentation! Could you be my broker handling Medicare matters? My zip code is 13413. Thanks.

[@GiardiniMedicare]

Thanks for the kind words! We do not work in New York, but we have other agencies we trust that are licensed in New York and can help you. The best way to connect with them is using this link: gmedicareteam.com/map/