What am I missing here?

[JB]

I have had a Medicare Supplement insurance policy for about 8 years. Plan F, which was the best available at the time. My premiums started out at about $90/mo and stepped up each year and again each birthday until they are now $169.75/mo. Plan F covers what Medicare does not pay on most Medicare covered services. In those 8 years I have not had to pay a cent other than my Medicare part B premiums and the supplement premium. I just show the hospital or doc's office my cards and forget it.

Agent calls me last week. Tells me my company's rates are too high and he can sell me a better policy from a different company for less bux. Okay, sez I, come tell me about it.

He comes and explains that new plan J covers several things that plan F does not, and that this new company will cover me on plan J for $155. Plan J, that is, covers everything plan F covers, plus stuff like home nursing care and preventive procedures...as long as Medicare covers them.

Sounds good, huh? But wait, there's more.

He leaves me a brochure on the program to study. It includes a rates schedule. Now I get confused.

Even with the new company Plan F costs about $40/mo more than plan J, which is supposed to cover everything that Plan F does, plus more.

That does not compute in my feeble old brain.

Am I missing something? What?

 

[dolluper]

Re: What am I missing here?

That's easy JB 155 plus 40 equals 195 per month your either getting nailed or screwed,welcome to INSURANCE,take your money and run..... but you know that,by the way good day EH!!!!

 

[Kenneth Brown]

Re: What am I missing here?

MHO on this- Most people will think that they can't afford the plan J so they go with the plan F instead. It should be cheaper cuz it covers less right? Thats what they are thinking. When we were building our house I discovered I could buy #2 10' treated 2X6's cheaper than #2 8' treated 2X6's. They were equal in all ways but one was 2' longer and it was the cheaper one. There was more of a demand for the 8' so it cost more.

 

[Drowned Rat]

Re: What am I missing here?

Had a silimar experience with auto insurance not too long ago. I kept seeing the accident forgiveness commercials on TV for Allstate. I had Allstate so I thought I was covered until I called just to make sure. Well, I wasn't but there was a different Allstate plan that was significantly better than what I had for a hefty price cut. Too good to be true? My agent said they had to do it to compete with other insurance companies offering the same thing.

Maybe that's what is happening with your medical insurance. The trick is deciphering the details in the verbiage.

Like this>>> "covers everything plan F covers, plus stuff like home nursing care and preventive procedures...as long as Medicare covers them."

Figuring out what's the better deal could take some research. I've found that you never really know what's going to be covered until you have an "event" that needs coverage.

 

[orion25]

Re: What am I missing here?

Call an independent insurance broker and ask him/her to explain both plan F & J to you. Just pretend that you are interested in buying. Also give AARP a call and see what kind of help they can provide. Additionally call a financial planner and see if they have any experience with Medicare supplements. They may charge you $100 or so but you could come out ahead within a year.

Finally have you tried the various insurance websites for medicare suplement quotes? There are sights out there that will quote almost any other kind of insurance so there must be Med. supplement sites a well.

 

[gss036]

Re: What am I missing here?

I guess that comes w/living in Texas, bigger state/bigger rates :-].
When you check on your insurance ask if they have an "ADVANTAGE" policy, usually costs less and covers more, including scripts, so you don't need part "D".
I would agree w/checking with AARP, they are very competitive. My 97 year old mother-in-law has coverage w/AARP. My wife almost went w/them until we contacted an independent agency and ended up with Regency Blue Shield advantage. It was a trade off on the two because of the part "D" and high cost meds. Now w/ all the genric's I think it would be about even in total price. Things seem to change annually and you can always switch, usually after the 1st of the year. I think my wife is paying $126 @ month.