Why I Gave Up My Medicare Supplement Plan | Shocking Reasons Revealed!

Why I had to give up my Medicare Supplement Plan- Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!

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0:00 Intro
1:02 What are Medicare Supplement Plans?
2:47 Work With a Broker
4:33 Switch Medigap Plans
9:20 Original Medicare vs. Medicare Advantage
11:49 Medicare Savings Programs
15:22 Final Thoughts

Life is often unpredictable and a sad but sometimes unavoidable truth is that our finances cannot always be predicted. Without employment income, many find themselves squeezed financially during retirement. So what if, you are one such person, and you discover you can no longer pay for your Medicare Supplement Plan.

First let’s talk briefly about what exactly medicare supplements are. Medicare supplement plans supplement the financial gaps of Original Medicare. Original Medicare will cover most of your medical needs for hospital stays, inpatient and outpatient procedures, doctors and specialist visits and vaccinations. However, there are copays or coinsurance as well as deductibles.

Because there are no out of pocket maximums with Original Medicare, these copays or coinsurances can be rather significant if you have major medical needs. Medicare supplement plans cover these out of pocket costs and may even help with an out of pocket maximum if necessary.

But remember, medigap plans do not offer additional benefits not already offered by Original Medicare such as dental, vision, hearing and prescription drug. They are simply a financial solution to unknown and potentially large costs.

Because they provide such comprehensive health coverage, they are an extremely popular option amongst many Medicare beneficiaries. So why wouldn’t you want one?

Medigap plans may become too expensive because your financial situation may change. They may also become too expensive if you don’t plan for yearly rate increases. All plans will increase on a yearly basis to accommodate for inflation and rising healthcare costs.
This is one of the many reasons we recommend working with a broker. Yes, all plans increase, but your broker will be able to discuss with you which carriers have a history of low stable rate increases as opposed to erratic or dramatic rate increases.
They can also discuss with you issue age vs attained age. Basically issue age policies will be priced based on your age when enrolling. Attained age will vary as you get older. Community rated plans may also be an option and relate to general community demographics.
With careful research you may be able to find all of this information yourself, but you will save yourself time, energy and likely money by working with a broker.

A broker can also help you switch to a different plan if need be. There are 10 different plans with varying levels of coverage and expense.

If despite best efforts, your supplement plan is still too expensive, consider Original Medicare alone or switch to Medicare Advantage. For many this is a difficult choice to

If you are still finding yourself squeezed, look into a Medicare Savings Progam. There are four different programs with different asset and income criteria.

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[hartzogLovesScience]

As always, thank you for providing such great information for a very complex process. I may very well reach out to you this year.

[greggpurviance]

Supplement plans are great in your younger retirement years or if you have a good retirement and/or net worth. The premium goes up, sometimes substantially every year. It starts great then becomes very expensive.

[vistamutual]

Absolutely agreed! Appreciate your expertise in this area.