Crazy good stuff… I just finished a full medicare rate quote for a friend that is retiring at age 66. With a supplement policy that covers deductibles and co-pays, his base medicare payment, prescription drug that covers his most common prescriptions at $0 and $1 copays, dental and vision – he is looking at $328 a month with controlled costs. That is better that most company group plans!
Without this package on traditional medicare it would cost him $135 a month plus deductibles. His drugs would be full price. The difference? If he went to the hospital one time and stayed two days under medicare, $1364 deductible plus 20% of all other costs of doctors, meds etc (let’s say those amounted to another $2000 for a $400 charge), plus regular doctor visits during the year and 20% on tests and xrays of another $2000 or $400, and drug costs of around $50 a month or $600 a year, we are looking at $1364 + $400 + $400 +$600 + 1620 = $4384 unpredictable versus $3936 predictable … That doesn’t include $0 coverage for vision and dental and he gets some good options to help there also.
Now, this is just one approach. There are other alternatives based on your budget, expected needs. Last year this client went to the hospital three times due to some tough conditions. Under medicare each time would be the same $1364 plus 20% payouts. When you calculate that, you are getting closer to $10000 versus $3936. Yikes….
And his plan works nationwide, because he wants to travel. No need to worry about HMO or PPO networks that only work in his home metro. But I do have access to some sweet PPO options that have good travel when that is what you want. The costs are not as predictable because of deductibles and copays, but it is all about what do you need for your lifestyle.
The 411 on this? Know your options and choose according to your lifestyle and expectations.
My dream – help you make decisions. I talk to as many people for whom I say, “Keep what you have, you are doing well.” as I do “Let’s find what might be better options for you.” There is no cost to you ever to talk and get comparisons. The insurance carriers pay me to help you.
I really like helping alongside http://grandparentbenefits.org
If all I do is answer your questions, that is good by me. I have helped and am happy to do it.
Here is a link that shows some basic medicare costs: https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance