Are you worried about your future retirement today? If you are already retired, or are planning to retire within the next few years, you may have some concerns that people did not have a few decades ago. Let us consider some of these retirement planning problems, and also how some people are trying to deal with them.
One major impact of the plan changes was to reduce the pricing on new plans. In other words, the person who had a plan prior to June first of last year, would likely find that they could get the same exact coverage for less if they were to shop their plan to another company. As an agent, I often find there is much confusion here because what many beneficiaries do not understand is that the name of the company is meaningless. If the ABC Insurance offers an F plan, and XYZ insurance offers an F plan, they have to cover the exact same benefits. The only difference is price.
You may wonder who picks up the cost for all this care. Personal medical or company medical insurance may pay a portion of this care, then you will have to pay the rest. You could have Medicare and a medicare supplement leads generation insurance but this too only pays part of the expenses. You will have to pay the rest or your family members will have to help out.
Now that you have taken some time to think about your own situation and expectations, it is time to decide which type of plan would benefit you the most.
Issue age rate is based upon the age that you start paying for your medicare supplements. The younger you are, the less you’ll have to pay for your insurance. If you start paying for it at age 55, your premium will be lower than someone else who started paying for their policy at age 60 or 70. This is a good choice for those who are worried about obtaining a fixed premium. While this premium may still be affected by inflation, you won’t have to pay more for your premium because you’re getting older. This is the main difference between issue-age pricing and attained age pricing.
Don’t want to switch because you are satisfied with your coverage? This is a common concern. The fact is that supplement plans are standardized by the federal government. An “F” supplement with ABC Insurance Company is the exact same as an “F” supplement with XYZ Insurance Company. The benefits are exactly the same, but the cost will vary from company to company. If you switch from like plan to like plan, your coverage will not change and you do not have to worry if your doctor will accept your plan as long as they accept Medicare.
Plan M will cover 20% of the costs that Medicare does not cover. It is very similar to Plan D and does not have any co-pays associated with it. It is generally cheaper to pay for this plan than it is for Plan F.