What if any Medigap policy to buy and at what cost if just starting Medicare A @ B?

Question

Am in reasonably strong financial position re income and worth.

Answer 1

You do need some sort of supplemental insurance. Original Medicare has a $1024 deductible for part A and $135 deductible for part B then you are paying 20% of the charges with no limit.

There are two types of policies; a Medicare Supplement with a choice of Plan A through Plan L or a Medicare Advantage with choices of HMO, PPO, PFFS, and MSA plans.

Generally, a Supplement has a higher premium but very little if any out-of-pocket charges. The plans are the same no matter what company so you should get a good A rated company. In general these plans are better for people that don't mind a premium that will run from $100 to $350 per month or for people that constantly need medicare care. You do need a separate Part D prescription drug plan with all supplements. In my area these plans run from $10 to almost $90 per month.

A Medicare Advantage plan has a low or even a $0 premium (in my area they average $26 per month) but you have co-pays when you use the benefits. Plans are different with different companies and there can be a big difference in co-pays between companies. Many will have Part D included; those that don't you'll need a stand alone Part D plan. In general, these plans are better for people who want to save money on their premium and are in good health.

The plans are very confusing. They will differ depending upon what state you live in and also what county you live in so it's impossible to help you choose over the internet. Visit a local independent agent that deals in the senior market for help. The agent doesn't charge you any extra.

You will also have the Part B premium of at least $96.40 per month or up depending upon income.