I just checked the premiums on the Part D plans available in my zipcode. Cheapest was an Aetna plan for $3.30/month. The Aetna plan I had for 2023 was $1.60/month.
The generic drug I had been buying out of pocket with a goodRx coupon for $350/yr vs. $1060 if I let Aetna fill it, is now quoted at $325/yr by Aetna. Of course, the prices on the Medicare website aren’t guaranteed to be offered by the insurer in the future. It’s still buyer beware.
Yes, I bought the cheapest high deductible Plan G Medigap available in my zipcode for $48/month. That caps my Medicare Part A & B out-of-pocket at $2700/year for 2023.
Financially, I can cover the Medicare copays without the Medigap coverage. However if I had unlimited liability every time I entered a hospital, I’d be less likely to go to the hospital. If I had symptoms of a heart attack or a stroke, I’d be making the calculation of whether a hospital visit was worth the potential cost. If my out-of-pocket is capped at $2,700, I’d be more likely to go the hospital with mild symptoms.
I’m thinking the same. This will be my 1st time on Medicare in about 3 months. I don’t take any drugs, so got the cheapest Part-D available. The cheapest, hi-deductible Medigap-N in my area is 92/month, so higher here. But I’m going to get it, because if you don’t sign up for Medigap during the age-65 window, then you are subject to health screening for medical conditions, and obviously higher premium if they find something. I don’t have any health issues at all at this time, but that doesn’t mean I’ll continue to be that fortunate, so $92/month is a cheap price to pay for offsetting future bad health issues.
A high deductible Plan G Medigap is probably the cheapest. The Medicare.gov website says they range in cost from $30/month to $105/month in Michigan. United America is the cheapest provider in Washington State. I’d check their prices first. Michigan uses an “attained age” pricing model, so 65-yr-olds pay the lowest premium. A 90-yr-old would pay $53/month in Michigan for the cheapest policy.
I pay $48/month in WA State, but everyone from age 65 to 110 pays the same monthly premium.
When I signed up for Medigap, I called the state insurance commissioner’s office and asked if they had any information on the number of complaints the various Medigap insurers get. The analyst I spoke to said they get very few complaints on Medigap because the Medigap insurer isn’t making any claims or benefit decisions, they just pay what Medicare tells them to pay. About the only complaint they get is when someone cancels the coverage and the insurer is still making the monthly debit from their checking account for the premium payment.
The analyst told me I should just buy the Plan G policy with the lowest premium, they’re all the same. You’re not getting any higher quality by paying extra for an AARP plan.
I’m not 65 yet, but you seem to be doing what I’m leaning towards - regular part b plus a medigap (part g? h? not sure of which part it is.) Also not sure about part d or not. I’m taking 3 generics now. With my current ACA plan, they cost less than $10 a month in total. But my pharmacy needs may change over time. So part d is something I need to learn about some more.
I don’t take any medicine, but I did sign up for Part-D because of the penalties that are incurred if you don’t sign up when 1st going on Medicare. It’s definitely a waste of money for me, but things can change quickly, so it’s a cheap way to play the odds of things someday taking a turn for the worse.
hmmm, I was told the high deductible Plan-N was the cheapest I could get. I’ll have to look into that more.
So, looking at it with cold, hard logic, the odds are good that I will not use much of any medical care next year. The reason I volunteered to pay the medigap-N plan premium was that I thought it would grandfather me in for the rest of my life, ie the sellers of medigap plans could not subject me to a health screening down the road. I might have misinterpreted that.
Can I not sign up for a medigap plan upon turning 65, but sign up in later years without a financial penalty ( like Plan-D has a penalty if one doesn’t sign up at age 65 ) ? I’ll look into this on my own, not trying to dump my questions off on you, but if you know off the top of your head I’d appreciate your input.
There are only 3 states that allow you an unlimited ability to sign up for Medigap without medical underwriting after the 6-month initial open enrollment period. (CT, NY, VT). A few more states have short windows each year when you can sign up for a Medigap plan without medical underwriting. Michigan doesn’t appear to be among them.