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Medicare Supplement plan costs

I have health insurance through the ACA (Obamacare) now but will turn 65 next year and am getting concerned about the cost of a Medicare supplement. Can anyone tell me whether they have had success finding a plan that is not too costly? I will meet with an insurance agent next spring, but if anyone has experience with this I would appreciate your input. I'm trying to figure out when to quit my part-time job and the supplement cost could be a factor. Thank you! Cindy

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  • Definitely talk the Social Security Administration in advance. Because there could be other programs that you qualify for so you won't have to come out of pocket so much.

  • Medicare supplements have standard options for benefits, so that comparing between companies is an apple-to-apples comparison.  For example, if you choose a plan "F", it will have the same benefits regardless of the company issuing the policy.  You can see the chart of the different plans and what they cover here https://www.medicare.gov/supplement-other-insurance/compare-medigap...;

    Depending on which plan you select will help determine the costs, but the cost will be different for different insurance companies for the same plan.  Go to several different companies for quotes before you choose.  In my case, I found that the company that insured my car had the best rate from the several I had quote. This website (https://medicare.com/medicare-supplement/what-is-medicare-supplemen...) also has some info, but don't accept the quotes from there as being exact.  Also, the price is based upon age.  My premium has gone up each year - not much yet, but it does go up as we age.

    Also remember that you will also need to choose a Medicare Part D plan for your drugs, unless you have a precription drug plan already that carries into retirement.  That cost information can be found at https://www.medicare.gov/part-d/. ; These costs change annually and you will need to research them each year.  Because of the costs associated with the anti-rejection meds, I haver found the need to change each year.

    I hope this is not too confusing.  Feel free to ask any questions.  Good luck.

    • Thank you, Joe, for this information.  Can you give an approximate of what you pay per month total for your coverage?

      Thanks.

      • It will not be too meaningful.  I am 69, a male, and take meds that are not a match to yours.  My Medicare supplement is about $150 per month - it is a plan F - there is no out of pocket.  My Part D is $30 per month, with an annual out of pocket, with premiums, co-pays, and deductible, of about $1,000. 

        I chose a plan F only because total paid per year was less than a plan G or plan N.

         

        • I think the rates vary by the region where you live because they always ask for your zip code.  Oh, and don't forget to add in that $130 per month for Medicare Part B.

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