Adam, we are currently paying almost a $1,000 for our insurance. I’m 70 and eligible for Medicare but I have maintained my retirement insurance to keep my spouse insured. If we were to drop that coverage, pick a Medicare Supplement for myself and an individual policy for them what would our cost be, approximately?
This is a situation that we come across all the time. Do I keep my employer insurance or pick an individual policy? So, the $1,000/month premium is just your up front cost. You also have a deductible that you must pay first before you coverage kicks in as well as co-payments for office visits and a co-insurance (80/20 in most cases). But the upfront cost will be enough to compare costs. For you a Plan F Medicare Supplement will costs $215/month. With a Plan F you will be responsible for $0 on any Medicare approved expense. This means there will be no deductibles, no co-payments or co-insurances. For your spouse they can get the exact coverage that I have on myself for $440/month. This is a Total Protection coverage offered through Philadelphia American. It is a Defined Benefit option with first dollar benefits. The plans doesn’t have any deductibles, co-payments or co-insurances. With this plan, however, anything pre-existing will not be covered for the first 12 months.