if you're turning 65 or retiring and coming into Medicare you found out by
now that there are a lot of decisions that you need to make and you absolutely
don't want to mess this up so there's lot of different things that you need to
choose coming into Medicare and if you have decided to stay on Original
Medicare Part A and Part B you likely know that you're probably going to need
a Medicare supplement plan so I'm gonna go over right now what the best Medicare
supplement plans are and there have definitely been some changes recently
and I'll show you what I would do and what I would choose as we make that
decision so stay tuned okay we're gonna talk about the best Medicare supplement
plan if you're turning 65 or you're about to retire and come off your group
plan they're pretty much the same thing you're coming into Medicare for the
first time you get a lot of choices to make and they can be daunting especially
if you don't understand exactly how Medicare works so I'm gonna show you
exactly what your choices are so you understand that in that way we can make
the right decision because this is important we don't want to mess it up
I'm Keith Armbrecht I'm founder of Medicare on video and I help people
across the country make them write Medicare choices and I can absolutely
help you as well one thing I would ask if you find this video helpful take just
a second and subscribe to the channel it'll give you access to all my videos
also tells YouTube that it's valuable and they put it in front of more people
that need to see this information and plenty of people need to see this
information so when you come into Medicare again you know all of a sudden
you've got all these choices to make and if you choose to stay with Original
Medicare which is absolutely what I recommend and you have Medicare Part A
you have Medicare Part B you'll get your Medicare card in the mail look similar
to this they've changed a little bit recently but shows your Part A and Part
B and the problem with that is there are some costs that Part A and Part B
do not cover so there's pretty significant deductibles
there's co-payments there's coinsurance so what a Medicare supplement plan does
is it covers this stuff they name does not so you could have pretty close
to a hundred percent coverage and a very affordable price so Medicare supplements
are very reasonable and cost that's why most people generally tend to have them
with their Part A and Part B so I'll go over all your choices at the end I'll
show you exactly what I would do so make sure you stick with me till the end and
that way you know and you won't have somebody selling you something that
might not be the best fit for you so let's first take a look at the chart of
choices and this is our chart and you may have seen this by now it's kind of
crazy there's ten different plans here and it's a whole bunch of letters a them
but there's some letters missing in the middle some letters used to be there
they aren't there anymore and one of the changes recently is Plan F is no longer
available so if you turn 65 after January 1 2020 or became Medicare
eligible for the first time after January 1 2020 plan F is no longer a
choice and the good news is that is good news because Plan F really was not a
good choice but it was a popular plan and the reason it was popular it was
sold to people by insurance agents as the best plan out there because it
covered a hundred percent of everything but the premium was much too high so
it's not the best value by any means and if you are currently watching this and
you are on a plan f absolutely give me a call and I can guarantee you we will get
you better value a lower premium and very similar benefits so let's not be
concerned with Plan F so back to this chart also you see this little asterisks
here and this is also another change this Asterix used to be next to plan F
now it's next to plan G and this is for plan G HD which is plan G high
deductible I have no idea why they try and hide it here because it's actually
pretty viable plan in a certain number of states so particularly in New York
Connecticut Florida California sometimes it kind of varies but I'll give you some
more specific on GHD as well but it can absolutely
play into the effect so the good news here we don't need all these choices
we're really gonna knock it down to three plans to choose from and make it
as simple as possible I have no idea why they try to make it complicated the way
they do here with so many different choices so when we look at what we're
going to choose from we're gonna pretty much choose from plan G or plan ad and
they're absolutely terrific coverage on both choices it just depends on really
the cost of each one as to which one I would choose when I'm picking between
them and you can see the asterisks is still here so I'm going to show you a
little bit about G HD as well so when we first look at plan G if you go down the
chart it covers pretty much everything there's a hundred percent 100% a hundred
percent there's only one blank space and that's
the Part B deductible so Plan G covers pretty much a hundred percent of
everything with the exception of the Part B deductible and that deductible
for 2020 is a hundred and ninety eight dollars that's not a lot of money so
that would be your entire out-of-pocket cost for the year from January to
January one hundred ninety-eight dollars once you meet your $198 deductible plan
G pays a hundred percent the rest of the year so absolutely fantastic coverage so
that's really the only difference between F and G the old F plan covered
that one hundred ninety eight dollar deductible but it was generally three or
four hundred others more in premium than G so again doesn't make any sense
regardless on Plan F and then look down you have emergency foreign travel
coverage which that's a pretty big deal for a lot of people when they retire
because they do travel into a lot of different places so this gives you
outside of the country coverage as well so G is a terrific choice it again
depends on the cost of the plan next to it we have plan it also great choice and
it can be lesson premium than plan G so obviously we want to manage our
out-of-pocket monthly cost on our Medicare supplement plans
and is enough lesson premium than gee it's gonna make sense to take a look at
so you can see the differences between them is that n you have on Part B
coinsurance there's some more asked Rix's and what that does it says is
there some co-pays on N where G doesn't have the copay so on n if you go to the
doctor you can have an up to $20 copay so you have your regular Part B
deductible and then you also might have a $20 copay when you go to the doctor if
you go to the emergency room there's a $50 copay again not a big out-of-pocket
expense and if the premium is low enough makes a lot of sense to take a look at
and also does not cover the Part B deductible $198 so that's annual
deductible and again it's super small deductible whatever plan you're coming
off now I can almost guarantee you about higher than $198 deductibles now plan ed
also has a blank next to excess charges so it's important to understand access
charges excess charges again are a little bit of a gray area in Medicare I
don't know why they put these gray areas in but when doctors contract to accept
Medicare reimbursement they can either agree to accept Medicare assignment or
just Medicare reimbursement and if they choose to accept Medicare assignment
what that means is they agree to take what Medicare pays them and that's it
100% covered that's all they're going to get if they do not agree to assignment
and they just accept Medicare reimbursement then that gives them the
ability to charge 15 percent above what Medicare pays them to you so you may
have a 15% excess charge and it sounds like a lot but it's really not much out
of pocket if you did run into that scenario let's say you went for an
office visit and it was a hundred dollars but it's really not going to be
that high when Medicare is paying for it but it means you might have another
fifteen dollars that you would need to pay if you're on Planet now again we
would only choose plan and if it's enough less and premium than plan G and
also back on excess charge I'll show you just a minute most doctors
and it's somewhere in the mid 90s ayman so it's almost very difficult to find a
doctor that did not take Medicare assignment and would leave you with a
possible access chart so just keep that in mind on how those two functions and
then GHD we're going to talk a little bit right now on how they compare next
to each other so you can see here plan G plan and plan G HD
none of the three cover the $198 annual deductibles and that's okay it's only
$198 the entire year for the deductible now plan G the high deductible is what
separates it from the rest so it's gonna have a much lower premium but it does
have a high deductible it's about $2,400 for the year and again compared to what
you have right now that's probably not out of line so if the premium is low
enough and we can save enough money on premium it makes sense to look at a
higher deductible so when we look at Part B coinsurance plan G covers it and
plan n has co-pays so if you go to the doctor on plan and you're probably a
number $20 copay on excess charges plan G covers own plan and has the potential
for excess charges now what I'm gonna show you in just a minute is there are
some states that don't allow excess charges
so again might make end more attractive if the price is low enough and then the
high deductible 2340 G doesn't have that and doesn't have that only GHD does
happen so again all relative to how much the premium is so let's take a look here
and see what we're talking about so excess charges back to plan in these
eight states do not allow access charges so if you live in one of these eight
states it makes n more attractive so we want to
make sure if we live in one of these eight states that we take a closer look
at in but that's also going to probably bring it closer and price to G because
the insurance company doesn't have to or won't have to worry about the
excess charges on planet NOW to find doctors that take Medicare assignment
I'm trying to make it easier put these URLs together to make things simple for
you can simply go to plan and doctors comm it just brings you to medicare.gov
website and the page where you can look up a doctor and see if they take
Medicare assignment or not it makes it easy for you going in the future if you
have a concern with potential excess charges so let's talk about when to pick
G or when to pick n or when to pick G HD and it's pretty simple and you know I
also say sometimes premium isn't everything so the cost isn't everything
if something makes you sleep better at night because you got it all buttoned up
and you want to pay a little bit more just to have it all buttoned up that's
okay too so we just want to make sure that we
have the right understanding of however they work so when to choose plan G is it
has an affordable premium almost all the time so it is absolutely my number one
choice and then it'll fit in here sometimes in g HD i would probably put
my percentage on what happens across the country plan G probably about 70% of the
time plan n about 20% of the time and ght about 10% of the time somewhere in
that range maybe 60 xxx and 10 but G and n you really can't go wrong unless
you're in a couple of different states where the premiums are crazy high I'll
show you that as well so G's kind of the gold standard pretty much full coverage
with the exception of the 198 dollar deductible and that's in 2020 so pretty
affordable to have when to choose planet when I would pick plan M as if plan n
was $25 less and premium than plan G so if we're looking side-by-side and we
have G and N and ends $25 less I'm probably picking it if n is $20 less I'm
probably picking G if it's $10 less I'm definitely picking G so where my line is
if it's $25 less then it's okay to put up with the co-pays it's
okay to put up with the possible excess charges again unless you live in those
eight states which make it a better choice and then again states with no
excess charges so those eight states eliminate a big part of it but then
again Ed's gonna probably be closer and premium to G if you're in one of those
states so just good to understand and then finally when to choose plan G HD so
when would I choose a high deductible plan a plan that has a twenty three
hundred forty dollar deductible pretty simple if G if I'm looking at the two
plans and my plan G in some states if it's more than $180 a month then I'm
probably picking GHD because plan G and most states usually pretty close to a
hundred dollars alone but in some states where they guarantee some extra
protections for you it raises the premium significantly so if we get a
quote on G and it's more than $180 I'm probably picking gh t and then also
states with year-long open enrollments there are some states like New York
Connecticut Vermont there are a couple others that have a year-long open
enrollment meaning you can change plans anytime you want you don't have to go
through medical underwriting ever you can go from one plan to another plan
without any questions asked in that case I'm almost always picking G HD and then
if something comes along I can jump into another planet-- easily without any
questions asked so why not play the game the system the way it's set up and
choose the low-cost and then if something comes along we can jump into a
higher cost plan without any questions asked and something we need to talk
about so absolutely give me a call and we'll discuss that but this is what I do
is I help people make these choices and there's no cost to you - let me help you
so I certainly hope you would allow me to let you help let me help you and the
way it works is whatever insurance company we choose they pay me to be your
service agent now and in the future so if we need to change in the future then
I can almost promise you things will come up in the future then I'm there to
help you make whatever choices are needed in the
future so this is a pretty big choice to make coming in now we know kind of which
plan to choose after that we got to figure out which insurance company to go
with and there are just a more than a handful of insurance companies but I
would absolutely stay with a brand almost always Mutual Omaha had no Cigna
Transamerica there are a number of certainly brand names that tend to be
more stable they all have rate increases year after year almost always and what
we don't want is crazy rate increases so but that's where you may also need help
in the future and we're I'm there to make sure that things go kind of the way
they're supposed to go so I hope you found this helpful and absolutely visit
my website Medicare on video comm you get an immediate quote on a Medicare
supplement plan I'll show you a G and then and if GHD fits we'll show you that
as well absolutely no obligation happy to help with any of this and again
there's no cost to do it so feel free to use my videos visit Medicare on video
comm get a quote on your Medicare supplement plan and I'd be happy to
answer any questions send me an email feel free to give me a call and I'll do
whatever I can to make sure we did it right so hope you found this helpful
hope you subscribe to my channel and I hope you have a fantastic day