Medicare Supplement Companies

K

Ken6259

New Member
I will be turning 65 this summer and have spent the past couple of months surfing the net and talking to agents regarding my options for Medicare. I think I’ve about got it figured out and have decided that I want to get a Supplement Plan N.

I live near Birmingham Alabama and have talked to a couple of United Health Care (AARP) agents and the starting rate at age 65 looks to be about the cheapest of any but I have heard that UHC is very bad with premium increases as often as every 6 months and quickly makes up for the lower starting premium. Has anyone out there experienced this problem? What about other issues such as customer service?

I have also talked to a representative with Banker’s Life about their Colonial Penn policy. Their premium for Plan N is about the same as at UHC but I just did not get a good feeling about them. For one thing, the agent was kind of pushy and he provided no documentation regarding the policy. I don’t even have anything in writing that tells me what the premium is ….. just his verbal quote. He seemed somewhat indignant when I asked about a brochure or documentation. I have also seen on the net where one site rated Colonial Penn as 1 out of 5 stars for their customer service. Does anyone have any experience (good or bad) with them?

I also had an independent agent call me the other day recommending Assurant (Woodmen of the World). I don’t know anything about them but he claimed they were his favorite. I’m a little leery of going with a small company as I have heard that they can change policies (and companies) in a heartbeat if they get themselves into financial trouble.

So, I’m hoping that someone out there can share some experiences that will give me more confidence in one of the above companies (or scare me away).
 
Hi Ken,

Welcome to MyMedicareForum.com!

I turned 65 last year also and like you I spent a lot of time browsing all the Medigap plans. I decided on the AARP (United Health Care) plan N also as it met my needs as far as premiums and coverage. I don't mind a co-pay every time I go to the doctor in order to get the lower premiums.

So far I have been happy with them and there hasn't been a rate increase. I compared their rates to the other major carriers available in my area and they were the cheapest. The smaller companies do not publish their rates online so I was a little suspicious of them and did not get a quote. Maybe they would be cheaper, I don't know, however if they can't give their rates right up front then I am not giving them my personal information for an agent to contact me with a quote. So far there has been no rate increase with AARP, but I am still in the first year.

I signed up online directly with AARP just because it was easy and I didn't have an agent and didn't want to bother to find one. However if you have an agent to assist you then I can see the benefit in that also.

Maybe someone who has had AARP for a few years can chime in with their experiences on rate increases.
 
Hi Mack,

Thanks for your response to my posting. I was kind of leaning toward UHC just because of the name recognition and the fact that they are everywhere. It’s good to hear that they don’t necessarily hit you up for a premium increase every 6 months like one independent agent had told me.

I had been a bit perturbed too about the UHC claim that their premium reflected a 30% discount for AARP. If I did the math correctly, the UHC premium for their “N” plan without the discount would amount to about what other companies (like Mutual of Omaha) charge for their “G” plan. The chart in my UHC packet shows that they take back the 30% discount (in premium increases) at a rate of 3% per year for 10 years. So in 10 years, we may be paying more than we would with UHC’s competitors.

I did fill out several of the online questionnaires and had agents calling me all the time. I started getting a little confused as to who was who but it did give me a good comparison and no one beat the starting rate at UHC.

Did you get a prescription drug plan and, if you don’t mind sharing that information, who did you get it through? I have been considering that low-cost Humana-Walmart plan. The premium is only $15.10 per month and you can use it almost anywhere in my area ….. it doesn’t have to be just at Walmart. Do you or any others here have any experience with them?

Thanks again for your information.
Ken
 
Ken,

I got the Humana Walmart plan and have had no problems with it. I use it at Walgreens, I don't particularly like Walmart there are always people standing in line there, Walgreens has a drive through. I can order online and pick up via the drive though at Walgreens.

If you are on regular medications the thing to do is visit the Medicare.gov plan finder at: https://www.medicare.gov/find-a-plan/questions/home.aspx

Put in your zip code and any regular medications you are on if any. It will show you the plans available in your area and their annual cost. The annual cost is the cost of the premiums plus the medications you take regularly. If you do not enter any medications it will just show you the premiums.

The good thing about Part D is that you can change once a year to another plan, without penalty during the open enrollment. It is easy to change you can do it on line via the Medicare.gov website. When you enroll in one plan you are automatically "unenrolled" from your old plan.

Even if you aren't on regular medications it is important to go ahead and get a Part D plan when you first become eligible since they will penalize you premium wise when you take out a Part D plan in later years.
 
Ken6259 said:
I will be turning 65 this summer and have spent the past couple of months surfing the net and talking to agents regarding my options for Medicare. I think I’ve about got it figured out and have decided that I want to get a Supplement Plan N.

I live near Birmingham Alabama and have talked to a couple of United Health Care (AARP) agents and the starting rate at age 65 looks to be about the cheapest of any but I have heard that UHC is very bad with premium increases as often as every 6 months and quickly makes up for the lower starting premium. Has anyone out there experienced this problem? What about other issues such as customer service?

I have also talked to a representative with Banker’s Life about their Colonial Penn policy. Their premium for Plan N is about the same as at UHC but I just did not get a good feeling about them. For one thing, the agent was kind of pushy and he provided no documentation regarding the policy. I don’t even have anything in writing that tells me what the premium is ….. just his verbal quote. He seemed somewhat indignant when I asked about a brochure or documentation. I have also seen on the net where one site rated Colonial Penn as 1 out of 5 stars for their customer service. Does anyone have any experience (good or bad) with them?

I also had an independent agent call me the other day recommending Assurant (Woodmen of the World). I don’t know anything about them but he claimed they were his favorite. I’m a little leery of going with a small company as I have heard that they can change policies (and companies) in a heartbeat if they get themselves into financial trouble.

So, I’m hoping that someone out there can share some experiences that will give me more confidence in one of the above companies (or scare me away).
Click to expand...

I met with a Colonial Penn Agent here in Central Florida and he was the opposite, not pushy at all, left me a nice booklet on choosing a medigap policy made by the government, in fact, that's where I currently get most of my information. Left me his cell phone number and incouraged me to call him anytime if I had any questions. He even recommended a couple other companies if I didn't chose theirs and said he could assist me with the process to going with them. He even came and assisted me with picking my part D drug plan. None of the other companies went that far, so I was impressed. I researched their company in fact all the major ones and all have good and bad ratings. Here in Fl, I found that Colonial Penn pays the fastest, so Drs offices like them, and they are accepted everywhere.
My neighbor had Mutual of Omaha, and his premium went up 40% last year, and now 35% this year, but he's stuck with his plan because of his many health problems.
I hear AARP will raise your rates every opportunity they can get.
 
[/quote]

I met with a Colonial Penn Agent here in Central Florida and he was the opposite, not pushy at all, left me a nice booklet on choosing a medigap policy made by the government, in fact, that's where I currently get most of my information. Left me his cell phone number and incouraged me to call him anytime if I had any questions. He even recommended a couple other companies if I didn't chose theirs and said he could assist me with the process to going with them. He even came and assisted me with picking my part D drug plan. None of the other companies went that far, so I was impressed. I researched their company in fact all the major ones and all have good and bad ratings. Here in Fl, I found that Colonial Penn pays the fastest, so Drs offices like them, and they are accepted everywhere.
My neighbor had Mutual of Omaha, and his premium went up 40% last year, and now 35% this year, but he's stuck with his plan because of his many health problems.
I hear AARP will raise your rates every opportunity they can get.

[/quote]

Thanks for your response. It sounds like you got a conscientious and personable agent with Colonial Penn. I think that if you can get a good agent who will represent you, that makes a big difference regardless of the company. I had also heard about the issues with Mutual of Omaha so I steered clear of them.

After my last post, I went ahead and signed up with AARP ...... so far no problems but I have only been with them about a month. After talking with several different agents that provided AARP policies, I found a couple who work together as a team and they seem to provide a better than average service as well as being personable and easy to talk with.
 
Hi Mack,
I have a different issue regarding Supplemental Insurance as follows:
I have been trying to analyze whether or not Medicare Supplemental Insurance makes economic sense for me and my wife. We are both 70 years of age and have substantial liquid assets. Current premium rates suggested by AARP is $3000/year each for Plan F coverage. It is difficult to determine what the total liabilities are that this $6000/year protects?
Any thoughts in this regard?
 
tlr1492 said:
Hi Mack,
I have a different issue regarding Supplemental Insurance as follows:
I have been trying to analyze whether or not Medicare Supplemental Insurance makes economic sense for me and my wife. We are both 70 years of age and have substantial liquid assets. Current premium rates suggested by AARP is $3000/year each for Plan F coverage. It is difficult to determine what the total liabilities are that this $6000/year protects?
Any thoughts in this regard?
Click to expand...

The number one reason people over the age of 65 go broke is because of out of control medical cost. If you are 70 and can afford and more importantly qualify for a F plan, go for it. This is the easiest way to know what your monthly costs will be, you just pay your premium and that's it. You'll never have a deductible, or out of pockets, NO SURPRISES! AARP who underwrites through United Healthcare is the cheapest, but it's a group plan. You may want to shop for an issue age company that offers an individual plan, so you can't be cancelled when the government eliminates the F plan. AARP cancelled people who had the old J plan which was better than the F plan. Companies such as BCBS, Colonial Penn, Mutual of Omaha USAA offer these types of plans, and Colonial Penn USAA and Mutual allows you to move from state to state. BCBS won't let you move out of the state without ending the policy. USAA you have to be a member and have a military connection with rate increases to your new age every 4 years. Mutual of Omaha has some big rate increases every year. Shop around, and be suspect of teaser rates, there usually is a reason the rates are so low.
 
Thank you Mack.
But is it true that there are no dollar limits on Supplemental Plan J coverage? I don't think that was true when I reviewed this four or five years ago. In fact I thought it picked up the deductible and 20% of doctors bills but only up to a limit. This is a serious issue as UHC has quoted $250/month for both my wife and me. Thank you again.
 
Hello,

A couple quick thoughts. Plan J is no longer offered or available. If you had the plan, you were allowed to keep it. Plan F is considered to be the most comprehensive and is well sold because people don't like to worry with bills. It may not be the best fit for you, however. If you have substantial assets, and don't mind paying a deductible here or there you may want to consider a different plan. The other plans are there for you to decide what you want to cover out of pocket and reduce your premium. There is even a high deductible F plan that is becoming popular with people who are looking to save on premium. I review all of the medicare supplement plans on my blog starting with Plan A here: http://www.medicare-plans.net/medicare-supplement-plan-a/ The main items you want covered is the 20% coinsurance, the 15% excess charges, and days 21-100 of skilled nursing. If you can stomach the deductibles you can save some money on premium.

matt
 
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