Medicare Supplement Insurance Policy Costs Vary By Up to 68 Percent

Monthly Costs for 65 Year Old Range From $118 to $444 According to Medicare Supplement Insurance Association's 2016 Price Index

American Association for Medicare Supplement InsuranceApril 4, 2016 10:18 AM

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Medicare Supplement insurance expert, Jesse Slome, head of the American Association for Medicare Supplement …

LOS ANGELES, CA--(Marketwired - April 04, 2016) - A 65-year old male purchasing Medicare Supplement insurance will pay anywhere from a low of $126-per-month to a high of $444-per-month according to the just-published 2016 National Medicare Supplement Price Index.

"Costs for Medicare Supplement insurance, also called Medigap, vary significantly for both men and women," reports Jesse Slome, director of theAmerican Association for Medicare Supplement Insurance (AAMSI), which released the first phase of the study that compares rates for the top-10 metropolitan areas.

According to the Price Index, a 65-year-old woman will pay as little as $118-per-month in San Antonio, TX to as much as $444 monthly if she lives in Manhattan, NY. The Association study examined costs and reported percentage differences between the low and high rates. "For a 65-year old male, the average difference was 39 percent," Slome notes. "For 65-year-old females, the average difference was 34 percent but in some cities the spread between the lowest and highest costs is as much as 48 percent."

Some 12.2 million Americans were protected by Medicare Supplement insurance in 2015 a significant increase compared to 2010 when 9.7 million owned a Medigap policy. "More Americans value the significant benefits and advantages these policies provide," Slome shares. "With 10,000 Americans turning 65 every day, the number of Medigap policyholders will continue to grow."

The Association examined monthly rates for Medicare Supplement Plan F, the most commonly purchased coverage. "Some 66 percent of individuals choose Plan F," Slome shared. Private insurers offer Medigap policies but the government has standardized coverage by assigning a specific letter to make it easier to comparison shop. Three states that had standardized policies before the federal law passed follow different rules.

"Prices vary and no single insurer was consistently the least expensive nor the most expensive," Slome says the study found. "Consumers who want the best coverage for the lowest cost would be well served by working with a knowledgeable Medicare Supplement insurance agent who can educate and help you with the comparison shopping."

Highest Costs in New York City; Lowest Costs In San Antonio, Texas

Among the top-10 U.S. cities, the highest cost for Plan F coverage was $444-per-month for a 65-year-old male living in Manhattan, New York according to the Price Index. The lowest cost was $126-per-month for a male living in San Antonio, Texas. For a 65-year-old female, the highest cost was $444 and the lowest was $118 for the same cities.

Jesse Slome is director of the American Association for Medicare Supplement Insurance, established to provide consumer awareness and education, marketing support and networking opportunities for professionals who market Medigap insurance.

The organization maintains the nation's largest online directory of local independent Medicare Supplement insurance professionals at www.medicaresupp.org or call AAMSI at 818-597-3205 for information.

Slome is a leading national advocate for consumer awareness and financial and insurance product education. He has authored over 25 comprehensive consumer books and guides, and recently established the National Advisory Center for Short Term Care Information. He is the author of the soon-to-be published Essential Guide to Short-Term Care Insurance Protection.

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Medicare 101: What is Medicare Part B?

TransAmerica Page: Medicare 101: What is Medicare Part B?

Now that you’ve learned about Medicare Part A, you may also be wondering what Part B can do for you. While Part A will help you with things like hospital stays and skilled nursing facility care, Medicare Part B helps with other areas in which you may need coverage. Find out what Medicare Part B covers and if it’s for you.

What does Medicare Part B cover?

You may remember that in Part A, we explained Original Medicare is the term used when a plan combines Part A with Part B. That’s because in addition to the benefits Part A will give you, Part Bcovers clinical research, ambulance services, durable medical equipment, mental health (inpatient, outpatient, and partial hospitalization), the ability to get a pre-surgery second opinion, and limited outpatient prescription drugs.

Who qualifies?

If you aren’t eligible for premium-free Medicare Part A, not to worry; you can buy Part B without having to buy Part A. Here are the qualifications you need to meet:
• 65 years or over
• A U.S. Citizen or permanent resident who has legally been in the country for five consecutive years

When should I enroll?

Much like with Medicare Part A, Part B’s has a seven-month Initial Enrollment Period. This means anywhere between the three months prior to month you turn 65, and the three months after that. For example, if your birthday is in April, you are eligible from January through July.

However, if you don’t sign up within that time, you may have to pay a late enrollment penalty for the entire time you have Part B. According to Medicare.gov, “Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B, and coverage will start July 1 of that year.”

How much does it cost?

If you signed up for Part B when you became eligible, then you’ll likely pay a $104.90 premium each month, according to Medicare.gov. Though, this premium can change based on your income, and recent reports indicate it will cost more for a few select groups in the future.

There are some people who automatically get Part B. If you receive Social Security benefits, Railroad Retirement Board (RBB) benefits, are under 65 years old with a disability, have ALS, or live in Puerto Rico and receive Social Security or RBB benefits, then you are eligible for automatic enrollment.

With these benefits, it’s possible that you still don’t feel like you’re getting the coverage that you need. In that case, you can get supplemental Medicare insurance plans.

For more information on Medicare, check out Transamerica Center for Health Studies^®‘s handy guide.

About Transamerica Center for Health Studies^®.
The Transamerica Center for Health Studies^® (TCHS) is a division of the Transamerica Institute^®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

Cancer Statistics & How We Can Help

What Is Cancer?

Cancer is the general name for a group of more than 100 diseases. Although there are many kinds of cancer, all cancers start because abnormal cells grow out of control. Untreated cancers can cause serious illness and death.

Lifetime Risk of Developing or Dying From Cancer:

The lifetime risk of developing or dying from cancer refers to the chance a person has, over the course of his or her lifetime (from birth to death), of being diagnosed with or dying from cancer.

These numbers are average risks for the overall US population. Your risk may be higher or lower than these numbers, depending on your particular risk factors.

Males

	Risk of developing		Risk of dying from
	%	1 in	%	1 in
All invasive sites	43.31	2	22.83	4

Females

	Risk of developing			Risk of dying from
	%	1 in	%		1 in
All invasive sites	37.81	3	19.26		5

Economic Impact of Cancer

The financial costs of cancer are high for both the person with cancer and for society as a whole.

The Agency for Healthcare research and Quality (AHRQ) estimates that the direct medical costs (total of all health care costs) for cancer in the US in 2011 were $88.7 billion.

·         50% of this cost is for hospital outpatient or doctor office visits

·         35% of this cost is for inpatient hospital stays

·         11% of this cost is for prescription drugs

*PLEASE NOTE: These estimates are based on a set of large-scale surveys of individuals and their medical providers called the Medical Expenditure Panel Survey (MEPS). Estimates were accessed directly from the MEPS website, www.meps.ahrq.gov/mepsweb/.

One of the major costs of cancer is cancer treatment. But lack of health insurance and other barriers to health care prevent many Americans from getting optimal health care.

·         According to the US Census Bureau, about 48 million people (15.4%) in the US were uninsured in 2012.

·         About 10% of children in the United States had no health insurance coverage in 2012.

And according to Cancer Facts & Figures 2015, “Uninsured patients and those from ethnic minorities are substantially more likely to be diagnosed with cancer at a later stage, when treatment can be more extensive, more costly, and less successful.”

This year, about 589,430 US residents are expected to die of cancer – that’s more than 1,600 people a day. Cancer is the second most common cause of death in the US, exceeded only by heart disease. Cancer accounts for nearly 1 out of every 4 deaths in the United States.

Cancer costs us billions of dollars. It also costs us the people we love. Reducing barriers to cancer care is critical in the fight to eliminate suffering and death due to cancer.

References

American Cancer Society. Cancer Facts & Figures 2015. Atlanta, Ga. 2015.

Last Medical Review: 04/15/2015
Last Revised: 04/15/2015

How can we help? || SBS Client Testimonies: 

1. "I am 70 years old and on Medicare.  I also have a good Medicare supplement. When I was diagnosed with Cervical cancer 3 years ago. I knew the medical bills would be covered.  However, the treatment, (Chemo therapy and radiation for 8 weeks) was at a cancer center 180 miles from home.  That’s when I found out how valuable my cancer insurance proved to be. The motel bill for two months, the travel expenses, eating out,  even someone to take care of the house while we were gone were all taken care of  with the funds we received from the cancer insurance policy. Our daughter took time off work to be with me and we were able to cover her expenses too.  We had the peace of mind that all the unexpected expenses were covered. It was a stressful time but the cancer insurance sure eased the financial burden."    

- Virginia  (Missouri)

2. "I have carried Medicare Supplement Insurance with SBS for 8 years.  When my agent spoke to my husband and I about the value of a cancer policy, and we saw how inexpensive the coverage was, we decided to move forward with the plans even though we knew our supplements would cover the majority of the medical bills. Less than 3 years after purchasing the policy I was diagnosed with breast cancer.  Within 2 months of filing the claim after my diagnosis, I had a check in my hands from GTL Insurance Company for $5,000.  That money was such a blessing at a time that was both financially and emotionally difficult!"

     - Lula Bell U. (Missouri)

     3. "I purchased my GTL cancer plan in November of 2010.  By September of 2011 I had been diagnosed with internal cancer.  I was so relieved when I received my $5,000 check from my cancer plan, after having the policy for less than a year!  We were under such serious financial strain at the time, with our home recently being condemned because of black mold, we didn't know what we were going to do.  We were able to use that money for the deposit and rent on a new apartment.  I can't thank our agent enough for stressing the importance of carrying cancer insurance."

     -Georgia S. (Missouri)