QUESTION:

Medicare - Supplemental Insurance?

It has been my life long habit not to buy any insurance except what is required by the mortgage lending company, employer provided health and disability insurance requirements and state auto insurance requirements. And I have aimed for catastrophic insurance with hefty deductables. By and large it has worked. My medical issues and that of my young family were average - no broken bones, no serious illnesses, good luck.

Now I am retired and I am on Social Security which includes Medicare. I carry no supplemental insurance. When you figure the monthly payments, the deductables, unless you have a catastrophic illness, it seems to me that the Insurance Company will make sure that they will not lose money on average me. Instead, they would MAKE money. That is why you see so many insurance agents. To me, it looks like a very labor intensive business with high commission overheads.

What is the alternative? When I lived in Rochester, NY, the University of Rochester had a well regarded Medical School and the faculty practiced at Strong Memorial Hospital. I needed a sinus operation according to the Ear, Nose, and Throat doctor who was also a faculty member of the Medical School. While I liked the doctor, I said that a Medical Student would do the actual operation. The doctor agreed, saying that he would be right beside the student. "Okay", I said. "BTW, is there a discount when the student operates?" "Well, yes", said the ENT doctor. "Great", I responded.

Rochester also had the Eastman Dental Clinic where you could/can get discounted dental care.

Now where I live, there are no Medical or Dental Schools, which, I think, is unfortunate, for me. But if the need arises, I am certain that I can find a Teaching Hospital within driving distance of where I live. And you can bet that I will give that a serious consideration if I am faced with a serious medical condition, which I already have -- I have a stent and an angioplast in my arteries. The hospital charged $28,000 for the procedure. Medicare paid $17,000 and I received a bill for $1,000. I guess the difference was used during their tax time to neutralize any profit potential - but I am only guessing.
asked by grandpa24551, 3/1/2007
Categories: Medicare Supplemental Insurance, Medicare, Health Insurance
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