• Question
  • Medicare - Supplemental Insurance?

    Asked on 3/1/2007

    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.

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  • Categories: Health Care and Health Insurance, Medicare Supplemental Insurance

Answers

  • NewRetirement User

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  • I need a list of companies that participate in secondary supplemental plans. I cannot afford 2010 rates that I have just received from my existing co. I have medicare A & B and aarp precription ins. Can you help me????

  • Login to rate this answer:   Answered on 11/5/2009
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Yes. You can evaluate Medicare supplemental policies here:
    http://www.newretirement.com/supplemental-health-marketplace.aspx

    The tool enables you to instantly compare rates and coverage.

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 5/17/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.