Medicare Premium Increases
 

In 2018 when I first retired and started using Medicare, my Medicare supplement plan with Humana was $141 a month. On the anniversary month in 2019, it increased 5%. Every year since then it has increased 10% and now my premium is $211. A 50% increase over 5 years.

I'm curious as to what others are seeing. Is this normal?

We have UHC PLAN F, $212.36 paid by my employer thru retirement benefit it also increases with age.
Which supplement plan do you have?

What I’m seeing is that Medicare is in my future soon and I can’t wait. The premiums you are stating are a small fraction of what I am currently paying for a very high deductible and maximum out of pocket policy through Obamacare. Furthermore, Medicare has a national network so we will be in network at both our Villages home and our home up north which is the last obstacle that will allow me to establish Florida residency and stop paying state income taxes and qualify for the Florida homestead exemption. Bring it on!

Which Medicare Supplemental Plan (lettered plan) do you have? If you have Plan F then take a look at Plan G. The only difference is Plan F includes the Medicare Part B deductible ($226 per year) and Plan G doesn't. When I say "includes the Part B deductibe" I mean you don't pay it. You may find that the difference between the Plan F annual premiums and the Plan G annual premiums is greater than $226 per year, in which case you should switch to Plan G. The only issue should be whether you can pass the underwriting to change plans. Also, Plan N may be even lower cost than Plan G but you may pay up to $20 co-pays and any excess charges but those are generally pretty rare. As with Plan G, it does not include the Part B $226 deductible. There are also some high-deductible plans. Also, Medicare Advantage Plans typically have $0 premiums (but numerous differences from Supplemental Plans).

I have G.

I’m still several years away from qualifying for Medicare - until then, I am also stuck with the horrible and expensive Obamacare. From the research I’m starting do, I think I will be going with traditional Medicare and add a supplement when the time comes, vs having my medical managed by an insurance company through an “advantage plan” - Will be great to get off of Obamacare and see my monthly medical premiums dramatically reduced when I turn 65.

Don't get me wrong, I think Medicare is great. Even when you add the cost of Medicare to the cost of the Supplement, it's still less than half of the price of my wifes insurance which we get through my ex-employer.

This thread was questioning the 10% per year increase I've been seeing over the last 4 years. From what I'm seeing from the few replies I've received so far, $211 isn't that high.

Very happy with our medicare advantage plan,

I recently turned 65, and also was thankful to be rid of Obama care. I concluded my best option was traditional Medicare, a Plan G supplement thru Florida Blue, and prescription insurance through WellCare (online mail order CareMark). So far so good. Good luck when the time comes.

Medicare premiums are also based on your income which can increase with RMD’S (required minimum distributions) from your IRA’s, 401K’s, etc. Those increases may significantly increase your Medicare premiums.

Our Medicare cost increases every time our Social Security allowance increases. Never tracked it - it is what it is - we just adjust!

Does the plan G supplement through Florida Blue limit you to a local network of Florida Blue approved health care providers? I need to wade through the quagmire of alphabet soup supplement options and find the best choice that will allow us to be in network at both our Florida and Massachusetts homes. I would greatly appreciate feedback from those who have navigated the best Medicare and supplement options that allow a national network of health care providers.

Talk to Shine they are the experts

No, you can go anywhere that accepts Medicare. The supplemental plans pick up the costs, after deductible, that Medicare doesn't cover. All supplemental plans from the different providers are the same (a Plan G is a Plan G is a Plan G). Only the premiums differ.

Switch to United Health Care AARP Plan G. It hasn't gone up for me.

Do you know if it would reduce the chance of a snowbird to claim Florida residency if you chose a Massachusetts Supplement Plan? I read that some states check medical usage to force residents to continue to pay state income taxes.

I'm not limited to a network anywhere. I suggest contacting Ken Laws with Benco Insurance, a Florida Blue representative. He is a straight up guy, super nice, and very informative.
Ken Laws BENCO INSURANCE, LEESBURG, FL contact, rating, reviews, and quotes...

My sister in law is a financial advisor for high net worth individuals and has clients who have been put through extremely extensive audits by high income tax states trying to continue to pry state income taxes from them despite claiming Florida as their primary residence. They pull things like cell phone records, credit card purchase records, medical records etc….. If/when states go to putting devices in automobiles to track mileage for tax purposes that will be another hook they try to put into people. That being said, I’m not overly worried about being audited given the size of our retirement income as I doubt I will be a high priority on their radar. Plus, my intention is to spend over 50% of the year in the Villages, get a Florida drivers license, get the Florida homestead exemption, have a car registered in Florida, and register to vote in Florida. They can pull my credit card records and phone records and it will show where I spend over 50% of the year. We still intend to have a residency up north so using northern medical providers should not be an issue, especially given the HUGE difference in the quality of health care between Massachusetts and the greater Villages area. Plus, I am hoping to find a Florida supplemental plan that has a national network so I can use my existing providers up north and still be in network. That’s what I am currently trying to figure out given all the various supplemental plan options.

Why are you "stuck" with Obamacare? Don't you have other choices for health insurance?

If a person is not eligible for Medicare and doesn’t have insurance through an employer or a business they own, you are pretty much stuck with Obamacare. You don’t necessarily have to buy your insurance through a state exchange, but the law requires all policies to be priced based on Obamacare, so what’s the difference?

Thanks : )

Your Medicare cost is somewhat set. It is added coverage that you can manage by alternatives. One option is to select a Medicare Advantage program which might be next to zero in some cases. But you have to study details. Limited networks of providers is typically one issue. As you enter the Medicare system your health may be great. But things change over time for some of us. The supplement plans definitely will cost more, but as described in posts there is some flexibility to choose options.

Another consideration is possible benefits that you obtained from your employer.

In my case, my former employer pays $1000 per year toward my insurance. So, if I have an Advantage plan at no cost, no payment.

Also, some Advantage plans and supplement plans offer some incentives such as Health Club dues. My wife and I both use Genesis which used to cost $55 per month for each of us. That cost went away when United Health care picked it up.

I'm nervous about leaving ACA. My deductible is insane $9100 per person - but the premium is only $185/month because we are a modest-income household. Plus Florida Blue gives us those silly rewards so I actually only pay around $50/month averaged out. That's for the two of us. We have co-pays, but they're mostly negligible. I pay less than $5/month combined, for three different prescriptions that I take daily.

We'll have to pay the part B cost no matter which route we take, and that'll mean paying monthly more than triple what we're paying now. Yes we won't have to pay IF we have this or that medical need. But with no medical needs at all, it might be more than we can afford.

That is inaccurate. The law you refer to as ObamaCare established that qualifying health care coverage had to provide certain minimum benefits and importantly, very importantly could NOT USE your health care status in setting premiums. You can go outside this huge benefit to you and pay based on your age and after the insurance company gets all your lab work and your doctor's notes to underwrite you individually.

Can I buy health insurance outside of the Marketplace that meets all ACA standards? | KFF

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Thank you I am glad you hit on RMD which is based on your income. Hurts especially when your single

I don't care how expensive the F plan is. It is still better than the Medicare Advantage Plan. I don't pay for a freaking thing with the F plan.

There is a simple answer - CHANGE plans - they all have the same coverages according to the Letter, example G, H, but have different premiums. I have gone from Mutual of Omaha, to World Life Omaha (to reduce premiums) and finally now I'm with Aetna. My premium is $161.00 plan G per month. I work thru a broker and when the premium gets to high he switches me to the same Plan G, just with a cheaper premium. I am 75.

Contact SHINE and get unbiased insurance information from their volunteers. They visit rec centers on a regular basis.

Unfortunately, my health insurance coverage dramatically increased when I retired. I guess I should have appreciated those $127 per month premiums I paid while working.

Switch to a Medicare Advantage plan and get a discount off the premium.

Florida Blue Medicare
 

We are too young for Medicare and have an ACA Florida Blue plan off Healthcare.gov. It is amazing how many local providers I have called that do not take it. One provider recently dropped Florida Blue - they must have been reimbursing too low. I wonder if Florida Blue is better when it is a Medicare policy. Also our mail order Pharmacy is Amazon Prime Pharmacy.

Our Medicare UHC F Plan Supplement is currently $220.00 each. Yes, it does increase every year, just like everything else it seems.

I could not wait to be 65. My husband retired early and my son went to work so my husband eventually was able to get medicare and my son had his insurance through his job. My coverage alone was over 20 k a year in premiums with a 10 k deductible. I could not use urgent care, only an emergency, or they would not pay. The obamacare thing was horrible and could only get limited insurance because I was in NJ and could only get regular care in NJ and PA. I was able to get medicare, with coverage everywhere when I was eligible and the f plan, which is no longer offered, I believe. The medical care in this country is all screwed up!

I had obamacare for a couple of years. I paid for a plan with a 10,000 deductible. It was only a bronze plan. The Gov't agent advised me if I worked fewer hours to lower my income he could get me a gold plan for a lower premium. That, and charging people 6-700 dollars penalty if they could not afford health insurance turned me off to the gov't policies.

Go to the ER with chest pains and if you are not admitted, there was a 1,200.00 penalty. That and charging people who could not afford insurance a penalty for not having it.

The 5% increase seems reasonable but the 10% is on the high side. We have Plan G and couldn't be happier after getting off the horrendous and expensive Medicare Advantage after first year. Luckily there is a thing called trial right which allows you to switch from Advantage to the Medicare Supplement G without having to pass their test questions during the first year.

Obamacare is optional. You are probably on it because nothing else better is available. Why did you sign up for it if it is so bad?

I'm assuming you are referring to Florida Blue as a Medicare Supplemental Plan. If so, if the medical provider accepts Medicare then your Supplemental Plan is accepted, regardless of the insurance company providing the Supplemental Plan.

I have Mutual Of Omaha plan G. Last year I had a shoulder replacement and three new discs in my neck. Not counting prescriptions & a couple office visits. My total out of pocket for the year was $1200! Can’t beat it!

When you move to Florida, file a Declaration of Domicile with the State/County and you should be good. You must advise your helath insurer that you moved as they may not cover that state or the premiums may be different.