Before I found this site I watched numerous videos from other sites. I can honestly say there was never a video like this one on the breakdown of the supplemental plan cost increases and how they worked. I still love the "G" plan but it got me to wondering what my costs would be at say age 85. But then I smiled and thought well if I am alive and healthy at 85 what do I care what the costs are. I will be glad to pay it, lol. Excellent Video!
What is missing from your analysis is the nasty practice of "closing the book". I have Mutual of Omaha and they screwed me! They routinely "close their book", thus isolating policy holders into a dead pool. In five years, my Plan G supplement premiums have doubled. The annual average rate increase has been 15.9%. And because of health conditions, I won't be able to pass underwriting with a different carrier.
Great job man! Honestly the only TH-cam videos that I keep/always watching about Medicare and SS is your videos. I watched a lot after I turned 65 because I was really confused about Medicare. And your videos are the best. Well explained, very detailed very helpful. Thank you so much for doing this.
This is a great vid on the mechanics of rate changes for supplementals. What would help greatly would be a history of rate changes of the various plans and recommendations for forecasting future rate increases. This is essential for anyone trying to plan their retirement, yet none of YT channels focusing on Medicare will even touch this subject! It's very frustrating.
We agree with you. The struggle is that plans don't make those numbers public. Most plans will inform agents of rate increases for new enrollees, meaning in 2022, the rate for a 65 year old to start on the plan is $X and then in 2023 that same rate is moved to $Y. But many carriers don't publish what the renewal increase is for the person already on a plan the next year. Clients can share that back to the agent when the individual receives the notice from the insurance company. So, agents over time will know how the insurance companies generally operate. Do they start with low introductory premiums and then throw on aggressive increases? Others may have a higher starting premium but more stable increases. We're with you though. Having those historical rate increases published would be helpful.
What a clear and helpful explanation of a very complex topic. Your presentation style and graphics make the information very understandable and easily digested. Thanks for your efforts and keep up the great work!
So glad it helped! Thank you for watching! We get a lot of people asking for "The plans that don't increase." We hope this video helped clarify: 1. That those plans don't exist. 2. Maybe the issue-age plans are what they are thinking of vs attained age. Appreciate you!
Medicare pricing is crazy, it changes per city, even in the same state. I recently signed up for plan G in TX, but might move to AZ in a year or two, so I looked up the prices in AZ, and most carriers were more expensive in AZ compared to Dallas, TX. I signed up with Ace since the cost were about the same, they are only a year old so I hope I did not make a mistake since I will probably be with that company for the rest of my life.
It does get pretty wild. Location is a big factor. The insurance company is a big factor. Some companies start low and have more aggressive increases. Some don't. That's what agents (hopefully) will help with. Thank you for watching and adding your perspective!
@@Theretirementnerds When I was looking for a plan G, Mutual of Omaha was $134.00 in Dallas, in the last month or two the price went up to $141.00, their price in Tucson, AZ is $160.00. I looked at other cities just to see their prices and Orlando, FL was $195.00 for Mutual of Omaha, Ace was $212.00, Long Island, New York was $476.00 for Mutual of Omaha.
Great explanation of insurance complexity. One certainty is that healthcare inflation will be higher than CPI, so one can expect the trend will be for premiums to go higher to offset this higher rate of inflation. However, the downside protection that Medicare Supplement Plans provide you will be well worth the cost if using a sharp insurance person like 90 Days From Retirement when choosing.
Thank you David! Agree on the downside risk protection! Supplements are great for those who can afford them. We have wonderful people that reach out and say, "I want the supplement plan that doesn't have premium increases." Unfortunately, those done exist ☹️ Appreciate you!
Hi Erik, My husband is retiring next month. We signed up for Medicare B (already had Medicare A to begin 12/1/23). We are trying to decide on what Insurance company we want to go with as our Medicare Supplement - We live in Massachusetts both born after 1-1-1955 Is there a resource to see what insurance companies rate increased history has been? Is there a way to find out the consumer rating (?star rating for the different insurance companies)? we have so few options in Massachusetts. Thank you for your always in-depth but easy to understand videos!
Hi Dorie! Thank you for watching! There isn't a site (that we know of) that has historical premium increases. The insurance companies don't share those. If you want to send me an email to erik@90daysfromretirement.com I can connect you with someone familiar with Massachusetts plans. One thing to remember as well is that historical increases don't necessarily predict future increases. We have seen instances of companies that are quite stable for years, and then jump quite a bit and vice versa. Happy to help in any way we can!
How do we know in n.y what the community pricing is ,is their any way of knowing,besides what the insurance company tells us for our zip code ,my plan n went from 211. this year to 248. Next year,who governs them
@@andyrisko3195 the insurance company itself must submit plan rates and increases to the state for approval. So that increase was submitted by your insurance company and approved by your state department of insurance. A broker would be able to help you compare from one company to another. Insurance companies likely won't show you their competitors' rates. Hope that helps!
That'll depend a lot on where you live. If you want to send me an email to erik@90daysfromretirement.com with your zip code, we can look into it for you.
Do you have a vid addressing considerations of plans in issue age states if you shift out of that plan? I heard something about losing or resetting that issue age. Thx!
I assume community-rated plans are the most expensive. Regular health insurance in NY, for example, is community-rated, and NY is one of the most expensive states for health insurance for that reason (among others).
Not necessarily. There are areas of the country where they aren't the most expensive. NY is one of, if not THE highest cost state for Supplement plans. Florida is high as well.
Before I found this site I watched numerous videos from other sites. I can honestly say there was never a video like this one on the breakdown of the supplemental plan cost increases and how they worked. I still love the "G" plan but it got me to wondering what my costs would be at say age 85. But then I smiled and thought well if I am alive and healthy at 85 what do I care what the costs are. I will be glad to pay it, lol. Excellent Video!
Thank you so much! We sure do appreciate you! So glad you found us!
What is missing from your analysis is the nasty practice of "closing the book". I have Mutual of Omaha and they screwed me! They routinely "close their book", thus isolating policy holders into a dead pool. In five years, my Plan G supplement premiums have doubled. The annual average rate increase has been 15.9%. And because of health conditions, I won't be able to pass underwriting with a different carrier.
Thank you for adding this. It is a very important aspect!
Thank you for the Medicare information, increases 😮
Great job man! Honestly the only TH-cam videos that I keep/always watching about Medicare and SS is your videos. I watched a lot after I turned 65 because I was really confused about Medicare. And your videos are the best. Well explained, very detailed very helpful. Thank you so much for doing this.
You are too kind! Thank you for such nice words. Seriously. Appreciate you!
How on earth can anyone think that costs will be flat forever ?
This is a great vid on the mechanics of rate changes for supplementals. What would help greatly would be a history of rate changes of the various plans and recommendations for forecasting future rate increases. This is essential for anyone trying to plan their retirement, yet none of YT channels focusing on Medicare will even touch this subject! It's very frustrating.
We agree with you.
The struggle is that plans don't make those numbers public. Most plans will inform agents of rate increases for new enrollees, meaning in 2022, the rate for a 65 year old to start on the plan is $X and then in 2023 that same rate is moved to $Y. But many carriers don't publish what the renewal increase is for the person already on a plan the next year.
Clients can share that back to the agent when the individual receives the notice from the insurance company.
So, agents over time will know how the insurance companies generally operate. Do they start with low introductory premiums and then throw on aggressive increases? Others may have a higher starting premium but more stable increases.
We're with you though. Having those historical rate increases published would be helpful.
What a clear and helpful explanation of a very complex topic. Your presentation style and graphics make the information very understandable and easily digested. Thanks for your efforts and keep up the great work!
Thank you so much Mike! You are too kind!
Keep up the excellent explanations of this confusing life chapter that we are soon entering into. You deserve more subscribers. Subscribed!
Appreciate that so much! Thank you for watching and your kind words!
Great video and great info. Now I understand how the issue age plans work in Florida. Thank you!!
So glad it helped! Thank you for watching!
We get a lot of people asking for "The plans that don't increase."
We hope this video helped clarify:
1. That those plans don't exist.
2. Maybe the issue-age plans are what they are thinking of vs attained age.
Appreciate you!
Thank you again for great information!
Thank you so much!
Good topic
Medicare pricing is crazy, it changes per city, even in the same state. I recently signed up for plan G in TX, but might move to AZ in a year or two, so I looked up the prices in AZ, and most carriers were more expensive in AZ compared to Dallas, TX. I signed up with Ace since the cost were about the same, they are only a year old so I hope I did not make a mistake since I will probably be with that company for the rest of my life.
It does get pretty wild. Location is a big factor. The insurance company is a big factor. Some companies start low and have more aggressive increases. Some don't. That's what agents (hopefully) will help with.
Thank you for watching and adding your perspective!
@@Theretirementnerds When I was looking for a plan G, Mutual of Omaha was $134.00 in Dallas, in the last month or two the price went up to $141.00, their price in Tucson, AZ is $160.00. I looked at other cities just to see their prices and Orlando, FL was $195.00 for Mutual of Omaha, Ace was $212.00, Long Island, New York was $476.00 for Mutual of Omaha.
@jackfrost-fu7hz New York and Florida are 2 of the highest states for Supplement premiums 😬
I'm going to be moving in a couple of months so I will be having to look for a new Part G plan. Good to know about these differences. Thanks.
Good luck on the move!
I learned a lot!
So glad! Thank you for watching!
Great explanation of insurance complexity. One certainty is that healthcare inflation will be higher than CPI, so one can expect the trend will be for premiums to go higher to offset this higher rate of inflation. However, the downside protection that Medicare Supplement Plans provide you will be well worth the cost if using a sharp insurance person like 90 Days From Retirement when choosing.
Thank you David! Agree on the downside risk protection! Supplements are great for those who can afford them.
We have wonderful people that reach out and say, "I want the supplement plan that doesn't have premium increases." Unfortunately, those done exist ☹️
Appreciate you!
@@Theretirementnerds Right back at you.😸
Can u imagine the “community rate” for the supplement for a group who is 100% jabbed??
This is SOO helpful
Thank you Sid!
Hi Erik, My husband is retiring next month. We signed up for Medicare B (already had Medicare A to begin 12/1/23). We are trying to decide on what Insurance company we want to go with as our Medicare Supplement - We live in Massachusetts both born after 1-1-1955 Is there a resource to see what insurance companies rate increased history has been? Is there a way to find out the consumer rating (?star rating for the different insurance companies)? we have so few options in Massachusetts. Thank you for your always in-depth but easy to understand videos!
Hi Dorie! Thank you for watching!
There isn't a site (that we know of) that has historical premium increases. The insurance companies don't share those. If you want to send me an email to erik@90daysfromretirement.com I can connect you with someone familiar with Massachusetts plans. One thing to remember as well is that historical increases don't necessarily predict future increases. We have seen instances of companies that are quite stable for years, and then jump quite a bit and vice versa.
Happy to help in any way we can!
How do we know in n.y what the community pricing is ,is their any way of knowing,besides what the insurance company tells us for our zip code ,my plan n went from 211. this year to 248. Next year,who governs them
@@andyrisko3195 the insurance company itself must submit plan rates and increases to the state for approval. So that increase was submitted by your insurance company and approved by your state department of insurance. A broker would be able to help you compare from one company to another. Insurance companies likely won't show you their competitors' rates. Hope that helps!
any idea what the pricing history is with physicians mutual attained age supp plan, for a male?
That'll depend a lot on where you live. If you want to send me an email to erik@90daysfromretirement.com with your zip code, we can look into it for you.
Do you have a vid addressing considerations of plans in issue age states if you shift out of that plan? I heard something about losing or resetting that issue age. Thx!
We don't have a video on that, but we can put that on the list! Great suggestion!
I assume community-rated plans are the most expensive. Regular health insurance in NY, for example, is community-rated, and NY is one of the most expensive states for health insurance for that reason (among others).
Not necessarily. There are areas of the country where they aren't the most expensive. NY is one of, if not THE highest cost state for Supplement plans. Florida is high as well.