At the 8:35 minute mark ... I didn't realize that if you move from one state to another that your original Plan G plan moves with you! I am always learning something from you, thanks! I have several magnets on my refrigerator and my favorite one says, "I only have a kitchen because it came with the house".
I live in Florida and have a plan N that has worked out well so far. It costs me $141 a month but I just started in August so no telling what it will be when I renew next summer. Btw, magnets are cool!
Magnet. Very interesting. I like statistics for some reason. I am from Connecticut, 74 year old home owner. Through my retirement service, I have Plan G through United Health Care. Well worth 263.25 dollars per month. They have paid for every treatment for my broken bones due to severe Osteoporosis.
I watched your countdown with a bit of apprehension thinking Texas would pop up any minute, but thankfully no. It was interesting to learn more about how switching Plan G providers is not really a good option most of us and how some states make it even harder. Another great video, Erik. Thanks! Closing thought: Magnets have always been so attractive. I once asked a magnet how it felt to be so attractive, and it said, “Oh, I’m just enjoying the ‘pole’ position in life.” - -Lyle
Minnesota is a magnet for me, except for its supplement plans (I lived there for 10 years). This is such a wonderful video; I'll make sure to watch the "best" and "MA" ones (if I haven't yet). It is sweet that you slip in a little family video. A+++++ !!!!!!!
I live in the NYC area and the average Plan G cost you quote is not representative of what people are actually paying. As you correctly point out 80% of people use AARP/United Healthcare, which charges $306 per month, versus the lowest cost plan at $298. While this is higher that other parts of the country, all plans are community rated meaning that even though you pay more at age 65 than other states, you don’t have to worry about the costs going up with age or being stuck in a closed pool because your health deteriorates. The really smart move in NYC though is to get a high deductible Plan G, which can be had for as little as $68, or a total of $2,856 less in premiums per year than the UHC Plan G, versus an incremental $2,800 deductible. Meaning that if you have a really bad year health-wise your are still $56 ahead of the game with a high deductible G plan and if you have a better year your ahead of the game in terms of total costs, premiums plus deductibles.
Finally! Someone who addresses the high expenses and weirdness of supplement plans in Minnesota! We DO have good health care options in the state though and senior health is better than alot of states. The title of this video attracted me like a magnet. ;)
A good friend was diagnosed and treated for pneumonia for 9 months before they figured out it was cancer, not pneumonia. It was during the pandemic and I was not allowed to visit and they didn't have a funeral. So much for the Twin Cities health care. Sad.
I forgot to repeat a comment I made on another of your videos: Your delivery is flawless, as is what you say (e.g., about "average") and how you say it, as though you rehearsed and read it from a screen (not that there's anything wrong with doing that, LOL). By the way, I would love to contribute to your Hawaii trip, but I live only on SS.
We're #1 - We're #1 !!!!!!!!!!! At least your partners over at the Breitenfeldt Group were able to help me understand how it all works and got me signed up for what's best for me with part N and part D plans. They sent a lot of information, but no kitchen magnet.
Thank you, Erik, for another honest look at Medicare. My question is, if you live in a state with non-standardized Medicare supplemental plans like MN, WI and MA (I believe), then move to a standardized state, how does that translate if no one plan is going to be exactly what you had in MN, WI and MA? BTW, I have lots of magnets on my refrigerator! 😊
Thank you for watching! 🧲 Supplement plans travel with you, so they will still cover things really well as established by how the plan was built in the non-standard states. If you move to a state where switching supplements is easy, you can switch to that state's setup (standard) plans if you want. If they aren't easy to switch, and your health is poor, you just keep your original plan from MN, WI, or MA.
I live in Wyoming I'm 75 been with mutual of Omaha for over 10 years on plan g they have priced me out of business I'm also security limited income My premium is $334 a month so I decided to try to get something a little cheaper on a plan g I tried United United come back and told me my premium would be over 400 a month now I'm in good health had a few surgeries over the past few years but nothing serious at this point in time I have no option but advantage and that scares me I don't like advantage plans people I know that's on them have huge bills so I'm kind of stuck
In my state of Wisconsin we don't have standard supplement plans but we have a base plan and can add riders to them to make them the same as the standard plans. Might as well just have the standard plans. LOL!
Wisconsin's rates aren't as high as Minnesota, so the non-standard plans are made a little easier to handle with more reasonable costs :) Appreciate you!
Ouch! You nailed my state, Erik! 😊 Oh well, at least we have pretty high quality care providers here, including hospitals with Magnet designations, meaning their nursing care is excellent. Take care.
@@anthonygardner400 Haha! On my family travel channel, I am thinking of putting together a video of the best/worst driver states we experienced. Minnesota would be in the top 5 best list for sure.
In NY, I have Plan F+, or High Deductible. I f you are in reasonably good health, the High Deductible is a big money saver. I pay $78 per month. I'm responsible for the first $2,800, but remember that is not actual billed money, it is $2,800 of negotiated Medicare billings.
Interesting magnet stuff. I live in Illinois and Florida and just turned 65. Where do I apply? Is one state better than the other to switch to if I move full time to one or the other? I was planning on the G supplement
Illinois average costs will be lower than Florida's for a Plan G. I'd recommend using an agent licensed in one or both states to help with that. I have a partner who is. Erik@theretirementnerds.com is my email.
I love picture magnets. I live in MN and I have a standard Plan N and 2 years ago at 65 I paid $160. Each year since it's gone up $10. Are you sure you didn't get MN confused with WI?
I will point out that Minnesota actually has Minnesota care which is actually pretty good. If your income isn’t high enough, you can qualify and most people I know heading into retirement age likely qualify straight up. I would say if you could do this video again, considering what each state has helped cover its citizens, that would be a much clearer indication. Personally, I don’t think there should be a Medicare supplement and everything should be moved back to normal Medicare like it was. Plus the right of the government to negotiate better prices.
Medicare like it was has 20% co insurance, major sized deductibles for hospital care and no out of pocket limit. Medicare already negotiates lower prices for services to the point doctors are slowly dropping it. The main thing Medicare doesn’t negotiate is drug costs although they are starting to do so to some degree soon.
negotiating drug prices has nothing to do with the doctor prices. And your comment has nothing to do with what I’m saying and is a red herring. right now, he cannot negotiate with the pharmaceuticals to reduce the price to the same level as what is going on with corporations. The American public is being robbed. there are many drugs that have gone up exponentially in price with no explanation other than sending it over to Wall Street. These drug companies have not reinvested and the prices and cost for them have not gone up. Production remains the lowest level in terms of cost to them. there are also that were open to the public to help keep them low so the poor could actually afford it and I’m speaking specifically to the drug to helps people who have diabetes. There hasn’t been any major increase or cost or development in that to justify the 1000% increase.
I've said it before, so please excuse the echo: There is no free lunch. I suspect that NY is expensive precisely because they make it easy to jump around. Gauss appreciates the attention
On the subject of Minnesota plans and their costs. The extended basic plan tends to be slightly cheaper than just getting the basic plan plus riders . We also have the co pay plan which is the equivalent of the N plan and a high deductible plan similar to high deductible G. It does appear to me that the extended basic plan is similar in price to the F plan equivalent Minnesota has though. I suspect the reason it’s so expensive here is because medical care is expensive here especially with the Mayo Clinic being available. I know a lot of people who go there regularly. The truth is Minnesota is an expensive state, unexpectedly so considering its location. Magnet.
Minnesota is the absolute worst. To get the equivalent of a G plan is over $100 more in Minnesota. I’m trying to help my grandmother figure it all out.
Why would states not want to at least be part of the national standard of supplement plans (G, N, HDG, etc.)? Strange. The ONLY way to go with a supplement plan in NY is an HDG plan. They are still inexpensive. It's what I would get if I lived there. I have a lot of refrigerator magnets.
I have never earned over $20,000/year and there are huge gaps from living and working overseas where I did not realize that I should have contributed 12.4% to FICO. It sounds like I only have Advantage plans to work with and will never be able to go to a supplement plan. Is this correct? Dammit the magnet fell off the frig again and my grandchild's crayon picture is being shredded by the cat. She is constantly making bedding material.
People under certain income thresholds cannot get a supplement plan, yes. Companies and agents are not allowed to offer them if income is under certain levels. Thank you for watching! 🧲
Demographic health profiles, healthcare costs, and the fact that anyone can jump on a supplement plan with no denial for existing conditions anytime all contribute.
@@Theretirementnerds This is true. In New York I go back and forth every yaar from Plan G to Plan N or Plan G High Deductible or even back to MA Medicare Advanatage plans. Im 75 and this is. what I do to save money...
Thank you for watching! 🧲 No. The birthday rules are confined to the states that have them. If you get a supplement plan in California (has a birthday rule) and move to Utah (no birthday rule) you cannot switch easily around your birthday in Utah. However, if you get your plan in Utah (no birthday rule) and move to California (has a birthday rule) you would be able to use the birthday rule if you are living in California. Does that makes sense?
@ronsolnok2983 it "should." It depends on the insurance company. If it's an insurance company that has a presence in the new state, you inform them of your address change and they should normalize your rate to that state (up or down). some do that immediately, others upon your plans renewal (anniversary) date. If the insurance company does not have a presence in your new state, they will likely adjust your rate, but it might not be as accurate as the other companies that have a presence there. We've seen higher than normal adjustments and lower than normal. Depends on how large and sophisticated the insurance company is.
I like cute fridge magnets of my grandchildren who live in FL. Where I want to move. So what are the other two states that don’t use letters for their supplement plans? You left us hanging😆
As a MN resident, I'd like to give a bit of pushback on having the "worst" supplement plans. We may have some expensive plans for young retirees, but the costs dont go up nearly as fast as most other states. I'd like to see what the costs are for an 80yo on a G or N plan in other states conpared to MN.
Totally open to pushback. I really like Minnesota. To give an idea... in Sioux Falls SD (neighbor) for an 80-year-old female, it's around $200/mo. If both went on Medicare at 80, MN will still be considerably higher. If both went on at 65, MN would likely still be higher than SD options, but there are other states where an attained age plan could catch and pass.
How will Project 2025 impact Medicare? I read that it wants to steer seniors into Medicare Advantage plans. I don’t know what to do. I can get on my husband’s Medicare Advantage plan through his union but if he passes away I will have to go off his MA plan after 5 years with an $1800 out of pocket maximum. I got a letter from UHC for a plan G for $160 a month for initially going into Medicare. I turn 65 in January.
Project 2025 is nothing more than a "wish list" put together by the Heritage Foundation. I wouldn't let the desires contained within worry me, as I personally doubt much it it will ever make its way into bills sent to Congress, much less get passed and signed into law.
This not my first time to comment but like anything good I was drawn to it like a magnet is drawn to steel. I'm still working at 68 but was thinking to retire in Thailand in 2 years at maximum SSA. I know you like supplement plans but what do think about Advantage Plans that offer a Part B payback? I will be living overseas so won't be using health care in the US.
Per video, average Plan G in Florida is $195 for 65-yo... Based on OUR ZIP CODE, she pays $255, this to me is legalized thievery. For my Plan F 71-yo I pay $325... I thought that Medicare was a National Federal Program and should normalize process/pricing among states and should not be heavily penalized based on your ZIP CODE!. Total Corporate greed in America.
@rzorrilla52 -- Indeed, the USA's inability to implement economies-of-scale for all healthcare billing (not just for caps on Insulin etc.) costs Americans tons of money. The overhead costs to build and maintain 50 different sets of laws, standards, forms, claims adjudication, plan contracts etc. is a significant part of why our healthcare costs are among the highest in the world. We typically spend 30 cents of every dollar on overhead administration of our healthcare "system" (such as it is...) Our brethren in France not only can see the costs of procedures ahead of time, they know that it is nearly the same anywhere in the country. And the system overhead is 12-13% - less than half of the USA's.
How can you say the GI rules in NY are the best while the premiums are unaffordable for too many people. Insurance is used to spread risk. If you have wide open GI rules then plans are too expensive. You could say NY has the most open ended GI rules and that would be the end of superlatives. These GI rules punish one set of consumers at the same level of reward for another set. Raise rates of everyone to accommodate people that want to pay nothing and then when faced with health issues jump into max coverage. If these plans are unaffordable for 40% (I made that up) then that is not good? I do not know the actual % it is unaffordable for but we can know at some it is based on income. Magnet.
@@Theretirementnerds I have a request. I am looking at the various dental and vision plans. Trying to understand what is covered and not covered. There are several tiers with in each companies offerings. I have looked at Dental Dental and VSP Vision. Would like your insight to the process. Thank you!
Your estimate for Florida is off. I’m 65 in South Florida and my Mutual of Omaha “N” plan (which is less than the “G” plan) is going up to $260 per month this next year. A plan “G” is over $350!
Dang, Minnesota sounds in many ways to my liking (except for the brutally harsh winters), it's in the "lifeboat belt" states for climate resistance...But that non--standardized Medicare plans, along with Wisconsin and I think Massachusetts(?) is odd, plus, why is it so expensive? This is most "repelling" 🧲 hehehe. Really looks and sound like a gorgeous state though. Sigh.
I really enjoyed Minnesota. Only been there twice - both in the summer - and loved it. As @effwitt said, last winter was mild. I hear they can get pretty intense, too. 🧲
@@Theretirementnerds I heard you say in this video that moving to a different state is NOT a qualifying event to change Supplement Plans? I thought it was - or is that just Advantage Plans since they largely are by zip code?
At the 8:35 minute mark ... I didn't realize that if you move from one state to another that your original Plan G plan moves with you! I am always learning something from you, thanks! I have several magnets on my refrigerator and my favorite one says, "I only have a kitchen because it came with the house".
Thank you so much for watching! 🧲 :)
@@Theretirementnerds For how long can that Plan G stay with you if you move to another state?
Why cant all states operate the same - no wonder this country is in a mess.
That would make too much SENSE........
@@MaryAthey-bc9kl we are a capitalist country and we don’t like rules in profit
Supplement is insurance that is state regulated.
Exactly
I agree.
It should be the same with ALL states. This is so convoluted...it's really nutty!
I live in Florida and have a plan N that has worked out well so far. It costs me $141 a month but I just started in August so no telling what it will be when I renew next summer. Btw, magnets are cool!
Thank you so much for watching and sharing your experience! 🧲
Magnet. Very interesting. I like statistics for some reason. I am from Connecticut, 74 year old home owner. Through my retirement service, I have Plan G through United Health Care. Well worth 263.25 dollars per month. They have paid for every treatment for my broken bones due to severe Osteoporosis.
Thank you so much for watching and sharing your experience! 🧲
I watched your countdown with a bit of apprehension thinking Texas would pop up any minute, but thankfully no. It was interesting to learn more about how switching Plan G providers is not really a good option most of us and how some states make it even harder. Another great video, Erik. Thanks! Closing thought: Magnets have always been so attractive. I once asked a magnet how it felt to be so attractive, and it said, “Oh, I’m just enjoying the ‘pole’ position in life.” - -Lyle
Haha! Love it! Thank you so much for watching! 🧲
Minnesota is a magnet for me, except for its supplement plans (I lived there for 10 years). This is such a wonderful video; I'll make sure to watch the "best" and "MA" ones (if I haven't yet). It is sweet that you slip in a little family video. A+++++ !!!!!!!
Thank you so much! 🧲🙂
Really enjoyed Minnesota!
Your podcasts are a magnet for those wishing to increase their knowledge regarding all things Medicare related.
Thank you so much, Tina! 🧲☺
I always collect a magnet from my vacations. Great information. Thank you.
Thank you so much for watching! 🧲
I live in the NYC area and the average Plan G cost you quote is not representative of what people are actually paying. As you correctly point out 80% of people use AARP/United Healthcare, which charges $306 per month, versus the lowest cost plan at $298.
While this is higher that other parts of the country, all plans are community rated meaning that even though you pay more at age 65 than other states, you don’t have to worry about the costs going up with age or being stuck in a closed pool because your health deteriorates.
The really smart move in NYC though is to get a high deductible Plan G, which can be had for as little as $68, or a total of $2,856 less in premiums per year than the UHC Plan G, versus an incremental $2,800 deductible. Meaning that if you have a really bad year health-wise your are still $56 ahead of the game with a high deductible G plan and if you have a better year your ahead of the game in terms of total costs, premiums plus deductibles.
Finally! Someone who addresses the high expenses and weirdness of supplement plans in Minnesota! We DO have good health care options in the state though and senior health is better than alot of states. The title of this video attracted me like a magnet. ;)
Tradeoffs... great state and healthcare... expensive costs... 🧲
A good friend was diagnosed and treated for pneumonia for 9 months before they figured out it was cancer, not pneumonia. It was during the pandemic and I was not allowed to visit and they didn't have a funeral. So much for the Twin Cities health care. Sad.
You're a magnet for people looking for great Medicare advice!
You are too kind :) 🧲
I forgot to repeat a comment I made on another of your videos: Your delivery is flawless, as is what you say (e.g., about "average") and how you say it, as though you rehearsed and read it from a screen (not that there's anything wrong with doing that, LOL). By the way, I would love to contribute to your Hawaii trip, but I live only on SS.
Thank you so much for your support! Your kind comments are more than enough :)
We're #1 - We're #1 !!!!!!!!!!!
At least your partners over at the Breitenfeldt Group were able to help me understand how it all works and got me signed up for what's best for me with part N and part D plans. They sent a lot of information, but no kitchen magnet.
Haha! 🧲
They are excellent partners :)
Nobody knows Minnesota Medicare better!
Appreciate you!
Thank you, Erik, for another honest look at Medicare. My question is, if you live in a state with non-standardized Medicare supplemental plans like MN, WI and MA (I believe), then move to a standardized state, how does that translate if no one plan is going to be exactly what you had in MN, WI and MA?
BTW, I have lots of magnets on my refrigerator! 😊
Thank you for watching! 🧲
Supplement plans travel with you, so they will still cover things really well as established by how the plan was built in the non-standard states.
If you move to a state where switching supplements is easy, you can switch to that state's setup (standard) plans if you want. If they aren't easy to switch, and your health is poor, you just keep your original plan from MN, WI, or MA.
@Theretirementnerds Thank you, Erik, for the information. Love your videos!
@suemilkbone4868 appreciate you!!
For Medigap Plan G, the cost is approximately the same for Blue Cross Washington/Alaska and Blue Cross Montana.
Interesting video Erik (or Eric). I'm drawn to your videos like steel to a magnet. Keep 'em coming!
I live in Wyoming I'm 75 been with mutual of Omaha for over 10 years on plan g they have priced me out of business I'm also security limited income My premium is $334 a month so I decided to try to get something a little cheaper on a plan g I tried United United come back and told me my premium would be over 400 a month now I'm in good health had a few surgeries over the past few years but nothing serious at this point in time I have no option but advantage and that scares me I don't like advantage plans people I know that's on them have huge bills so I'm kind of stuck
In my state of Wisconsin we don't have standard supplement plans but we have a base plan and can add riders to them to make them the same as the standard plans. Might as well just have the standard plans. LOL!
Wisconsin's rates aren't as high as Minnesota, so the non-standard plans are made a little easier to handle with more reasonable costs :) Appreciate you!
The only affordable plan in NY is the high deductable G plan. Even if you meet the full deductable is overall cheaper than plans G or N.
In Louisiana Illinois 😮3 Florida, new York, best 👌😃🌐🇺🇸 highest😮, Minnesota 😮
Ouch! You nailed my state, Erik! 😊 Oh well, at least we have pretty high quality care providers here, including hospitals with Magnet designations, meaning their nursing care is excellent. Take care.
Haha! I know! It hurt to put Minnesota on there because I genuinely like Minnesota. Just a bit pricey :)
Great healthcare options though! 🧲
@@Theretirementnerds You’re right. We deserved our ranking. Sometimes the truth hurts!
@@anthonygardner400 Haha! On my family travel channel, I am thinking of putting together a video of the best/worst driver states we experienced. Minnesota would be in the top 5 best list for sure.
Thanx for the great infomative vids. Great work, where is the magnet ?
Thank you so much! Here it is 🧲🙂
In NY, I have Plan F+, or High Deductible. I f you are in reasonably good health, the High Deductible is a big money saver. I pay $78 per month. I'm responsible for the first $2,800, but remember that is not actual billed money, it is $2,800 of negotiated Medicare billings.
Hello 👋 thank you for the Medicare information Eddie thank you again 🇵🇷🇺🇸✌️
Hi Eddie, good video, I found it very interesting. I also like magnets.
Thank you so much! 🧲
Interesting magnet stuff. I live in Illinois and Florida and just turned 65. Where do I apply? Is one state better than the other to switch to if I move full time to one or the other? I was planning on the G supplement
Illinois average costs will be lower than Florida's for a Plan G.
I'd recommend using an agent licensed in one or both states to help with that.
I have a partner who is. Erik@theretirementnerds.com is my email.
I love picture magnets. I live in MN and I have a standard Plan N and 2 years ago at 65 I paid $160. Each year since it's gone up $10. Are you sure you didn't get MN confused with WI?
I will point out that Minnesota actually has Minnesota care which is actually pretty good. If your income isn’t high enough, you can qualify and most people I know heading into retirement age likely qualify straight up.
I would say if you could do this video again, considering what each state has helped cover its citizens, that would be a much clearer indication.
Personally, I don’t think there should be a Medicare supplement and everything should be moved back to normal Medicare like it was. Plus the right of the government to negotiate better prices.
Medicare like it was has 20% co insurance, major sized deductibles for hospital care and no out of pocket limit. Medicare already negotiates lower prices for services to the point doctors are slowly dropping it. The main thing Medicare doesn’t negotiate is drug costs although they are starting to do so to some degree soon.
negotiating drug prices has nothing to do with the doctor prices. And your comment has nothing to do with what I’m saying and is a red herring.
right now, he cannot negotiate with the pharmaceuticals to reduce the price to the same level as what is going on with corporations. The American public is being robbed.
there are many drugs that have gone up exponentially in price with no explanation other than sending it over to Wall Street. These drug companies have not reinvested and the prices and cost for them have not gone up. Production remains the lowest level in terms of cost to them.
there are also that were open to the public to help keep them low so the poor could actually afford it
and I’m speaking specifically to the drug to helps people who have diabetes. There hasn’t been any major increase or cost or development in that to justify the 1000% increase.
I use magnets to hold Medicare statement to my filing cabinet until I get around to filing them.
Smart :) 🧲
Supplement costs up every year after 75. I pay almost 250 mo. Lots of benefits and extra costs once reach $250.
I KNEW my home state of IL was on that list. We're a "magnet" for ridiculous laws and policies.
😬🧲
I've said it before, so please excuse the echo:
There is no free lunch. I suspect that NY is expensive precisely because they make it easy to jump around.
Gauss appreciates the attention
On the subject of Minnesota plans and their costs. The extended basic plan tends to be slightly cheaper than just getting the basic plan plus riders . We also have the co pay plan which is the equivalent of the N plan and a high deductible plan similar to high deductible G. It does appear to me that the extended basic plan is similar in price to the F plan equivalent Minnesota has though. I suspect the reason it’s so expensive here is because medical care is expensive here especially with the Mayo Clinic being available. I know a lot of people who go there regularly. The truth is Minnesota is an expensive state, unexpectedly so considering its location. Magnet.
Thank you for watching and sharing 🧲
Love Minnesota. Hurt to put it in that spot.
Minnesota is the absolute worst. To get the equivalent of a G plan is over $100 more in Minnesota. I’m trying to help my grandmother figure it all out.
It is expensive there :(
Why would states not want to at least be part of the national standard of supplement plans (G, N, HDG, etc.)? Strange. The ONLY way to go with a supplement plan in NY is an HDG plan. They are still inexpensive. It's what I would get if I lived there. I have a lot of refrigerator magnets.
NY is a unique beast. Not sure why states (3) decided to do their own thing. I'll have to dig into that more. Appreciate you! 🧲
I have never earned over $20,000/year and there are huge gaps from living and working overseas where I did not realize that I should have contributed 12.4% to FICO. It sounds like I only have Advantage plans to work with and will never be able to go to a supplement plan. Is this correct? Dammit the magnet fell off the frig again and my grandchild's crayon picture is being shredded by the cat. She is constantly making bedding material.
People under certain income thresholds cannot get a supplement plan, yes. Companies and agents are not allowed to offer them if income is under certain levels. Thank you for watching! 🧲
Those prices in NY are crazy. Anyone know why they are so expensive?
Demographic health profiles, healthcare costs, and the fact that anyone can jump on a supplement plan with no denial for existing conditions anytime all contribute.
@@Theretirementnerds This is true. In New York I go back and forth every yaar from Plan G to Plan N or Plan G High Deductible or even back to MA Medicare Advanatage plans. Im 75 and this is. what I do to save money...
I may be stuck in Minnesota, but I am not magnetically attracted to it.
A lot of other reasons to like Minnesota :) 🧲
Magnet.. if you get a supplement plan in California (birthday rule), and move to another state, will the birthday rule still apply? also cost of plan?
Thank you for watching! 🧲
No. The birthday rules are confined to the states that have them.
If you get a supplement plan in California (has a birthday rule) and move to Utah (no birthday rule) you cannot switch easily around your birthday in Utah.
However, if you get your plan in Utah (no birthday rule) and move to California (has a birthday rule) you would be able to use the birthday rule if you are living in California.
Does that makes sense?
Ok.. would the cost of the plan also conform to the state in which you move to?
@ronsolnok2983 it "should."
It depends on the insurance company.
If it's an insurance company that has a presence in the new state, you inform them of your address change and they should normalize your rate to that state (up or down). some do that immediately, others upon your plans renewal (anniversary) date.
If the insurance company does not have a presence in your new state, they will likely adjust your rate, but it might not be as accurate as the other companies that have a presence there. We've seen higher than normal adjustments and lower than normal. Depends on how large and sophisticated the insurance company is.
Thank you
My refigerator magnets don't stick.
Oh no! Try the side of the fridge :) 🧲
I like cute fridge magnets of my grandchildren who live in FL. Where I want to move. So what are the other two states that don’t use letters for their supplement plans? You left us hanging😆
Haha! Wisconsin (Minnesota's neighbor) and Massachusetts :) 🧲
This channel is like a magnet and draws me in every time with great information. Thank you.
Haha! Appreciate you so much! Thank you! 🧲
Magnet NJ
Minnesota the highest
Data is the new oil, and Erik always hits a gusher.
Always appreciate you David!
Should you be using medians instead of averages to compare pricing?
Ideally, it would be a weighted average, but we don't have access to that kind of enrollment data by plan as some carriers do not publish it.
Ideally, it would be a weighted average, but we don't have access to that kind of enrollment data by plan as some carriers do not publish it.
My magnet on a stick to pick up steel parts at work came today.
How exciting! :) 🧲
As a MN resident, I'd like to give a bit of pushback on having the "worst" supplement plans. We may have some expensive plans for young retirees, but the costs dont go up nearly as fast as most other states. I'd like to see what the costs are for an 80yo on a G or N plan in other states conpared to MN.
Totally open to pushback. I really like Minnesota.
To give an idea... in Sioux Falls SD (neighbor) for an 80-year-old female, it's around $200/mo.
If both went on Medicare at 80, MN will still be considerably higher.
If both went on at 65, MN would likely still be higher than SD options, but there are other states where an attained age plan could catch and pass.
The like button attracts my thumb like a magnet after watching your videos.
Haha! Love it. Thank you! 🧲
My grandkidders are like a magnet to me if I am baking chocolate chip cookies!
I'm the same way if I smell chocolate chip cookies being baked... 🧲🍪
How will Project 2025 impact Medicare? I read that it wants to steer seniors into Medicare Advantage plans. I don’t know what to do. I can get on my husband’s Medicare Advantage plan through his union but if he passes away I will have to go off his MA plan after 5 years with an $1800 out of pocket maximum. I got a letter from UHC for a plan G for $160 a month for initially going into Medicare. I turn 65 in January.
Project 2025 is nothing more than a "wish list" put together by the Heritage Foundation. I wouldn't let the desires contained within worry me, as I personally doubt much it it will ever make its way into bills sent to Congress, much less get passed and signed into law.
When you lose your husbands retiree Medicare coverage you get a SEP to enroll in a MA or buy supplement + Part D
I live in Florida and this is one of the reasons that I'll try not to have a supplement plan in Florida.
They get pricey quickly :(
This not my first time to comment but like anything good I was drawn to it like a magnet is drawn to steel. I'm still working at 68 but was thinking to retire in Thailand in 2 years at maximum SSA. I know you like supplement plans but what do think about Advantage Plans that offer a Part B payback? I will be living overseas so won't be using health care in the US.
Definitely an option. If you aren't going to be in the US much, advantage plans are a solid choice and you aren't paying for something you don't use.
Per video, average Plan G in Florida is $195 for 65-yo... Based on OUR ZIP CODE, she pays $255, this to me is legalized thievery. For my Plan F 71-yo I pay $325... I thought that Medicare was a National Federal Program and should normalize process/pricing among states and should not be heavily penalized based on your ZIP CODE!. Total Corporate greed in America.
@rzorrilla52 -- Indeed, the USA's inability to implement economies-of-scale for all healthcare billing (not just for caps on Insulin etc.) costs Americans tons of money. The overhead costs to build and maintain 50 different sets of laws, standards, forms, claims adjudication, plan contracts etc. is a significant part of why our healthcare costs are among the highest in the world. We typically spend 30 cents of every dollar on overhead administration of our healthcare "system" (such as it is...) Our brethren in France not only can see the costs of procedures ahead of time, they know that it is nearly the same anywhere in the country. And the system overhead is 12-13% - less than half of the USA's.
@ Excellent analysis for these wide-ranging, and higher admin, healthcare costs in USA.
How can you say the GI rules in NY are the best while the premiums are unaffordable for too many people. Insurance is used to spread risk. If you have wide open GI rules then plans are too expensive. You could say NY has the most open ended GI rules and that would be the end of superlatives. These GI rules punish one set of consumers at the same level of reward for another set. Raise rates of everyone to accommodate people that want to pay nothing and then when faced with health issues jump into max coverage. If these plans are unaffordable for 40% (I made that up) then that is not good? I do not know the actual % it is unaffordable for but we can know at some it is based on income. Magnet.
Just thankful my state isn't on the list! I don't collect magnets.
Haha! I'm glad too! 🧲
@@Theretirementnerds I have a request. I am looking at the various dental and vision plans. Trying to understand what is covered and not covered. There are several tiers with in each companies offerings. I have looked at Dental Dental and VSP Vision. Would like your insight to the process. Thank you!
I hope your magnet holds on to the best plan when you’re 65
Appreciate you :) 🧲
Like a magnet I’m pulled to your videos, even on states I’ll never end up living in 😂
Thank you so much for watching! 🧲☺
Some cars are chick magnets
🧲🙂
Magney
Thank you! 🧲
Magnet
Thank you! 🧲
I live in Illinois and feel our State Government is a magnet for financial ruin! Why aren’t the rules the same nationwide?
Thank you for watching! 🧲
There are federal rules but the states have the freedom to put in their own rules as well
Sounds about right. Florida, with no state taxes, will let each and every kind of insurance screw you over.
Magnet
Thank you! 🧲
Your estimate for Florida is off. I’m 65 in South Florida and my Mutual of Omaha “N” plan (which is less than the “G” plan) is going up to $260 per month this next year. A plan “G” is over $350!
It's an average, not an estimate :)
Average means there will be lots of plans higher and lots of plans lower.
Those costs are super expensive 😬
Dang, Minnesota sounds in many ways to my liking (except for the brutally harsh winters), it's in the "lifeboat belt" states for climate resistance...But that non--standardized Medicare plans, along with Wisconsin and I think Massachusetts(?) is odd, plus, why is it so expensive? This is most "repelling" 🧲 hehehe. Really looks and sound like a gorgeous state though. Sigh.
Minnesota is a nice place and last winter it barely snowed at all and I'm not sure if the temperature ever got below zero.
@@effwitt Ahh, thank you!
I really enjoyed Minnesota. Only been there twice - both in the summer - and loved it.
As @effwitt said, last winter was mild. I hear they can get pretty intense, too. 🧲
@@Theretirementnerds I heard you say in this video that moving to a different state is NOT a qualifying event to change Supplement Plans? I thought it was - or is that just Advantage Plans since they largely are by zip code?
@ph5915 just advantage plans 😕
Supplement plans travel with you.
Magnet
Thank you! 🧲
Magnet
Thank you so much! 🧲