david_kurtz, Author at Senior Benefit Services

Is Cancer Insurance Worth It?

March 6, 2023

Is Cancer Insurance Worth It? In our opinion it is! Now keep in mind as my grandfather used to say “Opinions are like rear-ends…everyone has one and they usually all stink.” Now with that being the case, what makes our opinion different. Well, we are going to back that opinion up with data.

How Prevalent is Cancer?

Cancer is a disease that affects millions of people each year, and the cost of treatment can be significant. While traditional health insurance for those under the age of 65, Medicare, and Medicare Advantage plans can help cover the cost of cancer treatment, it may not cover everything. That’s where cancer insurance comes in. Cancer insurance is a type of supplemental insurance that can provide additional financial support to help cover the cost of cancer treatment.

One of the main reasons to buy cancer insurance is to help cover the cost of treatment. Cancer treatment can be expensive, and the cost of chemotherapy, radiation, and other treatments can add up quickly. According to The Agency for Healthcare Research & Quality (AHRQ) it is estimated that direct medical costs for cancer in the US back in 2015 were a staggering $80.2 BILLION (while 52% of this amount was for outpatient hospital and doctor office visits). The National Cancer Institute estimated that cancer-related medical costs in the US were $208.9 BILLION in 2020.

According to the American Cancer Society it is estimated that there will be over 1,900,000 new cancer cases diagnosed in the US during 2023. The risks of developing cancer are extremely high. In fact the older that you get the chances increase. Research shows that 88% of those diagnosed with cancer are over the age of 50. The chances of cancer increase even more in each individual’s case based on their lifestyle (such as smoking, heavier body weights, drinking alcohol, and their diet). Keep in mind that if an individual has a family history of cancer, their chances of being diagnosed with cancer during their lifetime can increase even more.

The Costs For Treatment

The list price for many of the needed prescription medicines are now more than $100,000 annually. According to an article by GoodRx one of the most expensive drugs in the US is Kimmtrak which retails at $18,760 for a single vial. Annual treatment costs would be $975,520. Now keep in mind that this is not traditional radiation or chemotherapy treatment. According to an article published by the American College of Radiology states that the cost to treat prostate cancer with proton therapy radiation can reach $40,000. Individuals and their families can use cancer insurance to obtain a lump sum of money that helps cover these costs and alleviates the financial burden. While insurance may cover a large portion of the costs of these drugs, there will still be high amounts of out of pocket spending by the consumer. Cancer insurance is worth having because it provides extra money directly to you to help pay for these expenses.

Popular cancer drugs show why cancer insurance is worth it

What Else Can Cancer Insurance Help With?

Another reason to buy cancer insurance is to help cover the cost of non-medical expenses. Cancer treatment can also include additional expenses such as transportation to and from treatment, lodging for out-of-town treatment, and even loss of income due to time off work. Cancer insurance can ease the financial burden on the individual and their family by providing a lump sum of money that they can use to cover these expenses. Covering these expenses also helps make cancer insurance worth looking at.

How Can It Help If You Have Other Insurance Already?

Cancer insurance can also provide a sense of peace of mind. Knowing that you have additional financial support in the event of a cancer diagnosis can provide a sense of security. This helps individuals and their families focus on recovery and treatment, rather than worrying about financial stress.

It’s also important to keep in mind that cancer insurance can complement traditional health insurance. Cancer insurance can help fill in the gaps that traditional health insurance may not cover and provide additional financial support. So, let’s take a look at some of these gaps in different types of insurance:

Group Health/Individual Health Plans (under age 65 and not on Medicare)
- Many of these plans now have very large deductibles to make the premiums more affordable to individuals. In fact many of the individual plans sold through the Affordable Care Act (ACA) have deductibles of $7,500 – $10,000.
- The average American has saved less money than they need for an emergency situation. According to the data available from the Federal Reserve’s Board Survey of Consumer Finances the median savings balance (not including retirement funds) are as follows:
  - Under 35 = $3,240
  - Age 35-44 = $4,710
  - Age 45-54 = $5,620
  - Age 55-64 = $6,400

While these numbers alone are alarming, according to data provided by Bankrate in early 2022, a whopping 56% of Americans would not be able to pay an unexpected bill of $1,000 with their savings.

Even though health plans typically set a limit on the amount a policyholder must pay for medical expenses out of pocket in a calendar year, they do not cover additional expenses that individuals often incur when being treated for cancer, such as:

Travel Expenses
- Gas expense to and from treatment centers
- Hotel accommodations for spouse/partner while policyholder is undergoing surgery and follow-ups
- Meals for spouse/partner while traveling with policyholder
- Possible loss of income for either policyholder or spouse/partner during time of treatment and recovery.

How Does Cancer Insurance Work With Traditional Medicare?

Traditional Medicare with a Medicare Supplement Plan
- If you only have traditional Medicare parts A & B then you will be exposed to such out-of-pocket expenses as the Part A deductible ($1,600 in 2023), Part B deductible ($226 in 2023), Part B coinsurance (20%), any additional excess charge expenses, and all travel expenses. This can add up to a very large sum of money coming out of the retiree’s pocket/savings.
- Depending on the Medicare Supplement plan that you have, Medicare could cover a portion or all of these medical expenses. Of course, any and all travel expenses would still come directly out of pocket since these plans do not cover those expenses as medical.

How Does Cancer Insurance Work with Medicare Advantage?

Medicare Advantage Plan
- Many of these plans do not have a deductible but have large annual maximum out of pocket exposure (MOOP). Since many of these plans use a Preferred Provider Network (PPO), we are seeing MOOPs from $7,500 in network and $11,000 out of network.
- Chemotherapy and Radiation treatment is usually covered at 80% which leaves a 20% obligation to the insured. This means that the $7,500 in expenses would be easily reached and could cause financial distress to that policyholder.
- Medicare Advantage plans do not cover travel expenses

The Final Thought

Those diagnosed with cancer will receive additional financial support from cancer insurance. It can help cover the cost of treatment, non-medical expenses, and provide a sense of peace of mind. It’s important to speak to an insurance agent to understand the coverage and options that are available. You can then make an informed decision about whether cancer insurance is the right choice for you. Understanding that cancer insurance is a compliment to traditional health insurance is very important. To find out if a cancer insurance is worth it and right for you. Contact Senior Benefit Services, Inc at (800)924-4727.

Request more information about whether cancer insurance is worth it — Click above to request more information on cancer insurance plans available in your area.

Mutual of Omaha Medicare Supplement Review

February 28, 2023

Our company has had a long-standing relationship with Mutual of Omaha Medicare Supplements for decades. While this review focuses on the Medicare Supplement offered by Mutual of Omaha, keep in mind that the company has a broad portfolio of products. Mutual of Omaha continues to rank in our Top 10 Medicare Supplement carriers year after year.

Mutual of Omaha Medicare Supplement Review

Mutual of Omaha was founded in 1909 and is one of the most recognized names in the insurance industry. For over 100 years the company has remained strong and continues to be a carrier that pays its claims quickly.

One of the key reasons why Senior Benefit Services, Inc. has continued to work with Mutual of Omaha Medicare Supplements for so many years is their financial strength. In addition to having over $4.0 Billion in statutory surplus, the company has more than 5.3 million individual product customers, and 14.6 million members in their 48,000 employer groups.

Financial Ratings

A.M. Best Company, Inc = A+ (Superior)
Moody’s Investors Service = A1 (Good)
S&P Global = A+ (Strong)
Better Business Bureau = A+

While financial strength is great, it is also good to know that the company paid out in 2021 over $6.4 billion in benefits.

FUN FACT: Mutual of Omaha’s Wild Kingdom first premiered in 1963, and to this day continues to provide education. Feeling nostalgic and want to see original footage of episodes with Marlin Perkins and Jim Fowler, visit the Wild Kingdom website.

Mutual of Omaha Medicare Supplement plans are not available in all states.

It is important to keep in mind that in some states you will find the Mutual of Omaha Medicare Supplement underwritten by one of their subsidiary companies that include:

United of Omaha
United World
Companion Life

Here’s the great news, all 3 of the subsidiary companies are A+ rated by A.M. Best as well.

So, let’s get into the meat and potatoes of this review. Let’s first look at the pros and cons of Mutual of Omaha Medicare Supplement Plans.

PROS	CONS
Very large customer base which shows its dedication to the Medicare Supplement market.	Not approved in the state of Massachusetts.
Friendly and helpful customer service	Multiple subsidiary companies sometimes cause confusion.
Been selling Medicare Supplements since 1966

Other things that we really like about Mutual of Omaha Medicare Supplements

Up to a 12 percent household discount
12 month rate lock

How To Purchase a Mutual of Omaha Medicare Supplement

Like many companies, you can purchase a policy directly thru their call center. The other way is to purchase your policy thru a licensed insurance agent. Which way should you go?

Believe it or not the answer is very simple. If you purchase directly from the carrier you receive no discount. If you purchase from a licensed insurance agency like Senior Benefit Services, Inc. you pay the same cost for your policy, but you get the added value of having your own dedicated agent. Why does this matter? The turnover in call centers is extremely high and the chances of you being able to talk with the same person you enrolled thru is very low. Working with Senior Benefit Services, Inc. allows you to have a dedicated agent who knows you, has a complete support team standing behind them to get any claim problems resolved, and provides service after the sale.

Speaking of service, each client of Senior Benefit Services gets an annual review of not only their medical insurance, but also their prescription drug coverage. This means that you will always be getting the most benefits for your premium dollars.

Next Steps

We hope that you found our Mutual of Omaha Medicare Supplement review to be of great value. To get a quote for a Mutual of Omaha Medicare Supplement plan or a full comparison of the top priced plans in your area contact us today at (800)924-4727.

Get Free Medicare Supplement Quote — Get Help Now With Your Medicare Supplement Quote

Medicare Advantage Hospital Coverage

February 16, 2023

Person laying in hospital bed — Medicare Advantage hospital coverage can leave you with surprise bills.

Many folks wonder about how Medicare Advantage plan’s hospital coverage works.

Medicare Advantage plans are a great way to get health coverage for senior individuals and those on Medicare due to disability who qualify. But did you know that supplementing your Medicare Advantage plan with a hospital indemnity plan can provide even more comprehensive coverage? Let’s look at how this works and why it may be beneficial to you.

What is a Hospital Indemnity Plan?

A hospital indemnity plan is an insurance policy that pays out cash benefits for covered medical expenses due to illness or injury. This type of policy provides financial assistance for the costs associated with inpatient care and can also cover other related expenses such as medications, outpatient services, doctors’ visits, and more. It is important to note that these plans do not cover all medical expenses—that’s where Medicare Advantage comes in.

How Does a Hospital Indemnity Plan Supplement Medicare Advantage?

Medicare Advantage plans are designed to cover most of the same things as traditional Medicare Part A and Part B, but sometimes there are gaps in coverage. These gaps can include deductibles, copayments, coinsurance, or other out-of-pocket costs associated with health care services. That’s where a hospital indemnity plan comes in—it helps to fill those gaps in coverage by providing additional financial protection against unforeseen medical expenses.

For example, if you were hospitalized due to an unexpected illness or injury, your hospital indemnity plan would pay out cash benefits to help cover any out-of-pocket costs that your Medicare Advantage plan doesn’t cover. To better understand this, let’s take a look at the following case study combining a hospital indemnity plan with Medicare Advantage hospital coverage:

Medicare Advantage hospital coverage co-pay covered by hospital indemnity plan.

Jane is a 67-year-old female who has a Medicare Advantage plan that requires her to pay the first $300 per day that she is in the hospital. She must pay the $300 co-payment for the first 5 days she is an inpatient.

Jane is admitted into the hospital on March 2^nd due to an accident that has damaged her knee and shoulder. It is determined that Jane needs to have a full knee replacement done and will also need physical therapy for her shoulder. Jane spends 4 nights in the hospital before being sent to a skilled nursing facility to get rehab for her knee and shoulder.

Jane will owe the hospital $1,200 for her stay ($300 x 4 days = $1,200). The good news for Jane is that her insurance agent helped her obtain a hospital indemnity plan that will cover $300 per day for up to 10 days each calendar year for only $29.00 per month. This means that Jane will receive a cash payment of $1,200 that she can in turn use to pay for her hospital bill.

It Gets Even Better!

Here’s the great news…if Jane were to go back into the hospital during the same calendar year, she would still have 6 days of benefits left on her hospital indemnity plan. So even if her Medicare Advantage plan covered all the hospital expenses, her hospital indemnity plan would continue to pay cash benefits directly to her. That extra money could be used anyway that Jane wants.

Why Should You Consider Adding a Hospital Indemnity Plan?

Adding a hospital indemnity plan to your existing Medicare Advantage plan can provide peace of mind and greater financial security for a very small monthly premium. Having both types of coverage means that you will have more comprehensive protection against unexpected hospital expenses due to illness or injury—which can help save money in the long run. Plus, many hospital indemnity plans come with additional options such as ambulance trip coverage, skilled nursing facility coverage, and even outpatient surgical expense coverage—so adding one could be well worth the cost!

Conclusion:

Hospital indemnity plans can be an excellent way for individuals who qualify for Medicare Advantage to further protect their finances from unexpected medical costs due to illness or injury. If you are looking for additional peace of mind and financial security when it comes to health care costs and Medicare Advantage hospital coverage, then consider adding a hospital indemnity plan today! With its cash benefits, it could prove invaluable over time. To find out more about how a hospital indemnity plan could benefit you personally, call Senior Benefit Services at (800)924-4727.

Best Alternative For Medicare Supplement Plan F

February 9, 2023

If you went on Medicare after January 1st of 2020 then you cannot buy a Medicare Supplement Plan F. What is the best alternative for Medicare Supplement Plan F? Research you may have conducted on your own has likely returned results on Medicare Supplement Plan G.

Prior to January 1, 2020 the most popular Medicare Supplement plan being sold was Plan F. This plan was considered by many to be ‘Cadillac Coverage’ since the policyholder had no deductibles, co-pays, or co-insurance payments that they would be paying out of pocket.

If you went onto Medicare prior to January 1, 2020 you can still get a Plan F, but many choose to switch to a Plan G since it is typically lower priced than Plan F. If you went onto Medicare January 1, 2020 or later, then you are not allowed to purchase a Plan F so this is another reason why the Plan G has risen to be the most popular Medicare Supplement right now.

Best Alternatives to Medicare Supplement Plan F — Find out why a Medicare Supplement Plan G is a great alternative to Plan F

So, what does a Medicare Supplement Plan G cover?

Let’s start with Part A of Medicare and how the Plan G works with this part.

If you go into the hospital as an inpatient Medicare says that you will be responsible for the first $1600. This amount is the Part A deductible for 2023. After you meet the deductible, Medicare will cover for the first 60 days of your semi-private room and board, general nursing and miscellaneous services and supplies. Medicare Supplement Plan G will cover that Part A deductible for you. Keep in mind that the Part A deductible is not a calendar year deductible. It is very possible to incur that same deductible again if you were to go back into the hospital during the same calendar year. If this happens, then the Plan G will cover the Part A deductible again.

Blood

If you were to need pints of blood while in the hospital, Medicare says that you are responsible for the costs of the first 3 pints. Keep in mind that you can have blood donated directly to you. The Plan G will pay for those first 3 pints and Medicare will cover all amounts above that.

Skilled Nursing Facility Care

Many folks become a bit confused when it comes to receiving Skilled Nursing Facility benefits. Medicare says that if you spend 3 days in the hospital then need rehab that they will cover the first 20 days in a Skilled Nursing Facility. It is important to keep in mind that your date of discharge does not count towards the 3-day minimum requirement. The easiest way to keep track of this is to understand you really need to spend at least 3 nights in the hospital as an inpatient. After Medicare covers the first 20 days, it will now pay all but the first $200 per day for days 21 through 100. The Medicare Supplement Plan G will cover those 80 days of co-pays in full for the policyholder.

What About Medicare Excess Charges?

Another area that sets the Plan G apart from other Medicare Supplement plans is that it covers excess charges. In fact, with Plan G covering 100% of the excess charges, it is a perfect alternative for Medicare Supplement Plan F. So, what are excess charges? Excess charges are amounts that a provider can charge you in addition to what Medicare approves. They can only do this if they don’t participate in the Medicare Assignment program.

“A non-participating physician does NOT accept what Medicare approves as full payment.”

Let us look at an example of this. You go to a physician who does not participate in the Medicare Assignment program. He/She bills you $500 for a specific service and Medicare only approves $400 for this. Years ago, the physician could bill you for the full $100 that Medicare did not approve, but that is no longer the case.

Excess Charge Limits

The maximum a provider can bill you for can be no more than 15% above the amount that Medicare approves. This means that the physician could charge an additional $60. Medicare Supplement Plan G will cover 100% of the excess charge amount. It is important to keep in mind that around 95% of today’s providers participate in the Medicare Assignment program. This means they do NOT charge excess charges.

What’s Not Covered

The final area of benefits that we are going to touch on is the Part B deductible. Currently in 2023 the Part B deductible is $226. This amount is a calendar year deductible. Medicare Supplement Plan G does not cover the Part B deductible. This one area is the only difference between Plan F and Plan G. The Plan F covers the Part B deductible whereas the Plan G does not.

Comparison Chart of Medicare Supplement Plan F vs Plan G — The above chart shows the only difference between Medicare Supplement Plan F and Plan G is the Part B annual deductible.

The good news is that with current policy pricing the Plan G is typically at least $226 per year less in cost than the Plan F. This means that your premium savings are more than enough to cover the Part B deductible for the year.

When you see how close in benefits the Plan G and Plan F are to one another, it is easy to see why the Plan G has now become the most popular Medicare Supplement for complete coverage.

Get Free Quote on Medicare Supplement plans

Medicare Supplement Cost: 3 Key Factors To Save Money

September 3, 2018

I think we can all agree, knowing how Medicare supplement cost is determined will be very beneficial when choosing a Medigap plan.

By reading this quick insider’s guide you will save money by learning the three key factors that determine the cost of Medicare supplement plans.

If you would like to save money on the cost of Medicare Supplement plans, this guide will make it possible by explaining the three keys to lower supplement costs:

How The Coverage You Choose Effects Your Premium
The Insurance Rating Your Premium Is Based Upon
The Importance Of Enrollment Periods

How Much Does Medicare Supplement Cost?

First, to really understand the cost of Medicare supplement plans, it is important to first understand what your Medicare Part A and Part B cover.

Medicare Part A covers up to 60 days in the hospital per year, so long as you do not exceed 60 days of hospitalization in a one year.

Medicare Part A has an annual deductible that cannot exceed $1,556 (2022).

Medicare Part B will cover 80% of your doctor’s visits which include usual screenings, such as; blood tests, x-rays, MRIs and even ER visits.

However, you will be required to pay a $183 deductible before Medicare Part B will kick in and start covering 80% of your doctor’s visits.

Medicare Part A will pay for your hospital visits after you pay the $1,340 deductible each year and Part B will cover 80% of your Doctor’s visits after you pay the $183 deductible.

This leaves you responsible for Medicare Part A and Part B’s monthly premiums, annual deductibles and 20% of doctors’ visits plus any allowable excessive costs that your doctors may charge.

Which doesn’t answer ‘How much do Medicare supplements cost?’ but it does tell us how much they cover.

As the annual medical costs to you could be staggering, the government highly regulates approved private insurance agencies who offer Medicare Supplement Plans to help offset these unpredictable expenses.

Your Medicare Supplement cost will be determined by three factors; the plan you select, the insurance company you purchase your plan from and when you apply for the Medicare Supplement plan.

How The Coverage You Choose Effect Your Premium

All the Medicare Supplement Plans offer coinsurance for Medicare Part A hospitalizations with coverage up to 365 days after Medicare benefits are exhausted.

But, that is the only coverage that is uniform throughout all of the ten Supplement plans.

The premiums for each supplement plan are determined by the amount of coverage you receive.

For instance, you may choose the high deductible Supplement Plan F, which will make your premiums pretty low, but you will have a high deductible that will have to be paid annually before your plan will begin.

It is very important to understand what all the plans have to offer you, not only now, but in the future.

How much is Medicare supplement for insurance premiums can change drastically from plan to plan.

By speaking to a Medicare Supplement expert about your specific needs they can help you select the best plan for you.

Randy Wolfe

PresidentQuoteMyMedicare.org

“Our clients starting Medicare overwhelmingly tend to go with Plan G. There are a lot of clients over the age of 65 that just aren’t comfortable getting rid of their F plan, so of course we do our best to help them find the best rate and company for Plan F. I think the big reason Plan G is so popular is the value. Other than a few unique situations in places like California, Plan G just makes more sense.”

The Insurance Rating Your Premium Is Based Upon

The Federal government allows private insurance companies to set their premium costs for the Medicare Supplement plans they offer.

There are three ways in which the insurance company can select to set their premium costs; community rating, issue age rating and attained age rating.

The rating system chosen by the insurance company can drastically change the Medicare Supplement cost for you.

Depending on where you live (community rating) or your current age (issue/attained age rating) there can be large premium differences between selected ratings.

Community rating – Generally, an insurance company is required to give everyone in a geographical area the same premium rates, regardless of; age, gender, health status, or other factors.

Issue age rating – The premium you pay is based on your age at the time you purchase the policy. The cost of your supplement plan will be lower if you purchase it at age 65 then if you wait and purchase a supplement plan when you get older. Premiums will not go up as your age, however, they may slightly increase due to other factors, such as inflation.

Attained age rating – The premium you pay is based on your current age and will increase each year as you get older. If you are 65, these premiums may be the lowest but as you age they will increase.

The Importance of Enrollment Periods

It is very important that you understand when the Medicare Supplement open enrollment period begins and ends.

Failure to purchase during the open period can result in significant additional Medicare Supplement cost.

You could also be denied coverage or preexisting medical conditions may not be covered for a set time period.

The open enrollment period begins the month you are both 65 and enrolled in Medicare Part B, this period remains open for 6 months from that date.

During the open enrollment period, you cannot be denied a policy for preexisting health conditions and do not have to go through medical underwriting.

However, in some instances, you may have to wait for a set period of time for preexisting medical conditions to be covered.

The Next Step Is A Medicare Supplement Cost Comparison

Please familiarize yourself with the information on the best Medicare Supplement Plans that Senior Benefit Services has to offer.

We encourage you to check out our definitive guide on Medicare supplement plans to get a complete understanding of supplement insurance.

Most of our customers have multiple questions to help choose the best Medicare supplement health insurance plan.

Senior Benefit Services is here to help answer all of your questions and help you choose the best Medigap plan for you.

At any time, please feel free to call us at 1-800-924-4727 to speak to an experienced Medicare Supplement Plan agent today.

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