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Thursday, November 14, 2013

THE TRUE FACTS ABOUT HEALTH INSURANCE FOR SENIORS.

This is the truth about those drug policies and medical ones that pay what medicare does not pay.

First   Hinted lie in the ads.
The impression is given that if medicare does not pay the cost they will.
WRONG.
If medicare does not pay for that procedure or medical need,  they do not either.      Most Medical policies only pay the 20% that you pay in part B  and some the original $140 that you pay at the beginning of each year before Medicare starts paying.      

Over the past 2 years we have instead of paying Blue Cross $250 each for such insurance,  put it into a separate savings account  ( we call it our medical insurance savings account. ) we pay it like the bill we paid to Blue cross and then if it is an amount Blue cross would have paid,  we transfer that amount into our checking each month when we pay the bill to the DR etc.   We now have over $7,000 saved that would have gone to some executives bonus.

Walmart advertizes the $12.50 per month with humana  for drug insurance.  Yes but you pay the first $2,500 for your drugs before they cover anything.  Bob and I together spend $700 or under per year for our meds so   that $12.50 each  is $25 per month into another executive's pocket,  put that in the health savings account also.  

We have medicare so we do not need to pay for additional insurance.  I am totally bothered by the advertising going on that is meant to scam seniors out of their money  to bulk up someone's bonus.  

Have an accountant do the math for you not a medical or insurance professional.    Do what works best for you,  not the insurance companies.  

HERE IS THE MOST IMPORTANT THING.
Save that money separate from your other accounts and do not count on it as money to spend for anything other than your medical bills that would have been covered by the insurance.

If an insurance company pays the medical bills,  on both ends the DR and the insurance,  they need to pay the staff to do the paperwork.  That immediately would mean it costs more than to pay it your self but since the  insurance companies are all for profit and have share holders wanting money because they bought a piece of paper,  you are also giving them that money and they the Executives want super wages and bonuses  so you go without necessities of life to provide it for them.     Do the math before deciding.  I did not in 1999 and supported those wealthy  big wigs for 11 years.  I went back and checked all records and found we would not have over $25,000 if I had started out this way and gone this way the entire time.

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