Should I switch to Medicare or Should I stay with my current insurance here in San Diego?

Medicare is an incredible health insurance offering.  As a United States citizen you have been contributing money towards your Medicare policy for your entire working life. It is going to be beneficial to take advantage of this government-sponsored Medicare health insurance plan because the plan layout and the plan costs are going to be such a better deal for you the consumer when you switch to Medicare that if you stayed with whatever plan you currently have here in San Diego. Medicare is fantastic. It is much better than all of the other San Diego health insurance offering you have. So let's take a look at your current situation and why it is going to be better for you to switch to Medicare.

Should I stick with my current Individual Health Insurance policy or switch to Medicare?

Age based. The older you get the more expensive they are. Easily pay $800 and many people I speak to pay well over $1000.

Although the individual health insurance Market has some solid silver and gold plans that will help you in your time of Health Care needs, there is no question in my mind that not a single plan on the individual health experience exchange through Covered California is close to the benefits that you will receive from a Medicare Plan.

​Premiums for individual health insurance plans are age based.  The older you get the more expensive it will be to have a health insurance plan.  by the time you turn 65 you will easily be paying at least $800 or well over $1,000 to have a plan.  That plan is going to have a deductible too!

For example, let's assume you want access to Scripps Doctors in North County.  The best option on the individual market for a 64 year old is to select the Silver HMO Trio from Blue Shield.  This plan premium is $931.84 per month!  With this plan you have a $4000 deductible! 

Now let's compare that to Original Medicare with a Supplement plan N here in San Diego.  For most people, Original Medicare Parts A + B cost $144.60 per month.  We can then add $111.68 per month to join plan N, the best Supplement plan here in San Diego for 2020.  For $256.28, you now have a deductible of $198.  Clearly, you'll want to switch to medicare from your Individual plan.

Should I stick with my group health insurance policy or should I switch to Medicare?

Similar to individual plans, group health insurance policies are also Age based so long as the company that you work for has fewer than 100 employees. for this reason when you approach your 65th birthday your group health insurance policy plan will be very expensive.

The main difference is that your employer is contributing a lot of money to cover your monthly costs. Keep in mind your owners amount too.  They will appreciate not paying so much each month.  

I personally sell group health insurance policies here in San Diego and I can confidently say that a plan through Medicare, with either a supplement plan or an advantage plan, is going to be better than what you are receiving from your business 100% of the time. the major question now is whether or not your business is contributing enough money towards your current plan for it to be beneficial for you to consider sticking with your current plan.

for example I work with a company in Carlsbad that pays 100% of the employees health insurance cost and 80% of the family's costs.  this is an unbelievably generous offer to pay this much money towards your company employees health insurance plan and I only have seen it in this one case.  even so when one of the employees turn 65 it was worth it to evaluate their options and see if that employee would like to switch to a Medicare Plan.

Should I stick with my Large Group Employer health insurance policy or should I switch to Medicare?

For companies larger than 100 employees, health insurance policies are not age based. The group takes the entire age of the company, averages it out, and provides the same rate for all employees no matter their age. Even so, this still doesn't match the quality you can receive from a Medicare Supplement plan if you switched in 2020.

For example. I have a family member approaching her 65th birthday. She has awesome insurance through her employer Nordstrom. Her company pays half the monthly plan costs, and she only pays $230 a month. This is extremely inexpensive considering a similar plan on the age based market would cost $800 or more.

Here is the kicker. It's not as good as a supplement plan from Medicare. Her deductible through work is $2500. A Supplement plan like Plan N  plan has a deductible of $198. All in with Original Medicare and the Supplement Plan N here in San Diego, she's looking at $256.28 a month and a much better plan with almost no deductible.

Should I still switch to Medicare even if my family is covered by my insurance plan?

The savings you receive by switching to medicare is significant. So significant that it is still worth the switch to Medicare even if your family is covered by your current plan.

 

If your employer is covering the costs for your family members premiums, you'll want to calculate the savings.  How much money do you save by switching to medicare and how much money are you sacrificing by giving up your employer's contribution towards your dependent's plans?  If you employer contributes a lot, you'll likely want to stay with that employers plan cause they are spoiling you and your family. But in most cases employers only offer a small amount of money to cover dependents plan costs. In fact many businesses do not cover dependents at all.

 

It is easy to get your family members on  a great individual plan if that means you can save hundreds of dollars each month by moving yourself to a better Medicare plan in San Diego. 

Should I still switch if I have awesome health insurance better than what's available through Medicare?

Every once in a while I will come across an employee who does have awesome health insurance coverage, even better than what's available through Medicare. This means they are paying less than $300 a month in premiums, they have a deductible less than $200, and they are able to see the doctors they want to see. This is rare but amazing.

 

Our Medicare Office Team is the best at evaluating your current plan and whether or not it is better for you to switch or stay.  If you are employed you can avoid all penalties associated by not switching.  Our team is great at helping you avoid those penalties so you can stay with your awesome insurance.

 

In these cases I like to discuss the process of moving to Medicare WHEN the right time comes. Our team is able to make sure you do not incur any penalties by not enrolling in Medicare.  We'd love to help you evaluate your plan options and navigate the enrollment process.

To learn more, visit HealthyMarks.com

© 2020 by HealthyMarks Insurance Services

Keaton Marks License #0L47187

760-484-0979    -    San Diego

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