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Family Physician
Family Physician, Doctor (MD)
Category: Health
Satisfied Customers: 12816
Experience:  Emergency Medicine and Family Practice for over 26 years
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I receive Social Security Disability because I an quite

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I receive Social Security Disability because I an quite deaf. No medical procedures are indicated or available to correct that problem. I am 62 and in excellent health otherwise. My supplemental insurance company just gave themselves a raise mid-year to $2,100/year for "G" coverage. I keep a reasonable cash reserve in addition to investments and am thinking about banking the $2,100 and self insuring. I think I have been told it may be expensive or impossible to get coverage again if I cancel. If it's of little value to me, it's not really important that I can re-join. Insurance agent just throws out ridiculous scenarios when I ask about it. How much sense does it make to keep this insurance?
Submitted: 6 years ago.
Category: Health
Expert:  Family Physician replied 6 years ago.
You mention that this is supplemental insurance. I assume your primary insurance is Medicare?

If so, are you on Medicare or a Medicare Advantage plan (HMO, PPO)?

What part of the country do you live?

What is your financial situation in general terms?
Customer: replied 6 years ago.

Thanks for responding.

Medicare in northwest Missouri. Saint Joseph, Missouri which is served by Heartland Hospital. Ins agent says this hosital makes HMO's or PPO's prohibitive. Saint Lukes in Kansas City is within an hour but that can be troublesome in winter and I just don't like to drive that much.

No debts. Social Security and investments easly keep up lifestyle we enjoy. If we needed to write a check for uninsured medical bills for $25,000 or more it wouldn't hurt much in the long run. Of course I would like to eventually replace it with savings from premiums not paid but it wouldn't be necessary. We have no children and I wouldn't be interested in big organ transplants or other extreme death prolonging expenses. I stopped smoking and drinking decades ago, eat fairly healthy, 6-1 190 get regular checkups.

Expert:  Family Physician replied 6 years ago.
Thank you. That information is very helpful.

There are actually a number of options available to you in your part of the country including Humana and Sterling Medicare Advantage plans. These Medicare Advantage plans replace Medicare (and some include prescription coverage).

You also have Medicare supplement (Medigap) plans, that cover the copay (20%) not covered by insurance.

The Medicare site allow you to search based on your zip code and other factors (including you medications, pharmacy preference etc).

Generally I don't advise people to self-insure unless that are VERY wealthy. Even a relatively simple surgical procedure with subsequent rehabilitation, physical therapy and/or a nursing home stay can quickly add up to thousands of dollars in copayments for hospital and physician charges. Examples might include a slip and fall with a resulting hip fracture.

I would suggest the Medicare website. Play with different options, speak to your physician(s) and friends about their experiences with the various plans, and compare the costs. Some of these plans do seem cheaper than what you are mentioning, but I obviously am not able to include all the detailed information needed to get the best comparison for you.
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