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Proposed Medicare Supplement Tax
With potential taxes/penalties being discussed with certain Medicare Supplement Plans, it is time for advisors and Medicare beneficiaries to spend quality time evaluating their Medicare options prior to enrolling.
By: MWG Senior Services
Medicare Supplement Taxes
The government is looking to impose taxes on Medicare Supplement policies that provide first dollar coverage (Plans C & F). This doesn't seem very fair but the government believes that people with first dollar coverage should pay an additional 15% on their Medicare Supplement Plans, since people with first dollar coverage tend to spend to visit the doctor more. I have heard this explained as follows: When we were kids we went to the fair and had to purchase tickets to ride the rides. However, the night where you could purchase a wrist band that allowed you to ride all the rides for one price meant that you were going to ride every possible ride available. This is how the president is justifying this tax.
The other view point is that there are a lot of illnesses that are being treated due to those doctor visits that could have been much greater if those individuals would not have gone to the doctor. Look how many mammograms have helped catch cancer at an earlier stage.
MWG Senior Services has a few suggestions for people looking to dodge this potential tax (again this 15% proposed tax is not in affect, but this has been a topic brought up several times over the last few years).
The first suggestion would be to consider a Plan G. These plans offer excellent coverage and the only difference between a Plan F and G is the Part B Deductible of $147. Also the Plan G Medicare Supplement has a better rate increase history than the Plan F. An easy way to compare these plans is to go to www.medicareinsurancefinders.com. The form on the front page actually allows you to receive online quotes.
The second suggestion that MWG Senior Services can offer is a group medical plan that acts as a Plan F Medicare Supplement. There are no health questions since it is a group plan and it offers the same first dollar coverage (without the tax of course).
These are a few recommendations and suggestions from the team at MWG Senior Services. If we can help you our your clients please do not hesitate to give us a call at 1-877-936-2991.
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