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United American Medicare Supplement Review

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United American Medicare Supplement is by far one of the oldest and best Medicare Supplement insurance companies today and is rate A+ by A.M. Best.  It was originally started in 1947 in Dallas Texas by C.L. Dunlap a one man owned and operated insurance company. In 1976 they made the move to McKinney Texas and have remained there ever since. United American became part of the Torchmark Corporation Company in 1996, parent company to the very recognizable Globe Life.

Take a hard look at the United American Medicare Supplement High Deductible F (HDF)looking-through-magnifying-glass

A little known secret in the Medicare Supplement industry is the High Deductible F plan. Most agents shy away from offering this plan design, and not very companies offer it to begin with. The premiums and subsequently agent commissions are much lower than any of the other plans, but after the deductible is met you get the highest level of coverage. At first glance, most individuals assume that they have to pay the entire deductible before any of their medical expenses are covered—This is not true, and is a gross misunderstanding.

The deductible for the HDF plan is set by Medicare each year and the benefits are identical to the regular F plan. The current 2017 deducible is $2,200 for the year. This includes the 2017 Part B deductible of $183 and is not an additional fee. Any outpatient or inpatient Medicare approved services (not including prescriptions) are FIRST paid by Medicare. Part B services include most outpatient services including doctor’s visits, lab work, imaging like x-rays and MRIs, and some inpatient services such as the surgeon or anesthesiologist charges.

Here’s how it works……..It’s January 1st. You go to a specialist and then have a blood test and x-ray. Your annual deductible is $2,180. (These amounts are hypothetical for illustrative purposes only).

 

 

 

 

This is a natural transition for retirees or individuals who have plans either through the Marketplace or private market and are used to having to meet deductibles from $500 to $10,000 before any medical care is covered. For a female turning 65 to only have to pay $134 for Medicare Part B in 2017, and in Palm Beach Florida only a $60 monthly premium for plan F benefits after a $2,200 deductible is a deal! The math is simple. If regular plan F costs $237.00 per month, and HDF costs $60.00 per month, that’s a total annual savings of $2,124. If you need services throughout the year, you’ve save the money to pay the 20% that you are responsible to pay. Many doctors and facilities even accept “Medicare assignment” which means they take what Medicare pays them as payment in full and you have no balance due.

The idea is that you’ll save thousands of dollars over the years by paying the 20% if and when you need the services. You’ll never pay more than the total annual deductible. If you do satisfy that deductible during any one calendar year, all the rest of your Medicare approved services are covered at 100%. United American has made it very attractive for new buyers in the last quarter of each year by lowering the deductible due. They have done this in the last few years but there is no guarantee it will be offered again.

The Reserve fund Annuity—A unique benefit only for United American Medicare Supplements

When most people think of annuities they think “locked in for years and can’t touch their money” until it is out of its surrender period or annuitized to provide an income stream. This annuity was designed to deposit the money you’ve saved over the year on premiums, and earn an attractive amount of interest. This is a non-qualified, no load annuity so there are no fees and 100% of the annuity is available for withdrawal or use to satisfy your deductible immediately following the 14th day it was started.

This annuity is only available to United American Medicare Supplement policyholders of plans A, B, D, G, HDF, K and L who are between the ages of 65 and 90. The funds can be deposited in one lump sum each year or multiple deposits with maximum first year in the amount of $4,400 Each year thereafter you can deposit up to $5,000 and must be a minimum of $50 monthly minimum if you want to send it in with your premium payments. The cumulative maximum for this annuity is $70,000.

So what makes it so unique other than earning a guaranteed minimum of 3% interest, and full access to your funds at any time? United American will automatically pay your medical claims directly from your annuity and you don’t ever need to file a claim! The alternative is paying your claims out of your checking or savings that earns practically no interest, or pay by credit card that charges a fee.

Like other major companies who set forth their mission statement, United American (UA) established a core set of values or including commitment, quality, service and stability that remain true today, over a half century later.

As with all companies that offer Medicare Supplement (Medigap) policies, United American offers the same standardized plans A through N and that vary by state, so the benefits from company to company are identical. Other than price there are few ways to differentiate or compare plans when you are shopping around. Next to price, the subsequent logical step for most shoppers is the financial stability of the company. UA certainly lacks nothing in this area. They have been awarded an A+ (Superior) rating from A.M. Best for over 35 years and A+ by Standard & Poor’s as of October 2015.

Below are a few examples of rates and financial information for three of the most popular plans. Pay close attention to the last plan, the high deductible F (HDF).

Sample Rates in Palm Beach County Florida (effective 6/01/2016)

PLAN F

• 65 year old Female – Plan F with a requested effective date of June 1, 2016 is $237.00 per month.
• 65 year old Male – Plan F with a requested effective date of June 1, 2016 is $273.00 per month.

UA Plan F

 

 

PLAN G

• 65 year old Female – Plan F with a requested effective date of June 1, 2016 is $224.00 per month.
• 65 year old Male – Plan F with a requested effective date of June 1, 2016 is $258.00 per month.

UA Plan G

PLAN High Deductible F (HDF)

• 65 year old Female – Plan F with a requested effective date of June 1, 2016 is $60.00 per month.
• 65 year old Male – Plan F with a requested effective date of June 1, 2016 is $69.00 per month.

UA plan HDF

 

 

Even if you are not interested in a HDF plan, or earning 3% interest, United American is still a go to company for many other reasons. When you are turning 65 or are in a guaranteed issue period you don’t need to worry about passing any health questions. If you’re not in one of those situations, then you will have to pass the health questions with any Medicare Supplement policy you apply for.

The United American Supplement may be a great option to consider when you have certain conditions. They are tough on some conditions and more lenient on others. Our independent insurance agent will be able to guide you to a company that will you approve you.

The process is simple. First, you must use an agent who will help fill out an application. Once the application reaches the home office it’s entered into a system that initiates a telephone interview. All applicants must complete the interview. It’s quick, to the point, and consists of yes and no answers to the health questions in addition to verifying some personal information. The following is a list of common medical conditions that United American will consider.

• Diabetics that take less than 50 units of insulin per day
• Use of a walker
• Kidney disease with no recommendation of, or current or past dialysis within the last 2 years
• No treatment or diagnosis of cancer of cirrhosis in the last 2 years
• Past stent, pacemaker, defibrillator implantation or carotid artery disease at any time
• Current use of oxygen other than for emphysema, Chronic Obstructive Pulmonary Disease (COPD), or pulmonary fibrosis
• Use of a walker
• Conditions as a result of Diabetes such as neuropathy or retinopathy
• Arrhythmia, tachycardia or atrial fibrillation
• One hospitalization in the last year

These are just a few of the medical conditions that United American may be a good fit for. Please talk to the agent for more details.

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