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Annual Medicare Enrollment Period

Finishing Well / Hans Scheil
The Truth Network Radio
November 21, 2020 8:30 am

Annual Medicare Enrollment Period

Finishing Well / Hans Scheil

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November 21, 2020 8:30 am

Medicare Annual Open Enrollment ends on December 7th. Hans goes over what you need to make sure you have done before then. 


Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


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Enjoy sharing most of all, thank you for listening and for choosing The Truth Podcast Network. This is the Truth Network welcome to finishing well brought you by Cardinal certified financial planner long shot best-selling author and financial planner helping families finish well for over 40 years finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes.

Now let's get started with finishing well welcome to finishing well certified financial planner on Sean Allen today show, which may be the most important show you've ever heard. Jump on my first idea here this annual election. Click yes you might guess, since this is finishing well. We talk a lot about how to plan your retirement account thing that there is an ally annual election. But her to something between the election of this, a different kind of election because there is an annual election.

In the end, and you really need to take care this one. First and foremost before any other annual like you.

It is no which way are you going ahead eternally right. There's an election involved and you know you can take the wide road, hot right but a lot of people don't outweigh but it doesn't have the eternal consequence that mean it does have eternal consequences versus the other election that's available to you is to actually have life and and maybe you enlisted the show for some time in your thinking. One of these guys to be seared appear to be having so much from where does that joy come from, you know, what is it about these guys. I like this financial shot list a lot of financial shows that this one doesn't just seem like these guys are out to get me and the reason for that is is we both may we. We made our like annual election. In that election was to turn our lives to Jesus and see Jesus said it this way.

Apart from me you can do nothing. Okay, so the only reason that finishing well is a decent show if you were hoping you like it is because hopefully you know we prayed and asked God to be part of the show and ends.

He is present with us that all the sudden we can do things that would be fruitful. No spread love and joy and peace and patience and kindness and goodness and faithfulness. All those things that you hope during your annual election. That you are getting from your age only comes because it takes two to bear fruit she never thought about that but if if you want to have an Apple. Your apple trees that have to be met by a bee. Somewhere along the way because it takes two to make fruit and soak in our lives in order to have joy in these kind of things, even self-control, which is sort of a misnomer when you think about it you got to have Jesus you just do.

And it's a pretty simple decision to make that election. I want Jesus asking to come in to control my life. You can do that and that's the most important election you will ever make. But since we have to be in this season it happened starts out October 15. Mariah is October 15 to December 7 and were talking about Medicare, so there is an annual election. That is extremely confusing for many people because just because you're on Medicare does not mean that the annual election. Has anything to do with you so here's the start of the shift. John dog name, excuse me Hans Schild to explain to you. You know that some some really from my standpoint. A very simple flowchart, even a reason to do that audibly now to take you kind of where you're going down this decision and decide that you can make the right election.

If an election is even something you need to make at this point if you're not on Medicare yet when you get to Medicare eligibility which is 65.

For most people, you've got first some decisions to make about Medicare part a and part which is do I want to go on Medicare now or not and if you've got your still working you get group insurance, maybe not. Maybe you want to delay Medicare until we actually need it when your Yahoo group insurance but even then you may want to go for it because Medicare's really good coverage. Once you get on so that people need to make that decision about a and B Medicare a Medicare B at 65 and so if you're over 65 and you've already made that decision will want to spend a lot of time on that organ essay is is each year during this period of time you've got the right to make an election or to make an enrollment decision during the annual election. Her annual enrollment. And so what that decision is is do I want to stay on original Medicare if that's what you're on now and I get my claims paid and I get my coverage from the government directly drawing to stay on that or do I want to consider going on to one of these Medicare advantage plans which are part C plans and so is when you talk about well the government gives you the option in its future election to privatize your Medicare or in other words to outsource your Medicare so that they don't have to worry about paying your claims they're just going to send whatever insurance company you pick a check every big check in there to be done with you, at least for the year where they're just going to collect their Medicare part B premium and then they going to send a check to like a man.

United healthcare Now or whatever you pick as your Medicare advantage plan there to send them a check every month and you're now going to get your Medicare benefits directly from that insurance company that you picked and you say will why would I want to do that.

Well, there's a whole bunch of reasons animal. I go over those of the sect, but let's just understand the decision so that's one decision is to have your Medicare outsourced essentially order to move from original Medicare, Medicare advantage. The other decision is to stay on original Medicare. Medicare, a Medicare B still have your claims process, just like they've always been processed. We go to the doctor as long as he accepts Medicare shown red white and blue card drawn their governments can and cannot go to pay your benefits or pay the doctor and that what most people that are on original Medicare have is what is called a Medicare supplement or a Medigap policy and then you buy that separately from a private insurance company, but that's not the whole your Medicare. That's just a supplement so you're still on Medicare original Medicare, and then you have this thing that you pay for every month that fills in the gaps. Most people that have those two are very very happy. Okay if there's one thing that there possibly not happy about is the monthly premium that they pay for that Medicare supplement coverage. Okay, those summer thrilled with it though because they know it pays so well that there's many that know that stuff goes up over time and we've got plenty of customers that that becomes a real struggle plan that Medicare supplement premium so that's not really original Medicare. That's the supplement to original Medicare, but that could be a motivation to go on Medicare advantage or to go on the party so because you can you will be required to dump your Medicare supplements. If you are paying hundred 5075 200 bucks a month for your supplement and you decide to go the Medicare part C router.

The Medicare advantage. You now have all these benefits from Humana are United healthcare wherever and you got you pay in most cases zero premium for that Medicare advantage plan with Humana rivers of their zero premium getting many situations this year actually give you a rebate on your part B premium that comes out of your Social Security check. So this year there and a lot of places they've thrown in, 30, 40 bucks a month with the giving in a credit back on your part B. These people really want your business and what we do is we represent really more than five of them Say United healthcare, which the ARP plan, Humana, Aetna, Cigna and thumb, and a few others why you would not want to buy one of these things or allow your Medicare to be outsourced.

First and foremost as most of them have networks so you're now going to play the network game with the doctors where you will need to go to their doctors to get your care and so for doctors out of networking up a lot more, or if it's an HMO, you can go to the doctor that's on network so that's a word of caution, but it shouldn't scare you away because the networks have become much better over the last few years I've been off of the stuff since it started, and 10 years ago I was very selective about who I sold this to how I sold it. Still in that way a little bit, but it it it it it's a very good option in a viable option for people in the main motivation here is the saving of the Medicare supplement premium. Most of these Medicare advantage plans include a part D plan or a drug plan and that's still at no cost as well. So you got a drug plan and you can if you have a separate private part D plan to go along with your Medicare supplement.

You can dump that to so there's a cost savings. Here is the big motivator. The other thing is, most of them have a little bit of dental coverage and they got some vision coverage get hearing either coverage or discounts for hearing aids and then most of them have a gym membership option as well where you can go down join a fitness club or they've Artie got one joint for so don't want to get too much into the details of these things, because unfortunately a lot of folks in our industry. You call him up and you want information like I'm giving you and they just start you over here selling your Medicare supplement plan and you really have no context to put that into you just love people to sign up and even years later they still are a little unsure of what they have. So here we get on the back part of the show here, to go over this grid again and I'm in a try to put some context into your decision-making and then your ongoing coverage so that you'll have a little better understanding of what you have and why you have one other little side note, that I would caution I think is if I'm right, but you can correctly because I know you know better than I is when you turn 65. Yet you do need to make some kind of election because if you choose not to go on Medicare and you don't have health insurance outside of Medicare. Then they start arranging these penalties for your absolutely right. In those last you the rest of your life. They do the penalties never go away and sound like an annuity check is up to the river without actually I guess what is it three months before your 65th birthday. You can go in and you can apply for Medicare but you better have some good insurance that's not Medicare. If you choose not to do that dictator understand there's a bunch of regulations around that so when you're 65, you need to make some elections, even if the election is to not by cannot get on Medicare. One other little side note is that if you did you choose part a and part B which you would do on the government website.

But what is not at all clear from their website or from anybody else's discussion would not have known this in a million years.

Had I not known. My good friend Hans was. If you choose to go on part a and part B and you choose to get a merit Medicare supplement you need to get a part D because they will start if you don't get a drug plan. Guess what, they start figuring out fines because you don't want to live in the because you have to have a drug you want to mess this stuff up to 65 or shortly thereafter so that there is an election.

You have to make some decisions is right around your 65th birthday. So that's called the initial enrollment period in this election IEP oh Prozac and now I got were loaded for bear Gansevoort, back, on the other side of this. Again, this brought to you by Cardinal Guy Cardinal Hans McArdle died, plan for the environment. All their Cardinal will be right. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care.

Just go to Cardinal and contact Tom to schedule a live recording of finishing well, your church, Sunday school, civic group contact time to Cardinal that's Cardinal back to finishing well, a certified financial planner Hans Schild today show is is essentially annual election. Now you to make some elections annual when it comes to Medicare.

Specifically, the end because even if your 85 right that this period of time could affect you you as we a lot of those people are. We have people this year there, well above 80.

I don't know one personally but I bet it's there already.

During the annual it's in their 90s that have made some elections with us and they've Artie been a customer not: somebody knew at that age, but you know what what I really want to do with the show. Here again, and I worked at it in the first part and then the second part is just to give you some context for decision-making as you make ongoing decisions about Medicare. This is one of those things that you can just get it all set at 65 then turn your back and is everything is can be wonderful for the rest your life. There may be some people like that but most likely you're going to need to pick a drug plan at 65 and then you're in a probably need to pick another drug plan. Maybe it 68 or 69 or 70 for a variety of reasons you either to be unhappy with the drug benefits. Or you could be unhappy with the formulary just to not cover new drugs properly.

You could be put on some new drugs that this one doesn't cover him as well and we could switch over to another wondering just a multitude of reasons that you need to look at your drug plan. Every once a year and then the same thing if you're on one of these parts see Medicare advantage plans that includes a drug plan. It might be that somebody has been on United healthcare for the last three years would have some of their problems fix that they had with United healthcare by just changing to want Humana's plans. You were just mentioning a family member that was prescribed a new drug is very expensive and she just decided not to get it as it was so expensive on the part D plan what we can do is just plug that drug in along with some of the rest of her drugs and is printed in the system and reverse engineer, and it'll tell us that the best plan to pay for that drug. And you know her other things and we can just switch over that. Just like that simple.

As one other little thing I know I had to get back out. I think it's important message that totally floored me. I didn't if you're still working I and you have not taken your Social Security Medicare is far from free dance and not only is it far from free.

You gotta pay at the first three months in advance and so it's like wowsers. Was it 100 hundred 4460 a month. Evan announced there was way till after the election set is an election year, but they haven't announced 2021 yet, but hundred 4460. I'm just guessing somewhere about 150 bucks a month. Next year right so somewhere around 350 bucks you know you got were 50 if you multiply by three. You can tell that I'm out of here. This is not around. I wrote this like you check I thought, wait a minute I'm on well you apparently paid them three months in advance and so what you think you know is if you're on so security just apparently come value check was still money me in any way shake it European hundred 4460 a month. I have a program called the low income subsidy for people that have a low income which you don't qualify for that, but you can get that part be paid for by the government. Then for the affluent people hundred 4460 would be a bargain. So if you're a high income person in retirement. You can pay way more than hundred and 44 60 when I can get into that's called Irma and will him but I'll certainly anybody that wants to call me and talk to me about her mother's things we can do a better sword. Talk about the part B premiums and what what I want to get clear with everybody as I want to give you some context to make a decision. So if you're on a Medicare advantage plan, part C and part D I'd like through the show and perhaps even a meeting with you is just to explain exactly what it is you're on and why you're on and what your options are and during this time year you could change to another that would be one of your options.

You can just say what will I need to analyze on less than what you're saying hey I'm not getting $30 rebate kick back towards my partner and EAI. I don't have a hearing plan on mine. Now there's obviously also the advantages I will make sure I'm getting the original Medicare supplement. You can also during this time year you can make an election to go onto a Medicare advantage plan. You can pick the one guy due by December 7 and then you'll dump your Medicare supplement and dump the premium and dump the part D plan the D plan premium so you know this is in cut and dried for everybody. It's just you got this period of time that you can make the selection so if you're on one of these parts see Medicare advantage you can switch to another one or if you totally didn't like it you can go back to original Medicare, so you can leave that you can leave your part C plan and then one of the parts that I think may be a little bit hidden here. Wimberly discussed when it comes to demonstrating part C you're being original Medicare part a and part B is if you're on a part C plan.

The reason why you're not paying any premiums is because got deductibles, deductibles and copayments got deductibles and co-pays and you have a network that you have to go to right so but just the deductibles and the copayments are going to kind of be an offset to be an offset of the savings of the premium unless you have a good year then you any money and if you have a real bad year.

The money behind sure you receive in the mid-supplement but you're really paying out more in deductibles and copayments that cut and dried. Okay. But regardless, as you go through your options so you could change to another Medicare advantage plan or you can go back to original Medicare, and then you would need to buy a supplement, and you would need to qualify for that supplement to social urine. If you're in poor health burden want to get that supplement part taken care of before we make the selection and then you also need to purchase a part D drug plan and that can be a positive or negative.

It's a it's a positive in the sense that you get to pick your party plan so we can go through all of that are for sale and pick the best one for you where's on the Medicare part C plan that includes a party just get whatever they got. So you can deposit as you could have some choice negatives you have paid for this and there you have it is usually not a lot 15 bucks a month or so, but -60 yeah it's a premium so you know all of this is not that cut and dried. So, so that there is a situation where somebody's on Medicare advantage and we went through their options was take somebody that don't even know those Medicare advantage things are, they haven't wanted in the past, but they want one investigator well so now what you be doing is your you're on Medicare part a and part B on original Medicare, and so during this period of time. You can make an election to go to any one of those plans. You don't have to answer health questions they'll automatically just movie over the Army will build unilateral constraint manner. Whatever you guys have.

You can call us and will take care of it for you and we offer all of them so you know there were brokers for all that and really want to give you this kind of advice before we get into the plans and that's the thing that I have the hard harvest time teaching to the people I work with all the stuff is they just wanted depiction whatever their policy is also adamant what I want to do in my advertising or marketing as I want to be educating the people what their choices are getting them some context of what they have and why they have it and then once we get them in the right box here. Then we can start getting into their individual choices of what company to buy it from in which plan by and another one of my motivations personally to go with them at some of enthronement plan C would have no premium I got that and I but I was you know I understood the co-pays and in the other, but one of the things is when you're in turn 65. There's no health questions. You don't have to qualify for the Medicare supplement right here, you automatically get the low price deal and we put you on the lowest one right in so you know I got the low price deal in until they write it later on, or whatever. But, in other words, if there was a time to set up a Medicare supplement is when using the five because you got them installed open enrollment at the end them wheat we represent 40 companies sell that stuff.

They also exactly the same G plan to get Mutual of Omaha, Cigna, Aetna's got about two or three flavors and MNEs go down the list. Analyze companies you never heard of but we spreadsheet in their different, which owns the strongest different parts of the country. We do this all over the United States.

The important thing. Sure it's good to get a good premium on that given the right plan, which is typically plan G what I want to do is I want to get you understanding what you gotten make sure that it meets your needs. Prior has that was the initial feelings like that.

I want to work and I've dealt with networks before and I don't like being referred to people because they were women that work in a really rather for me to somebody else but you can't do that because it's my help that's involved so that concern me, Sherry, Clancy, I got a deal with a network issue to deal with payments, copayments you know and and that kind of stuff.

But the thing that flip me like really was.

I was amazed and I bet the last year my dad's life. It might've been $250,000.

It was crazy how much those hospital bills were Ellen and with his Medicare supplement had at the time.

I think we might've paid $20 towards one of the Amos visit. Something really messed up. This idea is literally key. They had nothing to pay nothing as if you know the thing is with your dad. He was never even looked at is $350 a month premium until he met me and then I'm possible cure all jar. Let's just see what you're paying what you get in with the option I went out and saw him. He'd already gotten sick so she didn't have the options to move, but I still wanted to get some understanding of it and I got him before he got sick. I could have cut the 350 bucks a month and half, he was still at exactly the same thing would add pay nothing.

So once we get zeroed in the Geneva Medicare supplement or you have a Medicare supplement that I would encourage you to Prussia you can do that anytime year, you don't need to do that in the annual election. Medicare supper we do that all year long and you know we kind of rambled on about Medicare here today and I know that a lot of our listeners are not at Medicare age yet so I hope this helps you.

But I also want to point out something when I called on Robbie's dad was about two years ago maybe going on three years ago and Robbie was like 62 at the time so he had an ear toward this Medicare stuff because it was coming, but you are thinking in terms of your dad and that's why he sent me out there and those of you that are under 65 and if your parents are still alive or your answer uncles in-laws people that you really care about him telling you they can use your business savvy, or your clean slate about you if you called him up during this period and you just said you nuzzles this guy on the radio.

Do you need some help looking into all the stuff for somebody that's unbiased and we can get you on the phone with them on the phone and me on the phone or one of my associates and just talk through a few things. You'd be amazed at how much we can help people just explaining to them what they've gotten Guess now I know what it what a help it has been for two or three. My family really since I had began understand how well you're a Medicare advantage.

You know all you have met you help understanding part a part B, part C, part D and then then you get all alphabet soup with a Medicare supplement letters as well.

So Cardinal you can find me. You know I don't spend a lot of time but now my 800-number about you can find me pretty easily find me through the Truth Network that you know Robbie here on trial in wheat we do our consulting by phone and we'd love to be of help to and solicit. We hope you enjoyed finishing well brought you by Cardinal visit Cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare, IRAs, long-term care, life insurance, investments and taxes as well as cons best-selling book, the complete Cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows to get Hahn's book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal Cardinal this is the Truth Network

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