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Signing Up for Medicare

Finishing Well / Hans Scheil
The Truth Network Radio
September 26, 2020 8:30 am

Signing Up for Medicare

Finishing Well / Hans Scheil

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September 26, 2020 8:30 am

Hans and Robby go over why you need to prepare before signing up for Medicare, and what some of the pitfalls you might run into. 

 

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

 

You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.

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Enjoy it, share it, but most of all, thank you for listening and choosing The Truth Podcast Network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner long shy best-selling author and financial planner helping families finish well over 40 years of 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. Have fun today on finishing well certified financial planner were on my certified job today show. I know all too well is signing up for Medicare is been through this process and so you know, as we think about the biblical application signing up for Medicare not make. You may notice that not even Proverbs Medicare mention I was think about that.

There's there's a process and in the sad truth is, knowing Robbie the procrastinator that I am. Had I not met my friend here if I was completely vulnerable. I would say chances are I am a month before I have to sign up for service number so security comes into effect from MB 65 next month.

I would not have even glanced at the book, I wouldn't have gone to the website. There's nothing that I would've done in preparation for this event with Dudley ignored the process and as a result, honestly, knowing what I now know I mean their fines in Baltimore's also some things I might've regretted those decisions for the rest of my life and so you know there's a story in the Bible he can illustrate his wealth.

From my perspective, ponds and in the book of Esther hears this young lady and she gets a chance to marry and of the king of the Medes and the Persians would be in Artaxerxes you may know the story, but the interesting thing about that story is. You just don't get a chance to go into the king without a process and so the process for Esther, which she literally had to go through a year of beauty treatments a year and it in the Bible goes into great detail of all the treatments that she had to go through before she even got to see the guy right before she had a chance of anything at end it. As a result of her going through that process and as a result of her praying through that process and in good counsel for my opinion from her uncle. She was cheddar on the Lujan shower. There Mordechai to help her out along the way but because of that, you know, she literally saved the entire with the help of God. Clearly, you know, the entire Hebrew consulate that was an innovator in the area at the time is around to be killed so that we live in a fast food culture. We expect things like register get this immediately, but there's just more to this signing up for Medicare than what I would've ever drained and so we thought it was a worthwhile thing diddly J to spend a little time to go. Okay, I know everybody hasn't come to this point, but because of something you may not of had happened at the point when you did sign up for it when you do sign up what I think this can be extremely helpful.

Yeah well and so signing up for Medicare is not necessarily that simple. Because you got for parts to Medicare and you can sign up with them for them at different times and you say, why would I want to do that well.

Stay tuned. You really you might have to do that, you might want to do that and what I find is is that the average consumer is going to rely upon the people calling upon them to sell them insurance as their source of information about Medicare and Medicare insurance guy so a lot of people just basically wait for people to start calling him mailing on showing up at your doorstep, whatever.

And then they don't let most of the people in they don't talk to most of the people, but somebody's going to get through them and then is that person and their explanation Medicare that a lot of them are to base their decisions there. Also, if they work with a bunch of people in the so the people are little older than them. Or maybe you're going to go to them and find out what they did if their spouses older than them, then they can use their experience of people don't really research this stuff very well in my experience, and when they do attempt to research if they do it with the people selling Medicare supplements for Medicare advantage plans and maybe they talk to several of them. But you know, and I am one of those people so I don't want to start trash talking people that sell Medicare supplements for Medicare advantage plans for me to tell you is you not going to necessarily get a very good education about Medicare and what you do about signing up from the state you just not I am to say this sounds a little self-serving. You are going to get that for me, let's fit clearly been my experience that you know it. In order to make any of those decisions that you gotta make some sense of alphabet soup but also just begins with you.

Gotta be a little bit armed with what you do in your so security before even go because me and a lot of the first questions are to ask you as you begin this process is in or used are you doing this under so security or are you are you doing this outside right so you need to is taking Social Security at 65 is early for somebody right now your full retirement age is 66 and two months even though you turn 65 right now. Now your father when he turned 65 that was full retirement age, but you know that's another day, another show so if you were to take her Social Security. At the same time, sign up for Medicare even be taken in early or if you've already taken your Social Security like you took it back when you were 62, 63, and you get a regular check. You don't have to worry about signing up for Medicare because there discussed sign you up automatically semiretired.

Assume you want it and mail your card and sign you up for part a and part B in there and start taking the premium monthly premium which is 144 60 a month for most there to just start taking that out of the Social Security check that your are to get now, that's fine. Good. Most people turning 65 are not getting her Social Security check. Are not retired like you still working or they are retired. But they've still waiting till full retirement or beyond. To take Social Security check. So if the so security administration. They come to know about you but then I can automatically sign you up unless you're getting a Social Security check. At the time return 65 right was just there is the first from my perspective thing that I was not aware of like if you don't sign up first for Medicare when you when the time comes.

If you are in fact not on some kind of help ensure there's there could be a fine value any penalties we see that a lot and we see these people in their 75 years old and they didn't sign up for Medicare at the right time really and sign up for Medicare part B within sign up for Medicare part D and and it was several years and now after their obviously signed up by now, they're paying a fine every month their lifetime penalties in the company that as long as their life. Once a penalty set it's it's it's gonna stay there is no get rid of Jeff.

I got close relative to just simply let their part D plan lapse yelled. If they won't get any drugs. I don't really need this on my quit making the payments on it and next thing you know Bloom for the rest of their life into their pay and penalties because they didn't think the part D plan was, which is the drug part which were to get a lot into these alphabets here in a minute but if there's there's consequences to all this stuff so it's definitely worth from my perspective going into the process. As a disciple, like in the disciples are enthusiastic learners. What can I learn about this process. As Esther went into see the people that we can help her become more beautiful and she became a disciple she learned what I need to do in order to to prosper during this process is so he help Medicare has four parts to part a part B, part C and partake in. They all do different things.

Okay now you have what you call it was called original Medicare, and that despite its name Medicare since 1965 when it was first started and they've pretty much unchanged to the present day party and part B original Medicare part a is your hospital in skilled nursing part B is your doctor and outpatient medical so you need both parts if you can rely on Medicare for your insurance for your health insurance. It's kind like heaven half a policy fueling apart a major hospital bill but is knocked out three new part B to pay the doctors who were waiting on you and lab tests and outpatient surgery all custom so part a and part B, you don't necessarily sign up for them at the same time knowing your case you're still working and the first of the month for your 65th birthday was October 1, and then you back the clock up three months because you can't do this more than three months in advance so July 1 was the first time you are eligible to actually push the buttons on the computer to do it and because you're still working. If you would've continued your current group insurance you would've only signed up for part a and you would have deferred signing up for part B and you would have deferred for a couple reasons is one you don't need. Part B if you kept your group insurance is like a pan for two insurances and then part B cost hundred $44.60 a month. Why pay that and pay your insurance to now some people do that though they they sign up for a dictate of Sanford B and then the pain for B and they have group insurance and they keep working in other the center operators are some people out there, sign up for everything that it's only signed up for is not necessarily that smart because if you signed up for B and you didn't yet apply for a supplement which you're going to need to do with your own original Medicare a and B are needed by supplement, and you got a six-month open enrollment. That is, granted to you by the government but is provided to you from a private insurance company and you know in your case you bought Mutual of Omaha up selecting off a list mutual of Omaha asked, you know health questions because because you're within six months of the date you signed up for part B, but if you had some of the Working state on the group insurance but signed up for a and B and he had all three of those things rolling along you have been paying for two insurances and then when you later retired and lost your group insurance. You wouldn't of had open enrollment under part B because it was more than six months ago so there's all kinds of intricate details in the signing up. It's different for everybody and mistakes can be costly. So we got a lot more of the process of signing up for Medicare today on Charlotte finishing well, a certified financial planner Honda child we have so much more coming back. In fact, you know what a delight it is. Personally I'll share you know some of the coverages I now have that I haven't had since I was a kid and so there's some really good things come in because you know we left with topic, no pain, no gain some payment Medicare though that may not share with 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 Hahn's expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to Cardinal guy.com and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact time to Cardinal guy.com that's Cardinal guide.com so welcome back to finishing well, a certified financial planner Honda child is always one to tell you that Cardinal guy.com is reach out and touch Hans's email address is there if you want to buy the book Cardinal guide to planning for and living retirement are just as confident that all information very, very expensive, but all this stuff is in that book that would be really really helpful.

But today, as we talk about today show the steps to signing up for Medicare you get in the first-hand experience is recently been through this and certainly there's some things I'm looking forward to. As far as health coverage that that really in today's age with regular health insurance you can have the kind of coverage are ushered narrowly were closely covered.

I'm not looking forward to, which itself makes it in a kind of worth was gone through. Not to mention that Holland was expensive and the group insurance.

I was praying for anyone check their benefits yeah and so so let's talk about original Medicare part a and part B okay is most people are going to want to sign up for part a when there turned 65. Whether they're working or not covered under group insurance or not. The main reason is is if your if you're entitled to. If you got your 40 quarters and is done all the things that most people ever.

Your spouse does in your entitled to.

It was a go ahead and sign up for it, even to work with your group insurance because it comes with no monthly cost so you know it's essentially free for your retirement now so you won't gonna want to go ahead and sign up for that part B is a little bit different because there is a monthly cost which by the way, as I found out they bill you for in one lump sum apartment and here comes 433, $8.80.

I think it was that like Juergen have to pay this in advance that very first quarter which was a little bit of a shocker, yeah I'm it's 144 60 a month. Bill your quarterly and so you you you put that together. By the year. It's no $17-$1800 a year out of expense now is well worth it and if your high income person no-show will talk about Irma income -related monthly adjustment amount IRM AA and if you make a high income in retirement Juergen up a lot more than hundred 4460 a month and depending on how high that income is will talk about that another day or if you fit in that situation you want to call me and talk to me about.

I'll be more than happy to counsel you on that and there's some things we can do to work with in a remote failure to file an appeal, but part B is your only gonna want to sign up for it when you're ready to rely upon Medicare is your only insurance and if you have group insurance from work and you're not paying a lot for which was in your case, you are paying a lot for it but if you are not paying a lot for it will then you may want to stay on your group insurance have your part a and defer on part B and then if you do all that properly in your group insurance qualifies then you can later sign up for part B when you actually need it in your group insurance.

Just like when you retire or reduce your hours or whatever whatever goes on. So there's a there's a big if there about part B and the reason we talk about this week is the subject this week is Social Security and we talk about Social Security every seven weeks and where you sign up for Medicare is with the Social Security Administration and you go to the same place that you sign up for your Social Security check so you really need be real careful when you're doing this yourself and we counseled you before you went in there and we also told you if you get in there and you have any concerns discussed Opera yard give us a call will will go through that class of first questions that you really quick like you want to start your Social Security and since I've been counseled. No don't do that because I need to wait on 70 on that now. I just want to sign up for Medicare and I Artie knew that I wanted part a and part B know that was something that I knew. So it was, not at all difficult to to get through that part of the process and I don't think it even asked you if you want a thing and ask if you want B is a direct affront.

That's another confusing point about so and actually if you wanted a only I don't I do that online so you might have called. But in any case, most people are to do like Robbie did there and call three months in advance or go on the web to call us before the three months in advance.

If were to tell y'all and advise you what to do. You go on going online and you and I live in Alaska helpful to Don that because you got a bunch of cards coming in order to get ready to go on the Medicare you got your Medicare card in my case I got a Medicare supplement. I got a part D plan which we can get 20 minutes you can have all these things and and kinda understand what you're doing before you and not to mention get my health insurance stopped in October, so if this is a season that that you're now in. And it takes a little time to get all the stuff lined up when I run somebody this become a client for the first time New 70 years old and I'm trying to figure out like what happened retroactively lots and you just look at people stuff and talked a little bit.

You pretty much. They were like you they'd signed up for a and B are not really sure how they did it, but they got it to get the card you can look at the dates and then they bought a supplement to have a drug plan and truly not necessary for me to figure all that out retroactively, but when I look at their Medicare card and I got different dates different sign-ups made. I see some penalty or their tech about the penalty.

They don't understand that there supplement is labs, maybe not a Medicare advantage plan will run into some of them that have a Medicare advantage plan but these never canceled the supplement that was replaced and never understood that and a lot of people when we run into them for the first time they didn't get counsel back when they were 65 they just kind of took the stuff as it went.

Most of them end up okay but they have a real hard time explaining all this in reverse or even telling it like where they are and whether there okay and I'm trying to figure all that out as I can get some context for advising going forward and soak the thing I want to know it may sound like were making a bigger deal out of this that it is as you sign up for a new center for B and you do that only if you don't have group insurance somewhere else for work by merrily you sign a fraying center for being you do that through the government. Social Security website if you pay the money for the source before the part B you're paying that money to the government cannot send it to an insurance company, but that's all you sign up for with the government as part a part of the original Medicare.

Now let's move on to part C so were you sign up for part C plan. I think you know the answer that Robbie where you sign up for part C, in my case I didn't do. I want to.

For reasons that we may go to another show but part C is where independent insurance company is going to take your Medicare and you will no longer be on part a and part B and so that would be like him.

And a lot of those companies that is going to administer your part a in your part B American of give you a free part D plan, but that was something I did not want so you're to be called by hundreds of people you can get is is it's hard start in about two or three weeks not to trip over these people because they can be on TV than on the on the radio. There can be at the church doing seminars you know in their typically not to be somebody that says hey we offer five different part C Medicare advantage plans but if you turn 65 in your sign up for Medicare. You can't immediately start at Humana and sign up for part C before you can do that you gotta go to the government to the social security administration, and sign up for part A, and sign up for part B, and pay for part B, then when you go to the insurance company. Now you're in the right place to sign up for part C civil what is that, well what you're electing you're electing this, you're giving the government permission essentially to outsource your Medicare are to receive your Medicare from Humana so you fill out a form with Humana are you do a thing over the web or on the phone and then Humana will now send in the government say that Robbie is now covered by us, so Morgan given his Medicare benefits. You don't have to anymore service government and the government is going to send you send Humana a check every month to be ready, you essentially were to to develop sourced substances. Humana is going to paid to deliver the benefits to you, but and unfortunately a lot of people go to whether it's a Humana salesman or United healthcare salesperson on or salesperson in Orwell cares.

There's a whole list of these companies that that for a lot of folks is there a source of information for education about Medicare and so I mean you could very well end up with one of these and define now want to tell you is a part C is really nothing more than getting your part a and part B from a private insurance company and will get into one another show like why you would want to do that or not, is not okay correct. Now, part D, you know, just coincidental that it stands for drugs is a prescription drug so the part D of Medicare you again get from a private insurance company and you don't enroll in part D directly to the government you do it with a private insurance company and if you got one of these.

Part C Medicare advantage plans. They typically include a part D plan all part of the package now if you don't go on part C if you just stay original Medicare part a and part B then you would you would need to but purchase a separate part D plan and the point I want to make us is that most businesses that are in the business like us of of selling Medicare supplements or Medicare advantage plans part C and part B. They only represent one or the other.

So you got your Medicare supplement people and then you get your Medicare advantage people you don't have too many people to do both and then within the Medicare advantage. Typically this is offered by one company so you got the Humana people and you got the United healthcare people and you have to go to all the separate people to learn about all the different plant and so what we've done is we provide you the consulting process is different for everybody. Depending upon the situation about Medicare first and get you all lined up with your Medicare properly.

First, then we talk about insurance and when we do talk about insurance we help you make the decision whether you can go the supplement route or you're going to go the Medicare advantage. Part C routes and then once you make that decision. Then we can decide which company you get that through and we represent most of them on both sides of his nicely timed but the thing we don't want to miss out or I wouldn't want anybody understand is that wow here we are at this process so by going to an insurance Which kind you have to. If you sign up for part a part B, but if you don't do something apart, part D, then you face a fine for the restaurants and so you got even talk to me supplement company or of the part C company or are you you're not get a party and so you're faced with.

Yes, I definitely did enforce. I got Tom Tom want me right to it. Got a really cool supplement outweigh more coverage I ever had for not nowhere near the amount of money and then also have a drug plan and so I never face any fines of all set up at authentic cards letting go. I'm quite excited because I make a doctors appointment for things I've been concerned about for years, but I didn't want exposure yeah so wow there's a lot to learn on signing up for Medicare. We want to remind you that all his information is always available and in the in the wonderful book the complete cargo guide to planning for living in retirement by Hongqiao. It's all their cargo guide and forget the guide. After Cardinal.com or you can just email Hans any questions we might have 50 after today show, but that's part of being a disciple is yeah thank you much. We hope you enjoyed finishing well brought you by cargo guide.com visit Cardinal guide.com for free downloads of the show or previous shows on topics such as Social Security, Medicare and 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 Hans book go to Cardinal guide.com 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 guide.com Cardinal guide.com this is the Truth Network


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