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Medicare AEP: Election Time

Finishing Well / Hans Scheil
The Truth Network Radio
October 3, 2020 8:30 am

Medicare AEP: Election Time

Finishing Well / Hans Scheil

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October 3, 2020 8:30 am

Hans and Robby go over the options you have this Medicare  Annual Enrollment season! 


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Hello this is Willa Hardy with man talk radio. We are all about breaking down the walls of race and denomination your chosen Truth Network podcast is starting in just a few minutes. Enjoy it, share it, but most of all, thank you for listening to the Truth Network podcasts. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belonged to Schild, best-selling author and financial planners 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 well today's finishing well has to do with the time of year that it is paying any attention knows it's election time center election. Think about what were all about election when it comes this time of year, especially in your line of work right right the annual election. For Medicare advantage this October 15 to December 7 so give me an open mic to be able speak about election for just a minute. For those you know what yes working talk about Medicare talk about that election but I election because it these people turn my head every once while dry begin to think that wow that guy. He must be worse than Adolf Hitler by me the way that people are describing that particular candidate in RIC. These commercials and I think that's the lowest I've ever seen any human being and then all of a sudden the thought rings out of my mind that the only election that really is significant to me is to let Jesus like and if I elect Jesus then all of a sudden my battles no longer against flesh and blood. So no matter who the president's Academy cannot be near the demon that they're being described.

Actually, he's my brother. To some extent, and I should be praying for him because obviously he's got more deception, this way than any possible person. But the real election.

If I choose Jesus. This is not the most important election season that ever came up.

The one that where I chose Jesus is in fact bad and it brings home this verse of Romans 828 all things work together right sure.

For those who love the Lord called corners purpose and an end date. They lay with it when it's gonna work out.

It's going to be great as is.

You know your choice and turn election. Of Medicare and and so last show Hans. We went all into what was like to actually sign up for Medicare but now all the sudden this season. A lot of people talk about part C and part D and so we want to come to pick up where we left last loss where we left off last week but I don't want to tell you where I find the average person that's been on Medicare for three, four, five, six years and if I really set them down, which I do with some as I'm just curious of when they meet me for the first time and I'm counseling them about Medicare and its this time a year to say so is the annual enrollment. They Artie know that some I don't know.

October 15 to December 7 now could you just tell me what that is what what is that means Medicare annual election. October 15 December where you elect what were you when you get to do and I would answer my own question is, most people that come up some, that's, that's the time year that I elect my Medicare okay so what do you elect with Medicare from your already on Medicare well just got to know and and so I think Gary lies a lot of the problem with this whole Medicare deal is, is that clients which is you folks or consumers. People that are on Medicare and by insurance to go with her Medicare. Many of them limit their knowledge or learning or whatever you want to call it about Medicare to the people that call on him to sell them something or their own experience that they've already had for three or four years if there 6869 there's only been on it for a while, they just kinda think I know well, I've got been on the house and so I can't have to do something. I don't know exactly what it is. Or maybe they're going to say I changed my drug plan, but I don't really need to do that so that there's a whole lot of confusion around and so what I think would be helpful is what we did on the last show last week and do it again this week and working to keep doing it through this Medicare season is just talk about.

So what is Medicare part a was part B was part C and what is our date. I think that the whole world of consumers that have Medicare the faces season every year and they rely on their Medicare all year long else I would try another group that I don't know what I think really helpful, but like how wonderful would it have been for me to counsel my mom or my dad if they didn't understand all these things for which you know as it turned out, I can see the difference between how my mom got handled versus how my dad got handled. My father smarten in heat, heat. He had that stuff it out with other people that I know dear people know if somebody in their family there. There are sons and daughters would study this I can think of the right of a window that I talked to all the time and and I talked to her several times with him anytime she says like it.

She's on Medicare and she won't get stuff done because she's on Medicare advantage and she can't pay the co-pays and she can't pay this and pay that and and and I think wow a son or daughter somebody that was concerned if they'd gone into the cycle loaded began to learn about these things it really really could help your mom that is is actually you and I are helping her at this point trying to get going in the right direction because it is that time of year to bring the rest of our listeners and that's always one of my concerns and talk about Medicare. We have a lot of listeners that are in their 50s early 60s. People in the 40s and they demeaned the way Brown thinks talk to them about Medicare will it's a few years off of them. But the place where this is really beneficial. I help my mom. I help my dad. You helped your mom.

You helped your dad and my guess is, as many of you who have learned about Medicare and it might be your your experience with Medicare is just through your parents. And it's even more limited. So this is going to give you an opportunity not just through the show today, but to get involved with finishing well and we go over this stuff every seven weeks.

Were talking about Medicare.

It's in my books, website, and what I desire, for as much of as many of the consumers, especially our Christian consumers who we love coming to us as clients is doing business with Christian people is wonderful. I just tell you that from the other side of the business is for you to become educated and informed and able to make really self-directed beneficial decisions and if you can do that for your parents probably glad to get on the phone with you and your mom and dad and what was just a reckoning be in different places and just got to talk through whatever problem there haven't but I think if you give this a listen to.

You have part a and part B, which is on your red white and blue card got a start date of that party is a hospital part B is the doctor in outpatient so that's the crux of your Medicare coverage. If you're still on original Medicare, and which a lot of people are that you insurance you get it from the government, you pay for part B comes all your Social Security check. And then most people that are on original Medicare have a Medicare supplement policy as well and that's an area that we help a lot of people is try to get them to a better price Medicare supplement because they don't all charge the same prices so that's an area where we help people, but it's real helpful for people in general.

Just understand what's going on is covered under part a covered under part B and then you have a supplemental policy from a private insurance company that pays the gaps in Medicare, at which it a lot jump in here and say okay here, here I am.

I just maybe selections. But I not because of its annual election. Because I wasn't choosing on part C. I was choosing to join Medicare to begin with.

But the reason I did was I don't want to end up like my friend is light. I saw the coverage. My dad had because he had original Medicare and the part a part B any other drug plan and he had bought the top-of-the-line Medicare supplement and his the hospital bills. The last years of his life were in the hundreds of thousands of dollars right and he might've paid 20 or $30. Here there for something that didn't quite get covered but I can assure you it didn't equal hundred and $50 for those hundreds of thousands of dollars based on how good a coverage that he had versus my mother-in-law you know who's on a Medicare advantage plan. I can hear just the other night saying to me and II give these doctor bills just keep going up and up and up and and and and as a result of being on Medicare advantage which is the part C plan which is the annual election claimant people talk about right now and and and the same thing with my little friend she can't afford the medical stuff that she needs because she is automatic or what will sure and so what I want people to understand, especially coming into the annual election.

Just what it is they're buying here in what it is, the people are pitching on TV okay and that's a bit of the dark side of it so you know in a fight with a listen to that we have no Mitt, maybe nobody on Medicare advantage plan.

There are some upsides to that, but by and large, most of our customers there on original Medicare part a part B and then the caring individual supplement of which your pan like 105 bucks a month when you're if you were 75 years old. Now you might be paying hundred and 5460 and 70, Stillwell listed in your dad was paying almost 300 bucks a month and I remember going on: on him and talking to him about it so so the Medicare annual election.

It starts on October 15 has nothing to do with what we just talked about. So in other words you can change your Medicare supplement policy time year you signed up for your part in your part of the original Medicare that doesn't have anything to do with the next seven weeks.

Okay, so he sees commercials on TV. I want you know what they're about and what their selling and we sell the stuff to so I want to talk about it like a bad insist to me it seems a little bit bad of how they are presented to the people that way and what it is is that is part C and part D of Medicare part C is receiving your ANB receiving your Medicare from a private insurance company and you do that by election.

So starting October 15, you can dial up that phone number for Humana and you could say I want to elect Humana Medicare advantage plan and they could fill it out, starting October 15 start January 1. So when start for a couple months and then you have been in now when you go to the doctor or the hospital euros showing your Humana card and study your Medicare card because you by your election is chosen, Humana to deliver your Medicare to and then typically that Medicare part C with Humana is going to also include a drug plan which is part D so you can get the whole thing all in one place and you are going to need to drop your Medicare supplement policy so that means that you're going to save the premium if you plan 100, like you, you could make a selection and you now would save our environment right.

If I get that there's no doubt that month by month, find out so much more election time on finishing well certified manor house.

I'll find a solid card guide Hans and I would love to take our show on the road to your church and 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 card, Contact Tom to schedule a live recording of finishing well, your church, Sunday school, civic group, contact Tom Cardinal that's Cardinal so welcome back to finishing well certified planner Hans Schild today show is election time, but were talk about election with Medicare and specifically Medicare part secretly talked at length at Robbie's on part a and B and now you might find out like why would Robbie ever in his wildest dreams choose to elect part C okay so just putting us in position and will answer your question is you have this you could make this election start in about three weeks. Two weeks you can.

You could then call up Humana. If you are, you can call me know for you. Call me but I am just picking a company and that's with her want you to do on the 800 number on the commercial is to call him up and you could make a selection because I want to Humana Gold plan or whatever. Then you know the first cemeteries you need to make sure that the doctors that you want to go to her on their Dr. plan there their network in the hospital you want to go to is in the network. So why would you want to do this guy what what what what would be motivating you to do this in 1, you could dump your Medicare supplement discussed in your hundred and five bucks a month you could just say bye-bye to that and bye-bye to the premium. In fact, by law, you have to drop okay so now your hundred five bucks for the good.

The second thing is you could dump the Medicare part D plan that you buy from us from WellCare and that's $16 a month and that covers your drugs and you could you get that as part of the Humana goal plan so you could dump that out. So now you're about $121 for the good and not pay my hundred 44, 50, no largely premium the theater take a Social Security check of the house is fair so there.

The government is paying then to provide my Medicare but I gotta still pay the government to provide Middle Ages because the hundred 4460 is just one small piece of the real cost of covering you in prayer. Okay, okay, so I don't pay the heartbeat. I think I'll pay the hundred and 44 and by the way and 1/4 shot which can be $433 sure I want to get people confused.

Here is visit to be on Medicare.

Whether you're on ANB original Medicare, or you've gone to a part C Medicare advantage. You have to keep ANB in force and you gotta pay the government for parking so that's gonna stay the same. You're just going to now get your Medicare from Humana and so why would you want to do that when you would want to do that to save the hundred five bucks a month you send Mutual of Omaha for the supplement is also save the 16 bucks a month to send WellCare to pay for your drug plan and then you also could get some extra benefits like some limited dental, vision, gym membership, some of the things that they thought of and that that would be pretty much the reasons that you would gonna Medicare advantage plans. In other words, if the medical Medicare supplement and the drug plan on paying for really more than I can fit into my budget. But the challenges us, like I remember my soul extended warranties to the people and they bought a car like the people that wouldn't possibly have the money to pay for the extended warranty were the people that needed it. The worst right which is what ends up happening.

It seems like with Medicare advantage is that Medicare advantage has these little days Take your listing on why you would want to do okay. It would be to save money in premiums and get a few extra benefits that sometimes on some of the plans they can get somewhat attractive, but and then if you're 75 years old, your premium that you're saving would be higher on your motorcycle because of its 300 obviously yeah subject you know when it's it's it's it's Christmas, which can save you some money so why would you not want to do this as atheromas go nice and for the reasons you just articulated is you got deductibles and copayments that's that's that stuff adds up and it's if you get sick in a year.

It's not going take a lot to add up 221 bucks a month times 12 so handsome is what I see with relatives. This is not a matter that there sick.

They just have all these chronic things they have constant doctors appointments and in constant you know things that are no oxygen in all sorts of stuff that they're faced with in the stuff adds up to way more than than is absolutely and with the supplement and original Medicare. You just gold stuff so so so let's see why you would not want this is make a list. Why would we would not want to go Medicare advantage route would be deductibles and copayments that can add up to substantial. The second reason you don't mess around with network urine managed care so you know, if you go to a doctor that's on your network and then he or she refers you to a specialist. They go to refer you within the network and it could be that if you get no smile but you say if you get bad sick and I was know if I get bad sick I'm gonna consult every doctor that's within thousand miles for release. Consider that, and asked my doctor and I'm not to let my insurance stop me from going in seeing a specialist are going to do cancer center, over here Bowman Gray school of medicine or just wear it wherever and Medicare advantage plans don't necessarily travel well with their networks. Medicare original Medicare, and supplements. Great. So that would be another reason that you wouldn't quantities. I mean, that's kind that's us so it gets back to the Serbs there was a bit of pain with having to pay the supplement insurance because I'm an original part a and part B, but the long-term gain is that if I get it now when I'm healthy right I get the lower rate of sure right and it'll take it longer to scale up on me because I got it when it was the deal. Sure, and will probably end up changing your Medicare supplement in three or four years to the next big company that's offering it enough for 106, but they might be offering it. The plan G that you got for 118 when you're when you're 68 or 69 and the Mutual of Omaha that you have now may have grown 253 will just move you as long as your health is good. So so you keep going down that scale every few years by changing from company to company. But again, just add clarity. There is no election. For that, no. So whenever Mutual of Omaha decides to raise the rates. That's the time when Robbie calls when 100 times. Sure she will probably be calling you because we we monitor all that stuff we represented Medicare supplements of 40 insurance companies so different insurance companies and they all felt exactly the same thing.

So why wouldn't we represent everybody and just it was in the best interest of our customers. But for those of folks like the two people I know of that really in my mind don't need to be on Medicare advantage and but this time is a critical time for them.

But what was sure it is and here's the other thing you can do during the election. Let's just say that one of these people had Humana and they can afford, or in the case of one of them that I know of her health issues on oxygen.

There is no Medicare supplement company going take her she could we could figure Naegele guaranteed issue.

So were also going to keep an eye on that is there's ever a time that we could get her in. Somehow on a guaranteed issue we could bring her in. Without asking health questions, but I don't see that happening anytime soon so where this matters to her as we could sit down, start in October and we represent Humana, United healthcare AARP, Aetna, Cigna, WellCare, anthem Blue Cross, there's a few more guys so we got the ballista and most of the places you would buy the stuff from your only get one company sales pitch and we we have a web portal or a thing you call that software that software you stuff to fix this good right I am always young people to work with me like that are just they can make this happen in five minutes I'm better off with the old paper, but as a we can offer you all of those companies and we could enter like the person that were talking about. We could enter all of her doctors. All of her just in the system and then we could run across all five we could possibly find more favorable Medicare advantage plan for her situation and then we could move her to that there will be any health question so that's what all of you listening or could be with your parents.

Maybe your parents are on Medicare advantage they need to stay there but yet they are dissatisfied with what they have. We could consider moving them to a different plan with a different company that can work out form. You could have some parents that are on a Medicare advantage plan that just got talked into this. There dissatisfied and they have the health you you can have some health conditions and still qualify for Medicare supplement insurance is just if you're on oxygen you're not that that's going to be a no on most of them are all of them. If you're on oxygen now know if you were on oxygen six months ago, but you're not on it now, you could possibly get in the service of other things. So you could have somebody or was could be when your parents were. You have somebody that's up there in years. They got some health conditions but they still could slide through on one of our 40 companies with some of these companies are easier than others on underwriting and we could get them off of the Medicare advantage plan and onto a Medicare supplement and then get them enrolled in a separate drug plan, put them back where they were back when they started Medicare week we could talk about doing all that I can and then then the other group is the truck it right because this is the like.

Next year this time. During election time accepts to coincide with election time.

Anyway it if all of a sudden I get put on a new prescription in the autumn and these things out. You represent tons about we do we we represent most of them and we do a lot of that were somebody has no maybe they've got WellCare and just was costing them a lot. Copayments are one of the drugs were uncovered or something they got on a new drug will then during this annual election. We can put their drugs in the computer and the software and pick what is the best drug coming possibly make a change in that so it's really Medicare part C and Medicare part D that you can change around from October 15 to December 7 and working to keep talking about this on the radio show throughout the season when I can talk about it all day every day, but were going to keep talking about Medicare a little bit out of our normal circuit just just to keep people informed of all this because it you don't want to see anybody in something that doesn't work well for mother. There's lots of options which you can see there's a lot of information to learn for disciples that that like to learn this kind of stuff. Hans's book the complete cargo guide to planning for living retirements there at the website. Cardinal course if it's one email Hanser question. He would love to hear from his heart is that we would be better informed in order make better decisions, especially election to actively listen. We hope you enjoyed finishing well brought you by Cardinal visit Cardinal 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 constant 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 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

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