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April 17, 2021 8:30 am
Medicare Supplement Plan G is the most popular Supplement plan out there. Hans and Robby explain why!
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How is Medicare supplement ING master plan G part processes beautiful video on YouTube, which by the way are subscribed to and he did this on Medicare plan G and as I thought about it I couldn't help but think that Moses was very familiar with Medicare supplement plan G or it was actually just really very understood plan G. Meaning God and so the Jews have this wonderful commentator that they have studied for years and years, like their Matthew Henry, if you like Bible commentators in this guy's name was Rossi and I love what he wrote on the passage in Exodus when Moses meets God at the burning bush and God says to Moses you know you cannot go set my people free Moses a little if you know this would be a little bit scary dear to go set these people free if if God said that to you and so got me a Moses says to God, who should I say sentiment and you may be familiar with the statement that God says I am that I am right there.
But what Rossi said about that. Once there is a question underneath Moses's question, which you can't help but wonder if you were Moses and you knew these people. The real question is God.
Where have you been for the last 400 and and what God was telling Moses was actually Moses you need to know about plan G that we don't really understand why they had to lose their first children into the Nile and we don't understand why the slave masters had to be them. But God had some plan for the for the people of Israel that that he would bring them to the point where they would be able to receive his law and receive his commandments and be able to to be the lineage of Christ. And so there things he knew that but what God was actually telling Moses is I was there I was there with every baby that was thrown into the now I was. I was actually there when the slave drivers were beating I was. I've been there.
I am the most reality you have ever experienced. You didn't think I was there, but actually on the realist thing that there possibly is and so he was involved in every little detail of it. Anything is because I actually have Medicare plan G is is you know from my perspective, like God was saying he was in there like Prego spaghetti sauce I was there and and so would plan G as you think about the things you need for your healthcare because when I was a kid my father had Blue Cross Blue Shield.
He worked for General Motors and if we were sick. There was no such thing as it you know any kind of co-pay or 8020 are you know we went to the doctor it got paid in May, my parents never were anything about it.
I mean, that was insurance from my standpoint, center this year is my first year on plan G and and so as we get into the details and plan G but my perspective is it's in there like Prego spaghetti sauce. Like all that's covered my wife thinks I'm a genius.
She said you went to the emergency room and you didn't pay now. He went to the doctor and there is no nothing. I was like man so working to get in that today on how your insurance agent is detailed and that Clinton that would be hotshot.
But you know we we talked about it and I was like well Hans, what would you get if if you went on Medicare and what would any which is pretty simple.
There's a lot of them out there, but plan G's is the one sure we wanted to talk about today. If you really want the best you want to be covered in the most way. You don't want to have to mess with networks love people love networks when there just get routine care. The yellow problem that comes up and you know it's actually nice to have a little book that you can pick out a specialist to go see. But when people start having trouble with networks is when I get seriously sick and now they want to go see a particular specialist like the example we were just talking about imagine Robert, most of which you've had this been in the manageable realm, but if you all of a sudden had cancer again your my wife just went through that Duke and you're liable to call me up and say you know what, how do I get into that Duke cancer center and then we don't have to look at your Medicare insurance or your insurance. Where is somebody that's not automatic and they're not on original Medicare they've gone with a Medicare advantage plan their Medicare advantage plans that have the specialist on there with this is one less thing that you don't have to worry about with original Medicare.
And then if you purchase the plan G Medicare supplement do not even have to worry about bills when you go there pretty cool yeah there is a deductible at the beginning year to pay for the case. It is the only deductible or copayment that plan G does not pay is that $203 is what it is. In 2021. It's the first $203 Medicare approved charges that are outpatient thereon you get the old plan F which is still there for some people it went on Medicare before we a lot of them in force villages hung onto them that actually pays the $203 but the government took care that they won't let us sell insurance to you now, or to people on it 2020 and after the covers at 200 through the government once you incur at least some expense. As it turned I guess to going to the doctor or something, but after that you haven't paid a dime now and what's crazy. From my perspective this last year I had a $5000 deductible. If I'd gone in the hospital for any reason.
I have all kinds of co-pay is not only want to know all the other things that I had to pay but I never got sick for the first few years of this year as I went on Medicare, the very month I went a minute grab the month I was chopped my front my thumb off with my hedge trimmer and that led to an infection which ended up with all kinds of scan another hospitalization as well as tell you my my wife thinks I'm a genius. I had some stomach problems that led to a bunch of other tests and and again my wife like what the heck.
And then I got coated and when I got coated.
I had trouble with my blood pressure which I'm actually still haven't and boom. Two more trips to the emergency room and if you go to the emergency room right and you're just on plane Medicare deductibles and that like 1480 Florida will know that's an inpatient hospital.
Also under part a if you go in the hospital in your there overnight and you have original Medicare you got no supplement or you have the wrong supplement.
You have a deductible of $1484 and that's not an annual deductible.
That's a per hospital stay. So if you have something early in the year and you're in the hospital and then later in the year you go back in the same thing or not get another 1484 bucks. The good news is the plan G pays all that.
Now what you were talking about under original Medicare part B year responsible for 20% of all your charges after that $203 deductible so so if we just took a while guess that maybe your part B expenses have been $20,000 this year. Had you not had good Medicare supplement coverage you you would've been on the hook for about 20% of that or fragment of a thousand bucks. While if it been last year, you know, before I got on Medicare to begin with, you know it been over $10,000 that I would be you know over the two years because I had a $5000 on letterhead at a $5000 deductible this year so I might get a Medicare number one in about number 2J plan G because my goodness, I mean the money that it saved me this year but you know that the thing that just tickled me to death that I found out today that I didn't know I was. I can't.
I'm worried that man when they come up to renew my policy this year that you go this guy cost is for you can do that. I found out they don't write it based on is not like car insurance absolutely is. They can't so they can raise your premium based upon the claims of all the people in North Carolina that have plan G and how they've used it so and that stuff averages out. So that's just one more thing you need to worry that's I like that plan G which I've always thought about when it comes to God right.
There's a lot of things I don't understand this world, but plan G says don't worry about it.
Your cover set so you know the plan G has a whole list of benefits that it has over the other plans so you know you wanted. They call it GYY is the plan G. The plan G is just one option. 10/10 plans that you could choose from there called a plan, a plan B. Guess what comes after.
Plan to see you have plan C plan D and so the government just came out with you insurance companies. They did this 30 years ago. There are 10 plans you can sell and this is exactly what they're going to pay and benefits. You can only sell mucus all 10 of them.
You can sell three of them even you know so so the insurance companies have the policies written for them and their exactly the same from company to cover the government did this to stop us. Insurance agents from going out and showing people say my plans better than that plan, and so was change to it so they wanted to make it less confusing for seniors and they really done that because we can talk about plan G and plan G is the best one that's available right now. We can talk about that and that plan G is exactly the same no matter who you buy from. There's 40 different companies in North Carolina offering plan G they all charge different prices, but the benefits on those from the 40 different companies are exactly the same time my haps be through Mutual of Omaha right right and but if I had the monster and I had a from every tribe I'd had exactly the same. You have exactly that is faded different premium you would pay different premium and you are called a different number when you want to ask him questions, that's it. It's exactly the same. And that's true. Like if you went to a plan B. The plan B is exactly the same through all 40 companies. So what were talking about today is if you buy the stuff the right way and you're going to go this route and your Stan original Medicare. And then you're going to buy a supplement, just try to simplify this in order to talk about the benefits of a plan G in the second part of the show.
That's what shot by and you can say well it's the most expensive because it's the best but is actually we can quote you the prices from all 40 companies and we can pick amongst the ones that have the least rent the best companies, which it was not coming from my perspective. Nowhere close to the constructs I was paying with a $5000 less apart. That's like what I paid this for this convert. You know, so Medicare we got a lot to talk about and you can be glad you tuned in today so this show is brought you by Cardinal guy.com and certainly Hans and some of the complete Cardinal guide to planning for living in retirement section today on Medicare has all sorts of things like there's a lot of confusing stuff in the elements of today would talk about Medicare supplement. That's a team.
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 Hans expertise and qualified charitable contributions veterans aid and attendance and 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, your church, Sunday school or civic group. Contact Tom to Cardinal guy.com that's Cardinal guide.com welcome back to finishing well certified planner Hans Schild today were talking about Medicare supplement plan G.
So, coincidentally, we talked about.
It's like God is like it merits part of the deal so okay so the plan G pays the most benefits. It has the most benefits in effectively. It's the best plan to buy this on the market right now and that's why I sold to now understand, you do have the option of going on a Medicare advantage plan and privatizing hitting a private insurance company and so were not talking about that today. Many of these Medicare advantage plans. You don't have to pay a premium for them because essentially Medicare pays your premium for use of their zero premium and what were talking about today is a G plan, Medicare supplement, and you gotta pay a premium for this or you choose to pay a premium and you know if you want the best. This is clearly the best route to go and then when you're buying a Medicare supplement.
That's what you want buys the plan G and why you want to buy the plan G is it has the most benefits we can start with the fact that after that $203 annual deductible that none of the plans cover that are currently available after that Medicare is going to pay 80% of their approved charges. You would be responsible for 20% in the 20% that you would be responsible for is paid in full by the plan G and many of the other plans pay the 20% and falls well that was a part that was the scariest man like wow somebody's after buying a Medicare supplement that paying a premium for sunk in other words, or make monthly payments and also mingle in the hospital and and and say it was a $10,000 bill. Well, there's 2000 box that therein pay on top of their if you have something other than the plan G like a plan and or plan D that semi-soldier notes was saying there inferior, but they're missing some benefits. I mean there's enough there not plan G and there's something other than that, you're missing something, and I I could actually show you that if you break it down with what I want to talk about is this insert so this it's this 20% liability. That is the reason. First of all that you want a Medicare supplement because if you had huge bills you can't stomach 20% of the huge bills of the supplements can come in and take care of that. But there's a little piece of that.
The people missed that the plan G covers the other ones don't.
And is called excess charges. Do you know anything about excess charges.
I do okay so some doctors aren't Medicare friendly yet they're not Medicare. They don't take assignment of Medicare right they take Medicare but they don't accept assignment.
In other words, they can work off a different pricing schedule they can do is balance billing. If they do that will just make the simple, the plan B picks up the excess charge that's a benefit in that's lacking on some of these out to me. My plan G.
The plan G plan G said it's okay I said be such a thing about Medicare part part okay so the plan G pays not only the 20%, but the amount over 100% of the excess charges they pay those in full. Pretty awesome. It also has a foreign travel, emergency benefit, which you know if you never leave the country and you don't ever perceive yourself leaving the country will then I guess this doesn't matter to a lot of salespeople is made that decision for you.
When they're selling some of the plan with the foreign travel, emergency is a benefit that comes with the plan because Medicare doesn't cover care outside the United States.
I love you so yeah like if you go on a cruise to the Bahamas or I went on my mission trip to Jamaica and I been up in the hospital Medicare is nothing there so there's this foreign travel, emergency benefit that comes with the plan G they can be extremely guide that's really about it when there's a couple extra benefits and then the whole rest of the thing you just picks up all your deductibles that are not covered by Medicare and people experience it just like you have. We have clients that bought from us back in like 2013 2014 they body or a plan after a plan G and we've contacted them. Since then, and we said no, like in 2017, 2018 2019, we said hey that plan G that we sold you are that plan F has gotten up there in price and we got this other company we can come in with the new company and we can cut your price by 50 bucks a month. A lot of don't believe us, you tell me I get exactly the same thing from a different company and yet I'm a Payless and that's exactly what I'm telling because a plan G is a plan G is a plan G and we've had many of those people just turn us down their own customers so they're willing to pay more than they have to because they're in love with a six matches. That's actually become a problem. I'm calling some of these people myself because I just thank him for being a customer for seven or eight years, but it's like, hey, you're paying 250 bucks a month.
Now for this thing and you can buy this from company beer company see through us. Same place we just fill out a form and really cut your premium and some of their listing to me.
Actually there there now move in and say hello.
I look at your chart what you did on this video, you know, it says that not right.
There is hundred and $18 for plan G right now. That's fine for a 70-year-old male non-smoker single and lives alone. That's a deal yeah well it is.
Especially when you look down the chart, and you see that Cigna is charging hundred and $55 for exactly the same thing with these people that bought Cigna in 2014 they did that under a different wrapper. They're the ones paying $207 a month so there's a little bit of a shell game that goes on within the stuff and I can get into it on the show we turn that to our own customers favor because we move these people every 2 to 3, four years if we can and will do that to you is, is that like in year three year year for if your health is such that you can move and work out where you look at it every year and when there's somebody that offers a significant discount to the Mutual of Omaha plan that you have. Guess what removed. I mean it ain't much more complicated than that is is that if you're willing to pay for it because he had paid his premium even 118 bucks a month or more in different states and for older people. I mean, these can get up to two 300 bucks a month so as long as you're willing to stomach that you just got much better coverage and you have freedom of choice or your doctors and hospital.
It's a wonderful thing out. We also set on the video is you need to purchase in addition to this, a separate part D drug plan, you did that as well.
Right now, and then I remember who you have with well first are somewhat WellCare WellCare is like 18 bucks a month and we got like 20 choices of those in which I am at that one was somebody asked me on all my medications were going to do. Can you compare those to other plans to see which one works best that you cover the most them in the you look up at first the premiums of those things, but yeah she paid 20 bucks a month for that and that covers your drugs and does a lot of other things and then we can evaluate that every year because of somebody's often a better deal come this fall we spend the whole fall moving people that need to be moved things that to me you know I would've been totally unaware of that, many of the people selling this stuff. They only represent one company. So if there were states, you know, at nine they work for Aetna and you know Aetna's plan goes up to whatever they only have the choice of selling Madden and so when somebody looks at their Medicare supplements.
It's helpful to obviously deal with an independent agent who can see all the different priced what what what will absolutely and that's just from the there was a day when I only represent one company. Everybody that that that's the old way of doing things now with the Internet and these companies make us incur all the expenses for marketing the businesses there's really no reason to just work for one company, especially if you're in this business.
So what we try to do it. Cardinal is you represent just about everybody.
The only people we don't represent either one companies that won't let us represent them.
Like the Mutual of Omaha, they have their one company people that they will let most of their business comes from brokers, but we we really have very little loyalty to them and all that and at nine. Everybody else wheat wheat we spreadsheet the steps that we meet. We take all this business and we turn it around on the company since they were only going to put our customers with you if you got competitive price and if you offer good service and fair underwriting alike can stop but a lot of it has to do with the pricing is there. Also in exactly the same thing and when you got big name companies like at our Mutual of Omaha isn't like we got along. We got some companies you never heard of that we put people with for various reasons sometimes is price and they all have different underwriting standards, and sometimes we have somebody that wants to get out of their old plan G they want to get a new plan G.
But one of those companies with the names won't take him because their illnesses they were going to go over this company never heard of, but we've heard of you check them all out and do business with them. They will take you, so they were. I put you there right now. That's the advantage of again.
The only somebody who is obviously looking at the business holistically and this is fiduciary, CFP and I was either week yet so few complaints about coverage of me you just think if you are an insurance business and you got 5000 customers were 5000 Medicare supplement customers spread all over the country. You.
You would think that some people would be calling and regularly not happy with something that's going on and it's almost nonexistent on these plan G Medicare supplement because people understand what they have just they learned just the way you learned that you expect to owe nothing.
We don't even get them calling and complaining about premium increases and unjust. This is an unscientific study but I'm always asking my people. I want to know about it. If this stuff isn't working the way were telling everybody insist distance and wanted automatics claims filing so you don't have to like you.you never have to file a claim with Mutual of Omaha on your Medicare card is shown the show on the Mutual of Omaha. That meant they have to file with Medicare and then Medicare automatically knows that you have Mutual of Omaha and they automatically send it over by computer and then Mutual of Omaha displays the doctor may insist it's automatic.
Again, I know what were talking about today is a little more advanced. We normally talk about what is Medicare what is part a part B, but today we been talk about Medicare supplements for people that aren't on Medicare advantage, but on Medicare original Medicare and and so to find out more about the stuff you need Hans's book the complete Cardinal guide to planning for and living in retirement, which includes seven ways to have one of which is Medicare to understand and just wonderful thing go to Cardinal guide.com to order you know Hans's book obviously he's off on YouTube is a very popular video series that he does. Hans is always a lot of fun.
Thank you, thank you for listening. We hope you enjoyed finishing well with you by Cardinal guide.com visit Cardinal guide.com for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs long-term care life insurance and 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