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August 28, 2021 8:30 am
We're talking Medicare without supplemental insurance this week.
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Hey this is Mike Zwick from if not for God podcast our show stories of hopelessness turned and I hope your chosen Truth Network podcast is starting in just seconds. Enjoy it, share it, but most of all, thank you for listening and for choosing The Truth Podcast Network.
This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner, blonde child, 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, finishing well is a general discussion and education issues facing retirees guide.com are no advisors upon trial CFP insurance this show does not offer investment products or investment advice welcome to finishing well certified financial planner homicidal.
Today's show is bigger interest I'll bet it's called Medicare naked guy getting into. You know what what would happen with Medicare if that's all that that you chose to do and so it is really helpful to look at options. Once you know what it is that you kind of exposure nakedness you have an Medicare and I think that as you listen to today show you're going to see the biblical concept of eight you may have heard that seven is the number of completeness in the course. There were seven words from the cross, but only if you ever thought about what the biblical concept of eight is in effect. If you terminate on its side to get an infinity sign so Buzz light year.
He knew a little bit about this when he said from India beyond well.
The idea actually came from the idea that Jewish boys were circumcised on the eighth day and the idea is that you do what you can for seven days.
But God is the one he's actually going to cleanse you like the original Tabernacle was sanctified.
Aaron and his sons on the eighth day and off you've ever done the math that part of the reason the Christian church that we worship on Sunday is it's the eighth day the Lord Jesus came in on the triumphal entry on a Sunday on Palm Sunday, and eight days later is when he came out of the grave and that's when all of us got this ultimate cleansing is unbelievable cleansing, so the reason I bring this up in today's episode is as you listen to this. You go I need to be a good steward of what I do with Medicare. Whatever. After you listen to some of the details.
I'm sure you can agree with me.
This is in some I want to drive home that that well you know God's good have to bring me across the finish line.
And at some point time you have to trust God take you where you can't take yourself off and that includes giving people like with many counselors plan succeed. So I think after today's episode when you hear some of the stuff you can hear you agree with me like I'm really glad I know Hans this you know these are there details in this that are really critical to my family to the exposure so dive in there, it's that time of the year again Hans where people are hearing about all these different things when it comes to Medicare, you will get ready for the commercial start your name and be on TV mailboxes and people owners ring and everybody pretty much the same story and what they're telling you you you and for a lot of people. You don't have to do much to get your word together to try to do next. Does every week to get you prepared for today's topic is really going to be talking about the end of the thing. The high deductible plan G as I had a listener writing to me and say could you do a show comparison with high deductible plan G. What's that all about. Like to learn about children and crux of the shows were going to talk about Medicare naked and what we mean by that. I know for Medicare. You didn't get any supplemental insurance is that Medicare naked by itself and it's probably one of the best ways to understand like why you needed something where it plugs in and make choices. The suppleness is to look at Medicare basics get you on Medicare you have RA which is your hospital, part D, which is your doctor, medical and health anymore. You don't going to the hospital and spend the night. Much for a lot of things and so you can use.
You can run up a 3040 $50,000 bill for more never going to the hospital and all falls under part B that's important to remember that so under part a pretty well covered with just Medicare is for a 60 day hospital stay, which is a long time hospital you got a one time deductible of 1484 so if you're in there three days earlier in their 30 days.
All it's going to cost you to the hospital part of the bill is 1000 Medicare naked so if that's all there was to worry about supplements with the major supplements would be a lot actually got because anybody that goes in the hospital which is just a percentage in a given year.
A small percentage of the overall population. Medicare would be out dictate be out for the whole hospital Medicare supplement assurance company would only have to pay 1480 or only has to pay 44 so that's pretty well Now vacuum cleaner 60 days which wasn't that iPad on your client have been in the hospital longer than that, it becomes a daily thing each day, 371 bucks a day. Your pocket and then the rest is paid by Medicare after 90 days it changes to $742 a day and then if the person is laying in the hospital at hundred and 50 days and they continue on Medicare's.it doesn't do anything after and then of course the supplements are going to come in and tell these things in pocket or most of them so we can get onto that second year we difficulty here is your biggest risk is under part B medical and out and that you cannot part paid back. Part B deductible annually $203 and the $203. It's an annual thing and just about everybody pays that you call a couple times with the doctor and that's the amount of your pocket and then after you reach that number. Medicare then pays 80% of all your costs while your approved cost in you would be responsible under it just had Medicare all by itself would be responsible for 20% of the expenses what's important with this people are familiar with 8020 covered with is that is on the 20% so if you had your $200,000 of answers under part B of Medicare with some major surgery, major medical expense $40,000. No.
$5000 Or $10,000. Then Medicare there's nothing for exit strategies because doctors can balance you Medicare they can charge more than the Medicare allowable in responsible for all your rundown is that is a pretty clear Ravi. It's it's clear but I think you will be unclear here in about 20 minutes. No, because either that's a whole lot of stuff that the but the thing that jumps out at you obviously is wow the doctor part is is scary because we have all had doctor bills and we realize how quickly they can jump up and there's quite a bit of exposure right there and even at $40,000 as I'm thinking about some the doctor bills I've had in my life that would be low compared to when I had a brain abscess in cancer and some of the things I've experienced. So I'm like oh yeah, yeah, there's a lot of exposure there and I can see why I need a few minutes will yeah you know the Medicare supplement they been around for long as I've been in 1976, and the ability Medicare came out today started having supplement. Just something to pay all these And when I came in the business that part a hospital deductible, which is now $1484 hundred and part B deductible, which is now $200 that was $25 back in 1976 that these things get raised by inflation in just with the government sets a map and will be higher than this later on again. The deductibles are not really the problem that he and his status angle, one five-year Medicare pays 80% 20 and the fact that there is it is really a big concern and that's where the need for us up so that when you get to the supplement you get to a Medicare supplement then you got all these choice can standardize plan, and I generally simplify that for most my clients. We go right to the plan G and that's what I must year Jan, the reason you bought the plan G the Teva letter on name of the letters of the elf is because it is the most benefit and you were shopping with an agent that would be me that represents about 40 companies that you are able to buy the best plan is a very reasonable price (Mulligan's chose a good price and the best in what I want to do is show like what is your plan with a plan G is going to pay go right down all those costs that I read about plan G pays or reimburses you for every single one of those 1440 $84 deductible and the $371 a day.
Then 742 a day and then after the hundred and 50 days you're out quite a bit of money at this point and that's what Medicare stops the Medicare supplement plan G is going to pay all of 1484, 371 a day, 742 a day then all your cost for an additional 365 days, which very comprehensive with the plan G Medicare supplements. It wraps around Friday.
Then with the part B of Medicare. It's not going to pay the $203 annual deductible that yourself.
That's the only deductible that is not paid.
So that's on you. Once the $203 is paid. Medicare is paying 80% of all costs you are paying 20% must have a plan G that's gonna take the 20% all with no limit on that.
If you have any excess charges were doctors charge you over Medicare then you also get coverage for that to couple says I'm sure doesn't a listing agreement made it how someplace for this is written down will yeah find this book, the complete cargo guide to planning for living retirement which is firstname.lastname@example.org got a go to break again as cargo guide.com other side of the care they can show to see how easy this is really just that right back. Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room.
There'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 cargo guide.com and contact Tom to schedule a live recording of finishing well your church or civic contact on Cardinal guide.com that's Cardinal guide.com welcome back to Medicare and make it today on finishing well a certified planner, Hans style women get into an idea of what Medicare covers. If you didn't have a supplement she didn't have Medicare advantage, but mostly were to talk about claim Medicare, Medicare, naked, and in getting into the plan G. So let's pick it up from their pond yeah well we used to have a lot of folks on stand like 20 years ago in the business a long time and you just to people that are just the like conscientious objectors, whatever they just didn't buy us up about that Medicare Way, Medicare B and they just never bought a supplement that they were talking maybe interested in one. But this is all the insurance they had just Medicare just so that if you yet. It's really that's 11 of things I like people to get out of the shower. You definitely need a supplement or you need to go. The advantage plan.
Yet in the first part of the show we were just establishing you despite your liabilities are without a cell and then how well the plan G Medicare supplement comes in and takes care of so putting all this into context, is getting the show I said this is for people that have chosen to stay on original Medicare to not by a Medicare advantage to not go that was talk about that for a second because the pedicure and drop all of.
So if you're on original Medicare and your maybe thinking that you wanted to get into an advantage plan your bill do that all upcoming working on one of those advantage plans you want to get off of it back on original Medicare is able to do that to so I can help you with all that, stop. But for trying to understand today's just Medicare all by L and what your out-of-pocket work which out-of-pocket is going to be to get sick all you have is medic with the Medicare advantage program is done is they've come in and they put It Reduced the Deductibles. That's One of the Pluses of That Care Advantage, the Maximum Out-Of-Pocket Are Much Less on a Medicare Advantage Plan Than They Are in Original Medicare by about Self and Civil Widen Everybody on the Medicare Damage and I Can Answer That.
Pretty Simple Is Because of the Network Because You Have To Go to Their Doctors and Hospitals Now Need to Start Using Your Medicare for Private Insurance Companies Will Jan Most Clients.
Many Clients Really Prefer That The Bet on That a Year to That They Really Want to Get Back on Medicare like to Use like They Knew It Is You Can Just View Which Is Original Medicare.
So Were Making the Assumption Today That You're on Original Medicare.
You're Getting on Original Medicare, and Now Explaining Why You Need to Supplement How Much It Pay and Then Were Talking about the Plan G Which Has the Most Benefits of Any of the Medicare Supplement Plan to Build There Still Plan F Program Catholic Friend in the Plan F You Can't Buy It If You're New to Medicare 2020, or after, but If You're You Started Medicare before That You Can Actually Get a Plan and the Plan F Small Bit Better Than the Plan G. The Fact That He Pays That $203 Annual Deductible and That's Literally so I Wouldn't Be Too Worried about If You Can't Get One of Those, but Do Want to Say That Paul Find the Best Plan Available for Some of You Could Still Get a Nap Which Is a Little Bit Better Than the G so but Most People Buying This Stuff Is from Us Are Buying the Plan G Days and Then What We Really Want to Talk about Today and with This List. With This High Deductible Plan and It's Something the Government Allowed to Be Developed Same from Every Company Consistent Version That Slaps Another Deductible on the Plan G That Juergen Have To Pay Out Of Your Pocket 2021. That's $2370 so Civil in the World Would I Want That for 55 Can Get the Regular Plan G and My Only Out-Of-Pocket Is That a Deductible of $203 RP Why Would I Want a High Deductible Plan G and the Answer to That Is You Know I Don't Know but Actually It's Not, but It's to Save Money on Your Premiums Because the $2370 High Deductible Land G Samantha Deductible Is Going to Bring Your Premium down into the 30s at $40 a Month Rent from Somebody's up around Hundred and 5200 Bucks a Month That Starts Looking Pretty Attractive As You Put in Close to Her As Much Is $2370 into Your Plan G or into Your High Benefit Medicare Supplements Is Where Self-Insuring First Party Your Bill When You're Sick and If You Have Healthy Years of Interest in This but I'm Not Recommending This Week Habitually Sell 20 High Deductible Plan G Is a Year, so It's Not Something That Were Pushing but We Have People Coming and Asking about Her Asking for and We Certainly Put up There and for People That Are Extremely Wealthy Compared to Regular Health Insurance People Are Not Necessarily That Scared of $3000 of Out-Of-Pocket and Dating and I Want to Medicare Advantage Claim to Want to Go to Their Own Doctors.
They Just Say If This Gets in the Large Dollars I Want Current That I Can Self-Insure the Funny Time in the Case of Certain Individuals. In One Example You Showing Your Video People in Florida. I Mean It. It's Almost a No-Brainer. In Certain Circumstances Right You Know We Do A Lot Of Business in Florida and New York and California. We Saw A Lot More Medicare Advantage Lands down There Because I'm Looking at a 65-year-old Female Florida Is Paying about $3000 a Year for Plan G and in the Same Same Person in North Carolina Would Be Paying at 65 Years Old, $1127 for Plan G's Units Less Than Half Now You Take the $3000 Year Plan G and Then You Go by a High Deductible Plan Premium Is 732 Book so You Save in $2300 on the Premium so the Work Happened to You That 2300 Bucks in the Bank and If You Max out Your Deductibles on Your Minutes up. The Medical Insurance, and Having a Plan around What Is Your Health and Your You Don't Spend All That Much Your Money Ahead No Wink Wink When People Get Medicare Supplements Get Expensive to Cover Everything. The List Is Ask Us to Cover Something Gigantic That It Gives an Example to Me. The Overarching Principle Wow There Are A Lot Of Options and A Lot Of Considerations. And Wow, How Cool Is It That There's Somebody out There That Understands the Ins and Outs of All These Different Plans and All the Different Deductibles Where Your Exposure Is Where It Wouldn't Be That You Know Will Help You over the Finish Line Because Wow I Mean It Just like I Said in the Beginning, This Shekel I Want to Try This at Home.
You Know like Man That You Know There's a Whole Lot to Take in) That and It Depends on Your Health and It Depends on Your Age and the Development Depends on Where You Live You What I Want People to Walk Away with Today Show Understanding That the Public Conscious One of Them the Answer That Question. Why Would I Want Original Medicare Compared to a Medicare Tag with Customers Is People That Have the Medicare Advantage That Sick Many of Them Are Not Happy with the Networks That They Have To Play by Network. All Were Dissatisfied. Many of Them When Their Own Original Medicare. All They Gotta Do Is Play by Miniature Dr. Dr. They're Going to Consider Using Hospital except Medicare Then That's All I Got to Work so That That's the Real Reason That You Want to Stand Original Medicare.
Being on Original Medicare Is Marked.
Then Once You're on Original Medicare and You Got All These Deductibles and Copayments You Need to Buy Some Just Needed and That's Where It Becomes Expensive Cost You Money Out Of Pocket Every Month or Premium for That and Now Back on Medicare Advantage Amenities Medicare Advantage Plans of 03 People like That You Get Bounced Back and Forth.
What I Want to Understand Reason Stand Original so You Can Choose Your Own. Drs. I Can Remember All Too Well. My Dad's Case Last Two Years of His Life.
He Was Always in the Hospital Time after His Fall and He Had Plan after You Talked about Earlier, Worried, and Even Have a Deductible and I Couldn't Believe the Hospital Bills That Were Being Run up and He Didn't Pay a Dime with Wonderful People. People in the You Know They Attribute All That in No Which I Can't Say This like That Because You Just May Not but but I Feel Awkward about It Because It's Really Medicare Is Paying the Lion Share of the Bill. Cystic Supplement Is Such a Good Job of Picking up the Balance in People like You When You're Looking at Your Dad There Attributing All That to the Medicare Supplement Insurance Scheme Indicates a Well, I Guess I'm Fine with That Because I Represent. That Is What I Sell for a Living, but Just Two Things Working Together and We Have Lots of People to Get Sick and Think It Will Not Just As Shocked As You Work.
It's Nothing You Know and They Tell Everybody Else. It's Not the Same Deal with Medicare Advantage You Can Have a Bunch of Deductibles and Copayments All Kinds of Things That You Navigate Measuring up Any Premiums but If I Have a Bias.
If You Can Afford It.
I like Findings. Medicare Supplement Policies and Staying on the Children Giants and It's Nice to Have Somebody Right Here Did Run These Things off of the Go.
What If I Made This Choice When I Made That Choice and and Where's My Exposure Beer What You Know What Your Experience of That Because Obviously Hans How Many Clients Do You Guys Have Fun on Med Medicare Supplements in Medicare Advantage 5490 Communicate Well for about Seven Weeks so That Be Real Busy That There's No Way I Can Get That Kind of Experience to Be Able to Help People You Know Because You Run across Most Every Scenario. Over the Years That You That You Can but You Can Imagine. And That's Why Hans Wrote the Book the Complete Carnal Guide Planning for and Living in Retirement, Including That the Whole Chapter on Medicare Which Gives All Sorts Information along These Lines. It's All a Carnal Guide.com and Then He's Got These Wonderful Video Series like the One That We Talked about Today and to Go There Hans How They Do That on YouTube.
You Just Look up Modal Advisors or the VIS ORS with You Taking Monsanto There You Go Medicare.
Explain This Type That You Can Get a Whole Bunch of People Looking at You Smile and Ratchet Somewhere at the Top of the List Manager Explained Seth Again.
Carnal Advisors like When It Comes to YouTube, but Carnal Guide.com When It Comes Internet Hans Once Again Great Show.
Thanks Thank You Finishing Well Is a General Discussion and Education of the Issues Facing Retirees Carnal Guide.com Carnal Advisors upon Trial CFP Some Insurance This Show Does Not Offer Investment Products or Investment Advice.
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