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Medicare Part D For 2022

Finishing Well / Hans Scheil
The Truth Network Radio
October 2, 2021 8:30 am

Medicare Part D For 2022

Finishing Well / Hans Scheil

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October 2, 2021 8:30 am

Hans and Robby go over the need to know information for Medicare Part D for the upcoming year.

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.  Find us on YouTube: Cardinal Advisors.

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This is Rodney from the masculine journey podcast. We explored manhood within Jesus Christ your chosen Truth Network podcast starting in just a few seconds. Sit back and 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 belonged to Schild, best-selling author and financial planner helping families finish well over 40 years of finishing well and 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. Finishing well, finishing well is a general discussion and education of the issues facing retirees guide.com partner advisors and I'm Schild, CFP some insurance this show does not offer investment products or investment advice welcome to finishing well certified financial planner Hans Shiloh and here we are really talking about 2022. So the name of today's show is actually Medicare.

Medicare part D for 2022, which that's a mouthful and immediately makes me want to think about, where I went with this as I was thinking about today show topic of why am so glad that you know I have Christ as my Savior and why am so glad he sent me the Holy Spirit considers to verses that really speak to this from my point of view, you know, in Hebrews 414. You know they give us the 415. Excuse me. Chris has no we don't have a high priest who cannot be touched with our feelings, our infirmities but always as tempted as we are, and yet without sin. In other words, he knows all the things were feeling at end but by the same token, you know. He knows the rules in the state the situation and then you may have known are my favorite thing to do. Actually, as I pray every day is to ask the Holy Spirit. You know, as it says to do that groaning for us with work with prayers that are deeper than words can say, Holy Spirit, and in Christ know what we need more than what we know what we need and so is Hans goes through this Medicare part B distant start off by saying that as I reviewed this content.

I was so glad that I had some inactive trust that could simplified down to the point of okay, here's what I need to know I need to know what my drugs are and and how that's going to fit into my plan for 2022 and and I need to know where I can save 100 bucks or few hundred bucks a mean an end.

So I think you're gonna find that out by listing today show, but more importantly than that, I'm sure you would agree it is to know that we have a high priest in Christ, and we have the Holy Spirit that understand this stuff better than we do and man we need to lean on and and so let's lean on Hans right now for a Medicare part B yeah so area of the area at you can get the most grief. Riordan experienced the most grief around the old Medicare program and old are you upset about this many times.

The reason for that is what everybody on Medicare. Most everybody just take drugs prescription drug in the dealing with the day-to-day and there are difficult when you're getting your drug need for an update for or you have a big on the pharmacist been asking for 30 bucks ago. Then all of a sudden that okay is 362 bucks and you're going like waiting in the people go home and call out on a lot of the drug and area where we get some complaints. It's really around the part D youth at the drugstore have to pharmacy it you know it's when somebody develops a serious illness and take some specialty drug and then they find out really other party.

Some of that week to how well the Medicare supplement and Medicare work together because on the medical side in the hospital five your Medicare supplement or your Medicare damage plan and to do very well paying for medical and hospital expenses. They do so well. People are so happy that you get down to the drugs they have difficulty and so it all gets channeled into that. So what we want to do today. Do you what the world is going on Medicare part D. Knowing this, open enrollment season or annual enrollment season in October 15 to December 7 how that applies to the Medicare part D plan and really what you need to do and what you don't need to do as it relates to prescription drug that's the nice thing about part D is leased a name that seems of the letter they're talking about. But really, they named it. Part B because D followed a BNC and that's just a coincidence, but anyhow yeah that that that is a plus. And so the first thing we need to get clear on is if you have a Medicare advantage plan here on one of those advantage plans you have it with ARP United healthcare have it with you man hour at Knauer Blue Cross for one of the other big carriers that you get all your network doctors and all that more than likely your part D plan your drug plan is just part of that claim. Just like an ant on you really didn't have choice in this matter. When you signed up for you just got whatever part D plan is attached to your Medicare advantage plan is still important for you to learn about what your options are like. You may not be as familiar with it because you didn't individually make a purchase so that it was all part of the package. Now if you're on original Medicare, and you have part a and part D and you have one of those red white blue cards and you don't have to mess with the network you have big deductibles and copayments that you have a separate private Medicare supplement file then what you have will first of all supplement policy. You can deal with at any time.

Just people do a lot of that during this annual enrollment with her talking to any that you can change that make the adjustment anytime of the year on the top part D plan for you. You at some point block that RTP planner you chose the part D plan that you have and you now have the option during this annual enrollment time if you wanted to move to another part deeply. You could do that and then it'll take effect January 1, so what.

What we really are going to do today is to go through and explain to you like what the world's going on with the stuff and then secondly what what are your options with this Medicare part D government dictate the company a standard minimum benefit in the standard minimum benefit. In other words, when United healthcare makes their part D plan or WellCare makes their part deeply. And that's the one you have probably save file on back in the summer the spring with Medicare and they say okay this is what our part D plan B for 2022. They've worked with. The government has put out the minimum benefit plan your drug plan is gotta at least do this, but a very minimal and then most of the company, you better. Why don't we just older what the with the minimum benefit is that I don't know of a single company has a policy write the minimum but let's go so the first thing you got 2022. You have a $480 annual deductible that means you don't get any benefits for your drugs until you've accumulated $480 and drug add-on sound very good for the people that pay the full deductible you know because there are people that have to do this because some of the drug plan make you incur this thing and and to do it for the rugs in the special tier. So, in a case at the $480 annual deductible and then after that deductible, you have 75% coverage and that means you pay 25% up to 4430 go and so in drug so now you say will what's up with this 4430 was actually only 25% of the 4430 that you're going to pay on your pocket and again Go to the standard plan and then after 4430. Imagine that, and you're now in the coverage gap you got 75% covered.

But if you and even that the lady that I do my prep work with what lies there that 75% up to 4430 and after 40 4/30 75%. Yet, if you ever heard of the doughnut hole which most people have ever read an article about his 4430. You and covered one thing is a few years ago they eventually closed the doughnut hole so that 75% coverage up to 4430 and then you get 35% coverage after 4430 until your out-of-pocket money you paid out equal $7000 7050 and then after you paid that much out your pocket, you get 95% covered me start from the numbers of people. I probably got you confused already timeless first time I looked out I was out on someone else start out by saying we need to grade. I understand the stuff in the other part that I think is critical to understand is that most of the part D plans. Coverage is better than this right automotive yet is much better than this limited stroke.

One thing before we do right simplified $180 annual want to pay that got 75% coverage until you've paid a little over $7000 out-of-pocket after that you get 95% simpler than everything I just said Messiah course course type and that set up a wreath amplification of the whole thing.

But yeah, and I think you know you get on the back of the show. The second part of the show never to talk about what the with these plans really do actual plan you're going to buy better than what we just talked and that suggested test again to find out the end of the surface options and things that that that really really will be helpful to you because again was for the whole world doesn't necessarily matter is what is is coming to me and I am working to get down to that and that's the reason why Hans does these and he wrote the book the complete cargo guide to planning for and living in retirement that again. Is there a cardinal guide.com which has Honda's email address Derek Kardon guide.com if you want to get the book are you you want any of this content all the podcasts of previous shows, etc. etc. is all there Cardinal guy.com but if you go to Tom's YouTube channel which is Cardinal advisors.com. There you can watch other videos. Along these lines, and even the board that shows all this information in great detail that's all available all the resources as is clearly high on his part that we understand this test so that we can make better choices and be better stewards of God. So we come back and have more of Medicare part D for 2022.

They didn't.

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 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 contact Tom Cardinal guy.com that's cardinal guide.com welcome back to finishing well, a certified financial planner Hans Schild in today show is Medicare part D, which means drug plan for 2022 and so the good news in times of the real stuff that people get isn't what we just describe for the most part right. Minimum benefit will start out with the deductible, mostly in $480 deductible. If you do, but most of them what it was like 200 240 or some number and then the deductible applied it so many people that have a deductible don't experience it Talk about formulary. Each clan has their own individual form of the formulary are approved by the government formulary is a list of drugs that are covered by the plaintiff and government requires the city's plans have at least one medication and every treatment so that you don't have to look and see if your condition is covered on the formulary because they have more than one drug typically will cover you in each of these areas and mostly plan Or tear tier 1 are generic drugs just in time and that's what most of us are on if we just have routine chronic conditions and their know that they're fairly inexpensive. The co-pays for the generic and many of these plans don't apply. The deductible, even if they have one they don't apply it to the first two tiers of the plaintiff tier 2 are the preferred brand name drug so now you get a brand-name drug is now generic, but on the preferred list means that they made a deal with the pharmacies or whatever and they can get that somewhat reasonable and will probably have a low higher co-pay.

The generic drug, but many of the plans for tier 1 and tier 2 drugs down yet they don't apply the conduct and then tier 3 is what they call nonpreferred brand-name drugs known so that the drugs that they can't get inexpensively in a like something like Xarelto is not saying that anyone plan but many times that the tier 3 drug which is a brand-name drug have a pretty stiff okay on it and then.

Furthermore, many of the plans make you pay the deductible you get anything and then the tier 4 is where the really drugs because drugs are the specialty drug bloodied biological for cancer and that sort of thing to fall under the tier 4 in the night during a cure for drug. The last thing you're worried about because you can backup some pretty big expenses.

The next point that I want to make is generally you don't have to pay this 25% of your bill.

You know, another words or 75% covered as a minimum, than 25% paid by you.

Most the time that 25% is the co-pay. You don't have any way of knowing what percentage of all costs of the drug and boxer 20 bucks or 30.5 box so that stated on most plans of the co-pay.

Same thing once you're in the donut hole you got co-pays with some of the plans get into a percent so if you try to understand anyone one person.

Claim your development need to call me because it is when you dig into the fear and the pharmacist don't understand the data collected in the computer and they tell you what it is and I can build tell you why can be very confusing and the purpose of this show is to explain a bit about what you're dealing with here but more importantly to outline the decisions that you have in front of you because your particular drugs may be treated better on a different plane of the neuron. You can go on Medicare.gov. You can do this whole thing yourself. But their software is not really all that slick.

They put out confusing reports that we have a private based software that is all the plans and we can plug in your drug and run the software against all the plans and then spit out a report from ranks plans based upon a projected total annual cost and my understanding is you you put in the name your pharmacy as well because certain pharmacies. Yeah well yeah you got the preferred pharmacies and that you know that affects the tears of the charges so mostly plan to have three or 4123 or four preferred pharmacy, so wherever you want by your drug wherever you regularly diatribe that program started the software and organ that you know like if you say I got a walker putting Walgreens and then run Walgreens against all the different drug plan and the ones that have Walgreens as a preferred pharmacy then you're going to get the show a lower cost and it will be a lower cost. Now that somewhat injured. Sometimes people with the software for law go anywhere to get my drug drug get the best deal and will go back and will look normal plug in Walmart will plug-in CBS torque plug-in Kroger Harris teeter somewhere and then you know the plans are going to shine that work at Harris Teeter so complicated to surrender this by hand or to call up a bunch of people and say what you got Tammy Manson and so find somebody has the right software and indeed it does not use it right yeah and then licensed in all 50 state Columbia to write the part D drug plans because I was you, what we'd like you to do is after you compare everything available to one of the reasons we do this without charge is that people been after that if they're going to make a change.

They do it throughout that same software we just plug them in and roll right over the phone, they can find it on the cell phone. Such a pretty easy deal. Once they engaged gets a little more complicated rights because let's take my case for example like I'm looking switching from incensed annual enrollment period comes up October 15 right and so now I can switch from my mama supplementing I'm getting original Medicare, but I'm thinking about going to Medicare advantage plan which would change my plan D to write and so now to make sure that I kind of get my right Medicare advantage plan is more important than the drug time but it's all part of it right so what you're doing is leaving the medic.

We actually leaving a standalone PDP prescription drug plan you're going to a Medicare advantage that is going to include a part D plan. So in your situation and I need to look at the part D plan but that's not the other part D plan performs and I can be your only decision when you make the change. Also look at how they cover your doctors and hospitals now when you have a person or listeners. You're sitting there listening to this in your automatic your supplement and you have a stand-alone prescription drug you can go in and compare. Look at all the other drug plans available if you're not satisfied with drug satisfied probably not be that earth shattering to run all this computer or look at all the other ones you can't fit in it.

Preach about the same way, the one you have now so this isn't now the something you just need to do every year, every year going on record. Most people really don't understand if you want to get in touch with us and have us really explain this your situation personally disliked the lobby know you are going on a website Cardinal Mass asked for service and perhaps you could include a list your drugs and then you could also include the doctors names of family planning and hospital go to and we have that in advance, pharmacy pharmacy that you would like that you send in an email to Allison all and an umbrella but was on the phone, that's fine too. Just given the busiest time of year and you could send us what we need and include many of plan neuron. Now what your situation, background will actually do talk, we can have something ready for this moment. Starts October 15 but yeah you guys already have these plans for 2022. Even though the moment. Starts but the plan won't start until next year right to correct any changes that are made from October to December 7 that January 1 so the information became available for us. October 1 then so if you run into us this week we can get back you can actually write things Rebecca change still October, but we can do all the prep. In fact, this is a good time at all and a lot of people don't wait up to 51 and he slammed yeah we always have some of them and we know we pray with them and give them what they need and I understand.

So again, talk about today is simply the Medicare part D for 2022 and you know, as you said it's it's a lot of things are much more important than your part D plan is to make sure you get the healthcare you need but but this is a way to be a good steward of those dollars in the place you really, really feel like you help people as a people that are on expensive cancer drugs right cons know when that happens in it does all the plans you can get into what's called the coverage gap down at all. Doesn't matter which planner some of them do better than others, you really can't that can happen to you down the road you can anticipate that you can always change this every year. This might information you just file if you're in that situation. Valerie Robinson biological computer for drugs. Three drugs and current plan is not handling them very well. Then you can make a change during this period to get to a better one, and that change will take back January 1 so that The next year. Much benefit question that I know you asked for but I don't say you know next February.

You get diagnosed with some type of cancer and all the sudden you find yourself in this lurch aren't there some provisions for you as well in that situation on a plan neuron and partly planned out Scripture get lucky and that you're on one of the better plan, but if you're not in your covers it not as well is really not much you can do other than just go along, sometimes with drug manufacturers of those very expensive drug will work you work out a program for people, especially people were those financial hardships.

From this, so there are some things you can do that specifically with land neuron lets you move for physical personal residence like something you are pretty much stuck with whatever we end up with all your time. Look at all this information again. You can get conscious book Cardinal guide to planning for living retirement all their Cardinal guy.com and remembers YouTube videos are Cardinal advisors on YouTube so thank you Hans. Great show, vital information right now you finishing well is a general discussion and education of the issues facing retirees Cardinal guy.com Cardinal advisors upon Schild CFP some insurance this show does not offer investment products more investment and we hope you enjoyed finishing well with you by Cardinal guy.com visit Cardinal guy.com for free downloads of the show previous shows on topics such as Social Security, Medicare, IRAs, long-term care, life insurance, investments and taxes as well as 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 Cardinal guy.com if you have a question, comment or suggestion for future shows on the finishing well radio show on the website and send us a word. Once again that's Cardinal guy.com Cardinal guy.com. This is the Truth Network


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