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Shopping Medicare Supplements

Finishing Well / Hans Scheil
The Truth Network Radio
March 19, 2022 8:30 am

Shopping Medicare Supplements

Finishing Well / Hans Scheil

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March 19, 2022 8:30 am

Hans and Robby are back again this week with a brand new episode! This week Hans and Robby are going over shopping medicare supplements. You've got choices, options, important decisions to make, and this episode will steer you in the right direction.

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

You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at  Find us on YouTube: Cardinal Advisors.


This is Stu Epperson from the truth. Talk podcast connecting current events, pop culture, and theology, and were so grateful for you that you've chosen The Truth Podcast Network it's about to start just a few seconds. Enjoy it and please share around all your friends. Thanks for listening and thanks for choosing the truth podcast network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner Lonza Schild, best-selling author and financial planner helping families finish well for over 40 years on 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. Finishing well, finishing well is a general discussion and education of the issues facing retirees Cardinal advisors on Schild CFP some insurance this show does not offer investment products or investment advice. So welcome to finishing well with certified financial planner Hans Schild in today show kind of fun is shopping Medicare supplements and so really, the more information you get on the subject. A better decision that you can make an end, such as the same with faith. So I came across this this morning and I I'm really, anxious to share with people is that you might be familiar that when Jacob you know back in Genesis is brother Esau was the one that he kinda cheated them out of the bar birthright with the whole area hairy arm treatment is brother was really mad and wanted to kill him. And so what happened was he was escaping his brother and going to to pick a wife from his mother's family and on his way. He stopped and rested one night and he actually slept with his head on a rock in that night you might've heard he had a dream about a ladder and on that ladder angels and were ascending and descending, and he thought wow this must really be a special place that God has a ladder right here in later when Jesus is talking to Nathaniel Aziz picking him as a disciple.

He tells Nathaniel going to see greater things than this. You're going to see Angels and descending ascending and descending on the Son of Man, meaning that Jesus is in fact this latter right and you may have heard of that unknown of it. If you've ever thought to how that works practically is that we in the book of John understand that the Jesus is the word right in the beginning was the Word and the Word was with God and actually the more you study the Bible you model that you realize that he is in fact every single word of the board of the Bible and and so as we study and grasp another verse another chapter or another concept or another precept were literally climbing the rungs of this latter in order to get a better understanding of God and so how cool really as we search for understanding that were actually grasping for wrongs and and so were hoping in today's show that you will get some rungs on the ladder of understanding how to make good value judgments when it comes to your Medicare supplement. So with that said, you know Hans you this you just getting back to the basic and how did all this start to begin with you so you know, in the 80s and 70s as well and in the wild wild West and our business will first of all, people that were 65. Back then when I was 18, they were really old. Don't look so now that I'm approaching that myself.

You know I was a different time and Medicare supplements were left up to the company to design the policies so all the policies were different from all the companies and there were hours adding on new whizbang special thing that you can't live without and a writer for something that would really help these people with Medicare out and so consequently people were changing their Medicare supplement every couple years in order to get the next greatest and latest thing and was necessarily good for people and good for the market good for the insurance companies. It was good for the salespeople and your Congress kinda got word of this and people are just people are taken advantage of her seniors and so they decided they pass this big legislation that really Medicare supplement is regulated by the states, but it was something past from the feds for the federal, people with Medicare saying you need to pass this in your state.

And so what were going to do is were going to dictate 10 standardized Medicare supplement policies that are leisurely only 10 policies. You can sell and there simply just like the rungs on the ladder building blocks as you would drawn in the parallel there just plan a is just contained minimum benefits on your Medicare supplement and then plan B adds just one extra thing and then plan C adds two extra things, and so on.

You go up the ladder and the best land that were currently selling is the plan G like come in, so most of the Medicare supplements that we write your Cardinal and most of the Medicare supplements that people buy around the country are plan G and so there was this thing passed in 1990. So it's 32 years ago that this was passed under the OBRA legislation of 1997 and get bent too much time in the history with this business of standardized policies is 32 years old and it's hard to imagine for me that it's been that long ago, but it has been so what I want you the consumer to get this is is that the policy over at Mutual of Omaha and Blue Cross and AARP United healthcare and a list of other companies.

The policies are all exactly the same makes absolutely no difference who you buy from benefits are identical as long as they have the same letter that that's of some nominal understanding, you know, in and of itself. When I started the first time I went all so you know you really have exactly the same coverage C really can, you know, did get to the point where price is the deciding factor because the coverage is exactly the same. Assuming that you got a company does not fix to go bankrupt what you mean children. The name of the company to service that you get the future pricing will rate increases damage other factors, but when it just gets right down to it when you start sample my policy pays for this in my policy pays for that to me you're talking about exactly the same, so that the plan G if you're buying the best there is yet is exactly the same from company to company and also means there is no really reason if the premium for your plan G that you bought five years ago is gone up and you wanted take a look at some other plan G is from some different companies. There's no reason to pay a $50 extra a month for this plan that treated you well if you can just make a change to somebody who's going to say exactly the same thing for $50 left coming at me just a minute becomes $100, then it becomes a necessity.


And one of the main reasons that were doing this so is to illustrate how easy it is to get this information. If you know how to do it, which is you know clearly what were doing today is trying to share with you an easy way to to be able to look at these plans and what they cover.

What they don't cover, but then be able to get that information simply without you know having to give up your firstborn child or anything. Well, yeah, I mean image so that's what people want to know when their shopping for Medicare insurance how much is this going to cost me a minute. One of number number things they want to know but they do want to look at the rates and unit with did these days with the Internet, you should be able to just go find this information pretty easily and you'd be surprised because there is there's a lot of places they're going to give you the sense you can get the prices in the rates and see you go in there and you go to this website and you put down first thing the guy asked for is your ZIP Code and you think you're getting the rates and then the next thing they're going to ask you your age and then they can answer gender and then they're going to ask you if you're a smoker or non-smoker, then they can ask for your name than the guy asked for your email. You think you can email them to you now. Then they can ask for your phone number and if you don't enter the email and the phone number you not get the rates manages the going to make you smart grid you you got it you got into this sleep at all at stuff in and then you think that what's gonna come up on the screen or the rates what comes up on the screens. Thank you very much resent your information to our representative.

You'll be hearing from and then your phone starts ringing. Within seconds, and it rings for the next five years, because I think anybody's ever done a Google search on almost anything realizes that the first thing that comes up are people that are paid for these ads to hit you between the eyes and unfortunately what's going on here arrived Hans as these people are literally paying to get your information to sell it to somebody else that's the thing is a lot consumer you just given up and there there. We do not connect enter the stuffing mix of people are you can get me once or twice but you're not can it get me over time, and so that's really disappointing to me from our industry standpoint because I just believe that the more information you can give people the better for me. This should just be free information and there are places you can get it from government agencies and that kind of thing but people that they have a hard time making it public, but the good news in this thing is you can you can get it at our website you can get pricing and it's pretty easy to do and on our YouTube video that I sent you to prep for the show here. We it's it's it's pretty easy to do and I think that when we get on the backside of the show actually tell you how to how to shop for one of those and how to shop Medicare supplements. Maybe you just want to check prices and that's all you know and do you know I talked to somebody for an hour to have an estimate to try to sell you something. Maybe you just want to see am I paying too much for my plan G and working to show you how to do that without give anybody your information right, which is 10 of the cell is brought to you by carnal and so that's the website that were going to be sharing because you know almost what they've done for my standpoint is genius is the simplest way ever to get pricing information without having to give up any of your information anybody that clicks on the website Cardinal will be able to access that will walk you through how to do that as well as the seven worries tabs that were talked about during the show today which now included in Hans's book the complete carnal guide to planning for and living in retirement, which is Hans talked about the just wants to share information because he knows of people have information that the make better decisions and to be better stewards as they climbed the ladder of of finishing well with shows all about. So we come back and be sharing more shopping Medicare supplements will be right back. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic room. Here's a chance for you to advance the kingdom through financial resources by leveraging Hans expertise and qualified charitable contributions veterans aid and attendance, IRA, Social Security, Medicare, and long-term care. Just go to Cardinal and contact Tom to schedule a live recording of finishing well, your church, Sunday school or civic group contact Tom Cardinal guy.that's carnal welcome back to finishing well certified financial planner Hans Shotwell in today's show is shopping Medicare supplements in one of things I think maybe I get clear Hans before go much further. As a lot of people get confused.

I know I sure would have between what's a Medicare supplement versus Medicare advantage and if you're a Medicare advantage this stuff doesn't really apply that we were talking about the absolute is not when we are talking Medicare advantage. We need to tell the people that this applies to Medicare advantage and all the stuff you know about your supplement doesn't apply. It's like it's it's almost like it's a different universe so each of you have the opportunity if you're on Medicare once a year to make that decision, do I want to go Medicare advantage or do I want to go original Medicare plus a sample and that's in the fall of the year there's other times you can do it and what were talking about today is the original Medicare plus a supplement route and were talking about the supplement and specifically were talking about comparing prices on your Medicare supplement which you need to do every few years because these companies they're gonna raise your rate and there is also even from the same company there. Put in a new rate out there for the new customers so there there there like competitive on the one hand for the new people coming in but they're raising the rates of the people that been around. It seems about every three years if people are in good health. We move from one Medicare supplement to another and you know that's my advice or at least a look at it and then sometimes we don't move talking about and we talked about in the first part of the show is the government made this much easier for people to do years ago because when you have a G plan right now. That's the plan you're on earth to heaven in planner, you have an F plan, whichever plan you're on. You go shopping you can find several other companies offering your exact same policy and then if the price is different. You can consider making a change so what we talked about in the beginning of the show is it's really hard to get pricing information without calling the salesperson and a lot of people want be able to do that comfort of their own home on the Internet and you you know you you think you could do that.

But when you go in and try to do it you're going to end up just given your information to some lead company and then they're going to sell it to a bunch of insurance agents and then they're gonna call you up and they're just gonna try to sell you one particular policy. How does Alan represent one company.

I didn't have a last week, we represent just about all and we put the prices for all of them right there on our website. Phenomena talk about how you do you go to Cardinal and then you go to the seven worries tab which is right there on the homepage and then you pick out the seven worries the Medicare worry you click on that and then you know now you're on the Medicare page and then you scroll down and you'll see a rate calculator just about on the middle of the page and it couldn't be any easier eat you put in your ZIP Code putting your age put in there your gender and then you put in there with the smoke house class a plan right at the very top line I think just defaults to the plan G you want to see a different plan at the very top. Your right you can select the plan and then you just hit run quote in which you get instead of a bunch of phone calls is you haven't given us any number any information which is made this publicly available on our website and if you're not up to this easy to say and what I've heard enough, but I really want to go to the website run all the rates of anything call and also will do it for as you mentioned earlier there's a video out now.

Cardinal advisors on the YouTube channel that did actually walks you through Tom Griffith writes shows that me just go through the whole deal right on the website so that you can have an example of what were talking and then he digs into some of the plans because you would really be surprised with the difference in pricing. You know, say you're 75 years old. North Carolina you know you live outside Charlotte and you put in your ZIP Code and you may have a G plan that you bought five years ago when you're 70 and you may be paying hundred $90 a month. You love the coverage because you know the you pay almost nothing out of pocket go to a doctor.

You want and so you really inclined not to mess with this and you go in and you plug all the stuff in the calculator and all of a sudden you see that somebody else will sell you the same plan G for hundred and 38 a month so you can save 52 bucks a month just by making a change there might be somebody else out of the hundred 50 a month and somebody else on their 160 and all of a sudden your hundred 90 a month doesn't look so sweet and that the situation people get in when they're just satisfied and happy and they been paying the premium procedures first got up a little bit, but it's not gone up to the point where making a change is something to consider. But again, you don't want to call somebody up heaven way all the sales pitch on you and just bug the daylights out of you before you even know if you could save money so this is just a way to disco in and check the thing on the Internet.

This from the privacy of your own home and I feel really good about just given that way to people's need to and you can click through to the plan G. It shows exactly what's covered in the plan G or suicide. While I want to try this new high deductible plan G which drops the premiums tremendously like and and then you can see what's involved in that and what that does you know as far as the deductibles that you gotta look at words go all out. What would a plan you know I'm I'm still on a plan F because you know I qualified back in the day when you can get that it does not all at to write, you can feel it.

If you have an older plan is you can buy a new plan.

If for a lower rate. If you qualified for. Back then, and then you still have it, you can still buy a plan if maybe for a lot less money from somebody else offering plaintiff. You conceal this on the calculator it's really to me. It couldn't be any easier, but how wonderful to just simply have.

Here's all the information and unite really gives you a lot better understanding of what Medicare supplements are and you know one of the reasons that people choose that over Medicare advantage. Yeah, I mean the day they unite pay in advance instead of page ago mean so you have almost no deductibles and copayments with the plan G and then in addition you can go day in a doctor that takes Medicare anywhere in the country so these people that travel a lot. Or maybe they spent a part of the year in a different part of the country just eliminates a lot of advantages to it, but they can get kinda pricey. May we have people that live in Florida and they buy these things and then maybe they spend half the year appear in North Carolina and so they buy a North Carolina Medicare supplement and they can cut the price so like you said, you just got to keep tabs on the pricing of the thing you can do that.

Perhaps you want to show somebody and tell him about us, you're already a client and you you real happy with this Medicare supplement you want to show your sister what her price would be. You can just send her to the website. If your sit in their right with or you can click on the thing and you can look up when your friends prices you could show give us a call after that.

So you never going to get a sales pitch out of us anyhow are repeated phone calls or what I can sell your information for safety and to so there are three states that are kind of wildcards that you get you guys have something for them as well.

Right now, so Minnesota, Wisconsin, Massachusetts. You have to laugh with Massachusetts because when I first moved to North Carolina 40 years ago and I listened to the girls seven boys you friend of mine date they had a two minute they called it Massachusetts still set it that way but Wisconsin, Minnesota, and Massachusetts. Those three states have they don't have the ABCD FG plans but they do have standardized plans and they don't have the same standardized plan so another words they didn't hook onto the deal. In 1990. Haven't. So they have standardized but they're different, so if you know so those plans are not available and I have several people on my YouTube channel and the comment keep re-informing me of this all the time. So if you're in one of those states give us a call or you can go on the calculator and you just put in a ZIP Code in that state and it'll show you all of your plans and you go do a little more work and if you want my help doing it. Just give me a call and I'll equate the things to the to the FG from my standpoint of matter where you live as you put in your ZIP Code and it's going to give you way more information than your not find anywhere else. For, especially without given out that information like your email and your phone number which you know who wants all that spam either on your phone or even text you nowadays want to take something that's really cool.

With slow people reluctant to give up their phone number and unemployment that would assume these days when I have people that email me don't give me their phone number and they're asking me questions for me to send an email to Hans a Cardinal and they still family, given my phone number to the sky rate you send me an email asked me a question and then I answer the question we go back and forth and then when it's time to talk.

They still have to give me their phone number because we can just set up a meeting and they just send it to their email they click on a link and now were talking to each other, seeing each other. They still haven't given me the phone number. Pretty cool yeah I understand you guys are doing at some of that these days it is cool and give people their privacy.

At the same time different information so that they can make more decisions and have more options, that's kind of what it's all about. So were so grateful. As always we run out of time before he ran out a shuffled so grateful for you listed today. Again, the website is Cardinal Chris if you want to see the YouTube video that's under cardinal advisors there at you to Hans this book is the complete Cardinal guide to planning for living retirement all available again it Cardinal so fun today.

Thank you Hans thank you finishing well is a general discussion and education of the issues facing retirees Cardinal cardinal advisors upon Schild CFP some insurance this show does not offer investment products or investment advice. We hope you enjoyed finishing well brought you by Cardinal visit Cardinal for free downloads of the show 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 you get Hans book go to Cardinal if you have a question, comment or suggestion for future shows.

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