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Medicare Fundamentals

Finishing Well / Hans Scheil
The Truth Network Radio
November 23, 2019 8:30 am

Medicare Fundamentals

Finishing Well / Hans Scheil

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November 23, 2019 8:30 am

Jesus was all about the fundamentals, as Robby shares on this week's show.   Hans is all about the fundamentals too, especially with Medicare. Consumers cannot really understand Medicare and what their coverage is until they understand the basics! Learn all about the parts, plans, and premiums of Medicare on this weekend episode of Finishing Well! We even talk about 2020 changes!  


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  

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You're listening to the Truth Network and Welcome to finishing well brought to you by Cardinal Certified financial planner belonged to Schild, 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. Finishing well welcome to finishing well. They show Medicare fundamental you know where he won the Super Bowl. So this is a football.

So today were to hold up Medicare this is a football.

But I also find it fascinating that Jesus was all about the fundamentals to be really really was, and you never thought about this when he walked in the book Revelation and he told John, you know, I'm the Alpha and the Omega, I'm guessing that he he he being a good Jewish boy that he was he. He didn't say he was the Alpha and Omega Greek. He probably spoke Hebrew so he probably said it would make sense that he would that on the Alice which is the AME Hebrew language and they probably said that he was the man to because the MS Messiah can see is all that but then at the very end of the Hebrew alphabet.

He went to send the Omega, he was said on the top and the top which is a final letter in the Hebrew alphabet also means the truth because at the end of the story you know what the truth is, and so were hoping today in our fundamentals of you know of Medicare that we will begin to understand the truth about you know what are the basics of Medicare and to explain why that is and we were by the way, with certified financial planner Honshu Island and he's going to help us out a great deal, but I was just going to share you know a year and half ago I had not a clue so they said plan, a part B, part C, you know you have been.

I would've been lost in space.

You know that after having done this with him for two years, you know, I'll be sitting somewhere and overhearing a conversation with friends talk about Medicare and almost always there talk about Medicare advantage because it's that time year to be talking about the kind of stuff and I hear them going on and on and on and on and I'll disable you not listen to you talk to D. Are you familiar with what part a is note what is that mean exactly my look at me like I'm from another planet you've Artie taken them from the expert to the student and one question. Did you really understand what part it is given the same talk for several years and I'm thinking that when does this talk get old to people we were put this out on Facebook and I have people people think that I'm profound and all I do is I talk about Medicare part a is Medicare part B Medicare part C is and what Medicare part D is and they leave a talk with me with an understanding fundamentally not a detailed explanation of how Medicare works and until we get through that were not to talk about the solutions like what what you're gonna do about Medicare for you and most people that are selling the stuff when I say this stuff that could be either Medicare advantage or Medicare supplement unit would you say earlier, there is like walking into a movie as I can walk into a movie 20 minutes late. You know what in the world is going on because when you hear him start to talk. It's like they've left out gigantic parts of the equation is there trying to sell you their solution and so if you go to Humana for your information about Medicare you tend to Humana seminar. Guess what's going to happen at the end of that whole process you can end up with a Humana Medicare advantage, that Humana denies that he is pretty good. Now they're not going to tell you that Humana also sells Medicare supplement that I can tell you that seminar but if for some weird chance they did. Are you asked if you end up with a Medicare supplement at the end of that conversation. It's going to be a Humana one. They're knocking to talk to you about all the rest of the what they would say her competition and so this stuff comes to people just backwards start in the middle and its people down Medicare for years so I haven't really changed my stack much and so I just thought will we still got a little bit of time left in the Medicare advantage annual enrollment. December 7 is when it ends, it doesn't mean it's the end of Medicare.

The end Medicare decisions. It just means that what you can do during annual enrollment. You can't do that anymore after December 7.

But there's plenty of things you can still do with Medicare all year round and working to try to talk about today. Let's go I'm ready so those of you that are on Medicare you got a card in your wallet is red white and blue and says Medicare and it has. Whether you're covered under part a and will you covered under part B and has the start dated at the very date years covered started which if you're 75 years old. I was probably in 2009 Sunday you know and it's this it's probably when you are 65 but not ours. And so you can look at that and you can see all I'm on a Monday okay now it haven't said anything yet about what C is, and what DR is, will leave them aside for a bit were just talking about Medicare a and Medicare part B and so why do we need two parts to Medicare where you think we need to part.

I've read the book, which I thought it's a complete cardinal guide to planning for living in retirement. So you got got hospitalization and they got doctors. It's good in your insurance has been set up for that. That way before there is even Medicare you had the hospital and they had their you know way of billing you and they have a room rate per day, and they have excess charges and operating room charges and then you had insurance for that and then you had the doctors which used to be in a different building in one of them be by themselves and they have a nurse in there working with them and then you have insurance coverage for that. Sometimes it be wrapped in the same policy. But it was clear as he had Medicare part a which is hospital and skilled nursing facility and then Medicare part B, which is your doctor and outpatient, which in modern times, most of your expenses that are paid out or paid to you or reimbursed to you through Medicare are under part B, just because you have things done outpatient and the doctors billing me just as much more outpatient now than there is actually being an inpatient falling apart so and end up just a little more detail. Maybe then you want to go into no part a and part B, you know, if I recall correctly, part A, comes without a charge in part B, you gotta pay something for any credit got deductibles that come alongside of that if you want did not have a supplement.

See note.

You talk about two areas you talk about what you have to pay out of your pocket to get Medicare right and then the other area is once you get Medicare where you can get benefits Deal with what you got up at your pocket typically part a comes at no charge to you. So when you look in your little red white and blue card and receiving coverage 2009 on part a you haven't paid any more money to have that by the month of sisters from your taxes.

All the years you were working part. Part B is a different deal. Most likely you been paying in 20 1930 550 per month, and most likely they take this on your Social Security check. Many people don't even know that we pointed out to. They just think they're sort, whatever their net amount is after part B is deducted, they they just think that's her Social Security check, but another taken hundred and 3550 every month on thing right and next year in 2020. That's going to a little over $140 hundred $40 in change so it is can be a slight increase in that, but you have to pay for that. So go sign up for and this is what we do want to get into the details of when you sign up an electron stuff so so parties free to you. Now when you're on Medicare part B has a charge and if you have a high income you have this pesky thing called Irma income -related monthly adjustment amounts that have these nice benign terms that just means if you got a load of money there to charge you a hot huge extra load on your Medicare part B premium is critical to Pfizer, Starbucks, has much while so so we got Medicare part a Medicare part B and there's several deductibles and copayments, and out-of-pocket in your biggest liability under Medicare by itself is really under the part B is that it pays 80% but that would leave you with 20% on your pocket and there's no On the 20% so there's no kind of overall. Once you spend $10,000 by paying 20% you don't know anymore there's no So if you had hundred thousand dollars in part B charges and they paid $80,000 you paid 20,000 if you didn't have extra coverage K now, none of that has anything to do with annual enrollment what's going on from October 15 to December 7 part a part B when you can sign up and then Burnett were not even talking yet about what kind of insurance you can get with this. So the next part going to talk about his part C but maybe before we get to that. Gotta mention that all this stuff is in Hans's book and again if you go back and listen show again on the podcast but we want to make aware that there is a wonderful website called cardinal where you can go to seven were stabbed Medicare and there you can download the PDF of either the will workbook or the original book and get all this information on this and obviously writing and free.

You can also get the book on Amazon is very expensive.

You can go on to our reviewed send me a message to and just my sister McKenzie will ship when out to you. Give us your address or we can email you a digital copy of the book we'd like to get the information out to you. I think it'd be real helpful. It is extremely helpful and but a course you explaining it is phenomenally helpful so moving out we got Friday we got partly I'm guessing that working under the ABC thing. Yeah.

So the next thing is artsy and part C is Medicare advantage.

So all these commercials you here and right now during October 15 to December 7 and you get a deadline of December 7 there and have you believe that if you don't do some by December 7 and you don't act quickly and swiftly and efficiently. You run like imploding place and the reality is, if you know having to do with Medicare advantage or even if you do, which is part C, you don't really have to do anything by December 7. So when we come back from the break were to talk about what part C years and what that means if you're on part C and then we'll talk about these you know this. This is open-air annual enrollment. So once again your listing to finishing well with certified financial planner Hans Schild brought to by cardinal guide.

Cardinal and look again that we talk about is a complete cardinal guide planning for and living in retirement today show the Medicare funds fundamental. Hans and I would love to take our show on the road to your church, 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 and contact Tom to schedule a live recording of finishing well at your church Christian or civic group contact Tomczyk cardinal that's cardinal welcome back to finishing well with certified financial planner Hans Schild today show the fundamentals fun to be mental over Medicare, which if we been doing this ABCD thing for a while. Hans and and so we when we left off where left or hero. We're in the lessee. Okay. So, part C is optional. Meaning, you can be on it or not. Behind so what part C is is by your election to receive my Medicare parts a and B, I'm no longer can get them directly from the government.

I'm gonna receive my benefits from a private insurance company so the benefits are to be different, but you're also going to get a few things that maybe you were hoping for number one, you gonna have to go to their network.

Hospitals and doctors.

So before you buy one of these things you need to make sure that the list of approved doctors and hospitals are in line with where you're going or where you want to go.

The second thing is you going to have deductibles and copayments and you can eat there are supplemental things for those but just say understanding is against the law for me to sell you a Medicare supplement policy to go along with your part C Medicare advantage plan. Once you pick one of these is can I now some of the cool things is you don't have pay premium for mostly or preserve the premiums will small and then they throw in some extras, like a gym membership for silver for Silver sneakers are going to throw in some dental and vision coverage.

Although that's very limited in various other things that they've thrown in, so they can make these very attractive and this is where a lot of the confusion comes in is people here somebody pitch in one of these and they think this is Medicare. This is your only option in before you can get on one of these things are if you're already on one at some point you signed an election to leave a and B, or not really leaving it but to receive a and B through a plan C Medicare advantage and then what they do.

Most of them as they just throw in a part D plan and that's typically free to so you gonna get a drug plan that comes with the package. So for people on very strict budgets or people that are healthy and really don't ever plan on getting sick but want coverage in case they do this is pretty good option. Unfortunately, most of the time.

This stuff is presented by representatives of the one individual company so you go to Humana seminar. Guess what you can end up with for coverages a Humana policy go to Annetta seminar so-and-so. What we do in our businesses. We represent most of them so we if we can move somebody here.

We have choices that I got a question you may be so, let's say that you know when I turn 65, be a cheapskate and go with the Medicare advantage plan because I want pay premiums. And I know I'm not that sick and I don't go to the doctor that much in like you do right now, things look pretty good. So why would I pay a premium for Medicare advantage may Medicare supplement to have part a and part B so I just signed up for part C, but then all my goodness about eight months into it. All of a sudden my get a recurrence of my lymphoma and it's like wow analysis of these deductibles and all the stuff or eat me alive. Now I want to go back and get a Medicare supplement. It's a whole different world or yeah I mean if you're even on it for a while. Juergen have to go through underwriting okay now there's some special provisions if you choose a Medicare advantage turn 65, you got one year where you can try it out and if you don't like it you can go back on original Medicare and you can buy a supplement then guaranteed issue so they got a provision for people to go one direction. They can bail out. Let's move that eight months to like two or three years of your role, along everything's been fine here 67 or 68 and now you have a recurrence of your lymphoma will first of all you're going to be stuck with whatever doctors are in your network, and I know that you know if I have something like that show up in my life. I'm hunting down the best-loved lymphoma. Doctors will first of all, in the state you know and then perhaps nationally and I might learn of those people from my doctor and with original Medicare going when the country it takes Medicare and they would include. If you're over this year and you want to go to. Do you want to go to UNC or if you're over in that area and you want to come over here to Baptist Hospital or knows good doctors and clinics in specialties all over the state and as well as all over the country. I just met with some people last night that are considering there looking to leave their Medicare advantage plans concerning travel the country in their RV and they they just had a fellow RV year they got sick out New Mexico somewhere and he had real problems with his Medicare advantage plan because you defined a network out there so the Medicare supplement which a guy got a little bit ahead of ourselves. But you kinda need to because were running out of time, but the part a and part B hospital and doctor by itself original Medicare. What most people do with that is, they purchase a Medicare supplement policy and then I have a whole section in my book about that. Just try to make the simple, the plan GG like come there's there's 10 plans available out there, but the plan G is what most of our customers by and is the most comprehensive coverage.

It's available now and it's gonna pay all your deductibles and copayments with the exception of the part B deductible so you can have 120 $2098 liability once a year. Besides that, between Medicare part a and part B and the supplemental policy just can have full coverage go to any doctor you want to takes Medicare. That's what people they can for the premium they typically end up doing now.

Some folks will listen to me and they'll hear.

Willie was distant Medicare advantage plans. An additional I put them on my mom. In fact, I just recommended one for you in a with a family member so many people we write a lot of those every year there's everybody situation is different. Their preferences are different and if you get on one of those, which is a part C plan you can be fine now.

We still haven't talked much about part D and part D is the prescription drugs and stealing drugs ABCD and if you had elected part C, you just can get your deal thrown in for good measure.

If you're on part a and part B the Medicare supplement policy then you can have the option during this time a year to select your part D plan for next year and the beauty of selecting that individual is you actually get to pick from about 30 or 40 of them is you don't have a just thrown at you. You're able to choose and we have a computer program that we can plug in all your drugs are taken and what pharmacy you want by Matt and it's gonna come back and tell us which gonna be the best buy for you and part D for next year and you can change that every year so if you pick one next year and are not satisfied with it or get on some new drug. And there's another one every year. That's what were doing in our businesses time years just in all our people that want to change selling them open enrollment period is critical to the party. Yes yeah seven. If we want to change, part D, your family was in that situation that is part of the open enrollment period and you do get need to get that done before December so correct, so, so what this season is all about is part C and part D and has nothing to do with part a and part B or Medicare supplement. Now if you want to leave a Medicare advantage plan. You gonna need to get that done before December 7.

I'm a tell you why because the first movies we got apply for Medicare supplement and make sure we get one issued and in place by January 1 really need to get it by December 7 because what were going to do that is within a right you a new part D plan because that used to be included in your Medicare advantage, but since you dump in that we gotta get you in a standalone part D plan. Once we do that, that's going to kick you off of the part C plan so so if you're messing with your Medicare part C or part D you got from October 15 to December 7 to do that you are the only young mantis this week that actually one of our listeners and that had been felt like he understood the Medicare based on some urban legend that he heard oh yeah, I mean it. People come to me. Generally like your 20 minutes late into a movie okay and they start telling me things that they've heard and then they've drawn conclusions of what they want to do about those things when they don't even really know if those things are right or not, and they're kind of like late to the movie they may be hearing with their brother-in-law had for a Medicare advantage plan.

There their hearing with their friend Bob for a Medicare supplement policy. But it was out in Arizona and it's just, you know, and so they start in the middle of this and I find this in all the areas that I'm working as that's why limit this presentation we just went over his kinda stale and boring to me anyhow I mean this is part a part B, part C, part B notes Medicare and the guy I talked to this morning just refresh my mind is that he you he he's a veterinarian. He just relocated to carry North Carolina any research to use from the West Coast. He's turning 65.

He's talked to all his compound raise and they all have F plans and he talked to me about a week ago again my book send some prices on the plan G and he was just back check in mere fact checking me on everything and that's exactly where he was a CE was all confused about just a lot of things based upon what they had told, and so I know I got all done and is explaining in this didn't take very long was on the phone. He pieces you know this really is not complicated.

He said no and I said listen. Biology is complicated to me, like what you do you go to go to school for four years. In another, and have you practice on some deceased dogs before they can actually let you start treating the good ones and that that the healthy ones are the sick ones and you know he he he said you know you're right about that. I suggest approaching this like a scientist. You gotta learn the fundamentals and once you do, you can get that from us and I'm thinking there that many places that pass out this fundamental information that interestingly it does appear to me that way but I do know where you get it.

Cardinal where there's you can get the chapters to the complete cargo guide to planning for living retirement from the seven worries There at the at the website, you can email Hans asking for the information. Get the book.

All those things. Hans I'm enough for me it still kind of fun to go through the fundamentals conducted like laptop and I'm start to get the stuff I almost understand it. Thanks for being with us today. We appreciate you listen so much. 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 and investments and taxes as well as ponds 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 when you 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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