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Medicare Annual Enrollment: Do I have to eat the apple?

Finishing Well / Hans Scheil
The Truth Network Radio
October 13, 2018 8:30 am

Medicare Annual Enrollment: Do I have to eat the apple?

Finishing Well / Hans Scheil

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October 13, 2018 8:30 am

Medicare Annual Enrollment is upon us, but do you really need to do anything? Hans and Robby discuss  the 5 decisions Medicare beneficiaries need to make every fall. Make sure to listen, because the first decision is usually skipped!

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Welcome to finishing well brought to you by Cardinal certified financial planner Schild best-selling author and financial planner helping families finish well 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 with finishing well today I'm finished with five on Schild this whole idea of Medicare open enrollment.

My question is a car salesman is if I got eat the apple was sitting there enjoying the garden, enjoying God, enjoying her husband in life was wonderful until somebody, you know, put her in a position where she had to make a decision to eat or not to eat. It was some she didn't think of herself, and all of a sudden there they go, and so you know my concern on this whole idea of open enrollment.

You know that. Excuse me annual enrollment but open enrollment.

So I give annual enrollment when that when that time of year comes along is also not being told that I have to make a decision and you know I knew is a is for soundcard for years. If I want to get people to run out the door I would I would say are you prepared to make a decision today saying that words came out of my mouth. They're looking for waiting exit. You have your guard or what is your know people are like the put the heat on, but I feel like with this annual enrollment I'm smelling a rat immediately because I'm being told I gotta make a decision will several years ago when they added the drug plan, part D 2004 specifically was over the election that year were all the seniors wanted drug coverage and they got it.

This was a great time to slide in part C, which is privatizing Medicare so this is the government's plan to encourage you to buy or get your Medicare instead of from them directly party and part B. This is this is the way that they privatize so there just send in a check every month on your behalf to the private insurance company that you select. And then there rid of the risk with you.

I have at that time a year. I mean the ads come on Mike I mean if it's often the political season anyway. Either see a political ad and then I'm seeing something about you know Medicare plans. Oh yeah, it's everywhere to be seen in other places. Oh yeah, I mean deep that it did me the senior centers the church bulletins they're doing up in everything. During this you know annual enrollment period and it just it's it's kind of scary to me.

So one of the things I I saw in the video that you did. Actually, that was really encouraging to me is no decision is a decision so that there's essentially some decisions I gotta be my. There is another no decision is a decision I'm not that part of my financial planning shtick me when I'm there's a whole lot of people in all financial decisions for retirement planning that one option for you is no decision this with your car. People are doing and they're running out of the door.

There even shut down when she is all alive and without any annual enrollment. Work for Eve make that decision. She made a decision to not make it. By the way is if you make no decisions during this timeframe during annual enrollment you choose to make dumb decisions see without maybe the best thing for you to understand.

Now I don't think you ought to make those decisions. With no facts. I think you talk to some people, or some organizations or do some reading or educate yourself so, but even if you don't do that if you just made no decisions this stuff automatically renew an end and the more I learn from you. Actually, Hans Liston and doing shows on this in the past. As I begin to understand what plan C is versus A&P you know that's that's the real hook that there fishing with right this minute is is plan C and plan a and B have nothing to do with an annual enrollment and it's where know personally I want to go. I don't have no interest in plants.

Yeah, you're like a lot of people, but there's people that are on a and B and they have a supplement they been on their probably have a separate part D plan. So there a little bit involved in this but they don't really want to get under this part C business and but they think that if they want to do anything with anything with her Medicare has to be done between October 15 and December 7 so there's just a lot of confusion and that is like almost urban land legend or the lie that Satan is thrown out there that to do anything with Medicare you gotta do it. During this annual enrollment. Mr. stomachache is not the case.

It is true, for if you want to make a change within your Medicare advantage. Part C plan or you want to make a change in your part D plan. You do need to do during this period, unless you fell under some other exceptions and there's a whole list of exceptions are confusing and of themselves, so can you gotta take us back to some of our listeners probably haven't heard the shows on what plan a and plan B enough so that we at least we can get a baseline there so you know it's kind of appropriate. We have a Christian show in the beginning anybody that you so the beginning of Medicare was 1966 and I came in the business in 1976 so. But 10 Medicare was about 10 years old when I was 18 and notes on the stuff in college part a is coverage is been around since the beginning and it is your hospital coverage is can pay for hospital and skilled nursing facility or rehab and your hospital and then part B is everything else, but the hospital bill the doctor the outpatient lab test mandolins ambulance, you name it, it falls under part B and its two separate programs part a you don't have to pay a premium for you. Just get it when you're 65, you have signed up for, but you get it most. You folks are on it.

Part B, you sign up for most the time when you're 65. Some folks delay it because there have group insurance through work or they have some other situation in them when they leave their work or retire then there can sign up but part B is your doctrine outpatient and you have to pay a premium for that and for folks that are most of the folks it's going to be hundred 34 bucks a month coming out of the Social Security check and then very well to do people pay a thing called Irma, which is a just IRM AA he end with when I can get off on that today but it it's a surcharge where they're penalizing you for being a high income person.

There's surcharge union for Medicare so you pay more of part a part B is your hospital and your patient has been around forever, just as Medicare's parents and used to be easy online 2004 when they came out with drug plan for seniors.

They named a part D and then they slip part C in their and what part C is is the government's program to privatize Medicare to privatize parts a and B, so there outsourcing the government is delivering you Medicare directly under part a and part B unless you select one of these parts. He plans and if you do that they're going to be paying your part C insurance company you selected money behind the scenes to take you on as a customer. So now with no ABC in the kind described in the your latest video you go through, which of those videos available at Cardinal guides on on Facebook but you go through this essentially five decisions, there's five decisions.

As I've defined and more people get into trouble is a jump right to the second decision before they go over the first and the really the first is do you want to stay on original Medicare dislike Medicare's always been part a and part B. Doctor and hospital receive your Medicare directly from the government or their third-party administrator of the thing, so the decision is do you want to privatize your Medicare and who you want to prove privatize it to be. Do you want to go on a C plan, not really leaving ANB, but you're just receiving your ANB from this private insurance company, or you're already honest. C and you want to get off of the sea and you want to go back to original Medicare A&P so you been on this for a while and now you decided you want to go back to the way it was so that first decision really is the one where you can make a no decision. I'm happy with my plan a and plan B in my Medicare supplement is our connected for me.

I don't have to make a decision in any way shape and form on this annual enrollment. That always be for advertising for meat and and what would obviously have some stake in getting me to do it or they would be spent in the millions of dollars in advertising for that's mostly correct. The women and on is if you also have a separate part D plan drug plan and you want to change that.

Gotta do that during during annual enrollment, which is October 15 to December 7 and by the way, we can help you do that really anywhere in the country. All 50 states and we do that and we represent many of the companies in many of the options and were independent so the point I want to make is your on this first decision. A lot of folks because they answer, and add or they go to a seminar or they just pick it up somehow they get into one of these providers really kind and that mean they're just there and there all of a sudden a decision number two is decision number two is after you've already made decision number one is you want to part C Medicare advantage plan and now you're sitting in a sales pitch for one of these particular companies, which that's really decision number two is which company do I want to buy this from and with most of these you're only going to get one company shown to possess Ali represent ice to use that automaton to get an appointment with my later Wednesday at one be better for her to be back in a minute that you listen does not finishing well with certified financial planner Hans child brought you by Cardinal Of course you can find all this as long as well as being able to download in our section today on Medicare seven worries tab at the website and get absolutely free or contact on either through Facebook or his website anyway back with rest of the we hope you are enjoying finishing well you by Cardinal is a Cardinal for free downloads of preview shows including episodes about Social Security and Medicare. IRAs long-term-care life insurance, investments and taxes as well as Hans best-selling book, the complete Cardinal guy to planning for and living in retirement. Plus the accompanying workbook.

If you want to follow along with today's topic download free PDF Cardinal by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows going to get Hans book the complete Cardinal guy to planning for and living in retirement or the workload go to Cardinal you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word. Once again that's Cardinal Cardinal now finishing well by Arnold went back to finishing well with certified financial planner time child brought you by Cardinal In his book the Cardinal guide to living for about four planning.

If you got to say thanks for living in return you at otherwise distant minutes and I'll at some point my life in a nontitle but at the idea behind the book as well as is the show is just to get information out there so you don't feel like you have to make a decision when you really don't have to make a decision or even achieve it, left it to your husband make the decision, but that Satan threw it out there. You know NED this Apple in Austin. She found herself on decision to like her talk about before the break before she made decision when I left enough.

You know I don't have and I could go on with my life the way it is. Is been really good sure and by the way when you're decision number one.

You're just deciding that I want to investigate this Milan people that are going answer one of those and they have Artie decided they want that they don't even know what it is yet so there calling to find out about it and there calling for information on the first decision which is do I want to get on the part C and leave part a and part B original Medicare and go there and what they get is the get thrust into decision number two which is, here's a Medicare advantage plan. Here's part C and by the way, here's one version of it which is my version, which were the people that ran the ad or held seminar so you're going to hear about our plan here is I and so if that's put on by Aetna heard Blue Cross Blue Shield.

Whatever the situation is the obviously there pitch in their particular situation, but you got lots to choose from.

If you decide you want to see well and elected. They're not even calling it Medicare part C and they're not calling it a Medicare advantage plan or just calling it a healthcare plan or a Medicare plan and they're just talking about what he does. They don't really talk too much about what it doesn't do there's a whole bunch of pages of exclusions and exceptions and electron thing but is not really planning advice you planning based advice is to simply an explanation of one option under the second decision rather just skip and by the first decision in one of those considerations. As I understand it, if I minute ago with a plan C is immediately meant to limit my ability to choose my doctor right correct brand plan and plan B if I my regular Medicare. I that's not a struggle at all that the only thing your doctor needs to accept Medicare behind it. The need to accept Medicare, which is most doctors mean there's there's people to get this confused as well as that of the doctor which screwing the doctors office and look around the waiting room and who you see. A pediatrician you see retired people that are on Medicare, so as long as they take Medicare your partying your part B work here and then consequently, your supplements can work when you're on a Medicare advantage plan. Be dealing with a network that's plan C. Now I've got Aetna's network or and that these doctors on in my network, and will yeah and so they're going to look that up in coordinated with you but you know what happens. Like if you want to go to a research hospital like you were over here and maybe you wanted to know you're in Winston-Salem and you want to go to Duke you want to go to UNC hospitals or what if you're over there and Raleigh and you want to come over here to North, baptize handle likewise go to the Mayo Clinic for things and you say well it's not me I'm you just you can take your original Medicare in your supplement travels very well what people spend the winter in Florida for their fortunate enough to be able to do that or they're just down there for a month and some happens down there. I mean there's ways that Medicare advantage and I can say that they don't work or they won't pay.

It's just the whole added hassle and probably some more expensive your Medicare supplement in your partying, your part B all put together are going to travel real well and so is gonna cost more money in the F pay a premium for this Medicare supplement so I don't want make them sound like they're wonderful in them there something wrong with Medicare part C. We write many of them may Medicare advantage plans in a year and we just after a thorough investigation and thorough evaluation maybe presenting more than one to the client and they understand the whole game.

There's people that need it by want it and it's good for them. I'm just saying that there is a whole lot of people as well just get put in one of these things that they fully don't understand the ramifications right so we got to decision one decision two is which one what's decision three okay so decision number three is now, we've decided that we don't want to Medicare damage plan we want to be either put back on original Medicare a in the early want to stay there and then decision three foreign five have to do with that. So it's really my video, I outline this you can find a video on the website as well and you can watch that are, Col. and so you get what you got is decision number one is your deciding do I want to see her want to stay on and be in decision number two was I decided I wanted to see and so now it's really decision with which company do I want to buy it from which plan do I want to get enrolled in into you get to decision number three. If you MM by the way just to go there for second still hectic backup aware that given decision.

Three. One of the advantages I see if of dealing with somebody like Cardinal guide is you eat, you have more than one to give people a choice from you, not just choosing from Blue Cross Blue Shield to go.

Here's what happens if you go with Aetna. Here's what happens when go with United healthcare etc. AARP, things will yeah mean so it's that it's the whole basis of being independent as opposed to being a company employee of the insurance company we keep some distance between us.

We represent insurance companies will work for right and so were not influenced by their with they want us to do this but that way to come back to decision three now I've decided that and now we hate to confusion more, but no, I think the people that figured out the stuff out and went how can we confuse people more by, the Medicare supplements ABC in the OKC decision number three is going to be run original Medicare and B and now we need to supplement because it has deductibles and copayments. Or maybe we already have one, but this is a good time year where you're getting all this out. We need to decide which standardized supplement plan to we want and don't want to get into all you know, those are all by letters okay and there ABCD FG me and so on. So this is very confusing because you got got the same letter is used for different things. So we make it easy in my book because most of the people end up either selecting calf plan F plan G or plan and the highest percentage by plan G now when I'm in a tell you about that is you don't need to memorize all the stuff because I G plan or an F plan.

Those of the best plans or pay the most benefits and their exactly the same from company to company. This was actually part of the whole scenario that the government made easy for consumers. So if you have a plan F with like Mutual of Omaha and you change to a plan F with like at Cigna.

Those policies are exactly the same company and it is apples to apples, not just a matter might which ones least expensive. It is an era gannets of the benefit of dealing with independent because you represent lots of CNN then now you're into decision, for it is decision four is going to be which company but so run decision three were to decide which of the lettered plans do we want and I give you some guidance in this in my book chapters are there for free download. We talked about that earlier will be glad to talk to you bad, but you decision. Three. You're picking your 1F.

Plan G plan and then plan or some other letter once you zero in on that decision. Number four is which company do I want to buy it from and the prices are as much is double in their up and down the list we you can get that at our website you can go and say now I want to plan G Heim, age 73 is my ZIP Code male or female smoker, not and then he enter all that stuff and it is you should shut a list of the different prices for every plan G so you can make that decision will be glad to help you with it.

The information is out there, you look for and then decision five is actually a decision that you need to make during this annual enrollment periods where you're over on the left side of the chart on original Medicare. You're on a year on be you selected a plan G you've picked it from a company, just as example Cigna and now you need to evaluate part D drug plan if you're going to make a change, you need to do it during the same period with Medicare advantage annual enrollment and we can run out of print out of about 40 of them on a plug in all your drugs and where you wanted to Your drugs and that can think and decide which plan is going to be best your best for you is so it's really a matter of picking the plan on that. But there again, and it helps to deal with somebody who doesn't just carry one drug plan they you have probably hundreds I would guess a lot of that is, we do a lot of that is dealt with the fact that this is so highly regulated and so scripted and so financed by big insurance companies. This Medicare annual enrollment that you pretty much have to be just work for the company. You just plug into their big-company deal and we set up this business and our business is mainly consulting with people and giving people advice in the Medicare is just one piece of what we do, but it's that this time of the eight or it during that open her annual enrollment time is obviously it seemed seems to come to a head and like I said at the beginning of the show when I start to sense people put pressure on me to do something and I'm smelling a rat will initially people live times are not. They don't know that they're confused the colonists up there saying hey you know what I need to do and it's why I talk to you for a little while and then because they during the dark about this a B, C and D how I went through in that video and defined all the parts of Medicare. They still don't get exactly what's going on this time year is that's what we really do with like the show as we sit down with people and we try to bring us what to do in my book is try to bring them to a little higher level of understanding are much higher level of understanding so they can make these five decisions intelligent write the book again is the complete cargo guide to planning for and living in retirement.

I said it right gives good parsley reading it, which again you can find it cargo as well as the seven worries tab which included course the Medicare worried that we we talked about today as well as all those other that's free or you can ask for the book are or email Hans if you have a specific question or something that you was very on the show. We would love to hear from you. And so Hans is been fun. It's been great. We did after the Apple life.

I'm not hungry at all yet. If you want me to send you the book at no charge to send me a message Col. guide. We hope you enjoyed finishing well with you by cargo 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 when you get Hans book go to Cardinal if you have a question, comment or suggestion for future shows.

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