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Medicare Knowledge if You're 65

Finishing Well / Hans Scheil
The Truth Network Radio
June 15, 2024 8:30 am

Medicare Knowledge if You're 65

Finishing Well / Hans Scheil

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June 15, 2024 8:30 am

Hans and Robby are back again this week with a brand new episode! This week's discussion covers knowledge about medicare if you're 65. 

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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Hello, this is Matt Slick from the Matt Slick Live Podcast, where I defend the Christian faith and lay out our foundations of the truth of God's Word. Your chosen Truth Network Podcast is starting in just a few seconds. Enjoy it, share it, but most of all, thank you for listening and for choosing the Truth Podcast Network.

This is the Truth Network. Welcome to Finishing Wealth, brought to you by cardinalguide.com, with certified financial planner, Hans Schiel, best-selling author and financial planner, helping families finish well for over 40 years. On Finishing Wealth, we'll examine both biblical and practical knowledge to assist families in finishing wealth, including discussions on managing social security, Medicare, IRAs, long-term care, life insurance, investments, and taxes.

Now let's get started with Finishing Wealth. Well, welcome to Finishing Wealth, certified financial planner, Hans Schiel, and today's show is Medicare knowledge if you're 65. And, you know, as I was looking at this video and thinking about what I thought about Medicare before I knew much about it was, oh my goodness, it was just a ball of confusion. Like there's, you know, part A and part B and part C, and then there's plan A and plan G and plan—and all these things just led to this, man, what in the world is going on?

And it didn't take me very long to realize that my answer actually was, I know a guy, and that would be Hans Schiel that would help me through all this stuff. But a lot of people, they experience, you know, religion in that same way. Like, I gotta do this, I gotta attend this church, I gotta do this kind of thing, I gotta read my Bible so much every day, and so many different things that they think they've got to do that just leads to this whole ball of confusion. But in all reality, when you begin to really understand the gospel, it's the same kind of thing that if you just know a guy, and his name is Jesus, all right, and you know him as your savior, and you've asked for his forgiveness, and you've accepted him into your heart, it just comes down to the same kind of thing. You know, it really helps if you know a guy, and I'm hoping you know Jesus, but Hans, it's the same thing for me when it comes to my confusion on Medicare, I know a guy.

Yeah. It's not helpful to say, oh, this is easy. I've seen a lot of agents that work for me that, oh, once I—this is easy. Telling that to somebody who's thoroughly confused about Part A, Part B, Part C, Plan G, Part D, you know, all that kind of stuff. Just say it's easy. It's not easy. It's confusing. And the government did not intend to set up a confusing healthcare system. That was not the plan.

This is a question of, it maybe was easy when they came out with this in 1965. You just had Part A and Part B. Part A was hospital.

Part B was doctor. And you really didn't even need a supplement because the deductibles and copayments were small enough. People bought them. But that was kind of it. And no drug coverage. And drugs were inexpensive enough then that you just paid for them.

And I guess it was easy back then. But then this thing has been messed with like a political football for 60 years. I mean, that's a long time for the government to work on something. And then you've got compromise. You've got people that want to improve it. And you've got people that want to cut it. And you've got people that want to improve it. And that's why you end up with all these weird amounts and weird names for this, that, and the other thing. And it is very confusing now.

And so what I try to do in my work is make it simple for people. And going along the history line, Part C came out in 2005. And what Part C was is Medicare Advantage. And what people really don't understand about Medicare Advantage is you're privatizing your Medicare. The government is taking you off of original Medicare. And by your election, because you get to pick your company, whether it's Humana or Aetna or UnitedHealthcare, you get to pick your company.

And then you go to Part C. And you're now outsourced. So you're now getting your Medicare from Humana. And then the government is sending Humana money every month. The money that they would have been paying for you to get Medicare benefits, some of that's your Part B premium, but they're going to send Humana money every month. And you now get your benefits from Humana. And then you have to play by their rules.

And by that, I mean, you got to go to their doctors, their hospitals, you've got to get pre-approval for some things, not pre-approval for other things. And then you've got copayments and deductibles set by them, approved by the government, but set by them. And the real sweetener on Medicare Advantage is your premium, your monthly premium, many times is zero. So you pay nothing.

And that's real attractive to people when a supplement costs 140 bucks a month or so. You can just eliminate that. And you at one time went this route with my doing, and you were able to rid yourself of your Medicare supplement premium. And then a year later, you came back. Is that right?

Yeah, it's right. Because, you know, as my mother-in-law passed and she had all these bills with her Medicare Advantage, I went, man, it'd be a whole lot less expensive in the long run just to have the better insurance. Plus, you know, it just gives me a warmer feeling at night that I can make sure I cover it if I needed to. And actually, I was on the phone today with a friend who had just gotten out of the hospital long stay. And like so many of my friends, you know, they took the free, you know, plus they get a gym membership. And there's all sorts of the gimmies that they give you with Medicare Advantage.

But man, she was going, oh, I got a thousand dollar bill for that. I got an ambulance bill for this and that. And I was just sitting there going, man, you might want to really take and look and see if, you know, Medicare, you know, going back on original Medicare and getting a Medigap or, you know, a Medicare supplement wouldn't be a better solution for you.

You know, it's just something that's one of the reasons why I say it helps to know a guy. Okay, so this is a clear, decision that you can make more than once, but just understand you've got original Medicare. And if you are on original Medicare, which is part A and part B, that you're going to need a supplement. Okay. And you're going to need to pay a premium for that because the deductibles, if she thought her copayments and deductibles were big on the Medicare Advantage, they would have been even bigger if she only had original Medicare.

Okay. So big that you need supplemental insurance. And so the decision is, do I want to stay on original Medicare, part A and part B, and then do I want to buy a Medicare supplement or what the government calls Medigap policy and pay a premium for it? Or do I want to go on one of these Medicare Advantage plans do I want to go on one of these Medicare Advantage plans, I can help you get one. We sell them at Cardinal. And we sell a number of them.

And we can pick what is the best one for you. But what you're going to get with Medicare, you got to play by their rules, you got to go to their doctors and their hospitals. They're going to throw in a part D drug plan, typically at no charge. You're going to get a dental benefit, you're going to get a vision benefit, possibly a gym membership.

So you put all that stuff together, that's very enticing. And you don't have to pay a Medicare supplement premium. So this is a fundamental decision you need to make when you come on Medicare. And you can continue to make it now your friend on the phone, unfortunately, she is going to have to go through underwriting. And she's going to be asked health questions.

And if what she just had, she may have to wait a while before she can get on a new Medicare supplement. Right, right. I understand. Where the people made the decision at age 65 originally to go on a supplement, they don't have to go through underwriting. And fortunately for me, you know, I didn't have I made my decision early to go back before, you know, I had to go through a bunch of stuff, right?

Well, you did. And we're pretty successful at getting people back onto something. And there's, there's a bunch of, like, for instance, somebody that has cancer, and, you know, you just finished up your chemotherapy, you're not going to be able to get a supplement from a new company, okay? Unless you can get in a guaranteed issue period. And those can kind of come like if they cancel your Medicare Advantage plan. If it just sends you a letter that says you don't have any more, then you're you don't have to answer the health questions on a Medicare supplement. If you move to a new area, there's a whole bunch of ways that we can wiggle somebody in without underwriting. But by and large, it sounds like this lady and like a lot of people, she's not going to be able to make this move for a while or get Medigap coverage. Okay, right.

Now, we haven't talked much about Part D, the drug plan is, if you stay on Original Medicare, buy a Medicare supplement, then you're also going to need to sign up for a separate Part D drug plan. And they're not that expensive. You know, 10 bucks a month. I think mine is less than $1 a month now. Mine is too.

I think mine may actually be free. Yeah. And that may be changing next year. Because they're making Part D much better. They're putting a maximum out of pocket limit of $2,000 in 2025. But so that means the Part D plans are going to be paying out more in benefits.

Because the stop loss is capped at $2,000. And we see premiums going up next year. So just get ready.

I think that the free or the $1 a month plans are going to change considerably. But I don't know that. But I, I'm just speculating. So, you know, the when it comes to these actual Medigap or Medicare supplements, there's a lot to know about that particular idea, right? Well, there is. So and that's really what the video is about. We're going to use the time after the break. The whole second part of the show, we're going to talk about Medicare supplements, how happy people are with them, what they pay with different plans.

But I'm also going to disturb that a little bit. Because if you can answer the health questions on a new one, you might be best off changing that Medicare supplement every three to four years, for price reasons. Right, it's one of the, you know, there's so many neat things that actually, once you do know a guy, you can begin to examine. And, you know, one of the major things that from my standpoint, if you're on a Medicare supplement is you get a complete choice on your drug plan, as we were talking about part D, that, you know, that you give them your prescriptions, in my case, I'm next, I have next to no prescriptions, compared to most people my age, because God's been really good to me in that way. But and because of that, you can get really inexpensive D plans, or you can get one that really covers those expensive medicines that may be on your Medicare Advantage plan or something like that. Because you're limited on when you get a Medicare Advantage, you get that part D plan, whether it fits your prescriptions or not, right?

Well, it does. And the only people that pay a lot of money out of pocket for part D plans are people that are on very expensive drugs. So we got to go to a break. When we come back, of course, we're going to finish up a lot more information on Medicare supplements. But we want to remind you, the show's brought to you by CardinalGuide at cardinalguide.com. You know, you're going to find the Seven Worries tab. And of course, today, we're certainly talking about Medicare.

And there'll be a video along these same lines, as well as show notes, all sorts of details. And one of the really neat things there is a link at Cardinal Guide where you can actually go into this calculator and you can see rates without giving them any information to contact you or anything else. It's all there at cardinalguide.com, as well as the contact information for Hans and his book, The Complete Cardinal Guide to Planning for and Living in Retirement.

We'll be right back with so much more on Medicare after age 65. Investment Advisory Services offered through Brookstone Capital Management LLC, abbreviated BCM, a registered investment advisor. BCM and Cardinal Advisors are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency.

Welcome back to Finishing Well. And today's show, we're talking about Medicare knowledge if you're 65 or over. And so, you know, we've been talking about these Medicare supplements, but it's a different kind of thing as far as the way you can finish well and be a good stewardship on this issue, isn't it, Hans? Well, it is. And I mean, people, it's been my experience, I've been offering Medicare supplement insurance since 1976.

So, and more importantly, I've been the branch manager, or I've been the guy at the head of the office. So all the hard phone calls, you know, are going to get passed into me, the people that are upset. And, you know, with Medicare supplement, I just haven't gotten those calls ever. I mean, people are pretty much satisfied with their coverage with Medicare supplement.

And there's some reasons for that. Number one is all the claims are filed automatically through Medicare. In other words, so your doctor sends in the claim to Medicare, and then Medicare already knows, like Robbie, you have Medicare supplement coverage plan G through United Healthcare. Medicare already knows that. So as soon as they pay with your claim, they pay with your claim.

Medicare does, they send it through electronically to United Healthcare, what Medicare paid, and then your supplement just pays automatically. And it's wonderful, and people love it. And very little do the customers have to pay themselves when they have the proper Medigap coverage. So that's been my deal is that we just we have very little customer service issues, where people are calling in because it's all happens automatically.

Now, you know, that's fine and good for us. But what it does is it lulls people to sleep with checking their premiums. And what I what I mean by that is you buy a Medicare supplement at 140 bucks a month or something.

And then you just you use it, like I just did. I mean, I went my bills were 30 $40,000. And I paid 240 bucks for this messed up knee thing and surgery and all that kind of stuff. 240 bucks, that's it, everything else paid in full between my plan G and Medicare, including my physical therapy, which seems like it's going on forever. And so I'm just in love with the coverage.

I knew what to expect. But what I mean by it lulls people to sleep, generally, they take the premium out of your checking account. A lot of seniors, it's been my experience, that don't live month to month, they've got a pretty good sized balance in their checking account, that's just sitting there, it provides security to them. And the monthly premium for the Medicare supplement just gets lost in a sea of numbers. And a lot of them really ask them, what are you paying by the month, they have no idea.

And in the course of three or four or five years, six years, these premiums can double. So you can, you can have company A, and you could have bought it for 140 bucks a month, and it could have just slowly raised by the year. And it's 230 bucks a month now. And we almost have to tell you that and make you get out your bank statement, look at it. And this is with our own customers, because we represent like 30 different companies selling this stuff. And so we call our customers up every 234 years. And, you know, we just look at, okay, this is what you're paying.

This is what the missus is paying. You know, maybe we have them with different companies, maybe we put them with the same companies way back when. And this is how much it would be from all these different companies, and so you could make a simple switch from company A to company B.

And company B can tell you exactly the same thing for 180 bucks a month, and you save 60 bucks a month. I mean, I'm just giving a for instance here. But we have people that won't even talk to us about it, our own customers. They're just happy with where it all just leave it where it is, leave it like this. I like it the way it is.

I don't want to look at it. And it just amazes me. And they tell that stuff to my salespeople when I call them. I'm not too easy to get rid of. I mean, it's just, okay.

And I have to get in there every now and then. I said, oh, wait a minute. I mean, 60 bucks a month for 12 months is $720 a year, if there's that much savings. And then when we multiply that by husband and wife, it's 1500 bucks a year. And I mean, I don't care how much money our clients have. That's money you just don't, if you can get exactly the same thing from another insurance company, I think you ought to take a look at it. And that's really the message that I wanted to get across.

And that I want you to go watch that YouTube video, because that's where the focus is, is this stuff needs to be monitored. And even though these companies are doing a great job of paying the claims for you, um, which is a simple move. And we have several people that we move them back to company A after three more years, because I want to let you know, you know, a little inside dirty little secret of these companies come out with a new policy form and a new company name every two to three years. So they can give the new customers lower rates. I mean, it's just that simple.

It's spectrum and Verizon do the same thing. But, you know, I can't completely relate to your customers. Because, you know, I went on this, you know, Medigap policy or, you know, Medicare supplement, whatever you want to call it.

And then, you know, a couple of months ago, I had that kidney stone, and they had to do a really expensive procedure in order to blast it or whatever they were doing. And man, I mean, I was just shocked at how, like you said, it was just automatic. I didn't have to think I didn't have to do anything.

And I certainly didn't have to pay anything. That was my favorite part. And so why would I mess with this thing? I mean, why would I even dream of it when I know that it's just like, man, it's clockwork.

But then I also know what it was really hard for me to comprehend what you're saying. And, and that is that a part G, if you have a Medicare supplement part G, which is what I have, and it's what you have, because it's kind of like the Cadillac of supplements, so on, it's going to do you the best. And when you have that, it doesn't matter if it's a Humana or UnitedHealthcare or AARP.

In other words, a plan G plan is the government says it's got to meet all these criteria. It's not a plan G. And so if you're buying that from, you know, again, any reliable insurance company, you're going to get exactly the same coverage. And when you've got one that for whatever reason, they just, I had the same thing happened with my car insurance. For some reason, it just went nuts.

And I went over from a very reliable insurance to get to another one and cut my premium almost in half for no good reason other than the insurance companies at time, they just go crazy on the rates, I guess, to make it available to make lower rates for the incoming people or something like that. I don't know. Yeah. And technically, what you just said to make lower rates for the incoming people, that's actually against the law. I'm glad to know it.

I'm glad. So, you know, but I'm telling you that what they do is they just open up several subsidiary companies, they open up a new company, who's got a new plan G, and a new plan, everything. And the plan G has exactly the same benefits as the old plan G with the old company. But they can offer it to new customers at a lower rate, because it's a different company. And I'm telling you that almost all of them do it. They just all, so what we do is we just only leave people a certain place for three or four years.

Now, if you get if you get sick during this time, unfortunately, you're stuck there. Okay, so and it's not awful. I mean, if you got to pay a premium, a higher premium for your Medicare supplement, as we began this story, people are happy with it, and willing to pay it.

In fact, they don't even want to look at changes. So it's not the end of the world. If we look into this, and then we say, I'm sorry, we can't move yours. But you know, we can move the Mrs. She can answer the health questions. And we're going to be able to we've looked at all these other companies. In 12 months, we can move you because we need 24 months to have passed before you. You haven't had this heart procedure or something.

I mean, there's, there's a timeline. And, you know, the people in my office, they got people right on the calendar that, you know, as long as you don't have another reoccurrence of this, you know, in March of 2025, we're changing your supplement, and we're going to give you a call on that day. So I'm just trying to raise awareness of this is that you folks that are just thrilled with your Medicare supplement, and you're paying a premium north of 200 bucks a month, that you may be able to think about just getting it out even call, if you love the person that sold it to you, call them and ask them if they have an alternative. And if they tell you no, then call us. So yeah, and then, you know, there's, that's, you know, like a, I don't know, click trap or whatever, for all these different places have these Medicare supplement, you know, calculators. But the problem if you don't go to cardinalguide.com, they're going to get your email, they're going to promise you this, then you then you're going to say, well, we need to call you.

And the next thing you know, you're going to have calls coming from everywhere. What we're trying to tell you is that a cardinal guide, we don't ask for any information, Hans is you just go into the calculator, it calculates, you don't have to go any special place or wait on an email, or wait on giving your phone number or anything else. It's right there, just as simple as can be.

Right. If you go into the show notes for today's show, there, you're going to find it in those show notes. If not using just, you know, look for the calculator on their on their homepage, it's cardinalguide.com. And that's a good point to transition into reminding you that this show is brought to you by cardinalguide.com. Where of course, there are the seven worry tabs we always talk about in today's show is under the Medicare worry tab. And so if you click on that, you're going to find a video of the same information, all those show notes, including the link to the calculator that we're talking about. So yeah, if you don't even, you know, you've got a Medicare supplement you bought from XYZ company, doesn't matter, you can shop it right there with this calculator at cardinalguide.com.

Without any, you know, obligatory information, or of course, those that just the contact, you know, because you want to know a guy, that's my opinion. And there you can go to contact page and get up with Hans, his contact information, his emails, phone number, all that stuff is right there at cardinalguide.com, as well as Hans's book, complete cardinal guide to planning for and living in retirement. And so great show, Hans. Yeah, thank you. And by the way, if you go find the video of today's show on YouTube, under Cardinal Advisors, Tom walks you through in the video, how to run one of those quotes on yourself.

And you do not have to tell us who you are, you're not going to get a bunch of phone calls. Yeah, that's good news. Thank you.

Thank you and God bless you. The opinions expressed by Hans Scheil and guests on this show are their own and do not reflect the opinions of this radio station. All statements and opinions expressed are based upon information considered reliable, although it should not be relied upon as such.

Any statements or opinions are subject to change without notice. Investments involve risk, and unless otherwise stated are not guaranteed. Past performance cannot be used as an indicator to determine future results. Any strategies mentioned may not be suitable for everyone. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for you. Before acting on any information mentioned, please consult with a qualified tax or investment advisor to determine if it's suitable for your specific situation.

Finishing Whale is designed to provide accurate and authoritative information with regard to the subject covered. Investment advisory services offered through Brookstone Capital Management LLC, abbreviated BCM, a registered investment advisor. BCM and Cardinal Advisors are independent of each other.

Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. Cardinal Advisors is not affiliated with or endorsed by the Social Security Administration or any other government agency. We hope you enjoyed Finishing Whale, brought to you by cardinalguide.com. Visit cardinalguide.com for free downloads of this show or previous shows on topics such as Social Security, Medicare, IRAs, long-term care, life insurance, investments, and taxes, as well as Hans' 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, or to get Hans' book, go to cardinalguide.com. If you have a question, comment, or suggestion for future shows, click on the Finishing Whale radio show on the website and send us a word. Once again, that's cardinalguide.com. Cardinalguide.com. This is the Truth Network.
Whisper: medium.en / 2024-06-15 10:14:01 / 2024-06-15 10:25:17 / 11

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