Health Wars: Medicare Costs

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Welcome to finishing well brought to you by Cardinal guy� Certified financial planner belonged to child 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 with finishing well. So how fun finishing well today doesn't sound fun health wars fun is fun from an anticipation of what we learned that really owns certified financial planner Hans silence� Taken kinda from Jesus is teaching directly in Luke chapter 14 is actually talking about the cost of being a disciple and counting the cost which is definitely some to think about because it could cost you everything is Fars how the world sees it, mother father sister brother lands.

Now he says he can count everything, including your own life and and certainly the disciples experience that Peter was hung upside down, so don't take this shorter minute. There's a huge left.

And what Jesus is talking about but I also think it's fascinating that there's so many practical applications to what Jesus teaches and when he goes and Mary talk about what people count because any mention his second example is what King when going to war against him again.

Won't first down and consider whether he is able with 10,000 to confront the one coming against him with 20,000 right in other words, all of a sudden, how many troops I have how many tanks on the plains pleasers the homework. I mean your you are now in charge your country and your fitting fixing to go to war EE you would take that very, very seriously and you would count MI gonna be able to pull this off while for those of us are my age at 63 I it's it's reasonable to expect that I am confronted with a health war on me that health war is coming.

I'm telling you and for many, many, it will be 60, $70,000. At some point in time and in on their sexy 70s or 80s. For some it may be millions.

It could be-millions and and so what originally to me.

Honestly Hans year and 1/2 ago when we started the show. I didn't care anymore about what plan a B or plan B of Medicare in our Medicare. Not you know what the heck is a plan GNA agent.

It was alphabet soup completely and I've never considered it. Count the cost and seemed way too complicated for me to consider. But now that I really have experienced it on all sorts of levels in with my father with my mother-in-law.

I'm like wow it's really good to know this stuff and you have counted the cost and the athlete count the cost with the fiduciary such as yourself on today show. Not only will you learn more about how to count the cost of going to war in the healthcare world with Medicare but to understand the value of what a fiduciary is and why it's great to have one in your court absolutely so we have a lady of story yet so this lady 70 years old think she's just had a birthday so she 71 now 70 when we met her. She came to us by referral. So we've helped one of her friends. Well within the caller Irene and Irene is interested in us helping her plan her retirement she still work and she has a good bit of money but $700,000 plus of retirement money and then she also owns some properties it's worth for $500,000 and another hundred thousand dollars in plus in just plain old money in the bank and the problem that she wants me to solve is can she retire. Can she replace her income in retirement and so is she really is sitting with us, and feel like she trusts us a lot in terms of because she's referred by her friend and her friend is just been very very happy and pleased with our service but I also feel like she she's she's very guarded as were going in and so she brought all of her statements and everything we needed in so I'm just generally getting to know her and she she got down to the point real quick is can you take my $700,000 and produce enough income were that plus my Social Security will replace what I make in and Yana like to go to the end so quick until I got all the facts, but she brought them all there and so that's the that's what she hired us to do this what you want to know. She knew it would take a few meetings and written plan and so I just inquired or so who you have your Medicare insurance with Hori still on the group insurance where you work and she said no I'm on the Medicare insurance going on for years but I don't really want to mess with that. My husband just passed away and it paid off really really well on him and so were just can leave that alone for now. Okay, so we get back to the money thing and the problems and then as we go into it further and she's turning over all the stuff is we can put together a budget and just can't understand what you got going out every month in your new situation as a widow and looking at retirement and we also need to do this in such a way that you don't run out of money counting. Yeah and so anyhow. We ended up I ended up taking us back to the Medicare supplement through the bank statement to she didn't even know how much he was paying for to cheat sheet she really had no idea. And so we went found it was $251 a month for a plan G Medicare supplement with a company who we won't name the show in this company is really famous for preying on the turning 65 people in coming out to your house and they were more expensive. Six years ago when she bought this, and there's still way more expensive now, but somehow they managed to stay in business, charging people a lot more than they have to and the way they stay in business as they pay their claims room manager stated it well rated company and the way they really get away with selling these expensive policies as they don't really get in little show people that these are all the same.

They they go in and they put other benefits like dental and vision in the package all the stuff together. Life insurance he just end up with a big payment and you don't really necessarily know what it's all for it pays off well chooses tell me hands off, but I kinda plugged way and so we get in there and when I showed her that she could get the same thing the same exact G plan for really hundred dollars a month as low as 97 a month and the company that she ultimately chose was $110 a month, well known, well rated company. She just felt more comfortable is worth 10 bucks a month she saved over $140 a month and that's every month for the rest of her life. Assuming the new one she bought just doesn't go upperdeck is in fact this Issue the state on the old one is going to widen snack and get more narrow as you add a percentage like 10% on to 250 bucks a month. It's for the greater increase than on hundred and 10 so it took more than 15 minutes to save 228% on her life Medicare that the minutes to The cost to find out and and so when I found out how valuable this is. Is then like through four weeks later were meeting with her and were shown of the plan and all the stuff of the money and the minimum distributions and she's gonna do and the taxes she's going to pander Social Security and we extend this very nice plan in the Medicare part of it.

We just you need to skip over. She's just sitting there and the young associate that works for me. That did the Medicare stuff for her. She thinks he hung the moon mean to me and she just sheet she was just put in praise on him because he's the one that did that over this hundred 40 bucks a month and so a lot of us to haven't heard us on the show many many times.

Don't know what G plan is and it doesn't make any sense with in a Medicare plan.

A plan B.

Plan C. So I guess we gotta have to back up a little bit to understand the story, which by the way, you can find out it Cardinal guide.com you can download pons's book the complete cargo guide to planning for living in retirement and there in the seven hours We have Medicare or he goes into really it's it's phenomenal nuts and bolts that will help me immensely in understanding in a wet Medicare part a beep parts. Either these steps out there for you and you can get on the web.

You can read the book you can download from our website for free.

The chap like the Medicare chapter of this one specifically you just want this part and we also have a workbook which walks you through all that, but I'll give you a quick lesson in that is about 30 years ago the government in 1990 the past regulations. That said, all these Medicare supplement insurance companies have to sell exactly the same policies that way that seniors are can have an easier time comparing and you're going to have to call him plan a plan B plan C plan D so on. There were 10 of them to begin with and live a limited some of them eliminated them and then they've added some but what's been all along is the F plan has been the that the king of the hill.

It was the best planet paid all your deductibles and copayments and then now that's changed over to it with the best value is the G plan and the G is almost as good as the F but just for simplification.

The only differences is the F plan pays $185. Part B deductible G plan. Doesn't you get a page or sell this. The only difference in so the G plan is now currently the most popular, most people are buying that is become the standard within Medicare supplement comparison for independent agents like me so and she Artie had a G plan. So they said they did one thing right they sold that two or six years ago. It's just, of course, that they only represent one company so that they didn't show her other alternatives that we don't actually have organ come back to that.

On the other side of the break to talk about what the differences between a fiduciary and somebody that represents you know one insurance company but just Medicare supplements versus Medicare advantage versus can you talk about that briefly before we head off into the next partnership yeah I mean perverse monetary a lot of people that are on Medicare advantage think that it's a supplement they think it's a Medicare supplement is not valid. Let me tell you it's not because I dealt with that of my mother thought forcefully. I knew what it was and why I was up against the fact that we couldn't find a single place to put her because you know they didn't take Medicare advantage because you had to be within the county that you live in order to ensure against the live in Stokes County. So guess what it limits where you go. So what Medicare advantage is it involves a network. Gotta go to their doctors and it involves receiving your Medicare. Your part in your part B receiving that from a private insurance company that you elect like Humana, United healthcare at Cigna and there's a bunch of those that are out there. We sell forms on people want this week and in there some people that it's right for, but it's your your receiving your Medicare not directly from the government you're receiving it through a private insurance company and there's a lot more that you need to know about them, but there's a lot of folks that were talking to that are listening. That might not even know the difference between the two or which one thereon, which, when their parents are so that I wanted, I would have no which is Whitson's only come back from a fiduciary himself would get the little bit about more 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 Hahn's expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to Cardinal guide.com and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact Tom to Cardinal guide.com that's Cardinal guide.com welcome back to finishing well with certified financial planner and fiduciary. I might add Hahn's child today show were done about health wars and counting the cost really is. Jesus would describe of trying to understand exactly if you're to go into this war with your health of really what is the difference tween Medicare advantage. What is a Medicare supplement.

What is plan a plan B. Plan C versus these different Medicare supplements plan a plan B which we been talking about plans okay so so and you find this on page 20 in my original book you'll also find it on different page in the workbook download those chapters for free and Medicare has four parts to it.

Part a which is hospital hard B which is Dr. an outpatient pretty much pays 80% with the 20% then you got medicare part c, which is medicare advantage and it is receiving to receive your part in your part b from a private insurance company and you gotta go to their doctors, their hospitals and then they have to play by their rules, all of which medicare proves i don't want to sound like that's that's really bad.

it's just you're putting yourself in your care into the hands of an insurance company and you can have more choices if stan original medicare a and b and you may not be able to afford to do that you may have some other benefits that you desire that come with this plan c so i don't want to slant this discussion is much, but if you have a plan. see you can't have america herself and then part d is the prescription drug plan and that just comes along with the parts he plans if you're on original medicare a and b and you buy a supplement. you also have a separate part d drug plan and we we write a lot of those in the year we have over 5000 medicare clients a medicare supplement clients individually all over the country and we write most of their part d coverage as well so and what were talking about today is irene and were telling a story about irene where she she was paying for her plan g medicare supplement $251 a month every month and my guess is a ship or a large balance in your checking account.

she did not know how much she was paying when i asked her we had to go look for and while she was looking for. she was telling me that she ain't replacing their she's keeping it where it is because it paid so and i think that because this part a and part b original medicare plus a plan g supplement works so well that people tend to give all the credit for that, to the individual medicare supplement company not really looking at whose pay and what that they just think that this individual medicare supplement company is miraculous. they're the ones that are really hearing about when in reality, medicare is paying most of the bill and your doctor is doing the claims filing and so the medicare supplement insurance companies just pay and the difference it which is noteworthy and worthy so it and again, getting back to just a little bit of math in their the part a part of regular medicare hospitalization� supplement tagamet defeat summary was in the hospital. regular medicare for the first 60 days under medicare.

there's a deductible of $1300 and change in account number the exact 1351 so if you know medicare supplement, you would know 1351 box 60 days in the hospital 60 days novel, and that that's a lot of coverage under medicare and then the supplement. most of them are gonna pay that 1351 box or whatever so you don't even need to worry. thematically days not hospitals like 100 grand. yeah, and the deductible part of its like 1300 and your medicare supplement company that that and medicare paid the 99,000 bit and see what medicare is able to do as they beat those people down to about 60 g another that the they're going to hold him down to a lower number because there medicare and they can regulate but in any case, the medicare supplements get too much credit on the part b, which is all your outpatient all your doctors all the stuff that could actually be 20 grand of the hundred grand or whatever because you already green 20%.you you got 20% coinsurance on that and that's the number they can get huge in the medicare supplement is just gonna pay that without Any witches which is wonderful. okay, but what's not. wonderful is charging a 70-year-old lady in good health, now 71, 251 box month when i got a sheet here that i'm holding that lists all the companies that we offer and you know when when she was able to pick a company that we even choose she was able to get a little choosy and buy one for hundred $10 a month as well known and well rated. she could've gotten it as low as 100 bucks a month and it is exactly the same thing by law, right, and then this gets back to what we promised and brought listers that she had originally dealt with an agent that represented one company select somebody calls you from humana whether they represent humana. they're not fiduciaries right or if they call you from aetna yeah probably. i mean they could call you from aetna but still have the ability to write other companies so so you want to be careful with that. i'm just telling you i happen to know that the company she bought from two or three others. the only way you can sell that company is to be one of their career agents. and if you're one of their courageous you can't offer any other company. and so there gets to why fiduciaries are wonderful thing that in anyway he can't give you 15 different prices because all these got the one right and so what we we we show that she every single customer that we have in and by the way, you can run one of these yourself if your little bit adept with the computer and you don't need to be super adept but i just need to be able to bounce around you go to col. guide.com and then you select the medicare 07 mortgage tabby select medicare it'll be right there in front of your calculator and you put in your zip code you put in your age you put in new your gender and then a lardy defaulted our website to plan g but you could change that to some other plan.

you hit go and it's going to give you a listing not only a very company. we represent every company that sells in your zip code and you can just look at it plain as day to write their healing up tell us who you are right, or if you happen to have a dad that's like mine that you know is like wow, dad would do anything to save a dollar back in the chair and you put that information in and you can call the site at how much you paying for your note because i'm i'm here at haas's website. i think you know it might be a good time to go meet with hans because it's looking like you know that right 228% is what but i was is old and i don't want anybody call me thinking i can save everybody hundred 40 bucks a month.

this is an extreme example and but you know 50 bucks and sound too bad at. i can tell you from experience. i teach a lot of my salespeople. i've been going out in people's homes for the summer to be 42 years. i started in 1976 seniors into their house. bottom you sammy make out the checks for me and i was a shot make out the check for them and then i put the thing in their check richard's story shocked me that these people had 10 $20,000 balances in the check is just the spinal seniors, but it's a number of them and usually those people have no clue what they're paying for their insurance in order they care for the panel for a while and you know it's just me that the people get lulled to sleep over how well this does when they're really not necessarily get the best deal so i'm not to say this is everybody but it sure doesn't hurt. check and one of the other company for christians only after medicare is is this thriving company. yeah.

so we talked about them. last week we can talk about little bit about them this week. so we offer insurance through thriving thriving is only for christians.

in fact, you need to profess to be a christian or they can't let you into their society since only for christians. they have unbelievable financial ratings.

these folks do a lot of good.

i'm reading $370 million given back to even figure out a way to give back through their insurance conventions are there insurance junkets when you win a trip with them go off and stay in a nice hotel and then you go work with habitat for humanity on a project.

it's right around there and you have to qualify for. this is a wonderful thing and they give money to churches and organizations with their insurance and their insurance offerings are very very good now as a fiduciary.

i'm not going to just recommend this and i'm not in the say always buy from them just as christian company. it's just i feel pretty strongly about them we've put on a lot of clients with them. we just taken them on for long-term care insurance so that's we been with medicare supplements for a couple years and you know if you just give me a call. i can tell you a lot more about them, but they were were now able to offer them.

i just think it's a really cool thing where it's a company that only works with christians right now you might be thinking, robbie. i think i know about planning that you lost me a plan c somewhere so hey you can get the complete garden apply complete cargo guide to planning for living in retirement there at the website you discovered cardinal guy. don't forget the guide. after cardinal.com and then you can click on the seven worries that if you're good at. with pdf you get the whole thing or they can just email your icons and say i want the book and you send an email.

i'll be glad to get the book out to you. no charge.

or maybe you destroy an audio learner like me and you want to hear it again. so guess what you can go just to syria if you got a iphone and say hey siri played me last cargo guide podcast and it'll just pull it right up and you can listen to that again at your leisure. play these things over and over again to you begin to understand what plan a plan b. plan c and and those kind of things really helpful for me.

you know, to hear it because you're you know i'm an audio learner and and that kind of things you can actually you can go to alexa you can say alexa plainly that and you may have to skip renin episodes little bit would like to work on that to try to get it straight at the podcast is clearly available at itunes and their inevitable listing about the website as well. now for those of you that are listening is interested that are non-medicare. yet the way you can get something for your time is think about your parents think about your in-laws and if you asked them say like hey mom, how much are you paying for your medicare supplement insurance your probably going to get the same kind of answer that i got for my reach. all i'm happy with that.

i don't want to mess with her weight through that little bit and just find out how much she's paying. she can show you on the little card in your pocket whether she's on plan g year plan after which plan she's on the np you go right to our website and run a cost comparison. you may have some older folks out there that are paying way too much for this and we we can help you right over the phone. glad to do it on advances to listening to finishing well is always a joy to have us have you listening to us were so grateful for all of you and your contributions to the show and thank you hans thank you. we hope you enjoyed finishing well brought you by cardinal guy.com visit cardinal guide.com for free downloads of the show or previous shows on topics such as social security, medicare and iras, long-term care and 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 what you get. hans book go to cardinal guy.com 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 guide.com cardinal guide.com