Medicare Cheat Sheet: Supplements
How can people supplement the cost of Medicare plans? This video explains how.
thank you. Way back into the Medicare cheap, cheap video. Siri's. We even have the guidebook and the and the box set that goes along with this. So if your advisor is just showing you the video, if you're watching this online or watching it somewhere, all you have to do is call the number you see on the screen later on, and you can get your very own box set. More importantly, your very own guide to help you navigate this very complex world that we call the Medicare planning world. Also Medicaid. We'll talk about that later on. Why, that's a no no. A lot of times why you don't want to do that. But, Greg, let's talk about the the supplemental plans. How can you supplement the cost? And that's what we have the Medicare supplements about, Right? Let's talk about regular supplements. We're gonna talk next segment about the Medicare advantage, but this segment is about the supplemental plans that available today. I referred you refer to the supplement as the Mac daddy of all insurance plans. E mean, it's like it Z the best your most people are in a Plan G. They used to be in the F. But now G is the main component. G stands for good. He's great. Great, great thumbs up, eh? So what makes it so great? Well, first of all, because it has such great incredible coverage and your maximum out of pocket, for the most part, around $200 a month. Well, okay, that's not bad. That's out. That's really so you have a floor ceiling. Basically, you can't go any higher. Ceiling is the roof. Michael Jordan used to say so it's not going to be higher than that, for the most part, depending on depending what plane you're in. Okay, All right. So why wouldn't somebody Why wouldn't everybody watching get G then? Well, the cost, the cost, it's It's more than that. It is like we said, you get what you pay for with with that Medicare somewhat does is it pays the difference that remember, we talked about that 20% that you had to pay. That's what that part is. What handles you out of pocket Handle that out of pocket expense. Alright. So how much? I guess it depends on someone's age and the cost on that. But how much Is it more than like the other plan? Well, there's a couple of factors that come in first while you said age. Also, if it's a family plan, you get a better deal. If it's a family discount and then also depends on the company, believe it or not, when I pull when I pull up a list of all the different companies that I work with, they could start $80 and go down to $290 and they all do the same. And they're all that plant. They're all thing. Okay, so that's why it's important for people watching to get with a guy to make sure they're not over paying for the same plan is that is exactly. Why would somebody overpaid? Because the advisor or whoever was talking didn't didn't educate them on all the different plans because they make more commission on higher plans May. Well, they dio absolutely well, that's kind of you know, I'm a fiduciary. We don't know how that in my firm. So it's important to make sure that people get exactly what they're paying for, not pay over than that, right? Absolutely not. Okay. But of course the quality. The company might factor into that, too, right? That's That's a good point, coach, because I I stick to to year one company. It's gonna be a big companies. When you file a claim, you wanna make sure the company is there to pay the claim. They're not being sold. Yeah, exactly. So what about underwriting? Are some companies more fair than others as faras approving folks to get into these bottles? That's a great question. First of all, when you're brand new to Medicare supplement plan, let's see your first your first enrolling into it. It's guaranteed underwriting. It's guaranteed issue, right? So you're you're in piece of cake. However, once you're outside of that, that period of the enrollment period. Yeah, rolling period, the initial enrollment period. Then you have to qualify its basic traditional things heart attack, stroke, cancer, kidney disease, liver disease. But once you're in, you're in. Okay, so that's why it's important to get the right plan at the right time. If you can be very healthy, your best equity is your health these days, right? So for life insurance, for health insurance, for anything so but if you're not that healthy, then the best time to get a plan without underwriting is right there during the only time without underwriting right there during your role here, it's kind. It's kind of funny. I had a client that I worked with one time and that this client had Parkinson's. And I said, This is guaranteed guaranteed Medicare supplement after I ran. All the numbers are in all his medications, because the primary focus is that party, the formulary. He went with the advantage plan because the formulary on all of my advantage plans crushed any individual. All right, so one more question before we end this Siri's this segment of Siri's does the part D is that included in the med? Supplement your money so they work together, maybe. Or you have to. You have to have your supplement in conjunction with the part D. So you actually have to have both both pieces of the puzzle. Okay, so when you get the supplement, you don't have to get party if you don't want to. But you're gonna pay for it down the road tremendously. If you wait and decided to do want it, so the best time to get both of them is during the rolling, and if you don't need the party, it's I've seen. I've seen quotes for $13 a month. Now Part D is there different quotes from different companies to, and certain companies cover different drugs better than others, right? So depending on what kind of drugs you're on, then it's a good toe. Get that right, Plan D. But that's why it's good to deal with someone who understands the different drugs that are covered under certain plant. And I gotta add some coaches if anybody if anybody out there has is working with an advisor that the adviser did not run every single medication they have through the Medicare website, you got the wrong advice. Well, that should be done right away. That's a no brainer. No, but all your medicine and or medication, and so they could see which one's which coverage is the best for you? Absolutely. All right, so that part D I want to talk about it. We'll talk a little bit more about Part D when we talk about the next segment when we talk about the Medicare advantage, but no matter if you have an advantage or a Medicare supplement. You must get that part D or should get that party right when you're signing up for that and your advisor or your agent needs to put every single drug that you and your family are on into that where you and your spouse or on into that system and see which which something is best for you. Okay? Makes a lot of sense, folks. When we come back, we're gonna talk about Medicare advantage plans.