Medicare Cheat Sheet: The Fork in the Road
There are a lot of Medicare plans. Which one should you choose? Coach Pete walks through the options.
thank you, Booth Sheep, Sheep Booklet and Fox that Siri's It's Greg Barry and Coach Pete here. Greg, I wanted to talk about Yogi Bera. Famous baseball player always said When you see a fork in the road, take it. We've got that fork in the road here because we've got the Medicare advantage plan and we've got Medicare supplement and we've got a plan D. Obviously, the drug plan, we've got everyone out there with their hands in the air saying, Which one should I take? And again, I think this is all on a case by case basis based on your health situation and your drug situation, and you can sit down and show them with all the different companies out there with all the medications they have, you can show them which ones make more sense for them. Oh, yeah, right. All right. So we come to the fork of the road, though, and someone tried to side right now. Should I do Medicare advantage or should I do Medicare sub? What would you tell them right away? Well, first of all, one thing I do look at is the finances that that's a that's a big deal. If folks have limited finances, its's pretty much no brain in which way they need to go. And that zip back in the day. I don't think we had many here in North Carolina, but some accounts some of the county's would pay you to take that plan. Remember, you'd get a check. It would you would get you would make money to be in the Medicare. Yeah, those days I don't think they're here anymore, but I used to make money by doing it. But that doesn't mean it was the best thing, though, did it? Well, not not. What they do is they do a buyback in your part B. So your part B, instead of paying $144 you pay 100 bucks. Okay, so you get that, you get the refund. That's how they That's how they get through there. OK, so part B, everyone has to pay For the most part, everybody has to pay Part B. All right, now let's talk about someone comes to this decision right now, and they're weighing a verse Be what have you seen? And you've done this. You've done this extensively for years. When you sit down with folks, what are the deciding factors between the Medicare Advantage plan and the Medicare sub plan? Okay, first of all, the first thing we have to look at is the cost. Can you afford it? And number one? What we do is that we always factor in the park. You were going on the assumption that everybody's paying $144 a month. So let's say you're paying that 1 44 month that that's your first line item. Then on a Medicare advantage plan, the next thing is zero, for the most part, so anything but that so. But, however, on your the line item for the Medicare supplement, you're looking on around $90 a month. Okay, so now 1 44 plus 90 that's 2 30. That's for one person, one person in the family. There's a family discount. A lot of companies air different, generally a 10% discount family sound and and then finally, you have to after factor in your part your part D plan, depending on what kind of plan you're looking at, anywhere from 15 to $30 a month for the planting for the Plan D. So whereas your Medicare advantage plan, that part D is already included. So ultimately, on the Medicare advantage plan, you're gonna pay around $144 maybe a little extra, depending on what county you're in, where there's no choice. But on a Medicare supplement plan, you could be paying around $250. Okay. And so then we have to weigh the advantages versus disadvantage. What is covered under the Mets up plan doesn't give you more freedom of choice. Uh, and in the long run, you you would argue. I know you. I know what you think. You'd argue the Medicare supplement plan is better. Most I think the supplements are outstanding if you can afford to stop. First of all, if you're 65 years old, you're paying $255 for healthcare. Za good deal these days? Yeah, exactly. For instance, if you're 64 years old and you and you had to go through the affordable health care act, you're paying $1300 a month I laughing at because before the Obama care stuff happened, I was at, like $90 a month for my health, my health insurance. But I had a high deductible because I don't like go to the doctor anyway. So now my same plan? Well, I don't have that anymore. But me Same same me who doesn't like to. The doctor now is paying like six or 700 bucks, and that's not my wife's plan. And she's with the state. If that wasn't the case, I'd b'more, which is crazy because I'm not a health risk. I'm not anymore health risk now than I was when I was paying 90 bucks a month I got. That's one of the biggest challenges that we have. A capital financial is actually managing people getting going from like, say, a lot of folks are retiring at the age of 62. It's just massaging them from 62 to 65. So we get to that. Get down the number because a lot of people wanna retire before 65. Yeah, yeah, And so it's about that, uh, three year gap. Oh, man, it za race. And so because you go from paying a fortune and health insurance to getting a really good deal on Medicare, self, even even a to 50 month. It's a great deal. It's a race to 65. Hurry to get there. Once you get there, it's her next book. Coach. There's no hurry to get there. All right, So any final thoughts you want to tell people about just the fork in the road here, it Z it shouldn't just be on the price. I think you're saying, right, you should. You should wait a lot of different things. And also what appears cheap today may not be that cheap if the drugs are the drugs. And, of course, that's why it's gotta be factored in there. You know, an old friend of mine once said, You can pay now or you can pay later. Yeah, pay me now or pay me later. You say that. All right, folks, get this box in your hands and also get that no cost review where Greg can show you in writing with a print out the ones, the policies that make most sense and based on the drugs you're taking and all these different things, that's when you can make an informed decision. When you have all the facts. Yeah, absolutely no way