Full Transcript for Is Your Medicare Plan Quietly Changing for 2027?

unbelievable angst. 70 00:04:34.680 --> 00:04:39.709 And then this year's trustees report came out with reserve 71 00:04:39.750 --> 00:04:42.600 account is expected to run dry even a little sooner. 72 00:04:42.620 --> 00:04:44.180 Q4, 2032. 73 00:04:44.180 --> 00:04:49.600 Oh boy. It was 34, I think, but even so 74 00:04:49.600 --> 00:04:53.839 33 and now it's, you know, Q4, 32. 75 00:04:53.839 --> 00:04:57.759 So it's just unnerving people, us boomers who are right 76 00:04:57.839 --> 00:05:00.600 on that cusp. Like, should I, am I going to 77 00:05:00.639 --> 00:05:02.120 be protected if I take it now? 78 00:05:02.800 --> 00:05:05.759 You know, so lots of, lots of misunderstandings around social 79 00:05:05.779 --> 00:05:06.579 security and. 80 00:05:06.540 --> 00:05:08.189 It's, It's mean. 81 00:05:08.750 --> 00:05:11.560 It's mean that Congress hasn't bothered to do their job 82 00:05:11.569 --> 00:05:13.800 and to shore this up. They've been kicking the can 83 00:05:13.829 --> 00:05:18.100 down the road for many years. 30-plus years now. I mean, 84 00:05:18.300 --> 00:05:22.439 it's disgraceful. But I can't fix that directly. I do 85 00:05:22.500 --> 00:05:25.819 call my Congress people, though. The senators know who I am, 86 00:05:25.959 --> 00:05:29.720 and so does my congressman, Bill Keating. So that's what 87 00:05:29.740 --> 00:05:33.000 we have to do. Keep the pressure on Congress to 88 00:05:33.079 --> 00:05:37.910 change this thing. So that's the Social Security side. On 89 00:05:37.930 --> 00:05:42.750 the Medicare front, last year at this time during annual 90 00:05:42.810 --> 00:05:46.730 election period or open enrollment period, you know, this little window, 91 00:05:46.769 --> 00:05:51.569 these seven weeks, October 15th and December 7th, there was 92 00:05:51.709 --> 00:05:54.360 all kinds of mayhem. And I call it Medicare madness. 93 00:05:54.629 --> 00:05:57.199 You know, what's new for it that time? 2026. Well, 94 00:05:57.240 --> 00:06:02.639 this year it's Medicare madness. What's new for 2027? And Benita, 95 00:06:02.980 --> 00:06:04.480 I thought last year was terrible. 96 00:06:05.290 --> 00:06:10.750 Until I started getting the phone calls before even October 15th. 97 00:06:11.089 --> 00:06:11.389 Wow. 98 00:06:12.129 --> 00:06:15.120 And people are so upset. 99 00:06:15.680 --> 00:06:16.759 They got letters. 100 00:06:17.240 --> 00:06:19.819 We got an annual notice of change. 101 00:06:20.220 --> 00:06:21.459 They got their letter. 102 00:06:21.100 --> 00:06:25.319 From their Medicare Advantage company saying, hey, the plan is 103 00:06:25.339 --> 00:06:29.720 shut down after 1230. I'm one of them. I was 104 00:06:29.800 --> 00:06:31.930 so surprised to hear that. And I'm so sorry. 105 00:06:31.939 --> 00:06:32.370 Yeah. 106 00:06:33.240 --> 00:06:36.199 I mean, it's a blessing and a curse, really, because 107 00:06:37.639 --> 00:06:43.509 it's an opportunity. If your company has canceled the insurance, you. 108 00:06:43.350 --> 00:06:47.230 Have this special window of opportunity to just be able 109 00:06:47.269 --> 00:06:50.370 to buy a Medigap plan. Move out of Medicare Advantage 110 00:06:50.430 --> 00:06:54.189 entirely and move into Medigap in a standalone Part D. 111 00:06:54.629 --> 00:06:55.980 And you have time for that. 112 00:06:56.120 --> 00:06:59.639 And you have extra time if you didn't think it 113 00:06:59.680 --> 00:07:04.019 applied to you. So that's not the worst thing ever. 114 00:07:04.300 --> 00:07:08.149 But the worst thing is, Bonita, if you're 89 or 115 00:07:08.149 --> 00:07:14.709 97 or your hands are so arthritic you can't type, 116 00:07:15.529 --> 00:07:18.720 and the solution is always go online and figure this 117 00:07:18.740 --> 00:07:19.220 stuff out. 118 00:07:19.279 --> 00:07:23.079 Yeah, well, that's pretty much what they say. Just go online. Yeah. 119 00:07:24.310 --> 00:07:27.449 Even this year's Medicare and You book, there's an annual 120 00:07:27.490 --> 00:07:31.930 book that CMS puts out, Center for Medicare and Medicaid Services, 121 00:07:31.970 --> 00:07:37.769 that they're the administrators of Medicare and Medicaid, which hence 122 00:07:37.810 --> 00:07:42.160 their name. And their Medicare and You book has a 123 00:07:42.180 --> 00:07:46.240 big medallion on it for 2027. And it says in 124 00:07:46.699 --> 00:07:50.759 all caps, GO DIGITAL. It's like, oh my God, if 125 00:07:51.000 --> 00:07:53.259 ever there were people who missed the mark. 126 00:07:54.230 --> 00:07:59.089 Why if you know somebody some editor there should be 127 00:07:59.170 --> 00:08:02.230 like a 70 year old editor that's what looking at 128 00:08:02.310 --> 00:08:06.829 what they're writing on those books yes because some some 129 00:08:06.889 --> 00:08:11.180 older people are very savvy when it comes to computers 130 00:08:11.269 --> 00:08:13.540 but i know that there's a lot that don't want 131 00:08:13.639 --> 00:08:17.000 anything to do with the computer Absolutely. And I put 132 00:08:17.019 --> 00:08:21.420 it at 80-20 right now. 20% are comfortable. But, you know, 133 00:08:21.439 --> 00:08:24.500 they like it to hop on Facebook to see their grandkids. 134 00:08:25.310 --> 00:08:28.269 Or, you know, they like to maybe do a little 135 00:08:28.290 --> 00:08:32.350 bit of watching YouTube and such. But they don't know 136 00:08:32.389 --> 00:08:36.220 how to hop on and go figure out the Medicare tools. 137 00:08:36.279 --> 00:08:36.419 No. 138 00:08:37.460 --> 00:08:40.580 And so this is such a disservice to our seniors, 139 00:08:41.500 --> 00:08:47.600 our most important people who built the last century of 140 00:08:47.639 --> 00:08:48.299 the country. 141 00:08:48.399 --> 00:08:50.539 And it's like, yeah, well, just hop online. You'll figure 142 00:08:50.580 --> 00:08:50.799 it out. 143 00:08:51.259 --> 00:08:55.529 No. You know, it's just unfathomable that this is what 144 00:08:55.590 --> 00:08:59.070 is allowed to go

on. Well, let's talk a little 145 00:08:59.090 --> 00:09:03.470 bit about, you know, like some core philosophy things. You 146 00:09:03.570 --> 00:09:07.070 say Medicare isn't set it and forget it. And I 147 00:09:07.129 --> 00:09:11.710 think you've just answered that pretty much. You can't set 148 00:09:11.750 --> 00:09:15.340 it and forget it because it's like shifting sands. It 149 00:09:15.379 --> 00:09:16.159 keeps moving. 150 00:09:16.179 --> 00:09:16.259 Yeah. 151 00:09:19.440 --> 00:09:22.559 It's so hard because you need to be, you need 152 00:09:22.620 --> 00:09:26.279 a PhD in public health. You need to be an 153 00:09:26.360 --> 00:09:30.620 insurance expert, you know, and you need to be a 154 00:09:30.659 --> 00:09:36.230 lawyer all rolled into one. So it's unfortunate that we 155 00:09:36.289 --> 00:09:38.289 can't just set it and forget it. And I tell you, 156 00:09:38.330 --> 00:09:39.210 a lot of people. 157 00:09:39.009 --> 00:09:41.769 Moving into Medicare, I work with a lot of people 158 00:09:42.090 --> 00:09:46.009 just before 65 into about 75, if they've still worked 159 00:09:46.049 --> 00:09:49.179 and then they transition into Medicare a little later. And 160 00:09:49.679 --> 00:09:53.210 to a T, Bonita, everyone says, wait, I don't want 161 00:09:53.250 --> 00:09:54.070 to work this hard. 162 00:09:54.090 --> 00:09:55.309 I'm retiring. 163 00:09:55.330 --> 00:10:00.070 I'm signing up to become an insurance expert or a 164 00:10:00.129 --> 00:10:03.070 lawyer like why is this so hard. 165 00:10:02.740 --> 00:10:05.019 Well i could do this myself if i really wanted 166 00:10:05.039 --> 00:10:06.919 to but i don't want to i've got a medicare 167 00:10:06.980 --> 00:10:10.840 agent Because I want him to take care of all 168 00:10:10.919 --> 00:10:14.769 the details. I don't want to deal with this. Right. 169 00:10:15.169 --> 00:10:18.429 If this isn't where you want to spend your time, 170 00:10:18.590 --> 00:10:22.250 and if you haven't spent your time here for decades, 171 00:10:22.590 --> 00:10:26.029 you know, moving along with those shifting. 172 00:10:25.730 --> 00:10:28.169 Sands, this hits you like a ton of bricks. 173 00:10:28.389 --> 00:10:28.629 Yeah. 174 00:10:28.690 --> 00:10:30.409 I mean, it's nuts. 175 00:10:32.340 --> 00:10:34.700 So there's a little elephant, maybe it's a pony in 176 00:10:34.720 --> 00:10:39.610 the room, but what I want to say is, If 177 00:10:40.009 --> 00:10:43.370 somebody doesn't do anything during open enrollment and they have 178 00:10:43.409 --> 00:10:49.110 a problem, what happens to that person? Well, this is 179 00:10:49.210 --> 00:10:51.610 bad if you don't do anything. So let's set the 180 00:10:51.690 --> 00:10:54.730 table for a minute first. So with Medicare, there are 181 00:10:54.789 --> 00:10:58.470 four parts and pieces to Medicare. There's Medicare Part A, 182 00:10:58.629 --> 00:11:02.350 Medicare Part B, Medicare Part D, and then a Medigap. 183 00:11:02.990 --> 00:11:05.169 There's also Medicare Advantage. We'll talk about that in a minute. 184 00:11:05.389 --> 00:11:10.490 But everyone needs these four parts in some form. You 185 00:11:10.529 --> 00:11:13.269 get into Medicare A and B one time whenever you're 186 00:11:13.340 --> 00:11:16.740 entering Medicare, usually around age 65. Those you do nothing with. 187 00:11:17.679 --> 00:11:21.700 If you have a Medigap plan, a supplemental plan, usually 188 00:11:21.799 --> 00:11:22.840 it's plan G. 189 00:11:23.679 --> 00:11:26.340 You do nothing with that. You bought it. It's a 190 00:11:26.360 --> 00:11:29.059 30-year decision. Go enjoy retirement. 191 00:11:29.480 --> 00:11:29.700 Right. 192 00:11:29.779 --> 00:11:33.360 But that little pesky plan D, that's your prescription drug coverage. 193 00:11:34.200 --> 00:11:37.639 That's what you have to reshop every year. Yeah. Because 194 00:11:38.139 --> 00:11:44.350 if you don't, Odds are getting increasingly high that something 195 00:11:44.399 --> 00:11:47.070 is going to have happened. The things that happen, a 196 00:11:47.129 --> 00:11:51.490 drug that you're getting coverage this year becomes a non-covered 197 00:11:51.509 --> 00:11:54.169 drug next year. So you go from paying $ 4 a 198 00:11:54.629 --> 00:11:55.149 month to. 199 00:11:55.110 --> 00:11:56.240 Paying $ 4, 000 for the year. 200 00:12:00.409 --> 00:12:04.610 Which is insane. Insane. The other thing is premiums have 201 00:12:04.649 --> 00:12:07.929 gone up everywhere. So let's take WellCare. By and large, 202 00:12:07.970 --> 00:12:10.970 across the country, except for a few states like Massachusetts 203 00:12:11.049 --> 00:12:15.179 in 2026, WellCare has had for the last four years, 204 00:12:15.960 --> 00:12:19.519 three or four years, $ 0 monthly premiums to buy the 205 00:12:19.559 --> 00:12:23.519 WellCare Value Script Part D plan. Tons and tons of 206 00:12:23.600 --> 00:12:28.269 seniors are now in that plan. Except they're no more 207 00:12:28.269 --> 00:12:29.789 $ 0 monthly premiums. 208 00:12:30.379 --> 00:12:32.120 They've jumped from $ 0. 209 00:12:31.360 --> 00:12:32.559 To $ 5, $ 5. 210 00:12:31.799 --> 00:12:33.159 30 for 2027. 211 00:12:33.159 --> 00:12:38.320 Now, that's probably not a deal breaker for most people, 212 00:12:39.039 --> 00:12:41.919 but it is for some. And if you don't know 213 00:12:42.000 --> 00:12:46.320 that and you don't set up a payment system for 214 00:12:46.419 --> 00:12:49.289 January to get those premiums paid, you're going to lose 215 00:12:49.330 --> 00:12:52.940 your Part D plan. Yeah. And then aren't you going 216 00:12:52.960 --> 00:12:56.179 to get penalized? Yes, because then you can't get in. 217 00:12:56.600 --> 00:12:59.320 If you figure this out in March, oh, shoot, I 218 00:12:59.360 --> 00:13:02.710 was supposed to pay premiums. You're out of luck for 219 00:13:02.789 --> 00:13:05.309 all of 2027. 220 00:13:05.830 --> 00:13:09.210 At the end of 2027, next year's open enrollment

period, 221 00:13:10.029 --> 00:13:14.120 and now you're stuck with a 12% permanent penalty on 222 00:13:14.139 --> 00:13:19.360 the premium. Permanent. Permanent. That doesn't seem fair either. No. 223 00:13:19.740 --> 00:13:21.299 Really, everything. 224 00:13:22.139 --> 00:13:25.399 I mean, I want to say sort of the intention 225 00:13:25.460 --> 00:13:28.000 is not a bad thing, which is we all need 226 00:13:28.019 --> 00:13:30.049 to just sort of suck it up and understand that 227 00:13:30.110 --> 00:13:32.669 we're prepaying for a lot of what we're going to 228 00:13:32.710 --> 00:13:33.889 need when we're really old. 229 00:13:34.149 --> 00:13:36.110 So in order to make the mechanics work, if you're 230 00:13:36.129 --> 00:13:37.840 an insurer, you need. 231 00:13:40.950 --> 00:13:43.149 Healthy people in to pay. 232 00:13:43.049 --> 00:13:44.750 For the sick people. And then when you're sick, you 233 00:13:44.769 --> 00:13:47.789 need the healthy people in. Okay. If we understand that, 234 00:13:47.929 --> 00:13:51.120 it's not that bad of a thing. However, we're talking 235 00:13:51.129 --> 00:13:52.480 about the oldest people in America. 236 00:13:52.940 --> 00:13:56.340 And just because you were super sharp and capable and 237 00:13:56.639 --> 00:14:01.950 mentally all there and physically all there at 65, does not. 238 00:14:01.750 --> 00:14:06.129 Mean that's who you are at 80, 85, 90, and 100. Yeah. Unfortunately, 239 00:14:06.570 --> 00:14:09.220 we know that. Yeah. We see it. 240 00:14:09.250 --> 00:14:13.429 We live it. We have clients, parents, you know, and 241 00:14:14.269 --> 00:14:14.929 no one cares. 242 00:14:14.950 --> 00:14:18.509 Clients, parents, clients, husbands. I'm dealing with a client and 243 00:14:18.580 --> 00:14:24.299 her husband. Wow. Dementia? Yeah. Yeah. He doesn't know what's 244 00:14:24.340 --> 00:14:25.779 going on. No. 245 00:14:26.259 --> 00:14:28.940 And if the spouse isn't there any longer. 246 00:14:30.330 --> 00:14:33.519 You know, so the good news is if you do nothing, 247 00:14:33.740 --> 00:14:36.080 you're not kicked out of a plan, right? The plan 248 00:14:36.100 --> 00:14:40.279 will continue so long as you're paying your premiums. Yeah. 249 00:14:40.480 --> 00:14:42.940 But if you're 90 and you have no one else 250 00:14:43.019 --> 00:14:46.980 helping you and you didn't know to do this, you're 251 00:14:47.000 --> 00:14:49.740 going to get screwed. Yeah. Pretty much the nicest way 252 00:14:49.759 --> 00:14:54.809 I can put it. This is just not favorable. And sadly, 253 00:14:54.870 --> 00:14:59.779 the insurers know that. So let's talk about the, I 254 00:14:59.820 --> 00:15:01.720 knew that, you know, time is going to go so fast. 255 00:15:02.519 --> 00:15:05.940 Let's talk about the biggest Medicare changes coming in 2027. 256 00:15:05.940 --> 00:15:08.730 Let's kind of do a short little list for this. 257 00:15:09.250 --> 00:15:09.509 Okay. 258 00:15:09.570 --> 00:15:12.250 It's a long list. It is a long list, but 259 00:15:12.269 --> 00:15:15.269 let's kind of pick it apart by part. So part A, 260 00:15:15.730 --> 00:15:19.120 there's nothing changing about part A. It still covers hospitalizations 261 00:15:19.399 --> 00:15:21.200 and skilled nursing and hospice. 262 00:15:21.730 --> 00:15:24.049 There'll be an increase in the annual. 263 00:15:23.850 --> 00:15:28.730 Deductible, the benefit period deductible, and the day rates if 264 00:15:28.750 --> 00:15:30.789 you stay in the hospital or skilled nursing for a 265 00:15:30.830 --> 00:15:34.549 long time. But it's normal. We're expecting about a 3% 266 00:15:34.549 --> 00:15:39.740 or 4% regular inflation increase. Part A, not a problem. 267 00:15:40.299 --> 00:15:42.639 Part B is the part of Medicare that pays for 268 00:15:42.659 --> 00:15:44.580 your doctors and outpatient services. 269 00:15:45.139 --> 00:15:46.700 And it comes with a monthly premium. 270 00:15:47.059 --> 00:15:50.220 And can I insert something here? I always, when I 271 00:15:50.279 --> 00:15:54.659 was first... dealing with medicare uh both as a professional 272 00:15:54.740 --> 00:15:57.610 as well as a consumer the way i remembered part 273 00:15:57.629 --> 00:15:59.250 a and part b it was i always went oh 274 00:15:59.289 --> 00:16:02.009 dr b because i had a dr b at one 275 00:16:02.049 --> 00:16:06.889 point and so that's how i remember that b is 276 00:16:06.990 --> 00:16:10.460 doctors so i love it i just wanted to insert 277 00:16:10.480 --> 00:16:13.580 that dr b for for Yes. 278 00:16:13.779 --> 00:16:16.070 Because they don't line up, right? Except for Part D 279 00:16:16.110 --> 00:16:19.269 for drugs. Part A for hospitalization. 280 00:16:19.289 --> 00:16:20.190 Well, that doesn't rhyme. 281 00:16:20.250 --> 00:16:23.399 And Part B for doctors doesn't rhyme. But Dr. B, 282 00:16:23.419 --> 00:16:26.600 that's cute. I'm going to have to use that. 283 00:16:26.779 --> 00:16:29.700 Yeah, so Part B comes with a premium, a monthly premium. 284 00:16:29.899 --> 00:16:36.629 The standard premium this year, 2026, is $ 202. 285 00:16:35.269 --> 00:16:37.309 90, $ 202. 286 00:16:36.629 --> 00:16:39.750 Let's just call it $ 203 to round up. Right. And 287 00:16:39.830 --> 00:16:43.350 I used to remember, I remember telling clients, mark my words, 288 00:16:43.450 --> 00:16:46.259 someday it's going to be $ 200. Well, now we're like 289 00:16:47.200 --> 00:16:48.759 even beyond that. Right. 290 00:16:49.399 --> 00:16:53.320 And we now have IRMA, which came about in about 2007. 291 00:16:53.320 --> 00:16:57.539 It was implemented. So IRMA is Income Related Monthly Adjustment 292 00:16:57.580 --> 00:16:59.580 Amounts or Means Testing. Okay. 293 00:17:00.059 --> 00:17:04.680 So higher income retirees get less of a federal subsidy. 294 00:17:05.099 --> 00:17:08.809 What's the threshold for that? 295 00:17:08.809 --> 00:17:10.089 218,000 married filing jointly. 296 00:17:10.109 --> 00:17:11.220 Okay.

109,000. 297 00:17:11.220 --> 00:17:16.230 If you're a single filer in this year, 2026, we 298 00:17:16.289 --> 00:17:19.309 are waiting with bated breath for the new numbers to 299 00:17:19.349 --> 00:17:20.869 come out for 2027. What we have is the trustees 300 00:17:20.890 --> 00:17:28.130 report that, The Medicare trustees, like Social Security trustees, they 301 00:17:28.190 --> 00:17:32.349 publish a massive report and compendium every year about in June. 302 00:17:33.549 --> 00:17:38.829 And they changed significantly between last year's trustees report and 303 00:17:38.869 --> 00:17:42.380 this year's. They were anticipating about a 3.6% increase. So 304 00:17:42.400 --> 00:17:47.079 up to from 202 to 208 or 9. 9%. 305 00:17:51.599 --> 00:17:55.319 And I don't really believe that number. Because I think 306 00:17:55.380 --> 00:18:01.049 it was 209 that I saw. That was a guess. 307 00:18:01.130 --> 00:18:02.829 It's a guess. Because we don't know yet. 308 00:18:02.869 --> 00:18:03.470 We're waiting. 309 00:18:03.930 --> 00:18:06.720 But to only have a 3% to 4% increase in 310 00:18:06.759 --> 00:18:12.579 Part B is not... sustainable every other year is in 311 00:18:12.599 --> 00:18:16.319 the six seven and eight percent increases oh so it 312 00:18:16.359 --> 00:18:21.109 would not surprise me to see 202 jump to 210 313 00:18:21.109 --> 00:18:25.509 to 212 wow but like everyone else i'm waiting for 314 00:18:25.569 --> 00:18:28.769 cms to put the reporting out and just to remind 315 00:18:28.829 --> 00:18:32.299 everyone that if you're taking your social security check that 316 00:18:32.359 --> 00:18:35.180 is going to be deducted from your social security check 317 00:18:36.109 --> 00:18:41.400 No choice. That's right. If you're not, if you're still working, 318 00:18:42.099 --> 00:18:44.730 then you better be prepared to pay out of your 319 00:18:44.809 --> 00:18:46.869 own checking account. Yep. 320 00:18:47.029 --> 00:18:49.210 And did you do that at a time? 321 00:18:50.019 --> 00:18:52.160 I did. I did that for a while before I 322 00:18:52.200 --> 00:18:55.410 went on, on social security. Yeah. Yep. And you get it, 323 00:18:55.420 --> 00:18:58.420 but it was a pain getting it all set up. Yes. 324 00:18:58.539 --> 00:18:59.920 It's much easier now though. 325 00:18:59.940 --> 00:19:02.039 They have really good E systems. 326 00:19:02.119 --> 00:19:04.700 Now, again, you have to be comfortable with your computer 327 00:19:04.720 --> 00:19:08.920 and you need to understand that we all have to 328 00:19:08.960 --> 00:19:12.390 work in the internet land and AI world now. So 329 00:19:12.970 --> 00:19:15.990 put your checking account number in there and it's as 330 00:19:16.049 --> 00:19:17.190 protected as it can be. 331 00:19:17.410 --> 00:19:18.230 And then pay attention. 332 00:19:18.609 --> 00:19:19.470 So setting up these. 333 00:19:19.450 --> 00:19:23.170 Auto pays, because if you skip a premium, you're kicked 334 00:19:23.230 --> 00:19:24.089 out of part B. 335 00:19:24.109 --> 00:19:25.690 It's the same thing as part D. 336 00:19:25.720 --> 00:19:29.240 You cannot just get back in. You have to wait 337 00:19:29.259 --> 00:19:32.019 and now you have no insurance. Like that is the 338 00:19:32.059 --> 00:19:33.119 worst nightmare for me. 339 00:19:33.140 --> 00:19:36.039 This is what I lose sleep over is that a 340 00:19:36.099 --> 00:19:39.349 client could do something wrong and not have their full 341 00:19:39.430 --> 00:19:44.069 compliment of those four parts. Can you, the Irma thing 342 00:19:44.190 --> 00:19:48.420 for people with higher incomes, can you appeal that? You can, 343 00:19:48.480 --> 00:19:53.000 but only if you have a trigger event first. So 344 00:19:53.279 --> 00:19:56.220 it's in the year you retire, or if you go 345 00:19:56.240 --> 00:19:59.309 from full-time to part-time. So your income is, Say you 346 00:19:59.730 --> 00:20:03.589 had an Irma, Social Security determined you have to pay 347 00:20:04.309 --> 00:20:08.750 because you're higher than that $ 218, 000. But you know going forward, 348 00:20:08.789 --> 00:20:11.269 you've gone part-time, you're not going to have that same 349 00:20:11.369 --> 00:20:12.250 income next year. 350 00:20:12.769 --> 00:20:14.109 You can appeal that year. 351 00:20:14.529 --> 00:20:17.710 You can appeal if you got married when you had 352 00:20:17.759 --> 00:20:19.640 not been married or if you got divorced or when 353 00:20:19.660 --> 00:20:21.700 you become a widow. There are a couple other ones, 354 00:20:21.740 --> 00:20:22.640 but those are the biggies. 355 00:20:23.789 --> 00:20:25.569 But you have to pay. 356 00:20:25.710 --> 00:20:29.809 And, you know, for the same people who are typically saying, well, 357 00:20:29.829 --> 00:20:33.339 the federal government is running a massive deficit here. We 358 00:20:33.380 --> 00:20:37.960 have a huge problem with our debt. And yet they 359 00:20:38.000 --> 00:20:39.960 want all the best benefits. 360 00:20:40.609 --> 00:20:42.329 Subsidies the federal government. 361 00:20:42.029 --> 00:20:44.950 Has to offer when they're higher income even if they 362 00:20:44.970 --> 00:20:47.759 don't feel like they're high income like you can't have 363 00:20:47.799 --> 00:20:51.279 it both ways this now the reason you get irma 364 00:20:51.740 --> 00:20:54.759 is because there's less federal tax dollars. 365 00:20:54.500 --> 00:20:56.579 Paying your health insurance. 366 00:20:56.680 --> 00:21:02.759 Right you know it's okay okay i think i think 367 00:21:02.819 --> 00:21:04.700 probably the biggest thing we need to make sure we 368 00:21:04.740 --> 00:21:09.480 cover today is part d Because that's what... I mean, 369 00:21:09.539 --> 00:21:12.559 this is like every day people are getting prescriptions. Every 370 00:21:12.599 --> 00:21:17.900 day people are dealing with paying for their prescriptions. That 371 00:21:18.069 --> 00:21:23.230 out-of-pocket cap is going to $

2, 400, right? Only for covered drugs. 372 00:21:23.750 --> 00:21:25.549 So you first have to know that the drug is 373 00:21:25.589 --> 00:21:28.890 still covered on a plan. Okay. Yes. If it's covered, 374 00:21:29.250 --> 00:21:33.049 the cap jumped from $ 2, 100 to $ 2, 400. Yes. And then 375 00:21:33.109 --> 00:21:37.779 the deductible goes to $ 700 from what? $ 615, was it? 376 00:21:37.809 --> 00:21:42.259 From $ 615. Yes. Well, what does that mean for someone 377 00:21:42.299 --> 00:21:45.539 that's on several prescriptions? Maybe nothing. 378 00:21:46.029 --> 00:21:50.309 So let's look at how prescriptions are priced. Most people 379 00:21:50.509 --> 00:21:54.230 are on a handful of generic drugs. They pay their 380 00:21:54.269 --> 00:21:59.230 monthly premium to a plan. They pick a preferred pharmacy 381 00:21:59.250 --> 00:22:00.529 and they. 382 00:22:00.430 --> 00:22:03.630 Pay zero dollars for their drugs. So in the case 383 00:22:03.650 --> 00:22:05.910 of WellCare ValueScript, they're going to pay five dollars and 384 00:22:05.950 --> 00:22:08.849 thirty cents for their plan instead of zero. 385 00:22:09.210 --> 00:22:10.849 And they still pay zero for their drugs. 386 00:22:11.970 --> 00:22:15.930 Full stop. We're done. They don't pay the deductible because 387 00:22:15.950 --> 00:22:21.019 there is no cost to their prescriptions. Lots of people. 388 00:22:21.119 --> 00:22:25.200 I would bet 80% of the retirees fall in that group. 389 00:22:26.160 --> 00:22:29.000 The other 20, though, do have prescriptions that are in 390 00:22:29.059 --> 00:22:32.819 Tier 2, Tier 3, Tier 4 pricing, these pricing bans, 391 00:22:33.420 --> 00:22:37.440 and they have a cost associated with their drug. If 392 00:22:37.579 --> 00:22:40.720 that is the case, they have to pay the first 393 00:22:40.720 --> 00:22:47.029 $ 700 at the retail cost. Then insurance kicks in and 394 00:22:47.109 --> 00:22:53.859 then pays the large share up to $ 2, 400. Yeah, because 395 00:22:53.920 --> 00:22:58.220 some of those drugs are ridiculous. Oh, my God. Maybe 396 00:22:58.259 --> 00:22:59.960 you know, maybe you don't. I track a number of 397 00:23:00.339 --> 00:23:05.339 these high-cost drugs. What do you see advertised? She has 398 00:23:05.400 --> 00:23:08.599 a blog, and I will make sure that I note 399 00:23:08.619 --> 00:23:11.019 that in your flyer that I have on my website, too. 400 00:23:11.079 --> 00:23:14.480 But it's great because you talk about that. The cost 401 00:23:14.559 --> 00:23:18.730 of some of these drugs is ridiculous. Terribly insane. 402 00:23:18.750 --> 00:23:21.390 There's one particular insulin that was $ 4, 000 or $ 5, 000 or $ 7, 000. 403 00:23:21.269 --> 00:23:27.690 Dupixent is $ 55, 000. 404 00:23:25.730 --> 00:23:26.990 It's the retail price. 405 00:23:29.049 --> 00:23:33.049 You know, I thought we were, I thought Trump was 406 00:23:33.970 --> 00:23:38.289 getting all these drug companies to lower their prices. 407 00:23:39.339

--> 00:23:40.359 On some drugs. 408 00:23:41.529 --> 00:23:47.390 Okay. But yeah, no, it's an incredibly complicated. Yeah. But 409 00:23:48.109 --> 00:23:51.150 we could probably also argue that even though there's tons 410 00:23:51.170 --> 00:23:52.849 of R and D and we have to pay the 411 00:23:52.890 --> 00:23:56.490 scientists and we paid the manufacturing, blah, blah, blah. Yes. 412 00:23:56.539 --> 00:23:59.460 It's an expensive industry to be in, but I bet 413 00:23:59.500 --> 00:24:02.500 we could find some room to cut some CEOs pay, 414 00:24:02.559 --> 00:24:06.660 for example. Right. And it seems like the cost of 415 00:24:06.680 --> 00:24:09.490 drugs overseas is not nearly what it is here in America. 416 00:24:09.829 --> 00:24:14.269 That's a whole nother discussion. Exactly. Let's just keep, yeah, 417 00:24:14.450 --> 00:24:17.390 I'm going down a rabbit trail. So it's so, it's 418 00:24:17.430 --> 00:24:19.670 so easy to happen, but let me just cover the 419 00:24:19.710 --> 00:24:21.490 things you need to look for. This is where I'm 420 00:24:21.609 --> 00:24:23.589 mostly concerned about clients this year. 421 00:24:24.230 --> 00:24:27.349 You personally, you cannot set it and forget it with 422 00:24:27.390 --> 00:24:30.630 part D if you have a part D standalone, or 423 00:24:30.670 --> 00:24:32.970 if you get your drugs under your part C, your 424 00:24:32.990 --> 00:24:37.230 Medicare advantage plan. You still have to reshop those drugs 425 00:24:37.769 --> 00:24:40.069 because there are fewer drugs being covered. 426 00:24:40.750 --> 00:24:43.289 The deductibles and the out-of-pocket has gone up. I worry 427 00:24:43.329 --> 00:24:44.049 less about that. 428 00:24:44.710 --> 00:24:48.339 You need to pay attention to the premiums because it 429 00:24:48.380 --> 00:24:50.960 might not have gone from zero to five bucks. You 430 00:24:51.000 --> 00:24:57.690 might have inadvertently moved from a $ 12 product premium to 431 00:24:57.730 --> 00:24:59.309 a $ 75 premium. 432 00:24:59.630 --> 00:24:59.869 Wow. 433 00:25:00.029 --> 00:25:02.730 So you won't know until you get in that plan 434 00:25:02.750 --> 00:25:05.869 finder and figure it out. The other thing that's critical 435 00:25:05.950 --> 00:25:08.950 is you have to check the pharmacy that you are 436 00:25:09.430 --> 00:25:12.069 getting your drugs with that Part D plan. It's the 437 00:25:12.210 --> 00:25:14.789 plan with the drug with the pharmacy. 438 00:25:14.849 --> 00:25:18.500 It's a triangle. So you have to know if the 439 00:25:18.640 --> 00:25:23.309 pharmacy you want to use is preferred or preferred in network. 440 00:25:23.609 --> 00:25:28.210 If it's not, the drugs aren't covered. Each company is 441 00:25:28.250 --> 00:25:33.339 going to be deciding... Who they're going to be covered under, right? 442 00:25:33.819 --> 00:25:38.269 That's right. So the Part D insurance company, CVS, Walgreens, Walmart, 443 00:25:38.349 --> 00:25:42.869 your Publix, grocery stores, whatnot, they all decide who they're 444 00:25:42.890 --> 00:25:44.789 going to sleep with this year. Yeah. 445 00:25:45.630 --> 00:25:46.549 And sometimes- It. 446 00:25:46.450 --> 00:25:48.490 May not be the same people that they slept with 447 00:25:48.529 --> 00:25:49.849 last year. All right. 448 00:25:50.029 --> 00:25:50.569 That's right. 449 00:25:52.390 --> 00:25:57.140 So this is why I find it so insidious that 450 00:25:57.279 --> 00:26:02.180 we make, in America, we make our oldest people Hop 451 00:26:02.259 --> 00:26:05.829 online and figure this out. Yeah. It's crazy. It's worse 452 00:26:05.849 --> 00:26:08.990 than the Medicare Advantage plan space because not only are 453 00:26:09.009 --> 00:26:11.529 you checking your drugs, you have to check to see 454 00:26:11.589 --> 00:26:15.289 if your doctors and your specialists are still even taking 455 00:26:15.349 --> 00:26:16.710 the plan you're in. 456 00:26:16.730 --> 00:26:16.809 Yeah. 457 00:26:17.289 --> 00:26:21.690 And lots of them aren't. Yeah. Yeah. I've experienced that. 458 00:26:22.730 --> 00:26:28.019 I've seen that. Yeah. Okay. So let's transition now. into 459 00:26:28.119 --> 00:26:31.849 Medicare Advantage. You promised that we were going to talk 460 00:26:31.890 --> 00:26:36.269 about that. Nearly 3.2 million people, I'm one of those, 461 00:26:36.950 --> 00:26:42.880 are losing their Medicare Advantage plan. Entirely. Entirely. I got 462 00:26:42.930 --> 00:26:47.619 the letter that said, hey, guess what? We're not covering 463 00:26:47.660 --> 00:26:49.420 you next year. Bye-bye. 464 00:26:49.440 --> 00:26:49.509 Yep. 465 00:26:51.319 --> 00:26:57.420 What do they do if they get that letter? Move quickly. So, 466 00:26:57.440 --> 00:26:59.519 I mean, don't wait until December 7th. 467 00:27:00.440 --> 00:27:04.279 What you need to do is hop online and go 468 00:27:04.339 --> 00:27:08.019 shopping to see what else is available in your zip code. 469 00:27:08.319 --> 00:27:10.779 Now, here's where I said there's sort of a blessing 470 00:27:10.799 --> 00:27:12.920 and a curse or two sides of the coin to 471 00:27:12.980 --> 00:27:15.730 being kicked out of a Medicare Advantage plan. I actually 472 00:27:15.769 --> 00:27:20.410 think it's a blessing because this is In 46 states, 473 00:27:20.849 --> 00:27:23.609 your only chance to get into. 474 00:27:23.470 --> 00:27:24.890 A Medigap plan now. 475 00:27:25.650 --> 00:27:28.890 The Medigap plans, yes, you pay a monthly premium, but 476 00:27:28.930 --> 00:27:31.450 they are like your Medicare A and B. 477 00:27:31.529 --> 00:27:32.950 You just go to a doctor. 478 00:27:33.089 --> 00:27:36.619 So let's back up just a tiny little moment and 479 00:27:36.670 --> 00:27:39.940 remind people that you're either in a Medicare Advantage plan, 480 00:27:39.980 --> 00:27:43.619 which is like a privately held insurance company, or you're 481 00:27:43.680 --> 00:27:48.799 in Medicare Original Medicare. You're in original

Medicare with the 482 00:27:48.839 --> 00:27:53.700 Medigap plan. Right. One or the other. Everyone's doing one 483 00:27:53.740 --> 00:27:54.500 or the other of those. 484 00:27:54.880 --> 00:27:57.660 That's right. Because you have to have health insurance. 485 00:27:57.940 --> 00:28:00.140 Medicare is the only game in town once you're no 486 00:28:00.160 --> 00:28:03.029 longer working and you're 65 and older. So you had 487 00:28:03.049 --> 00:28:06.650 to pick a lane. What people think they understand is 488 00:28:06.690 --> 00:28:09.930 they can just switch between those lanes. This is not 489 00:28:09.950 --> 00:28:14.910 driving a car. This is insurance. You cannot switch lanes. 490 00:28:15.920 --> 00:28:21.049 You cannot go from a Medicare Advantage plan to Medigap 491 00:28:21.740 --> 00:28:25.369 after the first year that you tried it out. And 492 00:28:25.430 --> 00:28:29.410 when people want to switch from Medicare Advantage to Medigap 493 00:28:29.910 --> 00:28:33.009 is when they're older and they're sicker and they haven't 494 00:28:33.029 --> 00:28:37.930 been paying the premiums to their Medigap since they turned 65. 495 00:28:37.930 --> 00:28:40.349 So no one wants you. You're old and sick. Why 496 00:28:40.390 --> 00:28:43.519 would you come into a plan and you know, when 497 00:28:43.579 --> 00:28:47.319 they need to be profitable, these insurance companies. So you cannot, 498 00:28:48.119 --> 00:28:53.029 the door only swings one way. So when your Medicare 499 00:28:53.069 --> 00:28:57.410 Advantage plan contacts you to say, we are no longer 500 00:28:57.930 --> 00:29:00.130 letting you be in this plan because we've shut it down, 501 00:29:00.970 --> 00:29:04.019 that is your one-time door open. It's a letter. 502 00:29:04.039 --> 00:29:04.109 Yep. 503 00:29:05.539 --> 00:29:09.339 That says, hey, you get to take advantage of that. Yeah. 504 00:29:09.619 --> 00:29:12.000 You know, this, you know, having to shop for networks 505 00:29:12.079 --> 00:29:15.859 and are your doctors in and all this shenanigans, you 506 00:29:15.900 --> 00:29:18.339 do not need this as an old person. And this 507 00:29:18.400 --> 00:29:20.500 is not the only year this is going to happen. 508 00:29:21.309 --> 00:29:23.440 It will happen every year, just maybe not to you, 509 00:29:24.589 --> 00:29:27.170 but to someone. And it's really tough. 510 00:29:27.809 --> 00:29:30.309 And what I'm seeing, I actually made a top 10 511 00:29:30.309 --> 00:29:31.930 list of issues I'm having with. 512 00:29:31.829 --> 00:29:33.269 Medicare Advantage plans this year. 513 00:29:34.490 --> 00:29:38.049 You got number one, which is 3 million seniors have 514 00:29:38.069 --> 00:29:41.849 been kicked off of the plan because they've down. It 515 00:29:41.930 --> 00:29:43.029 used to be it was only if you were in 516 00:29:43.069 --> 00:29:44.049 a rural area. 517 00:29:44.410 --> 00:29:44.589 Nope. 518 00:29:45.009 --> 00:29:45.609 It's rural. 519 00:29:45.769 -->

00:29:47.369 It's entire states. 520 00:29:47.890 --> 00:29:48.470 It's everybody. 521 00:29:48.490 --> 00:29:50.190 It doesn't matter. Urban areas. 522 00:29:50.779 --> 00:29:52.920 We have another 2 million who have been what they 523 00:29:52.940 --> 00:29:57.019 call crosswalked. So they had a PPO plan with a 524 00:29:57.039 --> 00:30:00.920 Medicare Advantage company. That plan is shut down. They moved 525 00:30:00.980 --> 00:30:03.940 you across the street with the crossing guard. 526 00:30:04.019 --> 00:30:08.849 Into a different plan. similar maybe, but all the costs 527 00:30:08.890 --> 00:30:12.470 are up and you're going to lose benefits. So in 528 00:30:12.529 --> 00:30:16.789 that case, you don't have always the opportunity to go 529 00:30:16.869 --> 00:30:17.819 into a Medigap. 530 00:30:18.119 --> 00:30:19.700 So you have to do your research. So what is 531 00:30:19.759 --> 00:30:23.220 it you do? You get on medicare.gov, the plan finder, 532 00:30:23.559 --> 00:30:26.099 and you start shopping in your zip code, but think 533 00:30:26.339 --> 00:30:30.339 seriously about moving to a Medigap plan. If you can 534 00:30:30.440 --> 00:30:33.769 still get an appointment with a shift Representative, these are 535 00:30:33.809 --> 00:30:38.450 the state health insurance assistance volunteers. Right. They're usually at 536 00:30:38.470 --> 00:30:43.930 your Council on Aging, Senior Center, Public Library. They are booked, 537 00:30:44.170 --> 00:30:48.480 but they are volunteers. They're very good at what they do. 538 00:30:49.039 --> 00:30:51.339 And for no cost to you, you can meet with 539 00:30:51.359 --> 00:30:52.940 them and they can help you sort through the cell. 540 00:30:53.539 --> 00:30:56.740 Or you can go to a broker or an agent 541 00:30:57.059 --> 00:30:58.660 that sells Medicare plans. 542 00:30:58.779 --> 00:31:03.599 However, because my number, which number is it? Number, I 543 00:31:03.619 --> 00:31:05.000 don't know. I can't find it off the top of 544 00:31:05.039 --> 00:31:05.279 my head. 545 00:31:08.460 --> 00:31:14.609 Whatever number. Oh, number nine. The insurance companies that offer 546 00:31:14.630 --> 00:31:18.400 these Medicare Advantage plans, do not have to pay commissions 547 00:31:18.500 --> 00:31:21.220 on them. So understand that brokers and agents get paid. 548 00:31:21.259 --> 00:31:25.849 You don't pay hourly fees or something. You pay nothing. 549 00:31:26.009 --> 00:31:30.269 And instead, the insurance company pays the broker. But now 550 00:31:30.690 --> 00:31:34.630 you're saying that the broker, for all their time and expertise, 551 00:31:34.670 --> 00:31:38.150 they're not getting paid either. That is correct. Except for 552 00:31:38.190 --> 00:31:43.329 a handful of plans that the insurance company wants sold. 553 00:31:44.140 --> 00:31:46.910 So what we're seeing in particular, you'll get paid on 554 00:31:46.930 --> 00:31:51.630 the HMOs, the health maintenance organizations, highly restrictive in a 555 00:31:51.690 --> 00:31:54.650 teeny tiny box Medicare Advantage plans. Right. 556 00:31:55.190 --> 00:31:58.720 Or you'll get paid for certain HMO POSs. 557 00:31:59.180 --> 00:32:02.460 This is still an HMO, teeny tiny network with a 558 00:32:02.559 --> 00:32:06.460 point of service option. It's not what you think it is. 559 00:32:06.500 --> 00:32:11.509 You cannot go out of network unless the very specific 560 00:32:11.990 --> 00:32:17.230 benefit is listed in the 189-page document that says, okay, 561 00:32:17.269 --> 00:32:20.869 you can go out of network for this type of 562 00:32:20.950 --> 00:32:24.349 specialty or for dental, let's say. 563 00:32:24.490 --> 00:32:30.299 Well, speaking of dental, I'm losing my dental. Not only 564 00:32:30.319 --> 00:32:34.359 am I having to shop for a... you know, moving 565 00:32:34.380 --> 00:32:37.119 to original Medicare and Medigap, but I'm also having to 566 00:32:37.180 --> 00:32:39.769 shop for that drug plan. And I'm also having to 567 00:32:39.809 --> 00:32:44.440 shop for dental. Yep. So let's be clear, though. Dental 568 00:32:44.500 --> 00:32:49.410 is not insurance. Dental is a cost savings plan. Yes, 569 00:32:49.849 --> 00:32:51.210 you're right. 570 00:32:51.750 --> 00:32:52.890 A discount card. 571 00:32:53.369 --> 00:32:53.609 Yeah. 572 00:32:53.630 --> 00:32:57.250 So where people get really caught up on this dental thing, 573 00:32:57.289 --> 00:32:59.950 which I find fascinating because it's sort of a nothing, 574 00:33:00.440 --> 00:33:04.000 which is why insurance companies give it away for free. 575 00:33:04.019 --> 00:33:07.279 Yeah. Medicare Advantage plans, if it had any real value, 576 00:33:07.440 --> 00:33:10.839 it wouldn't be part of what they give away. So 577 00:33:11.240 --> 00:33:13.440 dental one does. 578 00:33:13.279 --> 00:33:18.109 Not need, because what you're doing is you're paying when 579 00:33:18.130 --> 00:33:21.170 you go to a Delta dental or, um, oh, there's 580 00:33:21.210 --> 00:33:24.109 another one I forget, but their. 581 00:33:24.009 --> 00:33:28.019 Delta dental is one of the, yeah, it's a big retail. Yeah. 582 00:33:28.039 --> 00:33:30.740 You might pay $ 50 a month. Just paying for your 583 00:33:30.779 --> 00:33:33.059 teeth cleaning. So are you saying just do a savings 584 00:33:33.119 --> 00:33:36.180 account and save for your teeth cleaning every year? Yes, 585 00:33:36.259 --> 00:33:40.400 I am. Okay. Because you're going to pay $ 600 a year, 586 00:33:40.400 --> 00:33:44.529 $ 50 a month for a premium. Your cleanings, if you 587 00:33:44.569 --> 00:33:47.490 get two cleanings a year, give or take, it's $ 200 588 00:33:47.430 --> 00:33:51.470 per cleaning. So now you've paid $ 600 for your $ 400 589 00:33:51.130 --> 00:33:54.210 worth of cleanings. Why would you do that? 590 00:33:55.069 --> 00:33:57.990 But you know that 13 years from now, you might 591 00:33:58.029 --> 00:33:58.670 need a crown. 592 00:33:59.849 -->

00:34:05.650 Okay. They're two grand. Save for it. You're not getting 593 00:34:05.690 --> 00:34:07.490 any big bargain. It's not like you're only going to 594 00:34:07.549 --> 00:34:11.510 pay 10% or you pay the first $ 200 and insurance 595 00:34:11.570 --> 00:34:12.130 picks it up. 596 00:34:12.829 --> 00:34:13.889 It's not insurance. 597 00:34:14.389 --> 00:34:20.230 It's a set dollar amount. $ 1, 000 a year or $ 1, 500 598 00:34:18.670 --> 00:34:21.050 a year, these amounts do not roll over. I have 599 00:34:21.139 --> 00:34:27.280 seen dental offices that basically have a health savings plan 600 00:34:27.699 --> 00:34:31.269 where you pay every month. And that covers your cleanings 601 00:34:31.369 --> 00:34:31.809 and stuff. 602 00:34:31.929 --> 00:34:33.409 Well, maybe that makes sense. 603 00:34:33.949 --> 00:34:38.909 It's like layaway, right? Yeah, it's like layaway. Yes. Okay, 604 00:34:39.050 --> 00:34:46.090 that's valuable. That's valuable. So now, okay, let me ask 605 00:34:46.199 --> 00:34:50.480 this question. Original Medicare now requires prior authorization for some 606 00:34:50.559 --> 00:34:54.960 services in six states, including Washington State, where I have 607 00:34:55.039 --> 00:35:01.289 my plan. What should those listeners know? To not get 608 00:35:01.349 --> 00:35:08.199 too overly excited about this. It is unlikely to carry forward. 609 00:35:08.219 --> 00:35:10.400 It is highly unpopular. 610 00:35:10.820 --> 00:35:15.500 And these six procedures are way out there. Very few 611 00:35:15.519 --> 00:35:16.099 people need them. 612 00:35:16.559 --> 00:35:16.880 Okay. 613 00:35:16.900 --> 00:35:20.519 This is not for your regular colonoscopy. 614 00:35:20.599 --> 00:35:23.989 You need a prior authorization like you do in Medicare Advantage. 615 00:35:24.360 --> 00:35:24.989 It's okay. 616 00:35:25.690 --> 00:35:27.289 But stay on top of it. 617 00:35:27.110 --> 00:35:32.519 While you're covering people. Anyway. Yeah. Not going to be 618 00:35:32.539 --> 00:35:40.159 seeking that out. Yeah. So what about things like, there's 619 00:35:40.179 --> 00:35:43.780 things that Medicare doesn't cover that people still get confused about, 620 00:35:43.860 --> 00:35:48.010 like long-term care, like routine dental, we talked about. Hearing 621 00:35:48.130 --> 00:35:52.210 aids is another one. How should people plan for that? 622 00:35:52.610 --> 00:35:58.059 Long-term care, I have seen be just a ridiculous, I mean, 623 00:35:58.260 --> 00:36:04.420 that's something that I think the best thing for long-term 624 00:36:04.460 --> 00:36:07.230 care is just to try to set aside some kind 625 00:36:07.269 --> 00:36:13.179 of bucket of money for that eventuality. I agree. It's really, really, 626 00:36:13.360 --> 00:36:16.920 really hard if you're not really, really, really rich. Yeah. 627 00:36:20.210 --> 00:36:24.800 plan to spend down your assets and Medicaid, which is 628 00:36:24.900 --> 00:36:29.599 the program, not Medicare, but Medicaid is our only safety 629 00:36:29.639 --> 00:36:33.699 net for when we are, you know, old and have 630 00:36:33.760 --> 00:36:36.380 run out of money or ill and have run out 631 00:36:36.400 --> 00:36:39.780 of money yeah then you you know get under the 632 00:36:39.909 --> 00:36:46.050 the protection of the medicaid services and they're incredibly valuable 633 00:36:46.469 --> 00:36:48.530 people don't like to think about it or talk about 634 00:36:48.570 --> 00:36:51.309 it but it's really tough most of us unless you 635 00:36:51.329 --> 00:36:53.570 bought a long-term care policy when you were 40 yeah 636 00:36:55.289 --> 00:36:58.239 you can't afford them no they're just they're way way 637 00:36:58.260 --> 00:37:03.230 too much out there Yeah. So way too little. Yeah. Um, 638 00:37:03.489 --> 00:37:06.440 let's talk about some kind of action plan because Marsha, 639 00:37:06.579 --> 00:37:08.920 as I said, this is going to go really fast. 640 00:37:09.460 --> 00:37:14.619 So we have maybe eight or nine minutes left. Okay. 641 00:37:15.000 --> 00:37:21.429 What's your step-by-step checklist before December 7th? First thing set 642 00:37:21.489 --> 00:37:23.949 up your, my social security account online. 643 00:37:23.989 --> 00:37:27.840 If you haven't done so already. Second, set up your 644 00:37:27.880 --> 00:37:31.239 MyMedicare account. If you are in Medicare, you need your 645 00:37:31.280 --> 00:37:36.469 Medicare number. That's on Medicare.gov. So get your foundation set. 646 00:37:37.369 --> 00:37:42.230 Then if you're in Medicare already, Dig through your mail. 647 00:37:42.849 --> 00:37:45.510 See if your insurance company sent you a letter. See 648 00:37:45.530 --> 00:37:48.179 if your Part D plan sent you a letter and 649 00:37:48.340 --> 00:37:48.769 read it. 650 00:37:49.239 --> 00:37:52.079 Set up a file. I'm big on filing this stuff. 651 00:37:52.099 --> 00:37:54.780 You're going to need these documents or someone taking care 652 00:37:54.800 --> 00:37:56.840 of you are going to need them. So set up 653 00:37:56.880 --> 00:38:01.239 a file. Put the letter in there. Go shopping. Do 654 00:38:01.280 --> 00:38:02.900 it before you put the turkey in the oven. You 655 00:38:02.940 --> 00:38:07.280 got two weeks, people. Make sure you're re-shopping your Part 656 00:38:07.400 --> 00:38:10.199 D plan. I have all kinds of people telling me 657 00:38:10.280 --> 00:38:13.690 this year, Benita, I've already switched. I've switched from Humana 658 00:38:13.730 --> 00:38:17.929 to WellCare. I've switched from WellCare to Silver Scripts. There 659 00:38:17.989 --> 00:38:23.429 is a ton of shifting going on. That's fine. Enroll 660 00:38:23.469 --> 00:38:27.760 in the new plan. You don't contact your existing Part 661 00:38:27.800 --> 00:38:30.139 D provider anymore. That all gets taken care of on 662 00:38:30.179 --> 00:38:32.199 the back end. You just need to pick your new 663 00:38:32.360 --> 00:38:37.110 provider that covers

your drugs in a preferred pharmacy. So 664 00:38:37.429 --> 00:38:39.789 shop for that. If you have a Medicare Advantage plan 665 00:38:39.929 --> 00:38:43.550 and it's still here, you also need to reshop that. 666 00:38:43.809 --> 00:38:48.570 That means calling every single doctor and specialist that you 667 00:38:48.829 --> 00:38:52.269 use to see if they are going to accept, not 668 00:38:52.309 --> 00:38:54.449 do you accept that my Blue Cross plan or my 669 00:38:54.489 --> 00:38:58.860 Humana plan, you have to have your plan number to 670 00:38:58.880 --> 00:39:02.829 see if they're accepting that particular plan anymore. 671 00:39:03.070 --> 00:39:05.840 Could be a PPO and they're not taking PPOs. They're 672 00:39:05.860 --> 00:39:08.440 only going to take the Blue Cross HMOs next year. 673 00:39:09.619 --> 00:39:12.170 If you're a cancer patient, you are the ones who. 674 00:39:12.110 --> 00:39:12.849 Scare me the most. 675 00:39:12.869 --> 00:39:15.309 If you're on a Medicare Advantage plan and you are 676 00:39:15.329 --> 00:39:19.630 in chemo or radiation, you have got to check with 677 00:39:19.670 --> 00:39:23.389 your oncologists. These are people, real people I work with 678 00:39:23.409 --> 00:39:26.590 who are freaking out this time of year because their 679 00:39:27.190 --> 00:39:30.449 primary care doctor will still accept their Medicare Advantage. plan 680 00:39:30.489 --> 00:39:32.820 for next year. The oncologists won't. 681 00:39:33.460 --> 00:39:37.420 Wow. So hospital systems are breaking away from their associated 682 00:39:37.539 --> 00:39:43.030 cancer centers. There's all kinds of noise going on. It's 683 00:39:43.070 --> 00:39:43.670 up to you. 684 00:39:43.789 --> 00:39:46.230 If you picked a Medicare Advantage plan, get on that 685 00:39:46.349 --> 00:39:50.440 phone and call every single doctor and specialist that is 686 00:39:50.460 --> 00:39:51.079 important to you. 687 00:39:51.599 --> 00:39:56.559 Speaking of phones, what about scams? Is there any Medicare 688 00:39:56.599 --> 00:39:57.400 scams out there? 689 00:39:57.420 --> 00:39:58.960 Oh, sure. 690 00:39:59.920 --> 00:40:02.199 That's why I want you to set up your MyMedicare 691 00:40:02.219 --> 00:40:06.829 and your MySocialSecurity accounts. This helps prevent someone from stealing 692 00:40:07.190 --> 00:40:10.190 your Medicare number and your Social Security number. 693 00:40:10.940 --> 00:40:14.909 It's not foolproof, but it helps. Don't ever click on 694 00:40:14.949 --> 00:40:18.949 a link in an email. Yeah. I tell people that 695 00:40:19.369 --> 00:40:20.769 all the time. 696 00:40:20.849 --> 00:40:21.590 Just don't do it. 697 00:40:21.590 --> 00:40:23.570 Don't do it. You know, if it's from your credit 698 00:40:23.610 --> 00:40:25.230 card company, it's like, no, but I thought it was 699 00:40:25.250 --> 00:40:27.329 my credit card company telling you something. No, call them. 700 00:40:27.889 --> 00:40:31.130 Call them or go to their website

directly. 701 00:40:31.150 --> 00:40:31.710 Yeah. 702 00:40:31.750 --> 00:40:35.480 Don't click the link. Period. That needs to be the rule. 703 00:40:35.760 --> 00:40:37.139 Don't answer phone calls. 704 00:40:37.699 --> 00:40:39.929 When you look at your phone and it's got some 705 00:40:40.199 --> 00:40:42.170 number that you don't recognize, even though it's in an 706 00:40:42.329 --> 00:40:43.050 area code. 707 00:40:42.889 --> 00:40:45.320 That you know, don't answer it. 708 00:40:45.489 --> 00:40:47.110 It's not your kids or your grandkids. 709 00:40:47.849 --> 00:40:48.750 They don't need to talk to you. 710 00:40:51.250 --> 00:40:54.480 Or if somebody calls you, like I was just doing 711 00:40:54.519 --> 00:40:59.780 a cybersecurity thing where there are fake voice that sound 712 00:40:59.840 --> 00:41:03.480 like a relative of yours. Tell them you'll call them back. 713 00:41:05.050 --> 00:41:09.650 And call that person and double check and make sure. So, yeah, 714 00:41:09.909 --> 00:41:13.369 the whole thing with scams and people are taking advantage 715 00:41:13.610 --> 00:41:17.500 of this time of year. This time of year, things 716 00:41:17.559 --> 00:41:19.820 are hectic. You've got to shop and you're looking at 717 00:41:19.860 --> 00:41:23.280 your insurance. And now it's going to be holidays and 718 00:41:23.300 --> 00:41:26.659 you're shopping maybe online and a lot of activity. And 719 00:41:26.679 --> 00:41:30.070 we're not paying attention because we have a lot going on. 720 00:41:30.760 --> 00:41:32.139 It's prime pickings. 721 00:41:32.719 --> 00:41:34.780 So yeah, if you don't know who it is and 722 00:41:35.360 --> 00:41:39.360 never click on a link, you'll be better off, not foolproof, 723 00:41:39.480 --> 00:41:40.280 but better off. 724 00:41:40.940 --> 00:41:43.219 Now tell me again where you're going to, where people 725 00:41:43.260 --> 00:41:48.059 can find those, uh, uh, the ship counselors, the free 726 00:41:48.219 --> 00:41:54.079 unbiased help, you know, that, uh, every state has a 727 00:41:54.159 --> 00:41:57.510 ship organization and you go to ship help. 728 00:41:57.760 --> 00:42:01.730 S H I P P as in Paul. Not T 729 00:42:01.769 --> 00:42:02.289 as in Tom. 730 00:42:03.210 --> 00:42:09.900 So SHIPhelp.org. And then you'll say find a ship, locate 731 00:42:09.920 --> 00:42:13.380 your ship. Your state. And you go to your state, 732 00:42:13.480 --> 00:42:15.199 and then it takes you right to where you need 733 00:42:15.219 --> 00:42:21.260 to be. Great. Yeah. They're very helpful. So we need 734 00:42:21.300 --> 00:42:25.599 to start kind of summing this up. Where can listeners 735 00:42:25.679 --> 00:42:28.739 find you? And what's one thing you want every listener 736 00:42:28.820 --> 00:42:32.639 to do this week? Besides, I already know what you're, 737 00:42:32.699 --> 00:42:36.539 you know, it's like open up, get that. If you 738 00:42:36.639 --> 00:42:40.050 can't do that, if you can't get that account online, 739 00:42:40.070 --> 00:42:45.289 then have a grandson help you get that account online, right? Absolutely. 740 00:42:45.929 --> 00:42:47.349 Or the ship counselor. 741 00:42:48.449 --> 00:42:48.750 Yes. 742 00:42:49.409 --> 00:42:53.039 There are people who help. it's just tough this time 743 00:42:53.079 --> 00:42:56.780 of year to get an appointment. Yeah. But that said, 744 00:42:57.519 --> 00:43:01.030 if you could only do one thing this week, I 745 00:43:01.150 --> 00:43:06.590 would read or listen to a podcast about Medicare. You 746 00:43:06.630 --> 00:43:11.380 can listen to KFF. They are an amazing organization that 747 00:43:11.510 --> 00:43:15.039 tracks all kinds of what's going on in healthcare land 748 00:43:15.199 --> 00:43:18.039 and Medicare. So pick a podcast from KFF. 749 00:43:17.599 --> 00:43:18.840 Or read one of their articles. 750 00:43:19.860 --> 00:43:24.570 Um, Get involved. The more you know, the better off 751 00:43:24.590 --> 00:43:28.389 you're going to be. And if you have an elder 752 00:43:28.590 --> 00:43:31.420 that you're trying to help, go help them this week. 753 00:43:32.420 --> 00:43:34.980 Even when they don't want help, like my mother doesn't 754 00:43:35.000 --> 00:43:40.139 want help, but I'm calling her this week. And then 755 00:43:40.179 --> 00:43:45.130 you can read what I write about on boomerretirementbriefs.com. So 756 00:43:45.150 --> 00:43:48.170 my blog, long running blog, all my information out there 757 00:43:48.250 --> 00:43:51.949 is free for the taking. Worksheets are on some, in 758 00:43:51.989 --> 00:43:54.769 some of the, you're talking about how do you plan 759 00:43:54.789 --> 00:43:56.829 for all these costs that aren't covered in Medicare? 760 00:43:57.510 --> 00:43:58.840 Well, you need to know that you have to pay 761 00:43:58.880 --> 00:44:00.320 for them and budget for them. 762 00:44:00.519 --> 00:44:03.440 So I have a cost worksheet for Medicare and all 763 00:44:03.460 --> 00:44:06.019 the content out there on boomerretirementbriefs.com is free. 764 00:44:07.530 --> 00:44:11.440 And your website is mantellretirement.com, right? 765 00:44:11.760 --> 00:44:12.480 Yes, correct. 766 00:44:12.980 --> 00:44:16.559 Okay. Her information is going to be on my guest 767 00:44:16.599 --> 00:44:19.480 downloads thing where I have information about guests. And so 768 00:44:20.039 --> 00:44:21.800 if you miss all of that, you can always go 769 00:44:21.840 --> 00:44:26.559 to my website and find that there for her as well. So, 770 00:44:27.039 --> 00:44:30.380 oh my gosh. Yes. So what are you going to do? 771 00:44:31.800 --> 00:44:40.070 I'm moving to original Medicare with a Medigap plan. Plan G? Probably, yeah. Okay, good. 772 00:44:41.250 --> 00:44:45.130 I will join my husband in original Medicare. And then 773 00:44:46.190 --> 00:44:50.210 you've kind of made up my mind about the dental. 774 00:44:50.289 --> 00:44:53.159 I've always kind of felt like dental is

probably better 775 00:44:53.199 --> 00:44:56.820 just to do my own little savings account. Yes, it is. 776 00:44:57.420 --> 00:45:00.059 And you can use some Roth IRA money if you 777 00:45:00.099 --> 00:45:03.579 have a Roth already. That's true. And take it out tax-free. 778 00:45:03.780 --> 00:45:05.820 Or you could save up a little bucket of. 779 00:45:06.119 --> 00:45:10.739 I have a healthcare bucket also. Yeah. Because we have 780 00:45:10.760 --> 00:45:15.280 to these days. It's not cheap. Yeah. The biggest thing 781 00:45:15.320 --> 00:45:17.139 that I'm not wanting to do, but I'm going to 782 00:45:17.159 --> 00:45:18.960 have to do, I'm going to sit down and do 783 00:45:19.000 --> 00:45:21.039 some more research is the whole Part D thing with 784 00:45:21.059 --> 00:45:24.000 the prescriptions and all that. Because you never, the thing is, 785 00:45:24.019 --> 00:45:26.940 you just never know. And if you ever have any other, 786 00:45:27.559 --> 00:45:29.860 like this next year, if I had any kind of 787 00:45:29.880 --> 00:45:33.469 medical procedure, there's going to be prescription drugs that are 788 00:45:33.510 --> 00:45:37.809 going to come along with that. Part D only really covers, though, 789 00:45:37.849 --> 00:45:40.590 those that you take on an ongoing basis. 790 00:45:40.610 --> 00:45:40.730 Okay. 791 00:45:42.110 --> 00:45:45.139 If you need a run of penicillin, you just go 792 00:45:45.159 --> 00:45:49.139 buy that at CVS. Use GoodRx. Use the AARP discount card. 793 00:45:50.139 --> 00:45:51.300 You get it other ways. 794 00:45:51.340 --> 00:45:55.659 But your prescription drugs are those ongoing blood pressure meds, statins, insulin, 795 00:45:55.679 --> 00:45:59.860 those kinds of things. And you'll be fine because there's 796 00:46:00.000 --> 00:46:02.820 only one most economical answer. 797 00:46:03.550 --> 00:46:06.409 For each of us. Depends on the drugs you take, 798 00:46:06.670 --> 00:46:09.989 your zip code, and your pharmacy. And you're going to 799 00:46:10.010 --> 00:46:13.239 get the answer. No need to go further. They're going 800 00:46:13.260 --> 00:46:17.480 to tell you this is the best option, meaning least 801 00:46:17.579 --> 00:46:19.139 cost for you for 2027. 802 00:46:19.119 --> 00:46:21.119 It's the first answer. 803 00:46:22.739 --> 00:46:27.619 So, Marcia, we have got to wrap up. All right. 804 00:46:28.909 --> 00:46:31.429 So good luck with getting through the next few weeks. 805 00:46:32.300 --> 00:46:35.539 You too. And I think all of us need to 806 00:46:35.599 --> 00:46:39.429 remember to write to our Congress people and tell them 807 00:46:39.469 --> 00:46:41.829 how we feel about Medicare and to get their act 808 00:46:41.869 --> 00:46:47.650 in gear. Yeah. And throw in Social Security too. Fix 809 00:46:47.690 --> 00:46:53.059 Social Security and stop this Medicare malarkey. Yeah. Medicare malarkey. 810 00:46:54.360 --> 00:46:58.800 So with that, thank you so much for joining us today, Marcia. 811 00:46:59.900 --> 00:47:02.860 And we will, we will do this on a regular 812 00:47:02.900 --> 00:47:06.530 basis because we need to be reminded about all that. 813 00:47:06.829 --> 00:47:09.489 Cause this is not going to be the last time 814 00:47:09.530 --> 00:47:14.610 that there's changes. No, no. First of yet more to come. Yes. 815 00:47:16.210 --> 00:47:19.090 So with that, we need to wrap up for today. 816 00:47:19.110 --> 00:47:22.250 Thank you so much for joining us on the ask 817 00:47:22.289 --> 00:47:25.639 good questions podcast, and we will see you next time. 818 00:47:29.349 --> 00:47:32.989 Today's episode is over, but we did ask good questions again, 819 00:47:33.050 --> 00:47:37.219 didn't we? Don't miss out as we broadcast live every Wednesday, 820 00:47:37.219 --> 00:47:43.539 6 p.m. Eastern Time on W4CY Radio at W4CY. com. Join 821 00:47:43.579 --> 00:47:47.579 Benita Bell Anderson next week for more conversations with experts 822 00:47:47.679 --> 00:47:53.199 on finances, retirement, behavioral finance issues, health and wellness, and more. 823 00:47:53.559 --> 00:47:57.440 Until then, remember to ask good questions.