Medicare and Indemnity Products – We Can Help With That

Understanding insurance is important. Insurance is purchased before an event happens against the risk that it might happen. Some get confused and want to get insurance coverage after the event has happened. That does not work. Let’s take a few minutes to talk about how that applies in one instance to medicare advantage and supplement programs.

Maybe you have an HMO or PPO Advantage program for the last five years and are beginning to experience more and more health issues and visits to the doctors. You are concerned that a major problem could bankrupt you and so you look into a supplement. You have heard that a supplement will cover your deductibles and copays, which are increasing.

Here is what you find. Advantage and supplement or Medigap are mutually exclusive. You don’t have both, you have one or the other. Some agent tells you that you can have both and you are confused. It can be confusing. But you cannot have both.

You also find that a supplement has premiums adjusted for age. A $120 a month supplement at 69 is now $140 a month or more.

You also find that a supplement after your first year on an advantage program requires medical underwriting. Any health issues have to be communicated and affect your ability to get that supplement versus your advantage program.

Ouch, what can you do? You are concerned that the maximum out of pocket for your program is so high you can’t pay it many years in a row. Your MOOP could be $6000 or much more.

This is one of the reasons people buy a supplement in the beginning instead of an Advantage program. The Advantage program is good if you have little medical experience, which is common at age 65. But as you age, the medical gets more and more expensive with deductibles and copays. The supplement gives you a budget amount each month and with the right plan covers those deductibles and copays. You need to review the supplement you choose. They are not all equal, though they are all the same coverage carrier to carrier when on the same plan such as G or F or N.

What can you do? There is a good alternative and I would be happy to talk with you about it. Good carriers have INDEMNITY packages designed to insure against expensive hospitalizations and short term care and emergency and even cancer. Of course they are purchased before you are diagnosed, but some have short waiting periods such as you have not been hospitalized in the last six months for an issue, even though the issue is present. There is a lot to consider, but an indemnity plan in your mid retirement years is a good option. You don’t want to wait long, because of course the rates increase as you age and you may find yourself in the middle of an issue and you needed the insurance before you arrived at that point.

Okay, these are just simple notes. INDEMNITY packages are not medicare. They are an adjunct health product to give you increased financial protection against risks. They can be good for you if you have had an Advantage product or original medicare for a while and are getting concerned about future healthcare costs.

There are alternative ways to protect yourself and your financial stability and make sure you have what you need to get the healthcare you need as you age. We can help with that.

Call 405.494.0637 or phil@soluminsurance.com. We can help with that.

Not about insurance, but all about you…..

As consultants to seniors at grandkidsmatter.org, we are hearing a disturbing problem. Pastors and Christian ministry leaders tell us they have lost connection with the largest population in the U.S. 10,000 people a day turn 65 in the US. The churches focused on millennials and now the next gen and are missing the fact that these seniors are faithful, connected, sociable, and forgotten. They will live into their 80s and 90s and the church is missing them.

This township in New Jersey has been sensitive to address these issues for 30 years. What insight they have. Does your church have a senior advisory group? Not a senior ministry, but someone or someones who have the ear of the leadership to help guide polity and ensure the Biblical design of extended and full family stays intact?

As part of our benefits for seniors in 2020, GrandParenting Seminars will include special time with church leaders to share insights and tips.

https://www.montclairlocal.news/2019/11/09/senior-citizens-30-montclair-nj/

Contact me and tell me how this trend is affecting your life..

phil@soluminsurance.com . 405.494.0637.

Phil ..

Sweet…. a good quote for a friend

Crazy good stuff… I just finished a full medicare rate quote for a friend that is retiring at age 66. With a supplement policy that covers deductibles and co-pays, his base medicare payment, prescription drug that covers his most common prescriptions at $0 and $1 copays, dental and vision – he is looking at $328 a month with controlled costs. That is better that most company group plans!

Without this package on traditional medicare it would cost him $135 a month plus deductibles. His drugs would be full price. The difference? If he went to the hospital one time and stayed two days under medicare, $1364 deductible plus 20% of all other costs of doctors, meds etc (let’s say those amounted to another $2000 for a $400 charge), plus regular doctor visits during the year and 20% on tests and xrays of another $2000 or $400, and drug costs of around $50 a month or $600 a year, we are looking at $1364 + $400 + $400 +$600 + 1620 = $4384 unpredictable versus $3936 predictable … That doesn’t include $0 coverage for vision and dental and he gets some good options to help there also.

Now, this is just one approach. There are other alternatives based on your budget, expected needs. Last year this client went to the hospital three times due to some tough conditions. Under medicare each time would be the same $1364 plus 20% payouts. When you calculate that, you are getting closer to $10000 versus $3936. Yikes….


And his plan works nationwide, because he wants to travel. No need to worry about HMO or PPO networks that only work in his home metro. But I do have access to some sweet PPO options that have good travel when that is what you want. The costs are not as predictable because of deductibles and copays, but it is all about what do you need for your lifestyle.


The 411 on this? Know your options and choose according to your lifestyle and expectations.


My dream – help you make decisions. I talk to as many people for whom I say, “Keep what you have, you are doing well.” as I do “Let’s find what might be better options for you.” There is no cost to you ever to talk and get comparisons. The insurance carriers pay me to help you.

I really like helping alongside http://grandparentbenefits.org


If all I do is answer your questions, that is good by me. I have helped and am happy to do it.
Here is a link that shows some basic medicare costs: https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance

Phil@soluminsurance.com

405.494.0637 direct

Medicare – Simple and Personal Choices

This morning in the quiet of my lake cabin, I had time to stop the wheels of pressures and phone calls and emails and just listen on the inside. When was the last time you listened to that quiet reasonable voice on the inside about your healthcare?

Approaching 65 can be a monumental change and even frightening. Employers have already been encouraging you into retirement for years. Youth is valued in the work world and you may feel a little devalued. Joints are creaking and cracking and you wonder how long they will hold up. Will you be able to enjoy those trips you have planned? And then there is healthcare. You understand the ins and outs of HMO and PPO and high deductible plans with HSAs. Now, here is this thing called Medicare. We can help with that.

One of the smoothest and easiest and quickest start pages on your journey should be this one. GrandParentBenefits.org. I linked you to the page on Medicare Advantage because I like the easy intro to medicare on that page and the fact that in a few words it mentions the necessary component parts. A and B are original medicare and can be majorly expensive if that is all you have. C is an Advantage plan and gives you extra benefits but also extra limitations. D is prescription drug and you need to make sure you have it in some form. E or Medigap / Supplements is an alternative that allows maximum choice in doctors, locations, etc and gives you a predictable monthly medical expense. Your lifestyle. Your choices. We can help with that.

There is a lot more to understand about all of this. But here is a recommendation. Use a licensed agent. Take advantage of one of our agents at grandparentbenefits.org or contact me directly at soluminsurance.com. This year, I took the time to reinstate my insurance license just to help folks making the move to medicare and more.

And of course, I have a greater cause. One is helping seniors and one is helping families. GrandParentBenefits.org is the brain child of GrandKidsMatter.org. We serve those going into and currently on Medicare, whether you have grandchildren or not, we are here. We can help with that.

A Quick Note on Why We do What We Do:

In the whirlwind of politics and culture and business, we hear many pundits crying for our attention. At GrandKidsMatter.org and Fathers.com, you can find some reasonable and researched and relatable information on everything from fathers and teen daughters to grandma raising grandchildren on her own. Help with medicare is just one of the ways we reach out to families and individuals. At SOLUMCOMMUNITY.NET, you will find passion in fixing fractured families. This is our why. Family Matters. And for that reason, we want to serve you with excellence and accuracy in making your personal lifestyle choices.