Navigating Medicare in Retirement
Joe Krause
and welcome everyone to another edition of roadmap to retirement the radio show so glad you’re here for a Labor Day special and wow what a topic we are going to cover for the full hour today. Brett Elam will take the lead chair today David and Karen are traveling for the weekend this show Brett will be a must listen. And a must download Episode Episode because we’ve said so many times. And I know personally just when I see an ad pop up on television about Medicare. I know how confusing it can be. Yeah,
Announcer
today’s show talking about all things Medicare and this show is probably six years overdue or today we have a special guest with us Dawn Meyers from Delaware Valley brokerage a Ritter company so before we bring Dawn in here just a little bit you know, us here at Thrive the the things that we talked about and pride ourselves in our education, awareness and leadership. And I think what’s the definition of awareness and I think you’re gonna get it today are questions that you need to ask that you didn’t even know that needed to be asked to start a conversation that you didn’t even know that needed to be had. And I think through just some just some basics, because this Medicare topic can be just as confusing as Social Security. And what’s great, we have a a two page giveaway. It’s your 2023 Quick Guide for both Social Security and Medicare. And Dawn’s going to go through a lot of these topics on here. So if you want to text us at 215-999-3272, again, 215-999-3272, text a word Medicare, we’ll make sure that we get you this two page Quick Reference Guide has a lot of great information on both Social Security and Medicare. So it’s my favorite time of year, it’s fall time, it’s also get ready for Medicare enrollment time, and so forth and so on. And that means so many things. And one thing that we do not do here at Thrive is Medicare planning for our clients. We know it’s an important piece of the puzzle and we know how it fits in and we talk about the aspects of it. And Joe, you know, we talk about it month in and month out or week in and week out really talking about Medicare surcharges. And if you do this to cause and effect, but when you start talking about the basics, it’s important to understand the difference between things like Medicare Advantage versus a supplement plan. And what happens if I want to change like after my initial enrollment and just confusion about do I need to sign up for Part A at age 65? I’m still working so a lot there’s so much out there and so much confusion and we’ve been now had the privilege of working with Donna I believe it’s been almost three years where we do not Doctor ourselves where we literally as we talked to people that need some assistance with that Medicare enrollment and even healthcare before age 65 as well. We’ve had the honor of being partnered up with Dawn now for the last couple of years. So with with that being said, I want to just hand things over to Dawn where she can just do a quick introduction, and then I’ll start firing away with questions most probably probably most common questions that we hear from our clients as well. So for listening on it so welcome, Mr. Myers.
Dawn Myers
Thank you so much, Brett, for having me. And
Joe Krause
good to have you here. Dawn, thanks for being here. And thanks, Joe,
Dawn Myers
for for the lead in with the television commercials. I think our biggest challenge with Medicare is, I want what Joe Nemeth has, or Jimmy Walker or Jimmy Walker. Yeah, so, so that and that’s my biggest challenge is figuring out how to back people out of what they accidentally enrolled. And so, so again, thanks so much for having me. We are a local brokerage, where Delaware Valley brokerage we’re in Bucks County, Pennsylvania, we service all of Southeast pa as well as southern New Jersey and a little bit in Delaware. We were purchased by Ritter insurance marketing a couple years back, which allowed us to have a national presence. So if you have clients that are moving to Florida, Arizona, California, we can stay with them through the whole process. So I think it’s important to mention that website, you can always reach [email protected]. It’s the Delaware Valley brokerage services incorporated.com. And you can call me at 215-781-3570. That is the Delaware Valley brokerage office, we always answer our telephone, it’s still important to pick up the phone for us. So you would just ask for Don or anyone that picks up the phone can can help you guys. So I think that’s important. And keep in mind that this Medicare thing is really a kitchen table sale I Brad I was with clients to yours, two days ago, had an opportunity to drive out to Lancaster or just about Lancaster and, and sit down and really, really spend some time talking about needs and and habits and you know, simple things like Do you have a couple homes? Those types of questions are really important because it helps us to, to pick the right plan for you.
Announcer
You don’t maybe maybe dig into that a little bit. Because you know, when we talk about financial advisors definitely differ from one another same thing that we’ve seen with Medicare Advisors, which is how we landed with y’all number one is trying to have peace of mind that you guys have a national footprint as people retire where they might become snowbirds or they may move like for us, it’s important that I don’t have somebody for Bucks County and somebody for Chester County, it’s we have a one stop shop that we can be advocates for our clients and you advocate on their behalf. So maybe dig in and start and we can continue to the next segment as well, is enrollment time is up. So maybe as somebody’s going and signing up for the first time maybe speak a little bit to the process because I know we’ve seen other advisors where they’re the Neapolitan factor, they stick every single person to same company the same plan no matter what. And we know that’s not right. So maybe, maybe go into it as we start finishing up this this first segment here and just talking a little bit about just the process that you take your clients through of making sure that they are where they need to be.
Dawn Myers
Yeah, so. So yeah, I think it’s important to to note that not everybody should be in the right plan. We if I have we first of all, we have agents in every area. And so it’s important to partner agents and your clients up with the right, the right mix. We we do a lot with sitting down going through drugs, going through doctors and going through habits. So if you’re somebody that has two homes, putting you into an HMO Medicare Advantage plan is not going to be a good fit. We’re looking more at the traditional Medigap type of plan. We are brokers so we carry every product that makes sense a big deal. Yeah, it really is. I’m not gonna carry I’m not square peg into a round hole. Yeah, and I’m gonna people do Right, right. I think you know, I’m not going to take somebody and place them on the new shiny rate either. And it’s important to note that because the new shiny rate isn’t always going to be the best option in 10 years and and so especially with Medigap or Medicare supplement plans, they go by both names. It’s really important to look at at rate history and make the decision based on the rates and in the last 10 years rates.
Announcer
Yeah, you just started talking about Medicare Advantage and we talked about those Medigap plans and I think as we go into the next segment, I think that’s where we should pick things up. So today we’re talking about all things Medicare as we’re heading into the Labor Day weekend here and again we have a great giveaway is your time. One to 23 Quick Guide to both Social Security and Medicare. It’s got some great facts and figures on here have gotten some great response from people as well to receive that if you want to text the word Medicare to 215-999-3272 again 215-999-3272 And on the other side of the break, we’ll continue the conversation with John Myers.
Joe Krause
All right, good stuff. Brett. Welcome Don Meyers to the broadcast. This is roadmap to retirement a radio show. One reminder as we do go into the break and we hit the break right on time, you’ll hear some messaging about upcoming workshops. Don’t forget you can get registered to attend one of the workshops as always, they are always at capacity so you should get registered for that go to thrive financial services.com Back in a moment to opportunities following labor day to register for an upcoming workshop September 6 that the lower Makefield township community center, and then on September 7 at the Haverford Community Recreation Center, you can register by calling 2157989 D ADA. That’s 215798 90 Ada, get registered, get educated, or go to thrive financial services.com
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Joe Krause
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Joe Krause
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I’ve met clients that think that I as an independent agent, charge a fee, versus going direct to Geico or going direct to progressive. We do not charge a fee. Let del
Joe Krause
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Joe Krause
And back here on roadmap to retirement the radio show with Brett Elam and Don Meyers, our special guest for the full hour today. Again, that reminder text the word Medicare to 215 Triple 93272 and you will receive a dynamite two page document that will start to fill in some of the blanks for you or at least Brad and Dawn create questions which will lead to more questions which are which will lead to clarity.
Announcer
That’s a that’s a so yet today we’re talking all things Medicare. It was a great segue there, Joe. And I don’t want to dominate today’s show by any stretch of the imagination. So I’m gonna volley back over to Don and what I just heard in the last segment was, hey, we need to customize a plan that’s right for you how you use medicine, what’s your prescriptions? Are you traveling a lot will dictate inevitably where things are going to go. So I know when we talk about Joe Namath or Jimmy Walker and all those things, make sure you got enough money coming back in your Social Security check and all that kind of good stuff. But there’s so much confusion out there related to these traditional Medigap plans or supplement plans versus the advantage plan. So I don’t think I need to say anymore. So let me throw that to you, Don, if you don’t mind, just maybe telling the listening audience just on a on a high level on the difference between the two.
Dawn Myers
Sure. Yep. So interestingly, the Medicare Advantage plans the biggest call we get into the office are are these plans real? Can I really get all These extra benefits and should I be checking my zip code with with these call centers. And they’re they’re very real and checking your zip code really isn’t relevant because chances are these types of plans are going to be available in most areas. Checking the zip code is just which which carrier we’re going to put you with. And so I just want to back up a little bit and talk about the history of these these plans. Medicare Advantage plans were part of that they were revamped with a Medicare Modernization Act of 2003, when prescription drug companies and prescription drug plans for seniors came into the market, many of these Medicare Advantage plans, even even prior to 2003. Were were basically Original Medicare, and they were just kind of chopped up into a managed care deal and then dished back to people. So so we all know that Medicare Part A has about a $1,600 inpatient hospital deductible, Medicare Part B has a $226 deductible and then you’re responsible for 20% of an unknown number. And so Medicare Advantage prior to 2003 really just took those, those benefits and that that financial responsibility and they they dished it back out into what would be considered manageable and, and then through a drug card and maybe a few extra benefits like some dental, some vision and a gym membership. It’s all about you know, keeping you healthy. In, in our world today, Medicare Advantage has a place. It really does. And it did a lot of good for a lot of people that couldn’t go supplement. Medicare Advantage has evolved since 2003. Basically, the goal with Medicare Advantage is to try to save the Medicare fun, really, because Medicare had so much fraud, waste and abuse and so
Announcer
not from the government. Oh, we won’t go there today.
Dawn Myers
That’s a whole nother show. It’s
Announcer
a continued theme on our
Joe Krause
we’re not gonna go there. Yeah, the fraud,
Dawn Myers
waste and abuse was out of control in Medicare, I call it kind of the Wild West, they just pay claims. You know, there is no managed care at all with our government. So they’re just paying these claims like it’s other people’s money. And, and so yeah, these these plans, they were called replacement plans. Basically, in 2003, President Bush brought in all these carriers to to, I would have liked to be a fly on the wall for this. But they brought them all into Washington and said you guys are really good at, you know, making money on health insurance. We’re not, and how are you doing it? And so that was really the birth of this Modernization Act in 2003. And basically what they did is they says, All right, well, you know, if you think you can do it better, we’ll pay you a stipend every month. And in that state, then you’re going to assume the claims you’re going to assume the claims of, of the Medicare beneficiary that elects you. And so, you know, we know that if we go to a carrier, here, an HMO carrier, you can’t walk in and just get an MRI, you have to follow the rule or you’ve got to go and you’ve got to get an x ray first. Or they may tell you know, or you they may say you need to have a referral to go to a specialist. So there’s a lot of components to these Medicare Advantage plans that are, you know, built into to contain cost. They’re they’re very network oriented, although we’re seeing PPO is get more and more popular. But I think the biggest thing is, is that we have another entity that does have some financial interest in your health that’s going to help you make decisions. You know, based on on what makes sense to them, and then hopefully what makes sense
Announcer
to use that word help very gingerly. It sounds like
Dawn Myers
yeah, prime example is, you know, you wouldn’t necessarily always be able to get a second opinion. If you’re with an HMO product, you might not be able to go to the Mayo Clinic or Cleveland Clinic for some you’d have to stay here. Good news and Philadelphia is we have like the best hospitals here. So so that’s a perk for us. But if you’re somebody who has a home in Naples, and a home in Doylestown might not be a good fit, so we have we have to take all of these things into consideration when we’re looking at these plans, somebody that has a really super healthy lifestyle. And they’re interested in in the gym membership, the dental division, the over the counter all of these extra benefits that are built into keep people, you know, healthy, small price to pay when you’re getting, you know, maybe a couple $1,000 from the federal government a month, and you’re spending 10 bucks on a gym membership, and they’re actually making people use it, it’s a small price to pay to keep people healthy. So,
Joe Krause
one question for you. Sure. When you’re going through that conversational process, like you referenced, I went up and I met a couple up in Lancaster. So you’re going through that process, and you’re bringing the process to a point where a decision needs to be made. When that decision is made? Do you live with that? Like you do when you choose? Social Security, although I know you have a year to read to reracked. But do you live with that when you make it? Or is does it change, not with
Dawn Myers
Medicare Advantage? So there’s a huge difference in Medicare supplement and Medicare Advantage. And I think we’re gonna get into supplement in the next segment. Medicare Advantage has an enrollment period every year, it’s October 15. Through December 7. If you want to know when your open enrollment is, JJ Walker will tell you that dispersals go crazy. What
Joe Krause
is that enrollment? I’m enrolled this year, I have to enroll again next year now,
Dawn Myers
nope. It’s an automatic renewal if you like your plan, but if you’re working with one of our agents, you’ll get it you’ll get an outbound call, you’ll get a letter, you’ll get a reminder, Hey, it’s your time, it’s open enrollment, we need to talk has your health changed? Is there something going on? Did you get another home? Are you happy with a plan? Does your doctor still take it? Those types of things have to come into consideration this is when you work with any one of our brokers. If you’re marrying us, we’re going to be with you just like Brad, we’re going to be with you throughout this whole process. And then year after year. So yep, I have I have agents that that go out and, and do reviews. annual reviews are very important. Plans, products formularies change every year. And it’s a really competitive business very competitive.
Announcer
It’s what Don just said right there. It’s why we partner with Medicare specialist and we don’t try and do it ourselves. We are drivers already challenging enough. And then when the health care component is so important to it, it’s why we just we work with experts that are out there. And you know, a lot of that information that Don just spoke about it again, today we’re talking about all things Medicare, my encouragement is if you want to text 215-999-3272. Again, that’s 215-999-3272 text, the word Medicare and a lot of the information that Don just went through, especially talking about Part A and Part B, and a lot of those numbers are on this two page download that will send your way. With that Medicare,
Joe Krause
I wonder how many people’s just real quick? How many people actually know that they can renew or reevaluate annual yearly? Yeah. Or is it like, you know, set it and forget it, and then never make money? Never.
Announcer
What I just heard from dog is a lot of people do do that. The The difference is, and it’s why we work with Dawn’s company is just that extra concierge like service is because you don’t know any better. And again, what happens as soon as you learn the rules, they change the rules. It happens everywhere in our industry, especially when we talk about retirement. So it’s, again, it’s important to make sure you review everything because your health changes as well. And sometimes you need to make some times forward thinking and sometimes decisions on the fly just on that year by year enrollment process. And again, just as important as it is to review just your overall finances. You’ve got to review your overall health care plan again and again, Dawn, if people want to get a hold of you, what’s the best way for them to get a hold of you?
Dawn Myers
Yeah, they can go ahead and go to my website www.dvbsinc.com. Or you can always call our office and we pick up our phone real important. 215-781-3570 You can ask for dawn.
Announcer
And so when I just heard talking about Medicare Advantage, it’s shifting the risk. Like we’re no longer you think you can do it better than us. I will give you some money back and you’re so scared to go pay for your gym membership, as you said Dawn and maybe it’s appropriate for some people. But before I guess we start going into the next break and kind of leave us on this note. Is it fair to say just like an anything in life, that you get what you pay for in Medicare as well?
Dawn Myers
Yes.
Announcer
I love that one word answer. I think we’re gonna dig into that into the next segment. Uh, that’s what I thought. And again, it’s a confusing topic. So it’s worth again, don’t try and Doctor yourself that we say all the time, you don’t need to do it alone and especially when you talk about the health care piece and it probably with taxes and health care, probably the two biggest bills that we’re going to face in retirement, and you just don’t want to wing it. It’s why we want to be proactive and forward thinking. So we’ll definitely continue the conversation on the other side of the burden
Joe Krause
text the word Medicare 2215 Triple 932 72 You’ll get that two page document filled with information. We’ll continue our conversation with Don Meyer, she’s the Medicare expert, and she does a pretty good radio program as well back in a moment to opportunities following labor day to register for an upcoming workshop September 6 At the lower Makefield township community center. And then on September 7 at the Haverford Community Recreation Center, you can register by calling 215798 90 Ada, that’s 215798 90 Ada, get registered, get educated, or go to thrive financial services.com
This is Philadelphia’s am 993 Answer.
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Joe Krause
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people pay a lot more premium than they need to, and they may not have the coverage to to justify what they’re paying,
Joe Krause
there is no charge for the complimentary insurance review. You will save money and you will connect with a company that is an advocate not a broker, go to dvigi.com or simply call Jim at 215-354-0122. That’s 215-354-0122.
I’ve met clients that think that I as an independent agent charge a fee, versus going direct to Geico or going direct to progressive. We do not charge a fee. Let del
Joe Krause
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Now back to roadmap to retirement, the radio show on Philadelphia a 980. The answer.
Joe Krause
And welcome back everyone to this edition of roadmap to retirement the radio show again, if you heard one of those upcoming workshops in the commercial break, do get registered, go to thrive financial services.com You can get registered for one of the upcoming workshops here in the month of September. Do it now because workshops as we know and as you know, and Brett certainly as you know, fill up very quickly,
Announcer
but you can tell vacation times on them because we’re sure we’re starting to get on the on the waitlist. So So today we’ve got a special guest Don Meyers with Delaware Valley, a brokerage services or Ritter company talking all things Medicare. So in the last segment, we kind of talked about the history and how Medicare Advantage worked and kind of essentially passing the risk to you and knowing that you kind of get what you pay for as well how we kind of ended that last segment. So and again, I think what makes this these these topics even a little bit more confusing, as we talked about a Medicare Advantage. And now let’s talk about Medicare Supplement, aka Medigap. And I think just like in so much of our industry, sometimes people use The same word for the same concept, which makes it even that much more confusing, where it doesn’t have to be. And instead of trying to do it all yourself, it’s important in working with a professional again, it’s why we’ve had the privilege of working with Don, and our colleagues for the last three years now. So Don, in this segment, want to maybe just share with us some of the differences and and how and why Medigap, Medicare, Medicare Supplement, same thing. Maybe how it’s different, why it’s different, and why maybe a lot of people should consider
Dawn Myers
Sure, yeah, Medigap medicare supplement, Part G plan, and I hear all of those different words to describe it. And Medicare supplement is also a private insurance company. So you’re going to see this same type of insurance company name, the difference is you’re using your red, white and blue card as your primary insurance card. And then you’ll you’ll find a private insurance company to pick up that 20% that Medicare doesn’t cover. And in some instances, a little more than that. So I think the most important thing to know about a supplemental plan is that you have one opportunity to go into a supplemental plan, one opportunity, it’s like your your free opportunity. No questions asked, you can go into your plan your your supplemental plan, with no medical underwriting, when you turn 65, and you get your Part B, or when you retire, and you pick up your Part B. That’s it, you’re a medical free agent. That’s it. So anytime after that if you decide to take advantage or you decide to go without, and in five years, you’re diagnosed with something terrible. And you come to me and say I’d like one of those supplemental plans. Now, unfortunately, I’m going to have to tell you that you can’t have one. So this is the product that we marry, this is the product that we really have to dig into make sure that it’s right, we can’t put you with the new shiny rate, the rate that’s so low that you can’t believe it, because how is this product performing in 10 years, that’s really what we need to look at, because it’s a lifetime commitment with these. Now you can go from supplemental to advantage. But we can go from supplemental to advantage to supplemental till it just doesn’t work that way. So. So the folks that maybe have some multiple homes that have some, if they’re getting infusions, anybody that has a major medical, this is their consideration, this is where they really need to go, because again, you’re using your red, white and blue card, and then you’re using your supplemental card, and that’s going to pick up the 20%. So your patient responsibilities is the Part B deductible this year, that’s 226. I’m speaking of a G plan, because the G plan is probably the most popular plan. My challenge with these are always renewal. So as you age, your premium is going to increase. So you have to plan on that. My job is to find you a plan that doesn’t increase crazy, you know, there was a product years ago and everybody jumped on it, I had a new shiny rate, I’m not gonna mention their name, but I can tell you, I won’t write them, I don’t contract with them. And I don’t offer it. They they came in with a new shiny rate, everybody jumped on it. And then a couple years later, they had a bad book of business and started increasing between 18 and 30%. That’s something that we cannot you’re stuck with and you’re stuck with it. And your only option at that point is to drop down or move over. I shouldn’t say drop down, move over to a advantage plan and maybe it wasn’t a good fit for you then and it certainly isn’t going to be 10 years later if you still have those, those medical issues.
Announcer
Alright, so today we’re talking all things Medicare, and again, my encouragement is to text 215-999-3272 Again, 215-999-3272 Text the word Medicare and we’ll get you this great two page guide for both Social Security and Medicare and how they relate together. So Don started to put the pieces together of a Medicare Advantage plan not necessarily as concerned from a health standpoint. But the risk is now being passed to you then we talk about a Medicare Supplement Medigap Plan everybody is a free agent on their initial enrollment at their age 65 Or when they go to retire more and more people are retiring after the age of 65. So maybe speak to a little bit because this is where you’ve gotten to there and then starting to peel back the layers of the onion so let’s just say for example, I’m with carrier a one of the big guys I like him I have my my Medigap supplement plan. Four years later I’m now not healthy. So I can’t switch what the switch mean I can’t change carriers. I can’t change the letter plan within the carrier. That’s we get that question an awful lot. Maybe they dig into that question a little bit, getting into the weeds because people hear that but maybe going a little bit more granular I know there’s so much to talk and talk about all things Medicare, where again, an opportunity where we have our listening audience can reach out to you as well but maybe address that question specifically. Yeah,
Dawn Myers
so you you can’t switch if you if you have a Plan G and you and your carrier and you’re with carrier A and you end up with a major medical issue, you can’t change this is what this is for the A now you’re in if you’re if you’re looking to even downgrade I’ve had people want to downgrade with carrier A. And there’s there’s medical questions to make any changes. So no, we didn’t we don’t want any changes, we have to really be mindful when we’re putting you with a carrier carrier A. The unfortunate thing is sometimes your premium might get to the point where it starts to outweigh that max out of pocket on a advantage plan. And so that’s where the conversation in 510 years, when we start looking at the renewals, the goal is to put you with a product that’s not going to renew hopefully more than 5%.
Announcer
That’s interesting, Jeff. So it’s almost like what we’ve said it’s almost like you don’t get a do over. Because a do over seems like you’re kind of downgrading from what I hear there. It’s not like you’re ever going to get your do over and get a better situation. It’s it’s it’s forward thinking decisions that need to be made today that affect you not only for today, but for the years to come as well to what we talked about with tax plan, but my gosh, does it apply to Medicare planning as well, because the one thing we use a nice word on here on the air of chronologically maturing instead of aging, our listening audience has told us to use that word a little bit a little bit more related to that. But as people chronologically mature, we know that their health care needs completely typically change as well. Good or bad, but typically for the worse. So my gosh, and kind of hearing that there’s no better time than the present on that initial enrollment of the importance of just not winging it, where unfortunately, there’s so many carriers out there. And so many advisors and I should say more Medicare advisors that are out there where it’s carrier J, every time selling the shiny rate with the highest commission rate where they’re not really doing their, their clients, the service that they necessarily deserve. So in in talking about just and heading into the into our last break, maybe we’ll talk about maybe a little bit of the changes that happened last year with the inflation Reduction Act, and prescriptions and so forth. And then just just reiterating and pulling all the all the pieces together. So again, my encouragement is text the word Medicare to 215-999-3272. Again, text the word Medicare to 215-999-3272. And we’ll get you this great two page download, which has a lot of relevant information just simple straight to the point. Lots of facts and figures and numbers and a lot less words, a great cheat sheet and pulling those things together. And
Joe Krause
how many times on this program have we talked about longevity and people are living longer today than they have in the past and that decision or these decisions about Medicare your living really do factor into there’s reality and perception need to understand both back in a moment to opportunities following labor day to register for an upcoming workshop September 6 that the lower Makefield township community center. And then on September 7 at the Haverford Community Recreation Center, you can register by calling 2157989 D ADA. That’s 215798 90 Ada, get registered, get educated, or go to thrive financial services.com
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Joe Krause
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It’s roadmap to retirement, the radio show on Philadelphia is a nine at the answer.
Joe Krause
Back here on roadmap to retirement, the radio show one of the most powerful and unwritten understandings about working with Thrive financial, and you’ve heard me say it so many times over the our five year history of bringing you good educational content is thrive as a 360 degree company, meaning you cover everything and you rely on partners that really are meaningful and valuable to somebody’s retirement. Yeah, I think today, Brett is a really, really good example of having Don Meyers with us today. Very, very good.
Announcer
Yeah. And again, it’s, we teach all our advisors here at Thrive, if you don’t know the answer, don’t make one up. And that’s why we advocate on our clients behalf. It’s why we partner up with experts in certain fields, because we find ourselves experts in what we do. And we don’t try to be experts in Medicare, we know enough. But then then that’s where we go partner up. And, you know, we had a, we host events on a monthly basis here at our Fort Washington headquarters, and Don came over it was last week and just got some awesome emails from a lot of our clients just be like, Oh my gosh, like, just when I thought it was confusing, she put it in layman’s terms and made things a little bit easier, which is what’s hard, because the government’s not good. At layman’s terms speak, they make sure they get all the legalese in there. And you’re just like, sometimes you want to take the ostrich approach. And you’re like the health, I’m just going to tuck my my head away. So today, we’re talking about all things Medicare, and you can text the word, Medicare 215-999-3272. Again, 215-999-3272. And we’ll get you this great Download today. Again, we have Dawn Myers with Delaware Valley brokerage services. And we’ve been talking about the differences between advantage versus Supplement Plans and kind of the history of that as well. But some, some so to maybe talk about some of the recent legislation change back in December of 2022. We’ve been talking about it quite a bit with secure act 2.0 and how it relates to retirement and so forth. But as Congress says, you have to pass it to find out what’s in it, because they won’t pass anything on its own. And I think something was in there talking about related to part D and prescription plans. So maybe speak to that, because that’s some recent changes that literally this year is the first year it’s really coming into play. So maybe speak to that a little bit on
Dawn Myers
Yeah, yeah, I mean, there’s some, there was a few really good things that came out of that inflation reduction act as it relates to the Part D. One of them is the diabetic insulins. And so they’re $35 for select insulins, $35, all year long. So even through the dreaded doughnut hole were seniors. So that’s a big deal. Yeah, seniors pay 25% of their drug cost in the doughnut hole. So they still have that exposure, but not for your insulin dependent diabetics, which is good, it’s really good news. We start to really look at these in that particular app. And we look at these drug cards. And the average cost for a drug card is $33. So now we have this new app that says, hey, seniors aren’t going to pay more than $2,000 a year, we’re gonna put a stop loss on it. But we’re gonna give the insurance companies and the drug manufacturers about three years figure out how to do it. So what we’re seeing now is, is definitely an uptake in premium. So where the national average has, you know, historically been around $33 now, people are going to going to see it next year, the national average is going to be around $55. So yeah, so it’s going up because they now what’s what’s coming around the corner, they’re gonna have to cover more drugs, they’re gonna have a stop loss and someone’s got to pay for it. So
Announcer
let’s go it’s almost like the cause and effect you gotta be again it’s the forward thinking the government knows what they’re doing. It’s like people see it today and not know what’s coming tomorrow and that’s where we talked about the forward planning and and the importance of just reviewing not only the initial time as you spoke to your one as you go in no better time than the present to figure out exactly where I should be kind of forward thinking and looking at genetics and all those things as well and you’re talking about pricing, because then you get stuck and then the wrong the wrong coverage as well. You know, a lot of clients of ours were excited last year because I think it was like the third time in 30 years where from 22 to 20 or pardon me from 21 to 22 big increase in Medicare premium your your Part B and then I saw it was almost like Chicken Little like oh my god as Medicare is finally starting to go back down, they must have mispriced at so much from 22 to 23, when we saw prices go down by about $5 per person per month. So maybe speak to a little bit of as to why it happened. And why you shouldn’t really know, we’re probably about another month ish to six to eight weeks away, we’re going to know what Medicare Part B is going to be for 2024. But maybe speak to a little bit of the laws. And I think there are some prescription stuff that came online of that may have gotten mispriced, and so forth. So reality check, I think is getting ready to come back for 2024 to maybe speak to a little bit about that process. Yeah, yeah,
Dawn Myers
the Part B drugs. So anything that’s that’s IV drugs are covered 80% by Medicare, and there was a big oops, on pricing with that. And so, yeah, it looked like a gift. It really looked like a gift for a lot of people, they thought, Oh, this is great. Well, our Part B is gonna be lowered by $5. And they vary this this year, and they very much forgot the year previous that it went up, you know, $30. So, you know, it’s a guessing
Announcer
reflective amnesia in this country, we
Dawn Myers
find it’s a it’s a guessing game, what we’re going to see next year, we’re just we’re just not sure. And it’s a waiting game. And unfortunately, we’re kind of at the mercy of our government to see what’s what’s going to happen. I suspect it will increase. You know, I really do. I wanted to back up, though to the to the drug talk was talking about the PDP plans and prescription drug plans, you know, with this price increase the national average 33 to 55. Yeah, it’s big. So for some of your clients, that are higher income earners that are healthy and not on drugs, it’s almost better for them, if they’re getting an aroma, and that arm is going to hit parte de for them to opt out and just take the penalty for not taking the drugs. It’s 1% of the national average versus a pretty high aroma. So that’s one of the things that we do when we sit down with your clients as we sit in crunch numbers, like what’s going to make the most sense.
Announcer
Can you speak a little bit as to what Irma is as it relates to Medicare?
Dawn Myers
Yeah, that’s that that Part B and Part D extra charge for for doing well, for being a higher income individual, you’re gonna pay that Irma, that that higher income charge for two year look back. So we take that into consideration when we’re looking at the drug plans as well, you know, right now, we might find a 1011 $20 drug card. If you’re a higher income earner, they could tack on an additional $70. If you’re in that 333,000 to 750, it’s, it’s crazy. So knowing that knowing if you’re not taking any drugs, and you’re potentially looking at $100 A month and a prescription card that you’re never going to use, we might back out of it and just decide, you know, let’s go without and pay the penalty of 1% of the national average, it just makes sense. We can log you back in next year during open enrollment October 15 through December 7. And so I think that that’s really, really important to have somebody to crunch those numbers for you.
Announcer
Awesome. Today, we’re talking about all things Medicare with our special guest, Don Meyers. And again, my encouragement is to text the word Medicare to 215-999-3272. Again, text the word Medicare to 215-999-3272. And we’ll get you this awesome. Two page download. You know, a lot of times when I sit in our workshops, I said, who got the who got the guide of exactly when to do what and where in retirement and people just start laughing. I get it. You’re working your conventional wisdom, say put all your money into the 401k plan. You have one or two choices, maybe three or four from a medical plan perspective, while we’re working. My gosh, does the vocabulary need to change? Because when you just talked about that arrma stuff, and it’s like Mike, and it’s easier just to stick your head in the sand and like just be reactionary related to. But as our listening audience knows, when we talk about Medicare surcharges, there is an appeal process. We help our clients out with that all the time. But sometimes when you’re doing overall financial planning and doing tax, forward tax planning and Roth conversions that leads to Irma, which is that two year look back period that Don says where the government uses means based testing, which essentially means they look at your tax return from two years ago, to determine how much you should be paying for Medicare in those years. And what I hear is, you can’t be doing this alone, because you’re gonna end up in the wrong plan making the wrong mistakes, and I could care less and we talked about all the time, it doesn’t matter what stock bond mutual fund annuity that you’re in, we’re just talking about tax planning, social security planning, Medicare planning, the stocks, bonds, mutual funds, annuities, literally is some of the easiest stuff that we do in retirement, but making sure that everything is in alignment. And here’s the unfortunate thing is that it’s on you you the listening audience To pull those things together and it doesn’t have to be. The problem is how do I find the right person to have those questions to take me through all that? And again, it’s why we’ve been fortunate enough to work with Dawn and her team. And my encouragement is as you’re coming up to open enrollment, and if you heard something here today, it’s like, huh, when I hear that a little bit different as well, again, Don, how can our listening audience get a hold of you?
Dawn Myers
Yeah, thank you. It is www.dvbsinc.com Delaware Valley brokerage services. We are a Ritter company and national company. Phone number 215-781-3570. Ask for dawn. Someone always answers the phone.
Joe Krause
And Don always speaks to speaks to her clients, and she will drive the Lancaster. One quick question just for clarity, just for clarity. You unreferenced. If you opt out, you pay a penalty. So if you opt out, because you don’t want something, they charge you to be able to do that. Did I hear that? Right? Yeah,
Dawn Myers
this is everyone plays the game. Yeah. So there’s a pair voluntold. There’s a part B for Part B has a penalty. I don’t ever recommend that somebody opts out of Part B, that’s, that’s a super important component for Medicare. Part D also has a penalty. And to be honest with you, sometimes it makes sense to opt out, especially if you’re not taking any prescription drugs, and if you’re a real higher income earner.
Announcer
And if you have questions about the penalties, or just enrollment or the difference between plans again, my encouragement is to reach out to Don Meyers with Delaware Valley brokerage services. Again, this is probably a great one to go to our website, thrive financial services.com, download the podcast where you can hear the episode, re listen to it, because there’s a lot of information I know we have not covered on this show in the last six years. So Don, it’s been a pleasure having you here today. I think we definitely need to have you back in the future. Because as soon as we learn Medicare, just as we learn, they change it yet again. So I just want to thank you for your time today. And on behalf of our listening audience, appreciate you just bringing a little bit more awareness to the overall conversation.
Dawn Myers
Thank you, Brett. And thank you, Joe. And
Joe Krause
thanks for having me in the text toward Medicare to 215, triple 932 72 and as Brett mentioned, download the podcast of this broadcast and perhaps you’ll listen to the podcasts evening as you stroll along the beach at the Jersey Shore. That’s going to do it for this edition of roadmap to retirement the radio show on behalf of David Bezar and Karen bezar on behalf of Brady limited, and our special guest today. Don Myers. I’m Joe Kraus. See you next time everybody.
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Thanks for listening to roadmap to retirement the radio show from Thrive financial services. If you’re like most Americans, you have more questions than you do answers about what to do with your retirement savings. If you have a question about your IRA or your 401 K, pension or other tax deferred accounts, if you have a question about reducing taxes, generating income or filing for Social Security, whatever it is, David Caron and Brett are here to help. Often your questions can be answered in a simple phone call. Just call 21579890882157989088. And so you know no statements made during roadmap to retirement the radio show shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional on any such matters. information presented is for educational purposes only, and is not intended to make an offer or solicitation for the sale or purchase of any specific securities, investment or investment strategies. investments involve risks and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial adviser and or tax professional before implementing any strategy discussed here. David bizarre Brett Elam and Karen bizzarre of Thrive financial services and thrive Capital Management are licensed to offer investment advisory services through Thrive Capital Management LLC. an SEC registered investment advisory firm office headquarters is located in Fort Washington and offices of convenience used exclusively for client meetings and Exton Yardley and Cherry Hill roadmap to retirement the radio show is a paid commercial announcement from Jacob media partners. If you’d like to learn more about the power of the radio our contact Joe Kraus at 267-261-3428. Today’s program has been pre recorded to opportunities
Joe Krause
following labor day to register for an upcoming workshop September 6 At the lower Makefield township community center. And then on September 7 at the Haverford Community Recreation Center, you can register by calling 2157989 D ADA. That’s 215 8798 9088 Get registered, get educated or go to thrive financial services.com
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So what would you do with an extra $187,412 in retirement savings that’s how much money a local retiree could save in taxes just by using some simple tax planning strategies from Thrive financial services Thrive Financial Services is right here in the Philly area. This team of experts have been featured in Kiplinger’s, the Wall Street Journal. And what’s more, in 2020, they were inducted into Inc 5000 among some of the nation’s fastest growing private companies in the country. Why? Because educating their clients is first and foremost their highest priority. With thrives free tax analysis, you can learn exactly how much money you could save what you learn could help you save a fortune in taxes. If you’ve saved more than $250,000 You wanted the first 10 callers to schedule your free tax analysis now at 215798 98. An extra $187,412 could go a long way in retirement call to 15798 90 Ada that’s 215798 90 Ada, nothing in this advertisement is intended to give you specific tax or investment advice consult your own tax or financial advisor