Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Good Saturday morning to all on thisfirst Saturday in August. That brings us
to a reminder that the twenty ninthannual Run with Carl is in only thirty
days. Run with Carl is onLabor Day, September fourth, and it's
become a tradition here in Bettendorf.Run with Carl is for the benefit of
(00:25):
high school seniors in Bettendorf and PleasantValley High schools. Proceeds of the Run
with Carl has provided scholarships to graduatesof these schools. These proceeds have succeeded
in establishing the Karl D. SchillingMemorial Scholarship that continues to award scholarships to
(00:45):
graduates of these schools. Further,one of these schools is providing an additional
scholarship over the past five years.Register for the Run with Carl today Labor
Day, twenty twenty three. We'llbe here before we know it. Check
our additional details by going to thewebsite www Run Withcarl dot com. The
(01:12):
event is a one mile fund runfor kids, a five mile run,
and a five k run walk.You can participate in one of these events,
so get signed up today. Don'tforget to do So as we move
into the month of August, wewill again present our monthly community meetings on
(01:37):
Medicare. Remember these meetings are virtualmeetings, so you stay in the privacy
of your own home using your homecomputer system, laptop or desktop to participate
in these meetings. We will bepresenting these meetings again on Tuesday, August
fifteenth and Thursday August seventeenth, teno'clock in the morning. So, listeners,
(02:02):
if you are aging into Medicare turningage sixty five sometime this year,
I know you are being inundated withinformation on Medicare supplements, Medicare prescription drug
plans, and Medicare advantage plans.How do you make sense of all that
stuff? Well, participants and priormeetings all say the same thing. They
(02:25):
say, now I understand the choicesI have with Medicare. Gosh, there
are ten standardized Medicare supplement plans.We get to choose one of these ten
plans. There are eighteen Medicare prescriptiondrug plans available, and we get to
(02:46):
choose one of these plans. Andthere are eight Medicare advantage plans, and
we get to choose one of theseplans. How do you make sense of
all these choicest discipants and prior meetingsall say the same thing. They say,
now I understand the choices I havewith medicare, so be one of
(03:10):
those participants again. These meetings arecoming up here on Tuesday August fifteenth and
Thursday August seventeenth, ten o'clock inthe morning, So call us for instructions
on how to participate. Call usat five sixty three three three two twenty
two hundred or email me www.Dick Schilling dot com and scroll over to
(03:38):
the contact icon for my email addressand send me an Ovia email if you'd
like to participate. Okay, thismorning, I'd like to review a topic
that has an impact on all ofus or we'll have soon an impact on
us. And that topic is Medicareand the costs of Medicare. So,
(04:01):
if you are aging into medicare turningsixty five sometime in twenty twenty three,
I am sure you are being swampedwith solicitations on Medicare in the way of
review what is the cost of medicare, So let's review that this morning.
(04:21):
Before doing so, I'd like tomake a comment on today's stock market.
The market is in a downward spiral. As poor earnings reports continue to develop
again, the stock market is ina downward spiral. But I can say
as always that my clients have notlost money. They have not lost money
(04:46):
because of the fantastic indexinuity we usefor my clients. The senuity is now
paying a thirty five percent immediate bonus. Did you hear that? At thirty
five percent immediate bonus? So ifyou invest twenty five thousand dollars in this
(05:08):
annuity and your bonus thirty five percent, that comes out to eight thousand,
seven hundred fifty dollars. More So, now your annuity is worth thirty three
thousand, seven hundred fifty dollars.If you invest fifty thousand dollars and we
(05:29):
pay a thirty five percent bonus onthat, the amount of that bonus is
seventeen thousand, five hundred dollars.So your fifty thousand dollars investment with the
bonus becomes sixty seven thousand, fivehundred dollars. Fantastic. If you invest
a hundred thousand dollars a thirty fivepercent bonus, your hundred thousand dollars becomes
(05:49):
a hundred thirty five thousand dollars.Now, as there are with every investment,
there is pros and cons to thisindex and nuity. The big advantage
of it, of course, isthe thirty five percent bonus. The disadvantage
of the bonus annuity is that thereis a ten year holding period. Ten
(06:14):
year holding period, so that's along time. Although within that ten years
you have an option of withdrawing upto ten percent of the account value every
year after the first year, sothere is some liquidity in that ten year
holy period. Furthermore, at theend of five years of this ten year
(06:36):
annuity, you can't annuitize the annuity, and that means you can take regular
systematic payments, whether you take thosepayments monthly or quarterly or annually. You
can take those systematic payments by anutizingthe contract at the end of five years.
So there's a lot of flexibility withinthat annuity. And the biggest advantage
(07:00):
of that annuity, again is thatthirty five percent bonus. That's tremendous.
So encourage you to give me acall, give me an email, or
let me explain the pros and consof that annuity with you. Okay,
(07:20):
that's a fantastic fantastic bonus. Now, moving forward, I want to continue
this morning by reviewing the cost ofMedicare. What does original Medicare cost and
(07:41):
is there ways that you can savemoney on that cost? The basic cost
of Medicare, there is no costfor Medicare that remember, there are two
parts the Medicare. Medicare Part Ais the hospital services part of Medicare,
and there is no cost to MedicarePart A as long as a week paid
(08:05):
into the system for the number ofrequired years. Medicare Part B, however,
there is a base cost, andthat base cost for Medicare Part B
is one hundred and sixty four dollars. That's down from two thousand and twenty
two. Two twenty two is onehundred and seventy some dollars. But in
(08:26):
two thousand and twenty three, thebase for Medicare Part B is one hundred
and sixty four dollars. So ifyou'd like to have additional information on that,
please give me a call five sixtythree three three two twenty two hundred
or email me. Just go tomy website. Go to www. Dikschilig
(08:48):
dot com and scroll over to thecontact icon for my email address. And
send me a note via email.If you're like most Medicare and rollies,
you probably aren't planning to make anychanges to your existing coverage for the coming
year, but like most beneficiaries,you should probably at least consider it during
(09:15):
Medicare's open enrollment period that is comingup here October fifteenth. Remember it runs
from October fifteenth to December seventh,and if you have a Medicare advantage plan,
you also have the opportunity to changeyour coverage between January and March of
(09:35):
every year. What does Medicare advantageplans cost those enrolled in now Medicare advantaged
plans are called Medicare Part C.When you are enrolled in an advantage plan,
you continue to pay the one hundredand sixty four dollars and ninety cents
(09:56):
to Medicare that most in rollies payfor a Part B. Most enrollers for
Part B will pay one hundred andsixty four dollars in ninety cents now in
addition to the premium that's charged forthe Medicare advantage plans. And as you've
heard me talk about before, thereare eight different Medicare advantage plans and these
(10:20):
Medicare regions. Some of those advantagedplans do not have a premium, as
a zero dollar premium. I believethat the more competitive of the advantage plans
is the AARP Medicare Advantage Plan,which is provided by United Healthcare. Now,
that AARP Medicare Advantage Plan, Ibelieve is the more competitive of those
(10:46):
advantaged plans, partly because of thelower deductible or excuse me, it does
not have a deductible, but ithas an out of pocket maximum and it
has one of the lowest out ofbaking maximums of all the advantage plans.
And oftentimes that's why we recommend thisadvantage plan because there is considerable savings in
(11:11):
that Medicare advantage plans. So,if you are considering a change in your
Medicare coverage for two thousand and twentyfour, the time to make that change
is October fifteenth to December seventh.That is the annual enrollment period for Medicare.
(11:33):
Now, if you are just aginginto Medicare, then you have a
initial enrollment period, and that initialenrollment period begins three months prior to your
sixty fifth birthday. The month ofyour sixty fifth birthday and three months following
(11:54):
your sixty fifth birthday that your initialenrollment and in your initial enrollment period,
you have a seven month window inwhich to enroll in a Medicare choice,
either a Medicare supplement plan or aMedicare Advantage plan. So what does original
(12:22):
Medicare costs? The beneficiary Part Ahospital insurance, as I mentioned, is
free for most seniors. So ifyou or your spouse worked at least ten
years in a job or you paidMedicare taxes, you're eligible for free Medicare
Part A when you turn sixty five. Now if that is not the case,
(12:43):
if you are required to pay forMedicare Part A premium, you will
pay either two hundred and seventy eightdollars or five hundred and sixty dollars a
month for Part eight, depending uponhow long you or your spouse worked and
paid Medicare taxes. Medicare A isfree for people under age sixty five,
(13:09):
who are who have been on SocialSecurity disability for at least two years,
or who have end stage renal disease. The cost for Medicare Part A is
like I say, the cost.If you have a cost for Medicare Part
A it's either two hundred and seventyeight dollars a month or five hundred and
(13:30):
sixty dollars a month. Now that'sPart A. The Part B premium is
for all enrollees. In the PartB premium is one hundred and sixty four
dollars a month per person. Thesepremiums are higher in twenty twenty three for
people who earn at least ninety seventhousand dollars in twenty twenty one. This
(13:56):
threshold is indexed annually, and thedetermination is always based upon income from two
years earlier. So both Medicare PartA and Medicare Part B both have deductibles
and co insurance that are charged ifand when the beneficiary receives medical services.
(14:20):
Most people who have original Medicare alsohave some sort of supplemental coverage, either
from an employer or a retirement plan, or from Medicaid or from privately purchased
medicap plans, which shall pay someor all of the out of pocket deductible
(14:43):
and co insurance costs. Most Medicarebeneficiaries also have private Medicare Part D coverage
for prescription drugs, either as astandalone plan or as part of Medicare advantage
plan. Employer sponsor coverage for currentemployees or retires can also provide supplemental drug
(15:07):
coverage for Medicare beneficiaries, so ifyou purchase, if you purchase a supplemental
coverage, the premiums will be inaddition to the B premium and, if
applicable, the Part A premium aswell. Remember Part A is free for
most people if long as you've paidinto the Medicare system long enough. As
(15:33):
long as you've paid those taxes longenough for at least ten years or longer,
and then Medicare Part A is freeif that has happened. If we
end up having to pay for MedicarePart A, the premium is as I
mentioned, it's either two. It'seither two hundred and seventy eight dollars per
(15:54):
month or five hundred and six dollarsper month. That's the Part A cost.
Part B. The base premium forMedicare Part B is one hundred and
sixty four dollars per month per person, and that one hundred and sixty four
dollars per person per month is adirect deduction from our Social Security pension payments.
(16:18):
And if we are not yet collectingSocial Security pension payments. Then we
are build for three months at atime for that premium Part A or Part
B premium. So if you havequestions on that, please give me a
call call me at five to sixtythree three three two twenty two hundred,
(16:42):
or send me an email by goingto my website going to Dick Schulig dot
com and scroll over to the contacticon and get by email address and send
me a note by email. Again. Most men, most Medicare beneficiaries receive
(17:03):
Part A of Medicare with no premium, so if you have to pay for
it, the premium four two thousandand twenty three is either two hundred and
seventy eight dollars a month or fivehundred and six dollars per person per month.
That's Medicare Part A costs now.If you are hospitalized, Medicare Part
(17:27):
A has a deductible and that deductibleis sixteen hundred dollars in twenty twenty three
per benefit period. There is alsoa coinsurance amount that is charged on a
per day basis after a patient hasspend sixty days in the hospital during a
(17:48):
single benefit period. In twenty twentythree, it's four hundred dollars per day
four days sixty one through days ninetyeach beneficiary has sixty lifetime reserve days,
which can be used if the personstill still needs to be hospitalized after ninety
(18:11):
days. In a single benefit period. In twenty twenty three, the lifetime
reserve coinsurance is eight hundred dollars perday. All Medicare supplement on metagap plans
cover this co insurance charge plus upto another three hundred and sixty five days
(18:33):
of inpatient care after Medicare benefits areexhausted. Medicare advantage plans now that's Medicare
Part C. Medicare advantage plans canadd different plan designs in terms of cost
sharing, so the deductible in coinsuranceor Medicare Part A isn't the same as
(18:56):
the out of pocket costs at abeneficiary base if they are hospitalized. So
Medicare can be confusing. So that'swhy we encourage you to participate in our
virtual monthly community meetings. If youare just now qualifying for Medicare, or
(19:18):
if you are qualifying within the nextthroughout the balance of twenty twenty three,
Medicare can get very, very confusing, so we encourage you to participate in
our monthly virtual community meetings. Ifyou don't want to do that, I
would be happy to visit with youindividually. Just give me a call five
(19:41):
six three three three two twenty twohundred will be happy to sit down with
you and explain. What is yourchoices for Medicare. Basically, you have
two choices. You can choose originalMedicare, or you can choose a Medicare
Advantage plan Original Medicare. Then youparticipate in Medicare Part A the hospital part,
(20:08):
and Medicare Part B the medical servicespart. And because of the deductibles
and the coinsurance under original Medicare PartA in Part B, then many persons
elect to choose a METICAP or aMedicare supplement policy. Now that begins the
(20:30):
confusion. More confusion to Medicare.Because Medicare policies are standardized. There are
ten Medicare supplement or MEDICAP policies.Now those policies are by law standardized.
So if you have a Medicare PlanC with any insurance company, then a
(20:52):
Medicare Supplement Plan C with any otherinsurance company. The benefits are identical.
What differs is the premium for thatplan. From company to company, the
premium differs, and the acceptance ofthat plan by providers, by doctors,
by hospitals, by labs, andso forth. So there's a lot to
(21:15):
be involved with original Medicare. Thealternative to original Medicare is the Medicare Advantage
plans. And as I mention,there are eight advantage plans available, we
get to pick one of those eightplans. I believe that the more competitive
(21:36):
of the eight Medicare advantage plans isthe A A R P Medicare Advantage plan
that is offered by United Healthcare,and I believe it is the more competitive
of that plan for several reasons.The first reason is that it is that
it has the lower out of pocketmaximum requirement than other Medicare advantaged plan.
(22:03):
Furthermore, the acceptance of that Medicareadvantaged plan because it is offered by United
Healthcare. United Healthcare is the largestprovider of Medicare products in the country,
So the acceptance of United Healthcare byproviders is especially by primary care providers.
(22:26):
Now when we're talking about specialists,and specialists can elect to participate or not
participate in those plans, and eitherway the co payment for the specialists will
be slightly higher than the primary carephysician co payment is. So there are
pros and cons to Medicare. Thereare pros and cons to these advantage plans,
(22:51):
just as there are pros and consto any anything that you choose for
Medicare. Medicare choices get to bevery, very confusing. That's why we
encourage you to participate in our monthlyvirtual community meetings that are offered here on
(23:11):
August fifteenth and August seventeenth. ThursdayAugust fifteenth, we talk about the basics
of Medicare and then we focus onthe Medicare supplement plans that are available.
Two days later, on Thursday,August seventeenth, again we talk about the
basics of Medicare and then focus onthe Medicare advantage plans which are available in
(23:34):
these Medicare regions, And in particular, we focus on what we feel is
the more competitive of the Medicare advantagedplans, and that is the AARP Medicare
Complete Plan offered by United Healthcare.So that's your choices for original Medicare.
(23:56):
I encourage you to take a lookat your situation and if we can give
you if we can assist, pleasegive us a call. Either call me
at five six three three three twotwenty two hundred, or go to our
website Dickshilli dot com and scroll overto the contact icon to pick up my
(24:17):
email address. Once again, wehave you still have time to get registered
for the twenty ninth ann you'll Runwith Carl's coming up here in only thirty
days. So Run with Carl ison Labor Day, September fourth, and
it's become a tradition here in theQuad City area, so make sure you
enroll in that part in that eventas well. Any questions again, my
(24:45):
contact five six three three three twotwenty two hundred, or go to my
website Tschilig dot com and scroll overto the contact icon and pick up my
email address that way. Okay,that's all I have for you this morning.
Have a great, great weekend,good day,
Good Saturday morning to all on thisfirst Saturday in August. That brings us
to a reminder that the twenty ninthannual Run with Carl is in only thirty
days. Run with Carl is onLabor Day, September fourth, and it's
become a tradition here in Bettendorf.Run with Carl is for the benefit of
(00:25):
high school seniors in Bettendorf and PleasantValley High schools. Proceeds of the Run
with Carl has provided scholarships to graduatesof these schools. These proceeds have succeeded
in establishing the Karl D. SchillingMemorial Scholarship that continues to award scholarships to
(00:45):
graduates of these schools. Further,one of these schools is providing an additional
scholarship over the past five years.Register for the Run with Carl today Labor
Day, twenty twenty three. We'llbe here before we know it. Check
our additional details by going to thewebsite www Run Withcarl dot com. The
(01:12):
event is a one mile fund runfor kids, a five mile run,
and a five k run walk.You can participate in one of these events,
so get signed up today. Don'tforget to do So as we move
into the month of August, wewill again present our monthly community meetings on
(01:37):
Medicare. Remember these meetings are virtualmeetings, so you stay in the privacy
of your own home using your homecomputer system, laptop or desktop to participate
in these meetings. We will bepresenting these meetings again on Tuesday, August
fifteenth and Thursday August seventeenth, teno'clock in the morning. So, listeners,
(02:02):
if you are aging into Medicare turningage sixty five sometime this year,
I know you are being inundated withinformation on Medicare supplements, Medicare prescription drug
plans, and Medicare advantage plans.How do you make sense of all that
stuff? Well, participants and priormeetings all say the same thing. They
(02:25):
say, now I understand the choicesI have with Medicare. Gosh, there
are ten standardized Medicare supplement plans.We get to choose one of these ten
plans. There are eighteen Medicare prescriptiondrug plans available, and we get to
(02:46):
choose one of these plans. Andthere are eight Medicare advantage plans, and
we get to choose one of theseplans. How do you make sense of
all these choicest discipants and prior meetingsall say the same thing. They say,
now I understand the choices I havewith medicare, so be one of
(03:10):
those participants again. These meetings arecoming up here on Tuesday August fifteenth and
Thursday August seventeenth, ten o'clock inthe morning, So call us for instructions
on how to participate. Call usat five sixty three three three two twenty
two hundred or email me www.Dick Schilling dot com and scroll over to
(03:38):
the contact icon for my email addressand send me an Ovia email if you'd
like to participate. Okay, thismorning, I'd like to review a topic
that has an impact on all ofus or we'll have soon an impact on
us. And that topic is Medicareand the costs of Medicare. So,
(04:01):
if you are aging into medicare turningsixty five sometime in twenty twenty three,
I am sure you are being swampedwith solicitations on Medicare in the way of
review what is the cost of medicare, So let's review that this morning.
(04:21):
Before doing so, I'd like tomake a comment on today's stock market.
The market is in a downward spiral. As poor earnings reports continue to develop
again, the stock market is ina downward spiral. But I can say
as always that my clients have notlost money. They have not lost money
(04:46):
because of the fantastic indexinuity we usefor my clients. The senuity is now
paying a thirty five percent immediate bonus. Did you hear that? At thirty
five percent immediate bonus? So ifyou invest twenty five thousand dollars in this
(05:08):
annuity and your bonus thirty five percent, that comes out to eight thousand,
seven hundred fifty dollars. More So, now your annuity is worth thirty three
thousand, seven hundred fifty dollars.If you invest fifty thousand dollars and we
(05:29):
pay a thirty five percent bonus onthat, the amount of that bonus is
seventeen thousand, five hundred dollars.So your fifty thousand dollars investment with the
bonus becomes sixty seven thousand, fivehundred dollars. Fantastic. If you invest
a hundred thousand dollars a thirty fivepercent bonus, your hundred thousand dollars becomes
(05:49):
a hundred thirty five thousand dollars.Now, as there are with every investment,
there is pros and cons to thisindex and nuity. The big advantage
of it, of course, isthe thirty five percent bonus. The disadvantage
of the bonus annuity is that thereis a ten year holding period. Ten
(06:14):
year holding period, so that's along time. Although within that ten years
you have an option of withdrawing upto ten percent of the account value every
year after the first year, sothere is some liquidity in that ten year
holy period. Furthermore, at theend of five years of this ten year
(06:36):
annuity, you can't annuitize the annuity, and that means you can take regular
systematic payments, whether you take thosepayments monthly or quarterly or annually. You
can take those systematic payments by anutizingthe contract at the end of five years.
So there's a lot of flexibility withinthat annuity. And the biggest advantage
(07:00):
of that annuity, again is thatthirty five percent bonus. That's tremendous.
So encourage you to give me acall, give me an email, or
let me explain the pros and consof that annuity with you. Okay,
(07:20):
that's a fantastic fantastic bonus. Now, moving forward, I want to continue
this morning by reviewing the cost ofMedicare. What does original Medicare cost and
(07:41):
is there ways that you can savemoney on that cost? The basic cost
of Medicare, there is no costfor Medicare that remember, there are two
parts the Medicare. Medicare Part Ais the hospital services part of Medicare,
and there is no cost to MedicarePart A as long as a week paid
(08:05):
into the system for the number ofrequired years. Medicare Part B, however,
there is a base cost, andthat base cost for Medicare Part B
is one hundred and sixty four dollars. That's down from two thousand and twenty
two. Two twenty two is onehundred and seventy some dollars. But in
(08:26):
two thousand and twenty three, thebase for Medicare Part B is one hundred
and sixty four dollars. So ifyou'd like to have additional information on that,
please give me a call five sixtythree three three two twenty two hundred
or email me. Just go tomy website. Go to www. Dikschilig
(08:48):
dot com and scroll over to thecontact icon for my email address. And
send me a note via email.If you're like most Medicare and rollies,
you probably aren't planning to make anychanges to your existing coverage for the coming
year, but like most beneficiaries,you should probably at least consider it during
(09:15):
Medicare's open enrollment period that is comingup here October fifteenth. Remember it runs
from October fifteenth to December seventh,and if you have a Medicare advantage plan,
you also have the opportunity to changeyour coverage between January and March of
(09:35):
every year. What does Medicare advantageplans cost those enrolled in now Medicare advantaged
plans are called Medicare Part C.When you are enrolled in an advantage plan,
you continue to pay the one hundredand sixty four dollars and ninety cents
(09:56):
to Medicare that most in rollies payfor a Part B. Most enrollers for
Part B will pay one hundred andsixty four dollars in ninety cents now in
addition to the premium that's charged forthe Medicare advantage plans. And as you've
heard me talk about before, thereare eight different Medicare advantage plans and these
(10:20):
Medicare regions. Some of those advantagedplans do not have a premium, as
a zero dollar premium. I believethat the more competitive of the advantage plans
is the AARP Medicare Advantage Plan,which is provided by United Healthcare. Now,
that AARP Medicare Advantage Plan, Ibelieve is the more competitive of those
(10:46):
advantaged plans, partly because of thelower deductible or excuse me, it does
not have a deductible, but ithas an out of pocket maximum and it
has one of the lowest out ofbaking maximums of all the advantage plans.
And oftentimes that's why we recommend thisadvantage plan because there is considerable savings in
(11:11):
that Medicare advantage plans. So,if you are considering a change in your
Medicare coverage for two thousand and twentyfour, the time to make that change
is October fifteenth to December seventh.That is the annual enrollment period for Medicare.
(11:33):
Now, if you are just aginginto Medicare, then you have a
initial enrollment period, and that initialenrollment period begins three months prior to your
sixty fifth birthday. The month ofyour sixty fifth birthday and three months following
(11:54):
your sixty fifth birthday that your initialenrollment and in your initial enrollment period,
you have a seven month window inwhich to enroll in a Medicare choice,
either a Medicare supplement plan or aMedicare Advantage plan. So what does original
(12:22):
Medicare costs? The beneficiary Part Ahospital insurance, as I mentioned, is
free for most seniors. So ifyou or your spouse worked at least ten
years in a job or you paidMedicare taxes, you're eligible for free Medicare
Part A when you turn sixty five. Now if that is not the case,
(12:43):
if you are required to pay forMedicare Part A premium, you will
pay either two hundred and seventy eightdollars or five hundred and sixty dollars a
month for Part eight, depending uponhow long you or your spouse worked and
paid Medicare taxes. Medicare A isfree for people under age sixty five,
(13:09):
who are who have been on SocialSecurity disability for at least two years,
or who have end stage renal disease. The cost for Medicare Part A is
like I say, the cost.If you have a cost for Medicare Part
A it's either two hundred and seventyeight dollars a month or five hundred and
(13:30):
sixty dollars a month. Now that'sPart A. The Part B premium is
for all enrollees. In the PartB premium is one hundred and sixty four
dollars a month per person. Thesepremiums are higher in twenty twenty three for
people who earn at least ninety seventhousand dollars in twenty twenty one. This
(13:56):
threshold is indexed annually, and thedetermination is always based upon income from two
years earlier. So both Medicare PartA and Medicare Part B both have deductibles
and co insurance that are charged ifand when the beneficiary receives medical services.
(14:20):
Most people who have original Medicare alsohave some sort of supplemental coverage, either
from an employer or a retirement plan, or from Medicaid or from privately purchased
medicap plans, which shall pay someor all of the out of pocket deductible
(14:43):
and co insurance costs. Most Medicarebeneficiaries also have private Medicare Part D coverage
for prescription drugs, either as astandalone plan or as part of Medicare advantage
plan. Employer sponsor coverage for currentemployees or retires can also provide supplemental drug
(15:07):
coverage for Medicare beneficiaries, so ifyou purchase, if you purchase a supplemental
coverage, the premiums will be inaddition to the B premium and, if
applicable, the Part A premium aswell. Remember Part A is free for
most people if long as you've paidinto the Medicare system long enough. As
(15:33):
long as you've paid those taxes longenough for at least ten years or longer,
and then Medicare Part A is freeif that has happened. If we
end up having to pay for MedicarePart A, the premium is as I
mentioned, it's either two. It'seither two hundred and seventy eight dollars per
(15:54):
month or five hundred and six dollarsper month. That's the Part A cost.
Part B. The base premium forMedicare Part B is one hundred and
sixty four dollars per month per person, and that one hundred and sixty four
dollars per person per month is adirect deduction from our Social Security pension payments.
(16:18):
And if we are not yet collectingSocial Security pension payments. Then we
are build for three months at atime for that premium Part A or Part
B premium. So if you havequestions on that, please give me a
call call me at five to sixtythree three three two twenty two hundred,
(16:42):
or send me an email by goingto my website going to Dick Schulig dot
com and scroll over to the contacticon and get by email address and send
me a note by email. Again. Most men, most Medicare beneficiaries receive
(17:03):
Part A of Medicare with no premium, so if you have to pay for
it, the premium four two thousandand twenty three is either two hundred and
seventy eight dollars a month or fivehundred and six dollars per person per month.
That's Medicare Part A costs now.If you are hospitalized, Medicare Part
(17:27):
A has a deductible and that deductibleis sixteen hundred dollars in twenty twenty three
per benefit period. There is alsoa coinsurance amount that is charged on a
per day basis after a patient hasspend sixty days in the hospital during a
(17:48):
single benefit period. In twenty twentythree, it's four hundred dollars per day
four days sixty one through days ninetyeach beneficiary has sixty lifetime reserve days,
which can be used if the personstill still needs to be hospitalized after ninety
(18:11):
days. In a single benefit period. In twenty twenty three, the lifetime
reserve coinsurance is eight hundred dollars perday. All Medicare supplement on metagap plans
cover this co insurance charge plus upto another three hundred and sixty five days
(18:33):
of inpatient care after Medicare benefits areexhausted. Medicare advantage plans now that's Medicare
Part C. Medicare advantage plans canadd different plan designs in terms of cost
sharing, so the deductible in coinsuranceor Medicare Part A isn't the same as
(18:56):
the out of pocket costs at abeneficiary base if they are hospitalized. So
Medicare can be confusing. So that'swhy we encourage you to participate in our
virtual monthly community meetings. If youare just now qualifying for Medicare, or
(19:18):
if you are qualifying within the nextthroughout the balance of twenty twenty three,
Medicare can get very, very confusing, so we encourage you to participate in
our monthly virtual community meetings. Ifyou don't want to do that, I
would be happy to visit with youindividually. Just give me a call five
(19:41):
six three three three two twenty twohundred will be happy to sit down with
you and explain. What is yourchoices for Medicare. Basically, you have
two choices. You can choose originalMedicare, or you can choose a Medicare
Advantage plan Original Medicare. Then youparticipate in Medicare Part A the hospital part,
(20:08):
and Medicare Part B the medical servicespart. And because of the deductibles
and the coinsurance under original Medicare PartA in Part B, then many persons
elect to choose a METICAP or aMedicare supplement policy. Now that begins the
(20:30):
confusion. More confusion to Medicare.Because Medicare policies are standardized. There are
ten Medicare supplement or MEDICAP policies.Now those policies are by law standardized.
So if you have a Medicare PlanC with any insurance company, then a
(20:52):
Medicare Supplement Plan C with any otherinsurance company. The benefits are identical.
What differs is the premium for thatplan. From company to company, the
premium differs, and the acceptance ofthat plan by providers, by doctors,
by hospitals, by labs, andso forth. So there's a lot to
(21:15):
be involved with original Medicare. Thealternative to original Medicare is the Medicare Advantage
plans. And as I mention,there are eight advantage plans available, we
get to pick one of those eightplans. I believe that the more competitive
(21:36):
of the eight Medicare advantage plans isthe A A R P Medicare Advantage plan
that is offered by United Healthcare,and I believe it is the more competitive
of that plan for several reasons.The first reason is that it is that
it has the lower out of pocketmaximum requirement than other Medicare advantaged plan.
(22:03):
Furthermore, the acceptance of that Medicareadvantaged plan because it is offered by United
Healthcare. United Healthcare is the largestprovider of Medicare products in the country,
So the acceptance of United Healthcare byproviders is especially by primary care providers.
(22:26):
Now when we're talking about specialists,and specialists can elect to participate or not
participate in those plans, and eitherway the co payment for the specialists will
be slightly higher than the primary carephysician co payment is. So there are
pros and cons to Medicare. Thereare pros and cons to these advantage plans,
(22:51):
just as there are pros and consto any anything that you choose for
Medicare. Medicare choices get to bevery, very confusing. That's why we
encourage you to participate in our monthlyvirtual community meetings that are offered here on
(23:11):
August fifteenth and August seventeenth. ThursdayAugust fifteenth, we talk about the basics
of Medicare and then we focus onthe Medicare supplement plans that are available.
Two days later, on Thursday,August seventeenth, again we talk about the
basics of Medicare and then focus onthe Medicare advantage plans which are available in
(23:34):
these Medicare regions, And in particular, we focus on what we feel is
the more competitive of the Medicare advantagedplans, and that is the AARP Medicare
Complete Plan offered by United Healthcare.So that's your choices for original Medicare.
(23:56):
I encourage you to take a lookat your situation and if we can give
you if we can assist, pleasegive us a call. Either call me
at five six three three three twotwenty two hundred, or go to our
website Dickshilli dot com and scroll overto the contact icon to pick up my
(24:17):
email address. Once again, wehave you still have time to get registered
for the twenty ninth ann you'll Runwith Carl's coming up here in only thirty
days. So Run with Carl ison Labor Day, September fourth, and
it's become a tradition here in theQuad City area, so make sure you
enroll in that part in that eventas well. Any questions again, my
(24:45):
contact five six three three three twotwenty two hundred, or go to my
website Tschilig dot com and scroll overto the contact icon and pick up my
email address that way. Okay,that's all I have for you this morning.
Have a great, great weekend,good day,
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