Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Hey, it's Brian Thomas, A normally host of the fifty
five Caresday Morning, so that'd be Monday through fiveda a
five am to nine am at every Sunday at this
time and get to facilitate a conversation with John Roman
from Cover sincey and we call it Rethink Healthcare Together.
So welcome back to another episode. Got some great stuff
to talk about today, and I always like to start
off by reminding folks what John and his team do,
(00:24):
and they take a specific look at you and where
you are in life, which is an important part of
what we're going to be talking about today, and they'll
tailor and medical insurance package and including maybe vision and dental.
It's across the board the type of insurance he offers,
but focusing primarily on medical. He's on your side of
the table, and there are hundreds of insurance companies on
(00:44):
the other side of the table with thousands of policies
and so what he does he looks at where you
are in life, what you need and provides you with
the best possible package of insurance coverage, less money with
better coverage is really the bottom line with what he
and his team does. Every single day we've just talked
about over the years, it's the multitude of very happy
customers and very satisfied results. He can save hundreds and
(01:07):
hundreds of dollars every month and yet get dollar one
coverage with medical insurance. It seems like an impossibility, but
John and the team does it every single week, every
single day. To reach him, You're gonna want to call
him because it doesn't cost you anything to talk to him.
It doesn't cost you anything to have him review your
life situation or your current medical coverage. Uh and he
may can bring about a great result, and then you
(01:28):
get to keep him and the team down the road.
So if you run into an insurance coverage issue, you
don't have to call the company. Just called John on
the Team and let them sort it out for you.
The number is five one three eight hundred call five
one three eight hundred two two five five. You can
find John on the Team online at coversince he dot com,
where there's a form you can fill out to get
the process started and encourage you to do just that.
(01:49):
John always a pleasure, my friend. Good to see you.
You'd see Brian, good morning, when join your weekend. I
hope stand cool.
Speaker 2 (01:54):
Oh, trying to Man, it's hot out there lately, isn't it.
Oh Yeah, we're just finishing up baseball season with my son,
so it's, uh, you know, that's what I've been doing
like every weekend for the last like three months. So
it's you know, it keeps you really busy, but you know,
keeps things in perspective because it's like you feel like
your week doesn't end, like you're from work to the
sitting at three or four baseball games a day on
(02:15):
Saturday and Sunday and then you're back to work again.
Speaker 1 (02:18):
Everybody I talk to that's got kids in sports, it's
almost the end of the season is it's not necessarily
a bad thing. It's like, thank God, I don't have
to go to another practice or baseball anything. I know,
it's fun to see him play, and I know it's
being a father is all about and all that, but
there's a sense of a sigh of relief that your
weekend's freed up until they move on to the next sport. Anyway,
(02:42):
talking about you know, family and the health insurance for
every stage of life, and that's what we're gonna be
talking about today because like you and your team do
you look at where people are in their life because
you don't need necessarily this kind of insurance if you
don't have any family members or that kind of insurance
if you're later in life, and of course people ultimately
move on to medicare. You provide guidance and information for
folks who are going through that phase. So let's dive
(03:05):
on into this and start with well, young couples, Let's
think I think of my daughter and her fiance, uh
and their insurance needs. So let's focus on like young
couples and newly was.
Speaker 2 (03:15):
Yeah. Really the biggest thing to think about, Brian, is
you know, especially how we deal with our clients. You know,
every stage of life, there's different things that you need, right,
and you know, there's just so many mistakes that people
make that you know, when we start having conversations with them,
they're like, oh, man, I really wish I would have
known that like five years ago when I went through
this exact situation and then and all kinds of money
(03:37):
out of pocket. And you know, this is where we
really help our clients because it's you know, we get
a lot of clients that you know, twenty six years old,
they're coming off their parents group insurance. Right, They're like, oh,
my kids, my kids. You know he's he's not so
working for an employer, right, you know, he's maybe a
freelancer or just kind of working for a position for
a job, and he doesn't offer benefits or something like that.
So they're like, well, getting kicked off my parents plan
(03:59):
and they're like scrambling to kind of figure out what
to do. And you know, that person's situation is gonna
be a lot different than the person kind of get
married and you know, maybe planning on a family. And
that's kind of what we want to kind of hit
on today, is like the different stages and some of
the things you should really think about if if this
situation falls to where you're at, and then you know,
one of the main reasons, you know, why you should
work with someone like us is we're having those reviews
(04:21):
so as the family starts happening and things are changing,
and then we go, okay, well, now let's add this on.
Let's let's restructure this, Let's make sure that you're planning
for that next big event or that to be honest,
with that next big potential medical expense that you're going
to see here in the future. And you know, one
of the things that people kind of get to is,
you know when when the when the bells start going
off is when they're starting to get married, right, and
(04:41):
they're like, okay, great. We see so many people in
today's age where you know, one spouse is maybe a
freelancer or self employed and the other spouse has benefits, right,
you know, And we've talked about this on the show,
and it's it's just one of the biggest things that
I think people should look at is, you know, because
how group health insurance work, so we get a lot
of clients. You know, I just think about friends of mine.
(05:03):
I have a really good friend of mine and runs
a concrete business, and you know, I was just talking
to him the other day and he goes, you know,
I got what my guys are like, early twenties, mid thirties, right,
And I'm like, oh, that's great. I was like, how
many of them have benefits through through their employer? He goes, well,
you know, through their spouse's employer. They go pretty much everybody.
I go, but most of your guys are contractors, I said,
so what happens if they get hurt on the job.
(05:25):
He goes, well, my work's competent coverment because they're contractors, right,
they're not W two employees. So I go exactly, I said,
do they do they realize that if they get hurt
jackhammering a concrete you know, driveway, what does that really
look like to them on a medical expense bill? And
it's you know, group health insurance doesn't cover work related injuries.
(05:46):
That's why you know, you guys carry workmen's comp not
saying that there's a big potential experience here. I guess
you can fall out of your chair, but you know,
especially in someone on that line of work. I'm thinking about.
You guys are electricians. You guys are in the construction companies.
You know, you know we have clients that you know,
do window washing three stories up, you know, as contractors
(06:06):
and different things that there are roofers, right, And I mean,
you guys are in a situation where you know, you
guys don't realize that the health insurance that you're on
with your spouse isn't covering you while you're doing your job.
And they find out that you are hurt on the job,
they do not have to pay that bill because they
don't cover work relate injuries. And that's a huge thing
to really look at and a common mistake that so
many people make when they get married and go, oh,
(06:26):
I can go my wife's plan. It's only a couple
hundred bucks a month. But I'm really exposed for what
I'm doing, especially to say like Ohio that doesn't require
workmen's comp for self employed people. That's a really big
thing to start thinking about when you when you start
getting married.
Speaker 1 (06:40):
Right, you mentioned some of the trades and cover up
potential serious injuries. Yeah, falling off a roof comes in mind.
My daughter's fiance's in the roofing business, and and you
know he's up on all the time doing estimates and
inspecting rooms and things like that.
Speaker 2 (06:58):
He's a perfect example.
Speaker 1 (06:59):
Somebody insurance through his employer though okay, through his daughter.
Speaker 2 (07:04):
But if he was, if he imagine the employer, maybe
he's not on that group plan, not caring workman's com
for himself, he would be in a situation if he's
on on that roof or doing an inspection. Yeah, or
or someone that's just like I'll give you an example.
I an out of construction guy. He was doing a
bathroom model install and I guess the client that he
was dealing with was so like very anal retentive on
(07:27):
like you can't have any debris or dust or anything
go outside of this area, right, So he ended up
sealing off the bathroom and I guess whatever happened like
maybe the window got closed or something like that, and
ended up having you know, a gas machine inside of
that and ended up getting like carbon monoxide poisoning holy
while in there. And you know, I would look at
(07:48):
a situation and if he wasn't insure with us. I
mean we're talking about he was like eight days in
the hospital in a hyperbolic chamber to get the oxygen
back into his system from the carbon monoxide. I mean
you're talking it was like fifteen sixty thousand dollars a
day while he was in there. And you know, if
he was on his wife's group plan, they wouldn't pay
any of that. You're talking almost one hundred thousand dollar bill.
That's insane, Yeah, just for something that wasn't an actual claim,
(08:13):
like he didn't fall down, don't do that. Don't do
that number one, right, and then other things are planning
at that point too, especially when we start getting married,
is like yeah, I'm sure you're starting to have that conversation. Hey,
we can have a child. You know, what does that
look like on your plan? Most people think, oh, I
have health insurance, like they're gonna cover maternity, right. I mean,
there's a lot of individual plans out there that are
being sold today that don't actually have true maternity coverage.
Speaker 1 (08:37):
Right.
Speaker 2 (08:37):
They might say, hey, we cover complications due to pregnancy,
but we're actually not covering the natural childbirth.
Speaker 1 (08:44):
Right.
Speaker 2 (08:45):
That's a huge limitation and it was here a lot
when I first started doing insurance twenty years ago. The
ACA has changed that. So a lot of people think, oh,
I'm on an a Bomacare plan. It says it has
maternity coverage, but look at your coverage, right, I mean,
just qualk you through that scenario. You know, if you
have a plan that has a ninety two hundred dollars
out of pocket, let's say you have a C section, Well,
(09:06):
you're gonna be paying ninety two hundred right.
Speaker 1 (09:08):
Right.
Speaker 2 (09:08):
Then when the child's born, the child gets added to
that policy. Right. But then the child has expenses while
they're in the hospital that they have to satisfy their
owndductible Right. So now the baby's in there. Let's say
jaundice tests and my happens is jaundice comes back. Now
there's more expense on that. Let's say you decide to
do the snip for a boy, you know, yeah, you know,
(09:29):
like you're now, actually there's a cost for that. They're
usually about eight hundred bucks a pop. So there's a
lot of expenses though, I guess so you know, well, I.
Speaker 1 (09:38):
Mean it wouldn't be covered as a medical expensive It's no, it's.
Speaker 2 (09:41):
It's covered on your health insurance. But again it's's subjucated
to your deductible. Well yeah, yeah, it's not free anyway. Yeah,
you're paying for it anyway. If you're deductible seven grand,
I mean, you're basically paying all that. So these people
end up going in and having you know, a child.
This is a great moment in their life. And then
then three months later they see all these bills come
back and go, oh my god, this kid just cost
me twelve thirteen thousand dollars, if not more. So, this
(10:01):
isn't what we can really start having those conversations and
start adjusting your plans. You know, we talk about right now,
you know, I have a plan for self employed people, Like, literally,
the cost of maternity and a child being born is
seven hundred fifty bucks.
Speaker 1 (10:15):
I can handle that.
Speaker 2 (10:16):
Yeah, yeah, it's a lot better than twelve thirteen thousand.
And there's also plans like we always talk about the
gap coverages that we can add on. I literally have
a plan that if you go and have a delivery,
they'll pay an extra over six grand as a supplemental
to that to help offset out of pocket expenses. So
if you're getting a six thousand dollars check and then
(10:37):
you're out of pocket seven hundred and fifty dollars, who's
pocketing that extra? You know, two hundred and fifty bucks?
Speaker 1 (10:44):
You insured? You are?
Speaker 2 (10:45):
You are? You are right?
Speaker 1 (10:47):
So this is where we're a ford to buy the diapers.
Speaker 2 (10:49):
Yeah, it's a huge benefit, right, that's a huge So
again it's like, you know, these are the things that
we really need to start talking about. So if you're
listening to the show, maybe you have your kids, like, hey,
my kid's just getting married, Like, let's have a conversation
because there's so many things that we can add on.
And guy, especially at that age, it's so inexpensive that
you can get such really good coverage, you know, for
those life things when they start coming up. So it's
(11:09):
really so important to review your options, review your coverage,
and talk to someone that can really walk you through
that scenario, especially when you're getting married.
Speaker 1 (11:17):
Well. And the other issue that popped into my mind
by way of huge expense is if you have a
premature birth, the incubators. My wife used to work in
the neonatal ICU, which she was a nurse back over
a children's hospital when I first met her, and those
premi babies are, oh my god, they're so tiny and
they require so much medical care and attention.
Speaker 2 (11:37):
That was the largest claim I've ever seen. Oh, I
mean twenty one years. We had one client going and
it was like, I don't know, it was like a
month and a half earlier or something like that, or
maybe two months, and it was it was insane the
claims that came through. I mean, that definitely cracked a
million dollars and what was actually paid out, you know,
And it just that's things that people don't think about,
you know, and not having the right coverage or having
(12:00):
I think that's limited or you know, we talked about
plans and aren't real health insurance that people.
Speaker 1 (12:03):
Buy all the time. Yeah, and can.
Speaker 2 (12:05):
You are they going to stomach that type of bill?
Who could? You could? Right, you have to have great insurance,
you know, in those situations because you never know when
it comes up and those things happen. The worst part
about it, More and more frequently, we're seeing a lot
more complications due to pregnancy. I think that I've seen before.
You know, it's just it's something that's been creeping up
over time. So again, really making sure your plan you're protected.
(12:27):
It's a great conversation to have. These are things that
I really like talking about because it's it's making it
makes sense for them.
Speaker 1 (12:34):
Yeah, and let me just double down to the extent,
you know, seniors, if your grandchildren are in that area,
if your children are in that area. I mean again,
the calling John and initiating this conversation is nothing but
a little bit of time, and they might not have
any concept of what John just brought up, which you know,
in spite of the fact that I'm not there, that
would scare the hell out of me absolutely thinking about that,
(12:56):
just as like, man, that's bankruptcy right there.
Speaker 2 (12:59):
Yeah, I mean, at the end of the day, even
if you're already on group insurance through an employer. Maybe
you have good coverage, right, you still have had a
pocket expenses and holes. You can call us that can
show you how to make your group plan better.
Speaker 1 (13:09):
Right with the.
Speaker 2 (13:12):
Right, I mean, we can make the group plans better.
We don't have to change your primary health insurance. There
are so many little things that you can out on
that are very inexpensive that can make that plan a mercedes,
you know, and really make it a great option. So
really you really think about that, you know, especially at
that that life event, right, and then soon after that,
right once that child is born, and you playing that
(13:33):
out right, what happens now you have kids. That's a
huge expense from itself. Yeah, I know, I know what
select baseball cost really and traveling and hotel stays and
all that. But the kids eat a lot, they do,
especially as they get older. Like my my youngest is like,
you know, he'll be twelve, and you know, I can
just definitely tell he's going through a gross for because
(13:53):
I literally fed him into the other night and a
big meal and he turns around like an hour and
a half later, he's like rummaging through the fridge. I'm like, great,
you're through Grossbury. So not only am I going to
be feeding YouMore, guess what I'm doing here like two
months buying new clothes.
Speaker 1 (14:06):
Buying new clothes, and then they tend to bring their
friends over who also empty the refrigerator as well. Oh
yes they did. But then they also get injured a lot.
Oh they do.
Speaker 2 (14:13):
And that's that's the biggest thing really with kids, right
And you know, we've talked about this so many times
on the importance of secondary insurance policies. And you know,
if you're a young family or even get just a
young individual an accident policy, these are very inexpensive plans.
I'm talking you know, a dollar or two a day.
You can add these things onto your insurance policy and
(14:35):
literally you will pay off all of your out of
pocket expenses on your major medical plans. You know, I
look at emergency room claims. I always say this, like,
you know, I've been doing insurance now for two decades.
When I first started, you can go to the emergency
room and you know, it's a couple grand and they
would usually have an orthopedic there in the emergency room
to put a cast on you. Right now, we're seeing
claims over five or six grand for broken legs at
(14:56):
the emergency room, or things that aren't even broken but
are sprains. They you know, hit you with the two
thousand dollars X ray bill. Right, And the problem is
health insurance deductibles are so expensive. Now you're talking most
people I run into at least over five grand. So
you're paying that entire five thousand dollars because you where's
your wife going to take your kid? You know, if
(15:16):
he falls down, he's crying, my wife's done it. Like
she literally goes, you're taking the emergency room. I'm like,
we think it's broken, you know what I mean? I
know it's t grand walking in the door. I mean, well,
we don't question anything. We don't question it because we
have an accent of policy because literally, the most I
would ever pay on an accident for my family's Twitter Bux,
regardless of whatever it is, because I have a secondary
plan that completely covers all of my attic pocket expenses.
(15:39):
So I always look at my son, who's very accident
prom my youngest. I go, hey, listen, my deductible just
renewed in January, So if you're gonna have an accident,
do it now. So I can meet you inductible for
the year, right, Because that's the best part about double
dipping with these secondary policies is if he breaks his
leg and it's five grand and reductible's five grand, my
secondary plan will completely cover that deductible. But guess what
his deductibles meant for the rest of the year. Yeah,
(16:00):
So now anything else that I do, you know, I'm
not paying a inductable on him. He's good. These guys said,
do it in January, stop doing it right around Christmas, right, right,
So you know, these are really important things to look at,
you know, and you know this now is also time
to really start thinking about as you have kids, you know,
make sure you have good life insurance something happens to you, right,
(16:22):
making sure you have a good hospital and demnity plan.
You know. I think these are so important with kids
because they end up in the hospital. My daughter ended
up going to the hospital because she ended up very
young developing asthma and it was so severe. When she
was actually hospital, I was for like three days, you know,
and I'm like, man, this is huge. And guess where
I was. I was in the hospital with her. Guess
(16:43):
where my wife was in the hospital with her. So
we took three three days off from work, almost a week.
You know, that hospital and demnity plan that I had
ended up giving us like seven grand that.
Speaker 1 (16:53):
Takes the sting out of networking, takes the sting.
Speaker 2 (16:55):
Off covered aductible. I didn't worry about anything. We ended
up walking right away with a couple thousand dollars like,
oh yeah, this wasn't so bad. I didn't question having
to be there with her because I had to go
to work. So there's there's plans that will literally pay
you when your kids are sick, Helping you stay with
your kid, Helping you stay with your wife if she
goes through things. Start thinking about things that your family
planning so important. We think about everything else that we're doing,
(17:17):
but think about critical illness policies at this stage. You know,
I've seen clients in their thirties get cancer. You know,
I had a friend of mine have an actual stroke
because of a small foot surgery, end up getting a
bood clock.
Speaker 1 (17:29):
You know.
Speaker 2 (17:29):
I mean, these are things that happen in life, and
they wreck you and a young family when you start
having kids. Most people don't have a lot of discretionary income. Brian,
at that point right, So you go out of work
for a couple of months, like you're run up credit
card debt, you're asking parents for loans, you're you know,
God forbid bankruptcy really so critical illness policies. Even at
(17:50):
that age, you're talking about plans like a dollar a
day that can literally give you a fifty grand and
the event you have something, and it just it just
makes such financial sense.
Speaker 1 (18:00):
It doesn't advice you so much peace of mind.
Speaker 2 (18:03):
Oh my god.
Speaker 1 (18:04):
I mean, maybe that's a small price to pay for
the level of peace of mind you get. Knowing that
you're not gonna have to declare bankruptcy as a consequence
is something unforseen.
Speaker 2 (18:10):
No, And I always tell people, listen, more people file
bankruptcy to the medical debt that had health insurance than didn't.
Speaker 1 (18:17):
It's hard to believe because usual people.
Speaker 2 (18:19):
Buying health insurance have a better income and they're not
worried about just holding on to a bill and never
paying it right because they have to have good credit
to buy loans in a car and a family whatever.
So they look at that, but it's at the end
of the day, it's like when you start looking at
these out of pocket expenses, I mean, how many people
right now listening to this call can afford eighteen thousand
dollars a year medical expenses if they're on an Obamacare
(18:42):
plan and you know them and one of their kids
have a claim that year they meet their deductible and
not a pocket expense. I mean, who has that for
laying around?
Speaker 1 (18:51):
You know?
Speaker 2 (18:51):
That's that's I mean, if you're making even one hundred
grand a year, it's almost twenty percent of your income. Yeah.
Speaker 1 (18:56):
Yeah, when you say it like that, it is a
lot of money, isn't it a.
Speaker 2 (18:59):
Lot of money. That's a lot of money, and it's unforeseen,
and God forbid, it's a long term condition that you're
hitting that every year because now you're going through a
major condition that's gonna take a couple of years a treat.
Speaker 1 (19:09):
So again, it's why.
Speaker 2 (19:11):
Early on planning for these things makes such sense. We
have so many listeners now, Brian that are calling and
even on group insurance, and we're adding little plants to
their group insurance and are making them so good and
now they're not even fretting having any issues anymore. I mean,
that's the beauty of what we do. We don't have
to completely change your plan we can just make it better.
Speaker 1 (19:31):
Well, and then you ultimately get to the teenage years. Yeah,
and that comes with its own challenges and one of
the things in modern times, and I'm glad that people
are embracing the concept of actually getting help when they're
having issues and struggling mental health, getting some services and
it's no longer taboo or boat and you know, embarrassing
(19:51):
or at least it's become more embraced. And lord, we
live in a time of a lot of challenges for teenagers,
you know, internet based and social media based. I mean,
I remember how bad it was growing up when I
was a teenager, which is sort of pressure within school
and that kind of thing. But man, it's it's you.
You never leave it anymore. And a lot of a
lot of young people are are in need of mental
health services.
Speaker 2 (20:11):
I think we've all been in need of mental health services.
I just remember being young and Dad was like, suck
it up, buttercup, let's go. You know what I mean,
that was what you did. That's what you did. And
you know, the whole realm of you know, oh did
you all down and break? Like we're up some turn
on it and see if it's better, you know. I
mean that was a mentality, but it didn't work, you know,
and you just kind of dealt with it and doing
(20:33):
your own juices. Yeah, and then you see more things
about you know, you know, we always, you know, don't
always want to talk about this thing, but you know,
teens going through severe mental health problems, and you know,
the suicide rates at those ages are just unfathomable, and
you know, definitely things you know, I look at my
teenage kids and you know, it's like, you know, we
(20:53):
try to keep a great environment, but sometimes you needn't
outlet outside of us to talk to and outside their
friends who you know are biased, right, and you know,
mental health's great, So you know, we we have a
mental health program for ours. We do for a lot
of our clients onlimited usage. He already talking about a
couple of bucks a day, and you can literally call
and talk to a therapist anytime they want. We give
him access to it. My eighteen year old has access
to it. He's going to be going to college. I
(21:15):
don't know what kind of stress he's going to have.
He's never left the house. Now, he's three hours away.
You know, he's he always gonna call dad with all
his problems. No, maybe, Mom, but you know I want
him to have that outlet if he needs it. And
you know, having mental health on your planet is so important,
you know, just because he can have access to care
wherever he needs it. You know, the telehealth is so
(21:36):
amazing nowadays. We've taught all of our kids how to
be able to use it just in case. But more more,
my son, he's gonna be nineteen years old going to college.
I want him to have access to that. I don't
want him to be sitting in his dorm room fretting
because he doesn't even know where to go because he's
in a new area. He literally knows how to use
a teledoc and can literally just call in and get
whatever he needs.
Speaker 1 (21:54):
I think that telehealth is one of the best things
to come out of COVID. I mean, he existed prior
to COVID, but really the medical community at large embraced
it because we were all on lockdown and had to
stay away from each other. So it became ubiquitous. And
how many people you know, were saved from having to
(22:14):
drive down to the damn doctor's office and sit around
in the waiting room for an hour or two and
just to get a prescription refilled, or you know, even
finding something like mental health services. So I think telehealth
is fantastic. It works great.
Speaker 2 (22:26):
And guys, it's so good for kids going to college,
it really is. They love it. It's so easy to use,
and the other things I'm really thinking about too, especially
you know, this is exactly what I'm going through right now.
I mean, thank God, I already prepared this with my son.
But you know, there's loans going out for most people
right if if you don't, if you don't have a
bunch of money sitting around or signing your kid up
for a college fund, I mean, you're probably going to
(22:47):
take out some sort of loan or help your kid
go to college. You know, God forbid something happens to them,
you're still on the hook for the bill, you know.
And you know, I always tell people one of the
easiest things to do when their kids turns eighteen or
whatever is going to college, take a life insurance policy out.
Make that sting hurt less. If something actually does happen,
I can pay off those student loans that he's occurring.
Speaker 1 (23:07):
That's that's a topic that I think most people don't
even want to go down that road. I don't want
to inflating your own child's death. I mean it's bad
enough when you got to sit down and do a
will yeah yourself, which people put off all the time, like, ah,
now you don't want to have to go through probate.
You want to get a will.
Speaker 2 (23:23):
So I sat through a seminar for my son because
it's the first one we're going through, and like, one
of the first things they said is going to get
a life insurance Policy's like, man, I've been saying that
for years. I mean, but it makes perfect sense. You know, inxpensive,
it's very inexpensive. You can do like we said, our
son upout the whole life policy, very inexpensive. Iuel, you know,
we're funding it for him. I was like, when you
(23:43):
graduate college, it goes over to you. There's cash value
building up into it. God forbid, something does happen where
the beneficiary is to be able to utilize that the
payoff whatever we have on him. But I mean, nice
thing too. It's building up for him. So when he
gets out of college he goes on it's like, hey,
I already started your really cheap life insurance policy that
you can have and you know, eventually when you get married,
you already have it, and then you can change your
beneficiars your spouse and your kids or whatever. So I
(24:05):
mean it's going to it basically grows with them, you know.
So it's not just thinking about what's going to happen today.
It's like, well, I'm really planning for the future too,
So that really makes a lot of sense. The other
thing to start really thinking about that I wasn't completely
worry about is just the financial side and just kind
of the side note, you know, doing a limited power
over any attorney on your kids. I can't even talk
about financials with the college I'm paying for it. I
(24:27):
can't even call them go hey did you get the check?
Speaker 1 (24:29):
Right?
Speaker 2 (24:30):
So like literally get that taken care of. I also
did it as caregiver responsibilities for MYLNI me. He will
be nineteen so on the on the event that we
have one for him, so we can may help make
those decisions. But also I did it for him for us.
If something happened to his mother and I who's gonna
be able to make those decisions. It's a good point,
you know, So we did it for him so that
he's our caregiver if something happens to us, he's the oldest.
(24:53):
It's just things that really start thinking about this time
of life, when you have a kid going off to
college and you're starting to get up there in your
forties and fifties, things can happen. Have a succession plan.
Speaker 1 (25:01):
Yeah, express instructions of what your desires are right now. Absolutely,
the heavy burden of making a decision about quote unquote
pulling the plug for a nineteen year old, you know
what I.
Speaker 2 (25:10):
Mean, And then again think about your parents, right, and
then just kind of going into more things here real quick,
and we'll kind of wrap this up. But you know,
now you start maybe you're empty nesters, you're getting ready
for retirement, and you're like, hey, I'm sixty two years old,
I don't want to really be working anymore. What is
that really going to be looking at? We get a
lot of listeners that call in in this exact scenario,
(25:30):
Cobra's not a really good option. No, all right, So
Cobra's not a really good option. Having a conversation a
little bit early, you know, hey, let's talk a couple
months before you're ready to retire, that we can get
numbers and stuff like that. But also I've had a
lot of really good strategies being able to help you
think about adjusting your income for retirement for those last
three years, taking money out of a ROTH rather than
like a regular IRA who you're paying taxes on. And
(25:51):
We've had some really good strategies where I've helped a
lot of your listeners be able to structure their income
to show lower the last two or three years before
they go on Medicare so they can take advantage of
the huge tax credits that they can get, right, you know, and.
Speaker 1 (26:04):
We we brought that up a few shows ago. I
remember having that conversation.
Speaker 2 (26:07):
I mean, reducing your modified adjusted gross income gets your
free some free money from medic from the government to
help you offset your costs of your health insurance makes
such really good sense. And then even if you're in
that like last six months before you're going on Medicare, guys,
short term plans are great. I mean they're a fraction
I'm talking thirty cents on the dollar compared to COBRA. No,
(26:29):
just your painful price for that group plans, And ninety
five percent of the time we talk to people doesn't
make sense. So having a really good conversation. You don't
need to stay in your old group plan and pay
a couple of thousand dollars a month to keep.
Speaker 1 (26:41):
Your coverage all right. Well, and also, as we were
talking about, you know, getting toward retirement, this in home
care holicies so important.
Speaker 2 (26:52):
You start turning like fifty five the sixty like start
looking at long term care.
Speaker 1 (26:55):
Guys.
Speaker 2 (26:56):
It's more and more people every day we're seeing. You know,
medicine is great, but when you have a stroke or
you go through like a Herr attack and a coronary
event and you're you have some sort of disabled disability
after that, we're seeing so many people with als and
different the de genda disorders, you know, end up into
nursing facilities or at home care. You know, it's more
than I've ever seen before. The numbers are drastically higher.
(27:18):
You know, these plans are so inexpensive early on getting
something that really makes sense because that is a huge expense,
and anybody that's gone through it with a parent knows
that at some point you're going to be paying and
helping them.
Speaker 1 (27:31):
You got to set up one of those for my wife,
I do we do need to do that? Yeah, Well,
let's make a note of that. Yeah, I got to
get it up all right. Well, it's been an interesting
conversation walking through the various phases of life, and just
an important exclamation point on getting in touch with John
and the team. Regardless of which phase you're in, it's
very likely that he has got some options for you
(27:52):
that are extremely important, can keep you out of this
massive financial hole that you can you might find yourself,
you know, and just and give yourself that peace of
mind that's so important. I mean, that's one of the
reasons we all have insurance. Sometimes you have to have it,
but in other cases, you know, the fool is the
one that's not looking out for his or her own
best interests. And you're in a position to have John
on the team. Take a look at where you are
and look out for your best interest along these lines.
(28:14):
So the number again it's five one three eight hundred
call five one three eight hundred two two five five.
And if you're listening in a different state in the Union,
he can help you. It's not just a local Greater
Cincinnati area concept. He's got here nationwide. Help is available
for you again online, go to cover Since he with
Yri cover since he dot Com. Fill that form out
(28:35):
and get the process started. See what John the team
can do for you. This has been another edition of
Rethink Healthcare together with John Roman from Cover since he
Uh and make sure you're looking out for your best interest.
Tune in next Sunday for another edition. I hope you
have a wonderful, wonderful weekend
Hey, it's Brian Thomas, A normally host of the fifty
five Caresday Morning, so that'd be Monday through fiveda a
five am to nine am at every Sunday at this
time and get to facilitate a conversation with John Roman
from Cover sincey and we call it Rethink Healthcare Together.
So welcome back to another episode. Got some great stuff
to talk about today, and I always like to start
off by reminding folks what John and his team do,
(00:24):
and they take a specific look at you and where
you are in life, which is an important part of
what we're going to be talking about today, and they'll
tailor and medical insurance package and including maybe vision and dental.
It's across the board the type of insurance he offers,
but focusing primarily on medical. He's on your side of
the table, and there are hundreds of insurance companies on
(00:44):
the other side of the table with thousands of policies
and so what he does he looks at where you
are in life, what you need and provides you with
the best possible package of insurance coverage, less money with
better coverage is really the bottom line with what he
and his team does. Every single day we've just talked
about over the years, it's the multitude of very happy
customers and very satisfied results. He can save hundreds and
(01:07):
hundreds of dollars every month and yet get dollar one
coverage with medical insurance. It seems like an impossibility, but
John and the team does it every single week, every
single day. To reach him, You're gonna want to call
him because it doesn't cost you anything to talk to him.
It doesn't cost you anything to have him review your
life situation or your current medical coverage. Uh and he
may can bring about a great result, and then you
(01:28):
get to keep him and the team down the road.
So if you run into an insurance coverage issue, you
don't have to call the company. Just called John on
the Team and let them sort it out for you.
The number is five one three eight hundred call five
one three eight hundred two two five five. You can
find John on the Team online at coversince he dot com,
where there's a form you can fill out to get
the process started and encourage you to do just that.
(01:49):
John always a pleasure, my friend. Good to see you.
You'd see Brian, good morning, when join your weekend. I
hope stand cool.
Speaker 2 (01:54):
Oh, trying to Man, it's hot out there lately, isn't it.
Oh Yeah, we're just finishing up baseball season with my son,
so it's, uh, you know, that's what I've been doing
like every weekend for the last like three months. So
it's you know, it keeps you really busy, but you know,
keeps things in perspective because it's like you feel like
your week doesn't end, like you're from work to the
sitting at three or four baseball games a day on
(02:15):
Saturday and Sunday and then you're back to work again.
Speaker 1 (02:18):
Everybody I talk to that's got kids in sports, it's
almost the end of the season is it's not necessarily
a bad thing. It's like, thank God, I don't have
to go to another practice or baseball anything. I know,
it's fun to see him play, and I know it's
being a father is all about and all that, but
there's a sense of a sigh of relief that your
weekend's freed up until they move on to the next sport. Anyway,
(02:42):
talking about you know, family and the health insurance for
every stage of life, and that's what we're gonna be
talking about today because like you and your team do
you look at where people are in their life because
you don't need necessarily this kind of insurance if you
don't have any family members or that kind of insurance
if you're later in life, and of course people ultimately
move on to medicare. You provide guidance and information for
folks who are going through that phase. So let's dive
(03:05):
on into this and start with well, young couples, Let's
think I think of my daughter and her fiance, uh
and their insurance needs. So let's focus on like young
couples and newly was.
Speaker 2 (03:15):
Yeah. Really the biggest thing to think about, Brian, is
you know, especially how we deal with our clients. You know,
every stage of life, there's different things that you need, right,
and you know, there's just so many mistakes that people
make that you know, when we start having conversations with them,
they're like, oh, man, I really wish I would have
known that like five years ago when I went through
this exact situation and then and all kinds of money
(03:37):
out of pocket. And you know, this is where we
really help our clients because it's you know, we get
a lot of clients that you know, twenty six years old,
they're coming off their parents group insurance. Right, They're like, oh,
my kids, my kids. You know he's he's not so
working for an employer, right, you know, he's maybe a
freelancer or just kind of working for a position for
a job, and he doesn't offer benefits or something like that.
So they're like, well, getting kicked off my parents plan
(03:59):
and they're like scrambling to kind of figure out what
to do. And you know, that person's situation is gonna
be a lot different than the person kind of get
married and you know, maybe planning on a family. And
that's kind of what we want to kind of hit
on today, is like the different stages and some of
the things you should really think about if if this
situation falls to where you're at, and then you know,
one of the main reasons, you know, why you should
work with someone like us is we're having those reviews
(04:21):
so as the family starts happening and things are changing,
and then we go, okay, well, now let's add this on.
Let's let's restructure this, Let's make sure that you're planning
for that next big event or that to be honest,
with that next big potential medical expense that you're going
to see here in the future. And you know, one
of the things that people kind of get to is,
you know when when the when the bells start going
off is when they're starting to get married, right, and
(04:41):
they're like, okay, great. We see so many people in
today's age where you know, one spouse is maybe a
freelancer or self employed and the other spouse has benefits, right,
you know, And we've talked about this on the show,
and it's it's just one of the biggest things that
I think people should look at is, you know, because
how group health insurance work, so we get a lot
of clients. You know, I just think about friends of mine.
(05:03):
I have a really good friend of mine and runs
a concrete business, and you know, I was just talking
to him the other day and he goes, you know,
I got what my guys are like, early twenties, mid thirties, right,
And I'm like, oh, that's great. I was like, how
many of them have benefits through through their employer? He goes, well,
you know, through their spouse's employer. They go pretty much everybody.
I go, but most of your guys are contractors, I said,
so what happens if they get hurt on the job.
(05:25):
He goes, well, my work's competent coverment because they're contractors, right,
they're not W two employees. So I go exactly, I said,
do they do they realize that if they get hurt
jackhammering a concrete you know, driveway, what does that really
look like to them on a medical expense bill? And
it's you know, group health insurance doesn't cover work related injuries.
(05:46):
That's why you know, you guys carry workmen's comp not
saying that there's a big potential experience here. I guess
you can fall out of your chair, but you know,
especially in someone on that line of work. I'm thinking about.
You guys are electricians. You guys are in the construction companies.
You know, you know we have clients that you know,
do window washing three stories up, you know, as contractors
(06:06):
and different things that there are roofers, right, And I mean,
you guys are in a situation where you know, you
guys don't realize that the health insurance that you're on
with your spouse isn't covering you while you're doing your job.
And they find out that you are hurt on the job,
they do not have to pay that bill because they
don't cover work relate injuries. And that's a huge thing
to really look at and a common mistake that so
many people make when they get married and go, oh,
(06:26):
I can go my wife's plan. It's only a couple
hundred bucks a month. But I'm really exposed for what
I'm doing, especially to say like Ohio that doesn't require
workmen's comp for self employed people. That's a really big
thing to start thinking about when you when you start
getting married.
Speaker 1 (06:40):
Right, you mentioned some of the trades and cover up
potential serious injuries. Yeah, falling off a roof comes in mind.
My daughter's fiance's in the roofing business, and and you
know he's up on all the time doing estimates and
inspecting rooms and things like that.
Speaker 2 (06:58):
He's a perfect example.
Speaker 1 (06:59):
Somebody insurance through his employer though okay, through his daughter.
Speaker 2 (07:04):
But if he was, if he imagine the employer, maybe
he's not on that group plan, not caring workman's com
for himself, he would be in a situation if he's
on on that roof or doing an inspection. Yeah, or
or someone that's just like I'll give you an example.
I an out of construction guy. He was doing a
bathroom model install and I guess the client that he
was dealing with was so like very anal retentive on
(07:27):
like you can't have any debris or dust or anything
go outside of this area, right, So he ended up
sealing off the bathroom and I guess whatever happened like
maybe the window got closed or something like that, and
ended up having you know, a gas machine inside of
that and ended up getting like carbon monoxide poisoning holy
while in there. And you know, I would look at
(07:48):
a situation and if he wasn't insure with us. I
mean we're talking about he was like eight days in
the hospital in a hyperbolic chamber to get the oxygen
back into his system from the carbon monoxide. I mean
you're talking it was like fifteen sixty thousand dollars a
day while he was in there. And you know, if
he was on his wife's group plan, they wouldn't pay
any of that. You're talking almost one hundred thousand dollar bill.
That's insane, Yeah, just for something that wasn't an actual claim,
(08:13):
like he didn't fall down, don't do that. Don't do
that number one, right, and then other things are planning
at that point too, especially when we start getting married,
is like yeah, I'm sure you're starting to have that conversation. Hey,
we can have a child. You know, what does that
look like on your plan? Most people think, oh, I
have health insurance, like they're gonna cover maternity, right. I mean,
there's a lot of individual plans out there that are
being sold today that don't actually have true maternity coverage.
Speaker 1 (08:37):
Right.
Speaker 2 (08:37):
They might say, hey, we cover complications due to pregnancy,
but we're actually not covering the natural childbirth.
Speaker 1 (08:44):
Right.
Speaker 2 (08:45):
That's a huge limitation and it was here a lot
when I first started doing insurance twenty years ago. The
ACA has changed that. So a lot of people think, oh,
I'm on an a Bomacare plan. It says it has
maternity coverage, but look at your coverage, right, I mean,
just qualk you through that scenario. You know, if you
have a plan that has a ninety two hundred dollars
out of pocket, let's say you have a C section, Well,
(09:06):
you're gonna be paying ninety two hundred right.
Speaker 1 (09:08):
Right.
Speaker 2 (09:08):
Then when the child's born, the child gets added to
that policy. Right. But then the child has expenses while
they're in the hospital that they have to satisfy their
owndductible Right. So now the baby's in there. Let's say
jaundice tests and my happens is jaundice comes back. Now
there's more expense on that. Let's say you decide to
do the snip for a boy, you know, yeah, you know,
(09:29):
like you're now, actually there's a cost for that. They're
usually about eight hundred bucks a pop. So there's a
lot of expenses though, I guess so you know, well, I.
Speaker 1 (09:38):
Mean it wouldn't be covered as a medical expensive It's no, it's.
Speaker 2 (09:41):
It's covered on your health insurance. But again it's's subjucated
to your deductible. Well yeah, yeah, it's not free anyway. Yeah,
you're paying for it anyway. If you're deductible seven grand,
I mean, you're basically paying all that. So these people
end up going in and having you know, a child.
This is a great moment in their life. And then
then three months later they see all these bills come
back and go, oh my god, this kid just cost
me twelve thirteen thousand dollars, if not more. So, this
(10:01):
isn't what we can really start having those conversations and
start adjusting your plans. You know, we talk about right now,
you know, I have a plan for self employed people, Like, literally,
the cost of maternity and a child being born is
seven hundred fifty bucks.
Speaker 1 (10:15):
I can handle that.
Speaker 2 (10:16):
Yeah, yeah, it's a lot better than twelve thirteen thousand.
And there's also plans like we always talk about the
gap coverages that we can add on. I literally have
a plan that if you go and have a delivery,
they'll pay an extra over six grand as a supplemental
to that to help offset out of pocket expenses. So
if you're getting a six thousand dollars check and then
(10:37):
you're out of pocket seven hundred and fifty dollars, who's
pocketing that extra? You know, two hundred and fifty bucks?
Speaker 1 (10:44):
You insured? You are?
Speaker 2 (10:45):
You are? You are right?
Speaker 1 (10:47):
So this is where we're a ford to buy the diapers.
Speaker 2 (10:49):
Yeah, it's a huge benefit, right, that's a huge So
again it's like, you know, these are the things that
we really need to start talking about. So if you're
listening to the show, maybe you have your kids, like, hey,
my kid's just getting married, Like, let's have a conversation
because there's so many things that we can add on.
And guy, especially at that age, it's so inexpensive that
you can get such really good coverage, you know, for
those life things when they start coming up. So it's
(11:09):
really so important to review your options, review your coverage,
and talk to someone that can really walk you through
that scenario, especially when you're getting married.
Speaker 1 (11:17):
Well. And the other issue that popped into my mind
by way of huge expense is if you have a
premature birth, the incubators. My wife used to work in
the neonatal ICU, which she was a nurse back over
a children's hospital when I first met her, and those
premi babies are, oh my god, they're so tiny and
they require so much medical care and attention.
Speaker 2 (11:37):
That was the largest claim I've ever seen. Oh, I
mean twenty one years. We had one client going and
it was like, I don't know, it was like a
month and a half earlier or something like that, or
maybe two months, and it was it was insane the
claims that came through. I mean, that definitely cracked a
million dollars and what was actually paid out, you know,
And it just that's things that people don't think about,
you know, and not having the right coverage or having
(12:00):
I think that's limited or you know, we talked about
plans and aren't real health insurance that people.
Speaker 1 (12:03):
Buy all the time. Yeah, and can.
Speaker 2 (12:05):
You are they going to stomach that type of bill?
Who could? You could? Right, you have to have great insurance,
you know, in those situations because you never know when
it comes up and those things happen. The worst part
about it, More and more frequently, we're seeing a lot
more complications due to pregnancy. I think that I've seen before.
You know, it's just it's something that's been creeping up
over time. So again, really making sure your plan you're protected.
(12:27):
It's a great conversation to have. These are things that
I really like talking about because it's it's making it
makes sense for them.
Speaker 1 (12:34):
Yeah, and let me just double down to the extent,
you know, seniors, if your grandchildren are in that area,
if your children are in that area. I mean again,
the calling John and initiating this conversation is nothing but
a little bit of time, and they might not have
any concept of what John just brought up, which you know,
in spite of the fact that I'm not there, that
would scare the hell out of me absolutely thinking about that,
(12:56):
just as like, man, that's bankruptcy right there.
Speaker 2 (12:59):
Yeah, I mean, at the end of the day, even
if you're already on group insurance through an employer. Maybe
you have good coverage, right, you still have had a
pocket expenses and holes. You can call us that can
show you how to make your group plan better.
Speaker 1 (13:09):
Right with the.
Speaker 2 (13:12):
Right, I mean, we can make the group plans better.
We don't have to change your primary health insurance. There
are so many little things that you can out on
that are very inexpensive that can make that plan a mercedes,
you know, and really make it a great option. So
really you really think about that, you know, especially at
that that life event, right, and then soon after that,
right once that child is born, and you playing that
(13:33):
out right, what happens now you have kids. That's a
huge expense from itself. Yeah, I know, I know what
select baseball cost really and traveling and hotel stays and
all that. But the kids eat a lot, they do,
especially as they get older. Like my my youngest is like,
you know, he'll be twelve, and you know, I can
just definitely tell he's going through a gross for because
(13:53):
I literally fed him into the other night and a
big meal and he turns around like an hour and
a half later, he's like rummaging through the fridge. I'm like, great,
you're through Grossbury. So not only am I going to
be feeding YouMore, guess what I'm doing here like two
months buying new clothes.
Speaker 1 (14:06):
Buying new clothes, and then they tend to bring their
friends over who also empty the refrigerator as well. Oh
yes they did. But then they also get injured a lot.
Oh they do.
Speaker 2 (14:13):
And that's that's the biggest thing really with kids, right
And you know, we've talked about this so many times
on the importance of secondary insurance policies. And you know,
if you're a young family or even get just a
young individual an accident policy, these are very inexpensive plans.
I'm talking you know, a dollar or two a day.
You can add these things onto your insurance policy and
(14:35):
literally you will pay off all of your out of
pocket expenses on your major medical plans. You know, I
look at emergency room claims. I always say this, like,
you know, I've been doing insurance now for two decades.
When I first started, you can go to the emergency
room and you know, it's a couple grand and they
would usually have an orthopedic there in the emergency room
to put a cast on you. Right now, we're seeing
claims over five or six grand for broken legs at
(14:56):
the emergency room, or things that aren't even broken but
are sprains. They you know, hit you with the two
thousand dollars X ray bill. Right, And the problem is
health insurance deductibles are so expensive. Now you're talking most
people I run into at least over five grand. So
you're paying that entire five thousand dollars because you where's
your wife going to take your kid? You know, if
(15:16):
he falls down, he's crying, my wife's done it. Like
she literally goes, you're taking the emergency room. I'm like,
we think it's broken, you know what I mean? I
know it's t grand walking in the door. I mean, well,
we don't question anything. We don't question it because we
have an accent of policy because literally, the most I
would ever pay on an accident for my family's Twitter Bux,
regardless of whatever it is, because I have a secondary
plan that completely covers all of my attic pocket expenses.
(15:39):
So I always look at my son, who's very accident
prom my youngest. I go, hey, listen, my deductible just
renewed in January, So if you're gonna have an accident,
do it now. So I can meet you inductible for
the year, right, Because that's the best part about double
dipping with these secondary policies is if he breaks his
leg and it's five grand and reductible's five grand, my
secondary plan will completely cover that deductible. But guess what
his deductibles meant for the rest of the year. Yeah,
(16:00):
So now anything else that I do, you know, I'm
not paying a inductable on him. He's good. These guys said,
do it in January, stop doing it right around Christmas, right, right,
So you know, these are really important things to look at,
you know, and you know this now is also time
to really start thinking about as you have kids, you know,
make sure you have good life insurance something happens to you, right,
(16:22):
making sure you have a good hospital and demnity plan.
You know. I think these are so important with kids
because they end up in the hospital. My daughter ended
up going to the hospital because she ended up very
young developing asthma and it was so severe. When she
was actually hospital, I was for like three days, you know,
and I'm like, man, this is huge. And guess where
I was. I was in the hospital with her. Guess
(16:43):
where my wife was in the hospital with her. So
we took three three days off from work, almost a week.
You know, that hospital and demnity plan that I had
ended up giving us like seven grand that.
Speaker 1 (16:53):
Takes the sting out of networking, takes the sting.
Speaker 2 (16:55):
Off covered aductible. I didn't worry about anything. We ended
up walking right away with a couple thousand dollars like,
oh yeah, this wasn't so bad. I didn't question having
to be there with her because I had to go
to work. So there's there's plans that will literally pay
you when your kids are sick, Helping you stay with
your kid, Helping you stay with your wife if she
goes through things. Start thinking about things that your family
planning so important. We think about everything else that we're doing,
(17:17):
but think about critical illness policies at this stage. You know,
I've seen clients in their thirties get cancer. You know,
I had a friend of mine have an actual stroke
because of a small foot surgery, end up getting a
bood clock.
Speaker 1 (17:29):
You know.
Speaker 2 (17:29):
I mean, these are things that happen in life, and
they wreck you and a young family when you start
having kids. Most people don't have a lot of discretionary income. Brian,
at that point right, So you go out of work
for a couple of months, like you're run up credit
card debt, you're asking parents for loans, you're you know,
God forbid bankruptcy really so critical illness policies. Even at
(17:50):
that age, you're talking about plans like a dollar a
day that can literally give you a fifty grand and
the event you have something, and it just it just
makes such financial sense.
Speaker 1 (18:00):
It doesn't advice you so much peace of mind.
Speaker 2 (18:03):
Oh my god.
Speaker 1 (18:04):
I mean, maybe that's a small price to pay for
the level of peace of mind you get. Knowing that
you're not gonna have to declare bankruptcy as a consequence
is something unforseen.
Speaker 2 (18:10):
No, And I always tell people, listen, more people file
bankruptcy to the medical debt that had health insurance than didn't.
Speaker 1 (18:17):
It's hard to believe because usual people.
Speaker 2 (18:19):
Buying health insurance have a better income and they're not
worried about just holding on to a bill and never
paying it right because they have to have good credit
to buy loans in a car and a family whatever.
So they look at that, but it's at the end
of the day, it's like when you start looking at
these out of pocket expenses, I mean, how many people
right now listening to this call can afford eighteen thousand
dollars a year medical expenses if they're on an Obamacare
(18:42):
plan and you know them and one of their kids
have a claim that year they meet their deductible and
not a pocket expense. I mean, who has that for
laying around?
Speaker 1 (18:51):
You know?
Speaker 2 (18:51):
That's that's I mean, if you're making even one hundred
grand a year, it's almost twenty percent of your income. Yeah.
Speaker 1 (18:56):
Yeah, when you say it like that, it is a
lot of money, isn't it a.
Speaker 2 (18:59):
Lot of money. That's a lot of money, and it's unforeseen,
and God forbid, it's a long term condition that you're
hitting that every year because now you're going through a
major condition that's gonna take a couple of years a treat.
Speaker 1 (19:09):
So again, it's why.
Speaker 2 (19:11):
Early on planning for these things makes such sense. We
have so many listeners now, Brian that are calling and
even on group insurance, and we're adding little plants to
their group insurance and are making them so good and
now they're not even fretting having any issues anymore. I mean,
that's the beauty of what we do. We don't have
to completely change your plan we can just make it better.
Speaker 1 (19:31):
Well, and then you ultimately get to the teenage years. Yeah,
and that comes with its own challenges and one of
the things in modern times, and I'm glad that people
are embracing the concept of actually getting help when they're
having issues and struggling mental health, getting some services and
it's no longer taboo or boat and you know, embarrassing
(19:51):
or at least it's become more embraced. And lord, we
live in a time of a lot of challenges for teenagers,
you know, internet based and social media based. I mean,
I remember how bad it was growing up when I
was a teenager, which is sort of pressure within school
and that kind of thing. But man, it's it's you.
You never leave it anymore. And a lot of a
lot of young people are are in need of mental
health services.
Speaker 2 (20:11):
I think we've all been in need of mental health services.
I just remember being young and Dad was like, suck
it up, buttercup, let's go. You know what I mean,
that was what you did. That's what you did. And
you know, the whole realm of you know, oh did
you all down and break? Like we're up some turn
on it and see if it's better, you know. I
mean that was a mentality, but it didn't work, you know,
and you just kind of dealt with it and doing
(20:33):
your own juices. Yeah, and then you see more things
about you know, you know, we always, you know, don't
always want to talk about this thing, but you know,
teens going through severe mental health problems, and you know,
the suicide rates at those ages are just unfathomable, and
you know, definitely things you know, I look at my
teenage kids and you know, it's like, you know, we
(20:53):
try to keep a great environment, but sometimes you needn't
outlet outside of us to talk to and outside their
friends who you know are biased, right, and you know,
mental health's great, So you know, we we have a
mental health program for ours. We do for a lot
of our clients onlimited usage. He already talking about a
couple of bucks a day, and you can literally call
and talk to a therapist anytime they want. We give
him access to it. My eighteen year old has access
to it. He's going to be going to college. I
(21:15):
don't know what kind of stress he's going to have.
He's never left the house. Now, he's three hours away.
You know, he's he always gonna call dad with all
his problems. No, maybe, Mom, but you know I want
him to have that outlet if he needs it. And
you know, having mental health on your planet is so important,
you know, just because he can have access to care
wherever he needs it. You know, the telehealth is so
(21:36):
amazing nowadays. We've taught all of our kids how to
be able to use it just in case. But more more,
my son, he's gonna be nineteen years old going to college.
I want him to have access to that. I don't
want him to be sitting in his dorm room fretting
because he doesn't even know where to go because he's
in a new area. He literally knows how to use
a teledoc and can literally just call in and get
whatever he needs.
Speaker 1 (21:54):
I think that telehealth is one of the best things
to come out of COVID. I mean, he existed prior
to COVID, but really the medical community at large embraced
it because we were all on lockdown and had to
stay away from each other. So it became ubiquitous. And
how many people you know, were saved from having to
(22:14):
drive down to the damn doctor's office and sit around
in the waiting room for an hour or two and
just to get a prescription refilled, or you know, even
finding something like mental health services. So I think telehealth
is fantastic. It works great.
Speaker 2 (22:26):
And guys, it's so good for kids going to college,
it really is. They love it. It's so easy to use,
and the other things I'm really thinking about too, especially
you know, this is exactly what I'm going through right now.
I mean, thank God, I already prepared this with my son.
But you know, there's loans going out for most people
right if if you don't, if you don't have a
bunch of money sitting around or signing your kid up
for a college fund, I mean, you're probably going to
(22:47):
take out some sort of loan or help your kid
go to college. You know, God forbid something happens to them,
you're still on the hook for the bill, you know.
And you know, I always tell people one of the
easiest things to do when their kids turns eighteen or
whatever is going to college, take a life insurance policy out.
Make that sting hurt less. If something actually does happen,
I can pay off those student loans that he's occurring.
Speaker 1 (23:07):
That's that's a topic that I think most people don't
even want to go down that road. I don't want
to inflating your own child's death. I mean it's bad
enough when you got to sit down and do a
will yeah yourself, which people put off all the time, like, ah,
now you don't want to have to go through probate.
You want to get a will.
Speaker 2 (23:23):
So I sat through a seminar for my son because
it's the first one we're going through, and like, one
of the first things they said is going to get
a life insurance Policy's like, man, I've been saying that
for years. I mean, but it makes perfect sense. You know, inxpensive,
it's very inexpensive. You can do like we said, our
son upout the whole life policy, very inexpensive. Iuel, you know,
we're funding it for him. I was like, when you
(23:43):
graduate college, it goes over to you. There's cash value
building up into it. God forbid, something does happen where
the beneficiary is to be able to utilize that the
payoff whatever we have on him. But I mean, nice
thing too. It's building up for him. So when he
gets out of college he goes on it's like, hey,
I already started your really cheap life insurance policy that
you can have and you know, eventually when you get married,
you already have it, and then you can change your
beneficiars your spouse and your kids or whatever. So I
(24:05):
mean it's going to it basically grows with them, you know.
So it's not just thinking about what's going to happen today.
It's like, well, I'm really planning for the future too,
So that really makes a lot of sense. The other
thing to start really thinking about that I wasn't completely
worry about is just the financial side and just kind
of the side note, you know, doing a limited power
over any attorney on your kids. I can't even talk
about financials with the college I'm paying for it. I
(24:27):
can't even call them go hey did you get the check?
Speaker 1 (24:29):
Right?
Speaker 2 (24:30):
So like literally get that taken care of. I also
did it as caregiver responsibilities for MYLNI me. He will
be nineteen so on the on the event that we
have one for him, so we can may help make
those decisions. But also I did it for him for us.
If something happened to his mother and I who's gonna
be able to make those decisions. It's a good point,
you know, So we did it for him so that
he's our caregiver if something happens to us, he's the oldest.
(24:53):
It's just things that really start thinking about this time
of life, when you have a kid going off to
college and you're starting to get up there in your
forties and fifties, things can happen. Have a succession plan.
Speaker 1 (25:01):
Yeah, express instructions of what your desires are right now. Absolutely,
the heavy burden of making a decision about quote unquote
pulling the plug for a nineteen year old, you know
what I.
Speaker 2 (25:10):
Mean, And then again think about your parents, right, and
then just kind of going into more things here real quick,
and we'll kind of wrap this up. But you know,
now you start maybe you're empty nesters, you're getting ready
for retirement, and you're like, hey, I'm sixty two years old,
I don't want to really be working anymore. What is
that really going to be looking at? We get a
lot of listeners that call in in this exact scenario,
(25:30):
Cobra's not a really good option. No, all right, So
Cobra's not a really good option. Having a conversation a
little bit early, you know, hey, let's talk a couple
months before you're ready to retire, that we can get
numbers and stuff like that. But also I've had a
lot of really good strategies being able to help you
think about adjusting your income for retirement for those last
three years, taking money out of a ROTH rather than
like a regular IRA who you're paying taxes on. And
(25:51):
We've had some really good strategies where I've helped a
lot of your listeners be able to structure their income
to show lower the last two or three years before
they go on Medicare so they can take advantage of
the huge tax credits that they can get, right, you know, and.
Speaker 1 (26:04):
We we brought that up a few shows ago. I
remember having that conversation.
Speaker 2 (26:07):
I mean, reducing your modified adjusted gross income gets your
free some free money from medic from the government to
help you offset your costs of your health insurance makes
such really good sense. And then even if you're in
that like last six months before you're going on Medicare, guys,
short term plans are great. I mean they're a fraction
I'm talking thirty cents on the dollar compared to COBRA. No,
(26:29):
just your painful price for that group plans, And ninety
five percent of the time we talk to people doesn't
make sense. So having a really good conversation. You don't
need to stay in your old group plan and pay
a couple of thousand dollars a month to keep.
Speaker 1 (26:41):
Your coverage all right. Well, and also, as we were
talking about, you know, getting toward retirement, this in home
care holicies so important.
Speaker 2 (26:52):
You start turning like fifty five the sixty like start
looking at long term care.
Speaker 1 (26:55):
Guys.
Speaker 2 (26:56):
It's more and more people every day we're seeing. You know,
medicine is great, but when you have a stroke or
you go through like a Herr attack and a coronary
event and you're you have some sort of disabled disability
after that, we're seeing so many people with als and
different the de genda disorders, you know, end up into
nursing facilities or at home care. You know, it's more
than I've ever seen before. The numbers are drastically higher.
(27:18):
You know, these plans are so inexpensive early on getting
something that really makes sense because that is a huge expense,
and anybody that's gone through it with a parent knows
that at some point you're going to be paying and
helping them.
Speaker 1 (27:31):
You got to set up one of those for my wife,
I do we do need to do that? Yeah, Well,
let's make a note of that. Yeah, I got to
get it up all right. Well, it's been an interesting
conversation walking through the various phases of life, and just
an important exclamation point on getting in touch with John
and the team. Regardless of which phase you're in, it's
very likely that he has got some options for you
(27:52):
that are extremely important, can keep you out of this
massive financial hole that you can you might find yourself,
you know, and just and give yourself that peace of
mind that's so important. I mean, that's one of the
reasons we all have insurance. Sometimes you have to have it,
but in other cases, you know, the fool is the
one that's not looking out for his or her own
best interests. And you're in a position to have John
on the team. Take a look at where you are
and look out for your best interest along these lines.
(28:14):
So the number again it's five one three eight hundred
call five one three eight hundred two two five five.
And if you're listening in a different state in the Union,
he can help you. It's not just a local Greater
Cincinnati area concept. He's got here nationwide. Help is available
for you again online, go to cover Since he with
Yri cover since he dot Com. Fill that form out
(28:35):
and get the process started. See what John the team
can do for you. This has been another edition of
Rethink Healthcare together with John Roman from Cover since he
Uh and make sure you're looking out for your best interest.
Tune in next Sunday for another edition. I hope you
have a wonderful, wonderful weekend
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.