April 26, 2023 • 28 mins
Medicare. The beauty and the terror!
This episode of Retirement Equals Freedom features a first-ever guest, David Wylly of Medicare Solutions Network, who is here to liberate us from our fear of the unknown!
Host Josh Bretl, Founder of FSR Wealth Solutions, runs through a list of key questions covering everything we need to know about this federal health care program and how it can directly impact our quality of life. (If you missed Part I, you might want to get the basics by clicking here to hear Episode 35.)
You’ll learn in Part II why it’s important to be an educated consumer and where some potential red flags are hidden – especially as you approach age 65 and a blizzard of insurance pitches hits. Supplements.
Advantage programs. Options. Parts A, B, C and D. These Medicare components aren’t as daunting as they might seem, especially once explained by Dave W., FSR Wealth’s preferred expert on the topic.
When it comes to smart retirement planning, Josh and Dave W. (not to be confused with our regular co-host, Dave S.) have an unmistakable message to share: Staying engaged is huge.
The choices we make about health care have real consequences. It’s definitely not something to set and forget. So don’t run and don’t hide. Instead, find out how you can take charge!
A great place to start is with Dave’s Medicare Master Class he gave at FSR's quarterly client event, which friends of FSR are invited to attend for free at this link. You can also reach out directly through to Medicare Solutions Network or by giving Dave a call at 630-809-9758.
And don’t worry! Your co-hosts will be back next time with their signature segments, “Get to Know Josh and Dave” and “Dave Relates to Retirees.” (Cue the DR2R jingle!)
Want to chat with others in the FSR community? Join the conversation at our private Facebook group, which you’ll find here!
If you haven’t yet subscribed, click here to have FSR news you can use – and lots more fun stuff – delivered straight to your inbox. You’ll also find great resources about all things R=F at this pod link resource, including one-click access to your favorite platform for listening!
Whenever you’re ready to schedule a free discovery with one of our team, please visit this site. We look forward to meeting you and exploring how FSR Wealth Strategies can help you create the retirement you have worked for and deserve!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Josh Bretl (00:02):
Our whole planning process, we call it our own your
retirement planning process.
We want people to be in controland own their situation.
And bearing your head inthe sand about Medicare for
your entire retirement isone of those things that
you're just hurting yourself.
Dave Wylly (00:16):
I would always say the first thing you want to do
is start to educate yourself.
Waiting till the lastminute is not the answer.
Do not ignore it.
It's not going to go away.
The more you learn aboutMedicare, the more you're
going to appreciate whata great program it is.
But you just need to understandthe intricacies involved.
Dave Schmidt (00:33):
Medicare.
Oh, the Beauty and the Terror.
This episode features ourvery first guest, Dave Wylly,
who is here to liberate usfrom our fear of the unknown.
Our host, Josh Bretl, runs usthrough a list of key questions,
covering everything we need toknow about Medicare and how it
(00:55):
can directly impact your life.
In this episode, the parttwo of our Medicare series,
you'll learn why it's soimportant to be an educated
consumer and where somepotential red flags may pop up.
Supplements, advantage programs,options, parts A, B, C, D,
these Medicare componentsaren't as daunting as they
may seem, especially onceexplained by Dave Wylly, our
(01:18):
preferred expert on the topic.
Staying engaged is huge.
The choices you makeabout healthcare have
real consequences.
It's definitely not somethingyou should just set and forget.
So yeah, don'tjust run and hide.
Instead, find out howyou can take charge.
And a great place to do sois right here in episode 36.
(01:40):
This is the RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
And for the last 20 plus years,he's been helping fine folks
like you gain the confidenceneeded to make retirement
the best part of your life.
And me?
Why hello, I'm Dave.
(02:01):
Josh's longtime friend,co-host and fan of Barrel
Aged Old Fashioneds.
All right, all right.
I have been talking long enough.
Let me, let you, let me end myintroduction so we can get right
on with Medicare part deux.
FSR Wealth Management is aregistered investment advisor
located in Elmhurst, Illinois.
Information and opinionscontained in this audio
(02:21):
have been arrived atby FSR Wealth advisors.
All information herein isfor informational purposes
and should not be construedas investment advice.
It does not constitute an offer,a solicitation or recommendation
to purchase any security.
FSR is not providing legal,tax, accounting, or financial
planning advice in this audio.
These views are as of thedate of this publication
and are subject to change.
(02:57):
We made a pact months agosaying we would never record
a podcast after lunch.
Josh Bretl (03:05):
We're going to test it.
We're testing our energy levels.
I mean, you and I arephysical specimens of way
to not treat your body.
Our food intake and lackof exercise is not good.
Dave Schmidt (03:20):
It's not good.
Josh Bretl (03:21):
And actually, you and I were talking this
morning about mentally howyou get back in the game
and back into certain stuff.
And this is a primeexample of us saying we're
going to eat healthy.
It's like we're going torecord podcasts, but early
in the morning when we'refull of energy and not
when the food coma hits in.
And here we are.
Dave Schmidt (03:41):
We were both talking this morning about
taking the first stepsto getting healthy again.
And what do we do?
We order the most carb-heavy,gluttonous, ramen deliciousness
Elmhurst has to offer.
Josh Bretl (03:51):
It's just broth and chicken.
Dave Schmidt (03:53):
Yeah, that's true.
Josh Bretl (03:54):
Yeah.
Dave Schmidt (03:54):
The noodles, that's just like veggies, right?
Josh Bretl (03:57):
Mm-hmm.
The amount of time stuffspent in the fryer?
No big deal.
Dave Schmidt (03:59):
No.
Yeah, I agree.
Our bodies love us.
Josh Bretl (04:03):
Dave this is..
I think I said thisin the last podcast.
It's this rebirth of spring.
It's a fun time of the year.
It's why you live inChicago, because the
winters are miserable.
Now, you love winters.
You love beingmiserable apparently.
Dave Schmidt (04:18):
It's true.
Josh Bretl (04:19):
But here we are, winter again.
Dave Schmidt (04:20):
Mm-hmm.
Josh Bretl (04:20):
And coming up this weekend, I am doing something
with my daughter Maggie.
It's take two of IndianPrincess's camp out.
Now the last time, she barelyslept and got the flu and COVID,
I think, all in one weekend.
And we found out right in themiddle of our Disney trip.
So no, she did not get COVID.
(04:41):
Just the flu, that one.
So that was fun.
Let's try it again.
Dave Schmidt (04:45):
Yeah, I was going to say.
Josh Bretl (04:45):
It was so successful.
Dave Schmidt (04:46):
Take two.
Josh Bretl (04:47):
She's super excited for it.
Dave Schmidt (04:48):
Let's play two.
Wait, is she excited for itor is she not excited for it?
Josh Bretl (04:53):
Oh, she is giddy excited for it.
Dave Schmidt (04:55):
Oh, oh, oh.
Josh Bretl (04:55):
She's missing soccer and some other fun
things, but she doesn't carebecause she's like, "I get
to go to this camp out."
It's fun.
They run around outside.
They stay up late.
They eat junk food.
They're with just dads.
No moms telling themnot to do stuff.
Dave Schmidt (05:10):
What do you have planned?
Now, do the guys coordinatewho's going to bring what snacks
to grill and things like that?
Josh Bretl (05:16):
Yeah, they coordinate.
Actually, the one guy who'sthe head of our little
Princess tribe, he's awesome.
But he brings a giant grilland he makes sure there's
enough food and he does allthis stuff, and we just chip
in some money and help cleanup and do all that fun stuff.
Dave Schmidt (05:37):
All that fun stuff.
It sounds like the time wehung out with Dave Wylly.
Josh Bretl (05:40):
It is like the time we hung out with Dave Wylly.
You had so much funwith Dave Wylly.
You said he should be ourvery first podcast guest ever.
Dave Schmidt (05:46):
Mm-hmm.
I did.
Josh Bretl (05:51):
And this is the very first episode that
we're bringing a guest on.
So you and I, the reason wedecided we could record this
after lunch is because thisis the first time you and
I are not the main talkingheads on this episode here.
Dave Schmidt (06:04):
It's true.
Josh Bretl (06:05):
Dave Wylly is our Medicare expert that we
use in our office, but we'vebeen referring to Dave Wylly
now for couple of years.
My parents personally use him.
Dave Wylly is as intelligentabout Medicare and cares as
much about the client as wedo about all their aspects
of financial planning.
We really match well together.
(06:26):
So there's noaffiliation between us.
We don't share revenue.
There's nothing other than Ithink that this is the right
person to refer our clients to.
And there are other Medicarepeople out there as well that
if you were using someonewho you trust, that's great.
But I want to bring Dave Wyllyon to ask him some questions
that I get asked a lot fromdifferent people and to help
(06:48):
dispel from that viewpointeven things that we can't do
because we don't deal with itday in, day out the way he does.
I know you've had the pleasureof watching one of Dave Wylly's
seminars he gave to our clients.
Dave Schmidt (07:02):
Mm-hmm.
Josh Bretl (07:02):
And on our show page, what I'd like
to do is link to thatseminar if we could, Mr.
David.
Dave Schmidt (07:11):
Yeah, I think we could work
something like that out.
We'll probably have to justhave people enter in a few
pieces of information toget access to the video.
We don't want it totally allover the internet, right?
Josh Bretl (07:19):
Yeah, that's probably good.
David wouldn't like that.
Dave Schmidt (07:22):
No.
Josh Bretl (07:22):
But he's okay with me sharing it with
some people who request it.
So.
Dave Schmidt (07:26):
Okay.
Josh Bretl (07:27):
But yeah, if you like what he has to say, if
you just want to learn more,we did do a whole hour-long
presentation to our clients.
It's a live presentation.
It's clean and barelyedited there, but it's a
good presentation, too,and there's a lot more
detail that we go in there.
Dave Schmidt (07:42):
Was this the live event you made me record
and you did not let me get upfor water or bathroom breaks?
Josh Bretl (07:48):
Yeah, it was a really long one too.
And Medicare isan in-depth topic.
Dave Schmidt (07:51):
So in-depth.
Super, super awesome topic too.
All right, so I thinkwithout any further ado...
No, I didn't saidthat correctly.
With...
Huh?
How do you say that?
Josh Bretl (08:02):
Let me let you let me let you let me let you enjoy.
Dave Schmidt (08:06):
Oh.
Ooh, should I do that?
I can do that live right now.
Josh Bretl (08:09):
Right now?
Dave Schmidt (08:09):
Are you ready to end this introduction so
we can get onto Dave's here?
Josh Bretl (08:12):
Yeah.
Dave Schmidt: Because I can say it. (08:12):
undefined
But here's the thing: when I say it, that's it. (08:13):
undefined
We can't talk anymore.
Josh Bretl (08:15):
Okay, deal.
Dave Schmidt (08:16):
Okay, ready?
All right, listeners ofthe podcast and friends.
Let me let you let me and Joshend my introduction so you
can enjoy Dave Wylly and Josh.
Enjoy.
Josh Bretl (08:28):
We can't talk anymore now?
Dave Schmidt (08:30):
I mean, we can still talk.
Josh Bretl (08:31):
All right.
Dave Schmidt (08:31):
Yeah.
Josh Bretl (08:35):
So this is the first time I'm talking into
a microphone without mygood friend Dave Schmidt.
So I pulled in another Davidwith me here and another
friend of mine, Dave Wylly.
Dave, thanks forjoining us here.
Dave Wylly (08:48):
My pleasure.
Josh Bretl (08:49):
So a little background.
David is a Medicare specialist.
He's an expert in Medicare,and my father, five
years ago was turning 65.
Now, we happen to own apractice that specializes
in working with retireesand Medicare's a hot topic.
Well, we never hadanybody who we would send
(09:13):
Medicare referrals to.
It's something thatwe don't handle.
It's a very specializedthing, and we have always
felt that when it came toMedicare, most Medicare
salespeople who approachedus were buying a used car.
It was a dirty, used car.
And it wasn't until, actuallyit was one of my dad's
high school friends, theyjust happened to all be
turning 65 at the same time.
(09:35):
Who is a really,really smart guy.
He says, "Hey, you've gotto meet this Dave guy.
It's somethingtotally different."
And so, I don't know if youremember, but you came in and
you talked to my dad and I,and we brought you in to do
a workshop and we all said,"This is totally different."
Dave Wylly (09:49):
Yeah.
You guys definitely put methrough the full nine yards.
That's for sure.
Josh Bretl (09:52):
We did.
But every time we've heardyou talk, it's like our whole
staff learn something new andit's just a great experience.
So I appreciate all ofyour help over the years.
Dave Wylly (10:01):
My pleasure.
It's a complex topic and yetit's not as scary if you break
it down into bite-sized chunks.
Josh Bretl (10:06):
We're not going to have a ton of time here because
our podcast listeners get reallysore on their butt if we make
them sit and listen too long.
But I wanted to go througha few key questions for you
and then we'll talk abouthow they can reach out and
learn more as we move on here.
So the person who's listeningjust turned 64 years old and
on their birthday, they startgetting their first batch of
(10:28):
mail and it's every insurancecompany under the sun.
Dave Wylly (10:32):
It's unbelievable.
The landslide, if you've everowned an insurance product
in your life, and propertyand casualty, automobile,
homeowners, any of that,they've got your birthdate,
they've got your address, andthey probably have your phone
number, maybe your old phonenumber, but you'll find that
the phone rings off the hookand your mailbox fills up.
It will be unbelievable.
Josh Bretl (10:51):
So you can't get Medicare till 65.
This starts at 64.
When should peoplestart worrying about it?
Dave Wylly (10:57):
Well, we always say anytime you feel your blood
pressure going up, we do a lotof educational seminars and
we find that people will showup, and you'll run the gamut.
You'll have folks thatare in their late 50s.
You'll have folks that havealready made their Medicare
decision, and yet that gives mea great source of pride because
they're smart enough to revisitthe initial decisions they
(11:18):
made because maybe they didn'tmake a fully informed decision.
But you see people, willget people coming to our
office that saw us four orfive years ago at a library.
So I would always say thefirst thing you want to do
is start to educate yourself.
Waiting till the lastminute is not the answer.
Do not ignore it.
It's not going to go away.
And it's the more you learnabout Medicare, the more
(11:40):
you're going to appreciatewhat a great program it is.
But you just need to understandthe intricacies involved.
Josh Bretl (11:47):
So I got a few things out of that.
One is don't wait.
So if someone's 60 years oldand they're freaking out about
Medicare, they can come watchone of your presentations.
Dave Wylly (11:55):
Anytime you feel your blood pressure going
up is when we should meet.
Josh Bretl (11:58):
Okay.
Here's a second question.
You're 68, 69, 75 years old,and you made a Medicare choice
at 65 and you just kept thesame thing over and over again.
Is there room to be better?
Is there...
Dave Wylly (12:13):
There's always room to investigate.
We find an awful lot of peoplecome to Medicare and they
did what their neighbor did.
They did what theguy at work did.
They did what theirbrother-in-law did, and
that is not usually the bestopportunity to maximize value.
And everybody's value equationis a little bit different.
How are you doing financially?
(12:33):
How are you doing physically?
What's your risk tolerance?
What's your medical history?
These things all gointo a comfort level.
The problem is most peoplecome to Medicare, they make
one decision, they throw itin a drawer and they don't
ever want to visit it againbecause it was so damned
confusing the first time.
So what they wind updoing is just ignoring.
And we know, even thoughthere's a landslide of
(12:54):
advertising, every year youget a chance to do your drug
program over or maybe lookin an advantage program or
just reassess where you are.
That's from October15th to December 7th.
And we know studiestell us about 65% of all
seniors never even look.
They got so confusedthe first time.
They don't even wantto deal with it.
(13:14):
And we know the mostterrifying word that seniors
can hear here comes change.
Oh my God, they hate that word.
Josh Bretl (13:21):
It's not just seniors, trust me.
We're really big.
Our whole planning process,we call it our own your
retirement planning process.
We want people to be in controland own their situation.
And bearing your head inthe sand about Medicare for
your entire retirement isone of those things that
you're just hurting yourself.
Dave Wylly (13:39):
That's one of the saddest things.
We'll catch people in theirlate 70s, early 80s, even
further on down the road becauseeventually these decisions that
you made, whether you look atit yearly or every 10 years,
it's eventually going to besomething that's going to grab
your attention because it'sgoing to continue to increase
in cost on a fixed income.
(14:00):
You're eventually going tobump into the decision point
of what are we doing and isthere a better alternative?
And that's one of the greatthings that we're able to do
is rescue people in their lateryears that might not have made
smart decisions initially and beable to improve their situation.
Usually it's fairly dramatic,but as always, the saddest part
(14:21):
of that conversation is whenyou explain to the couple that
with a couple couple of prudentmoves, you can save about $180
a month between the two ofyou and they get very excited.
But it always seems likeit's mom that wants to
know how long could we havebeen saving $180 a month?
And you have to try to tellthem, "Well, I'm glad I
didn't meet you at 86 becauseyou're paying way too much."
Josh Bretl (14:42):
yeah, in $180 a month, it's real money.
I mean, it's-
Dave Wylly (14:45):
Times 12.
Josh Bretl (14:46):
Yeah, that's every year.
Let's take a stepbackwards here.
Medicare is ungodly confusingand that's talking from
someone who knows the tax code.
A, B, D, Advantage,all that fun stuff.
Can you give us a briefdescription of how to
think about Medicare?
Dave Wylly (15:03):
Well, you start with Medicare being primary,
and this is a tectonic shift.
You have to almost checkwhat you learned in your
first 65 years of insuranceat the door because now
there's a new sheriff in town.
This is Medicare.
The federal government isgoing to step into place, and
that doesn't have to be at 65.
You might wait longerif you continue to
(15:23):
have coverage at work.
But the first step in theprocess is wrapping your
mind around how Medicarebreaks out facilities.
That's all under partA, and services, that's
all under part B.
And that's a little bitdifferent, but it's the
buildings that you need is partA, and then everything that goes
on in the buildings is part B.
(15:44):
And what you want to know isthat that's really good coverage
at a really good price, butit's nowhere near complete.
Josh Bretl (15:50):
So that A and B is government
run, government control.
They set the rules, theyset the cost, all of that.
Dave Wylly (15:57):
That's the foundation.
You got to have that.
That's the cover chargeto get into the wonderland
of Medicare, A and B.
And once you get educated andunderstand what that does,
and then conversely what thatdoesn't do, then that opens
the door to a discussionabout how private insurance
companies can step in and fillthose gaps or supplement what
(16:20):
original Medicare doesn't cover.
Josh Bretl (16:22):
So the supplements, those are what
people are getting mail for.
Dave Wylly (16:27):
These days, supplements are not
getting as much push asthe Advantage programs.
Advantage has become a veryhot topic because it features
low premiums and Joe Namath.
Josh Bretl (16:40):
And a high commission for the salesperson.
Dave Wylly (16:42):
Pays absolutely the highest
commissions in my industry.
And it drives me crazy becauseif you're doing a analysis of
what folks need that should be,and I know Josh and I share a
similar philosophy, it's calledfiduciary responsibility.
Are you doing what's in thebest interests of your clients?
And a lot of agents that I'veseen in the field and the
(17:05):
advertising on TV is incessant.
Advantage is a goldmine for the agent.
It's a gold mine for thecompany that's marketing
it, but it might not be yourbest option for coverage.
Josh Bretl (17:15):
And I'm someone who thinks graphically,
I love a good flow chart.
And my family makes fun of me.
But the way you picture it,actually, you have a handout in
the seminars that's fantastic.
And you have twopaths that it follows.
You have this traditionalpath, part A, part B,
and the supplement and-
Dave Wylly (17:34):
A drug program.
Josh Bretl (17:34):
And a drug program.
Dave Wylly (17:35):
We called original Medicare.
That's one pathway.
Josh Bretl (17:38):
Okay.
And the other pathway isthe advantage pathway.
Dave Wylly (17:41):
Correct.
And we'll see a change hereprobably in the next year
because what we're hopingis going to come out of
Washington DC is they're goingto take the word Medicare
off of Medicare Advantage,all these advertisements
on TV intimate that you arepart of Medicare when you're
with an Advantage program.
That's not true.
Advantage is a private healthinsurance alternative, doesn't
(18:05):
have the same catchy phrase.
It's not as catchy.
Josh Bretl (18:07):
How you name that is genius.
Dave Wylly (18:09):
Yeah.
So what they've got is peoplebeing convinced that they're
part of the Medicare world.
You still have A and B, youstill got to pay the part B
premium, but with Advantage,you've moved to a different
platform where now a privateinsurance company is running
your healthcare and there'sa market difference between
making decisions with yourdoctor, and that would be
(18:29):
the pathway called originalMedicare, or making decisions
with an insurance company.
That's what Advantage is.
The federal government paysa private insurance company
and they step in and literallyreplace original Medicare.
Now, everything isrun through them.
It's not a bad thing.
But boy, those advertisementson TV drive me crazy.
They're very disingenuous.
(18:51):
The way that they're pitchingdental, vision, hearing, get all
the benefits you're entitled to.
Let's take a real good look atthose benefits in what you're
actually getting and whatyou're actually giving up.
Josh Bretl (19:01):
So the first step is to decide original
Medicare, that pathwaywith A, B, D supplements
or the Advantage path.
Is that correct?
Dave Wylly (19:10):
Yeah.
Yeah.
I would say when you look atA and B, and we would refer
to A and B, the bedrock, thefoundation, that's a sunk cost.
So when you realize that yougot to have A and B, then the
way you really analyze whetherit's original Medicare or an
Advantage program, you'd want tolook at buying a drug program in
a supplement that would completethe original Medicare pathway.
(19:34):
So what is the drug programand the supplement cost as
opposed to an Advantage program?
Where most advantage programsare touting, and it's true
zero premium, you're notpaying a monthly premium, but
you're out of pocket exposureis dramatically higher and
your network restrictionsare something that need
to be analyzed in depth.
Josh Bretl (19:54):
So you'll pay less-
Dave Wylly (19:55):
Upfront.
... Josh Bretl (19:56):
probably upfront, but they're going
to limit who you can see,when you can see them.
And it's going to cost you a lotmore when you need it probably.
Dave Wylly (20:05):
This is the bane of my existence, is people
who spend 12 minutes on thephone with somebody in a
teleservice agency in Floridaand decide to dramatically
change their coverage.
And yes, it's true withAdvantage you do get bells and
whistles and shiny objects,but when the rubber hits the
road and you really need healthinsurance, people are dismayed
(20:26):
to find out they traded freetoothpaste for the Mayo Clinic.
To my opinion, you want tobe able to see the doctors,
you want to see when you wantto see them, what original
Medicare is all about.
Josh Bretl (20:39):
Now, we've just spent the last five
minutes bashing Advantage.
I'm sure thereare people who is-
Dave Wylly (20:45):
Who love it.
Josh Bretl (20:45):
Who is in it, and it's appropriate for them.
Dave Wylly (20:47):
Sure, could be, could be.
If your health is good, if yourdoctors are in network, we like
the advantage play later inlife because what you'll find is
supplements and drug programs,those premiums will increase
through the years and there canbecome a tipping point where
you've slowed down, you're nottraveling as much, your doctors
(21:08):
are all in the same network,you are much more stationary.
And that's where anAdvantage program could
make a lot of sense.
Your doctors are in network andthe price of your supplement
and drug program havespiraled up through the years.
There can be aflipping point there.
Josh Bretl (21:23):
So that goes back to the, it's not
a set it and forget it.
It's something you need tolook at as much as you can.
Dave Wylly (21:29):
Shouldn't be.
Yeah.
Josh Bretl (21:30):
We have people who listen to this all over
the country, and this is aquestion I didn't tell you
I was going to answer orask you, but is Medicare
different state by state?
Dave Wylly (21:38):
Well, you get 47 states that do it the same
way, and then you've gotthree that are wacky and do
it a little bit differently.
But for the most part, whenyou have Medicare running the
show, it's a nationwide program.
They're the network, they're thebillers, they're the paperwork,
they're all the follow-up.
And that allows us alevel of competition
among all these companiesthat want your business.
(22:02):
Wisconsin is a little bitdifferent, Minnesota's a
little different, and RhodeIsland I think is the other one
that's a little bit different.
But for the most part, theplatform is very standard
across the United States.
And once you understandthe components, and
that's a problem.
People come to the worldof Medicare, they've had
an employer plan and allthe decisions that went
into their healthcareprogram were all dictated
(22:24):
to them by the employer.
It was a wonderful benefit, butthey've not been used to the
putting together a health plan.
What's the network?
What's the deductible?
What's the co-payment?
What's the drug benefit?
What's the wellness benefit?
The beauty of Medicare,which conversely can be the
terror of Medicare, now youget to make those decisions.
(22:44):
The beauty of it is it'stotally customizable to what
you want it to be, and it canbe changed through the aging
process if you'll stay engaged.
Josh Bretl (22:52):
That's funny.
I've never thoughtabout it that way.
I talk about that all the timefrom a tax perspective and
an investment perspective.
Well, while people are workingand just living their lives,
there's not much control.
There's not much decisionsthey have to make.
The employer makes mostof those decisions.
You don't have control, butwhen you retire, all of a
sudden you have control overwhen and how you're taxed.
You have a lot more controlover your investment options.
(23:13):
But at the same is truewith healthcare too.
I never thought about that.
Dave Wylly (23:16):
Sure.
It shouldn't be on autopilot.
Just like you control your401[k] withdrawals and that
income level, you can controlyour healthcare to a large
degree if you stay engaged.
Every year, you get tochange the drug program.
I guess the biggest keyto anything with regard
to healthcare, the betteryour health, the more
doors are open to you.
So that's something we allneed to get involved in.
Josh Bretl (23:37):
Yeah.
Without a doubt.
Let's talk about drugcompanies or the drug program
for just a second here.
Part D, and I know you'veheard this, I've heard you
say this over and over again.
You need to look atit every single year.
Why is that?
Dave Wylly (23:50):
You really should.
The beauty of my industry,the cornerstone of Medicare
is robust competition andcomplete transparency.
So these companies, andthere's many of them.
For example, here in Illinois,we currently have 24 different
drug programs to choose from.
My God, why 24?
No, no, no.
26 would be better.
28 would be better stillbecause they're all focused in
(24:13):
on winning your business, butkept on the rails by Medicare.
Medicare shows them thedrugs they can cover and they
don't have to cover them all.
So you have specialization,you have niches, whether it's
very healthy guy that's takinggenerics or a very sickly person
who needs very expensive drugs.
But every year these guyssharpen their pencil.
(24:34):
Every year they gotto show us everything.
medicare.gov awonderful website.
They have to show us their cardsevery year starting October 1st.
You have the abilityto utilize capitalism.
Capitalism kept onthe rails works.
And we've seen over the last15 years a dramatic decrease in
the cost of the drug programs.
(24:56):
But any drug program that youchoose needs to be correct
for your situation, for thepharmacy you want to use and
for the meds you are taking.
There's a lot of variablesthere, but when you understand
how to do it really canmake a lot of sense every
year just to double check.
Josh Bretl (25:12):
And your medication could change every year.
The cost of yourmedication could change.
Dave Wylly (25:16):
Constantly, we have drugs going generic.
That's been a godsendfor a lot of people.
Crestor used to bea brand name drug.
It was $110.
Now, it's calledRosuvastatin Calcium.
It's five bucks.
But you might not know thatif you didn't check on it.
Josh Bretl (25:31):
Yeah, that's crazy.
Well, Dave, you are themost knowledgeable Medicare
professional I've ever met.
And you have a verysimilar philosophy.
If people wanted to talk to youor learn more, how do they go
about getting a ahold of you?
Dave Wylly (25:48):
We got a website.
Hey, there's a novel concept.
Medicaresolutionsnetwork,all one word, .com.
Don't Google that.
You got to put it in youremail, your search bar
or the email address bar.
If you just put it in Google,obviously you're going to get
a million people that haveMedicare in their name and
(26:09):
Medicare solutions as well.
Medicaresolutionsnetwork.com.
Give us a call, 630-809-9758.
Happy to talk to anybodywho needs more information.
Josh Bretl (26:21):
Oh, wonderful.
We'll put that linkin our show notes.
And as well, if you arein the Chicagoland area,
I highly, highly recommendyou check out one of Dave's
presentations at the library.
I think I'm a good publicspeaker and Dave is the only
person who I will turn the stageover to in front of clients.
So I appreciate that.
Dave Wylly (26:38):
Humbled.
Josh Bretl (26:39):
It's worth listening to.
So Dave, thank you verymuch for joining us on the-
Dave Wylly (26:43):
thanks, Josh.
... Josh Bretl (26:43):
on the Retirement Equals Freedom Podcast.
Dave Schmidt (26:50):
Thank you.
Thank you for awakeningme from my slumber.
You just made me watch that18-minute interview with
Dave for the 15th time.
Josh Bretl (26:59):
Well, David here who I'm talking to, Dave
Schmidt not Dave Wylly, editseverything in our podcast
so he gets the joy of seeingit over and over again.
So I hope you all enjoyedlistening to Dave there,
Dave Wylly and I talk.
He is truly a amazing sourceof Medicare knowledge,
which I'm sure he's honoredthat we call him that.
Dave Schmidt (27:22):
And like Josh mentioned in the preamble, we
will link to that video in theshow notes and you will be able
to enjoy that, what is it, 90...
Oh, it's less than 90 minutes.
We cut out a lot of yourrambling at the beginning
of the presentation.
Josh Bretl (27:35):
Yeah, I ramble.
Dave Schmidt (27:36):
Yeah, you do.
You ramble on.
So yeah, enjoy that Medicarevideo if you really are
a glutton for punishment.
Josh Bretl (27:42):
And I look forward to seeing you
on the next episode ofRetirement Equals Freedom.
Dave Schmidt (27:47):
Are you saying you look forward to seeing me
personally or our listeners?
Josh Bretl (27:50):
Well, you.
Dave Schmidt (27:51):
Oh, really?
Josh Bretl (27:52):
Yeah.
I don't see the listeners.
Dave Schmidt (27:53):
Oh.
I know, but that's howsometimes people sign off.
Anyways, all right.
Thanks, guys.
Bye.
Josh Bretl (27:57):
Bye.
Alex (27:59):
Hashtag tax nerd.
Our whole planning process, we call it our own your
retirement planning process.
We want people to be in controland own their situation.
And bearing your head inthe sand about Medicare for
your entire retirement isone of those things that
you're just hurting yourself.
Dave Wylly (00:16):
I would always say the first thing you want to do
is start to educate yourself.
Waiting till the lastminute is not the answer.
Do not ignore it.
It's not going to go away.
The more you learn aboutMedicare, the more you're
going to appreciate whata great program it is.
But you just need to understandthe intricacies involved.
Dave Schmidt (00:33):
Medicare.
Oh, the Beauty and the Terror.
This episode features ourvery first guest, Dave Wylly,
who is here to liberate usfrom our fear of the unknown.
Our host, Josh Bretl, runs usthrough a list of key questions,
covering everything we need toknow about Medicare and how it
(00:55):
can directly impact your life.
In this episode, the parttwo of our Medicare series,
you'll learn why it's soimportant to be an educated
consumer and where somepotential red flags may pop up.
Supplements, advantage programs,options, parts A, B, C, D,
these Medicare componentsaren't as daunting as they
may seem, especially onceexplained by Dave Wylly, our
(01:18):
preferred expert on the topic.
Staying engaged is huge.
The choices you makeabout healthcare have
real consequences.
It's definitely not somethingyou should just set and forget.
So yeah, don'tjust run and hide.
Instead, find out howyou can take charge.
And a great place to do sois right here in episode 36.
(01:40):
This is the RetirementEquals Freedom Podcast.
Your host, Josh Bretl, is theowner of FSR Wealth Strategies.
And for the last 20 plus years,he's been helping fine folks
like you gain the confidenceneeded to make retirement
the best part of your life.
And me?
Why hello, I'm Dave.
(02:01):
Josh's longtime friend,co-host and fan of Barrel
Aged Old Fashioneds.
All right, all right.
I have been talking long enough.
Let me, let you, let me end myintroduction so we can get right
on with Medicare part deux.
FSR Wealth Management is aregistered investment advisor
located in Elmhurst, Illinois.
Information and opinionscontained in this audio
(02:21):
have been arrived atby FSR Wealth advisors.
All information herein isfor informational purposes
and should not be construedas investment advice.
It does not constitute an offer,a solicitation or recommendation
to purchase any security.
FSR is not providing legal,tax, accounting, or financial
planning advice in this audio.
These views are as of thedate of this publication
and are subject to change.
(02:57):
We made a pact months agosaying we would never record
a podcast after lunch.
Josh Bretl (03:05):
We're going to test it.
We're testing our energy levels.
I mean, you and I arephysical specimens of way
to not treat your body.
Our food intake and lackof exercise is not good.
Dave Schmidt (03:20):
It's not good.
Josh Bretl (03:21):
And actually, you and I were talking this
morning about mentally howyou get back in the game
and back into certain stuff.
And this is a primeexample of us saying we're
going to eat healthy.
It's like we're going torecord podcasts, but early
in the morning when we'refull of energy and not
when the food coma hits in.
And here we are.
Dave Schmidt (03:41):
We were both talking this morning about
taking the first stepsto getting healthy again.
And what do we do?
We order the most carb-heavy,gluttonous, ramen deliciousness
Elmhurst has to offer.
Josh Bretl (03:51):
It's just broth and chicken.
Dave Schmidt (03:53):
Yeah, that's true.
Josh Bretl (03:54):
Yeah.
Dave Schmidt (03:54):
The noodles, that's just like veggies, right?
Josh Bretl (03:57):
Mm-hmm.
The amount of time stuffspent in the fryer?
No big deal.
Dave Schmidt (03:59):
No.
Yeah, I agree.
Our bodies love us.
Josh Bretl (04:03):
Dave this is..
I think I said thisin the last podcast.
It's this rebirth of spring.
It's a fun time of the year.
It's why you live inChicago, because the
winters are miserable.
Now, you love winters.
You love beingmiserable apparently.
Dave Schmidt (04:18):
It's true.
Josh Bretl (04:19):
But here we are, winter again.
Dave Schmidt (04:20):
Mm-hmm.
Josh Bretl (04:20):
And coming up this weekend, I am doing something
with my daughter Maggie.
It's take two of IndianPrincess's camp out.
Now the last time, she barelyslept and got the flu and COVID,
I think, all in one weekend.
And we found out right in themiddle of our Disney trip.
So no, she did not get COVID.
(04:41):
Just the flu, that one.
So that was fun.
Let's try it again.
Dave Schmidt (04:45):
Yeah, I was going to say.
Josh Bretl (04:45):
It was so successful.
Dave Schmidt (04:46):
Take two.
Josh Bretl (04:47):
She's super excited for it.
Dave Schmidt (04:48):
Let's play two.
Wait, is she excited for itor is she not excited for it?
Josh Bretl (04:53):
Oh, she is giddy excited for it.
Dave Schmidt (04:55):
Oh, oh, oh.
Josh Bretl (04:55):
She's missing soccer and some other fun
things, but she doesn't carebecause she's like, "I get
to go to this camp out."
It's fun.
They run around outside.
They stay up late.
They eat junk food.
They're with just dads.
No moms telling themnot to do stuff.
Dave Schmidt (05:10):
What do you have planned?
Now, do the guys coordinatewho's going to bring what snacks
to grill and things like that?
Josh Bretl (05:16):
Yeah, they coordinate.
Actually, the one guy who'sthe head of our little
Princess tribe, he's awesome.
But he brings a giant grilland he makes sure there's
enough food and he does allthis stuff, and we just chip
in some money and help cleanup and do all that fun stuff.
Dave Schmidt (05:37):
All that fun stuff.
It sounds like the time wehung out with Dave Wylly.
Josh Bretl (05:40):
It is like the time we hung out with Dave Wylly.
You had so much funwith Dave Wylly.
You said he should be ourvery first podcast guest ever.
Dave Schmidt (05:46):
Mm-hmm.
I did.
Josh Bretl (05:51):
And this is the very first episode that
we're bringing a guest on.
So you and I, the reason wedecided we could record this
after lunch is because thisis the first time you and
I are not the main talkingheads on this episode here.
Dave Schmidt (06:04):
It's true.
Josh Bretl (06:05):
Dave Wylly is our Medicare expert that we
use in our office, but we'vebeen referring to Dave Wylly
now for couple of years.
My parents personally use him.
Dave Wylly is as intelligentabout Medicare and cares as
much about the client as wedo about all their aspects
of financial planning.
We really match well together.
(06:26):
So there's noaffiliation between us.
We don't share revenue.
There's nothing other than Ithink that this is the right
person to refer our clients to.
And there are other Medicarepeople out there as well that
if you were using someonewho you trust, that's great.
But I want to bring Dave Wyllyon to ask him some questions
that I get asked a lot fromdifferent people and to help
(06:48):
dispel from that viewpointeven things that we can't do
because we don't deal with itday in, day out the way he does.
I know you've had the pleasureof watching one of Dave Wylly's
seminars he gave to our clients.
Dave Schmidt (07:02):
Mm-hmm.
Josh Bretl (07:02):
And on our show page, what I'd like
to do is link to thatseminar if we could, Mr.
David.
Dave Schmidt (07:11):
Yeah, I think we could work
something like that out.
We'll probably have to justhave people enter in a few
pieces of information toget access to the video.
We don't want it totally allover the internet, right?
Josh Bretl (07:19):
Yeah, that's probably good.
David wouldn't like that.
Dave Schmidt (07:22):
No.
Josh Bretl (07:22):
But he's okay with me sharing it with
some people who request it.
So.
Dave Schmidt (07:26):
Okay.
Josh Bretl (07:27):
But yeah, if you like what he has to say, if
you just want to learn more,we did do a whole hour-long
presentation to our clients.
It's a live presentation.
It's clean and barelyedited there, but it's a
good presentation, too,and there's a lot more
detail that we go in there.
Dave Schmidt (07:42):
Was this the live event you made me record
and you did not let me get upfor water or bathroom breaks?
Josh Bretl (07:48):
Yeah, it was a really long one too.
And Medicare isan in-depth topic.
Dave Schmidt (07:51):
So in-depth.
Super, super awesome topic too.
All right, so I thinkwithout any further ado...
No, I didn't saidthat correctly.
With...
Huh?
How do you say that?
Josh Bretl (08:02):
Let me let you let me let you let me let you enjoy.
Dave Schmidt (08:06):
Oh.
Ooh, should I do that?
I can do that live right now.
Josh Bretl (08:09):
Right now?
Dave Schmidt (08:09):
Are you ready to end this introduction so
we can get onto Dave's here?
Josh Bretl (08:12):
Yeah.
Dave Schmidt: Because I can say it. (08:12):
undefined
But here's the thing: when I say it, that's it. (08:13):
undefined
We can't talk anymore.
Josh Bretl (08:15):
Okay, deal.
Dave Schmidt (08:16):
Okay, ready?
All right, listeners ofthe podcast and friends.
Let me let you let me and Joshend my introduction so you
can enjoy Dave Wylly and Josh.
Enjoy.
Josh Bretl (08:28):
We can't talk anymore now?
Dave Schmidt (08:30):
I mean, we can still talk.
Josh Bretl (08:31):
All right.
Dave Schmidt (08:31):
Yeah.
Josh Bretl (08:35):
So this is the first time I'm talking into
a microphone without mygood friend Dave Schmidt.
So I pulled in another Davidwith me here and another
friend of mine, Dave Wylly.
Dave, thanks forjoining us here.
Dave Wylly (08:48):
My pleasure.
Josh Bretl (08:49):
So a little background.
David is a Medicare specialist.
He's an expert in Medicare,and my father, five
years ago was turning 65.
Now, we happen to own apractice that specializes
in working with retireesand Medicare's a hot topic.
Well, we never hadanybody who we would send
(09:13):
Medicare referrals to.
It's something thatwe don't handle.
It's a very specializedthing, and we have always
felt that when it came toMedicare, most Medicare
salespeople who approachedus were buying a used car.
It was a dirty, used car.
And it wasn't until, actuallyit was one of my dad's
high school friends, theyjust happened to all be
turning 65 at the same time.
(09:35):
Who is a really,really smart guy.
He says, "Hey, you've gotto meet this Dave guy.
It's somethingtotally different."
And so, I don't know if youremember, but you came in and
you talked to my dad and I,and we brought you in to do
a workshop and we all said,"This is totally different."
Dave Wylly (09:49):
Yeah.
You guys definitely put methrough the full nine yards.
That's for sure.
Josh Bretl (09:52):
We did.
But every time we've heardyou talk, it's like our whole
staff learn something new andit's just a great experience.
So I appreciate all ofyour help over the years.
Dave Wylly (10:01):
My pleasure.
It's a complex topic and yetit's not as scary if you break
it down into bite-sized chunks.
Josh Bretl (10:06):
We're not going to have a ton of time here because
our podcast listeners get reallysore on their butt if we make
them sit and listen too long.
But I wanted to go througha few key questions for you
and then we'll talk abouthow they can reach out and
learn more as we move on here.
So the person who's listeningjust turned 64 years old and
on their birthday, they startgetting their first batch of
(10:28):
mail and it's every insurancecompany under the sun.
Dave Wylly (10:32):
It's unbelievable.
The landslide, if you've everowned an insurance product
in your life, and propertyand casualty, automobile,
homeowners, any of that,they've got your birthdate,
they've got your address, andthey probably have your phone
number, maybe your old phonenumber, but you'll find that
the phone rings off the hookand your mailbox fills up.
It will be unbelievable.
Josh Bretl (10:51):
So you can't get Medicare till 65.
This starts at 64.
When should peoplestart worrying about it?
Dave Wylly (10:57):
Well, we always say anytime you feel your blood
pressure going up, we do a lotof educational seminars and
we find that people will showup, and you'll run the gamut.
You'll have folks thatare in their late 50s.
You'll have folks that havealready made their Medicare
decision, and yet that gives mea great source of pride because
they're smart enough to revisitthe initial decisions they
(11:18):
made because maybe they didn'tmake a fully informed decision.
But you see people, willget people coming to our
office that saw us four orfive years ago at a library.
So I would always say thefirst thing you want to do
is start to educate yourself.
Waiting till the lastminute is not the answer.
Do not ignore it.
It's not going to go away.
And it's the more you learnabout Medicare, the more
(11:40):
you're going to appreciatewhat a great program it is.
But you just need to understandthe intricacies involved.
Josh Bretl (11:47):
So I got a few things out of that.
One is don't wait.
So if someone's 60 years oldand they're freaking out about
Medicare, they can come watchone of your presentations.
Dave Wylly (11:55):
Anytime you feel your blood pressure going
up is when we should meet.
Josh Bretl (11:58):
Okay.
Here's a second question.
You're 68, 69, 75 years old,and you made a Medicare choice
at 65 and you just kept thesame thing over and over again.
Is there room to be better?
Is there...
Dave Wylly (12:13):
There's always room to investigate.
We find an awful lot of peoplecome to Medicare and they
did what their neighbor did.
They did what theguy at work did.
They did what theirbrother-in-law did, and
that is not usually the bestopportunity to maximize value.
And everybody's value equationis a little bit different.
How are you doing financially?
(12:33):
How are you doing physically?
What's your risk tolerance?
What's your medical history?
These things all gointo a comfort level.
The problem is most peoplecome to Medicare, they make
one decision, they throw itin a drawer and they don't
ever want to visit it againbecause it was so damned
confusing the first time.
So what they wind updoing is just ignoring.
And we know, even thoughthere's a landslide of
(12:54):
advertising, every year youget a chance to do your drug
program over or maybe lookin an advantage program or
just reassess where you are.
That's from October15th to December 7th.
And we know studiestell us about 65% of all
seniors never even look.
They got so confusedthe first time.
They don't even wantto deal with it.
(13:14):
And we know the mostterrifying word that seniors
can hear here comes change.
Oh my God, they hate that word.
Josh Bretl (13:21):
It's not just seniors, trust me.
We're really big.
Our whole planning process,we call it our own your
retirement planning process.
We want people to be in controland own their situation.
And bearing your head inthe sand about Medicare for
your entire retirement isone of those things that
you're just hurting yourself.
Dave Wylly (13:39):
That's one of the saddest things.
We'll catch people in theirlate 70s, early 80s, even
further on down the road becauseeventually these decisions that
you made, whether you look atit yearly or every 10 years,
it's eventually going to besomething that's going to grab
your attention because it'sgoing to continue to increase
in cost on a fixed income.
(14:00):
You're eventually going tobump into the decision point
of what are we doing and isthere a better alternative?
And that's one of the greatthings that we're able to do
is rescue people in their lateryears that might not have made
smart decisions initially and beable to improve their situation.
Usually it's fairly dramatic,but as always, the saddest part
(14:21):
of that conversation is whenyou explain to the couple that
with a couple couple of prudentmoves, you can save about $180
a month between the two ofyou and they get very excited.
But it always seems likeit's mom that wants to
know how long could we havebeen saving $180 a month?
And you have to try to tellthem, "Well, I'm glad I
didn't meet you at 86 becauseyou're paying way too much."
Josh Bretl (14:42):
yeah, in $180 a month, it's real money.
I mean, it's-
Dave Wylly (14:45):
Times 12.
Josh Bretl (14:46):
Yeah, that's every year.
Let's take a stepbackwards here.
Medicare is ungodly confusingand that's talking from
someone who knows the tax code.
A, B, D, Advantage,all that fun stuff.
Can you give us a briefdescription of how to
think about Medicare?
Dave Wylly (15:03):
Well, you start with Medicare being primary,
and this is a tectonic shift.
You have to almost checkwhat you learned in your
first 65 years of insuranceat the door because now
there's a new sheriff in town.
This is Medicare.
The federal government isgoing to step into place, and
that doesn't have to be at 65.
You might wait longerif you continue to
(15:23):
have coverage at work.
But the first step in theprocess is wrapping your
mind around how Medicarebreaks out facilities.
That's all under partA, and services, that's
all under part B.
And that's a little bitdifferent, but it's the
buildings that you need is partA, and then everything that goes
on in the buildings is part B.
(15:44):
And what you want to know isthat that's really good coverage
at a really good price, butit's nowhere near complete.
Josh Bretl (15:50):
So that A and B is government
run, government control.
They set the rules, theyset the cost, all of that.
Dave Wylly (15:57):
That's the foundation.
You got to have that.
That's the cover chargeto get into the wonderland
of Medicare, A and B.
And once you get educated andunderstand what that does,
and then conversely what thatdoesn't do, then that opens
the door to a discussionabout how private insurance
companies can step in and fillthose gaps or supplement what
(16:20):
original Medicare doesn't cover.
Josh Bretl (16:22):
So the supplements, those are what
people are getting mail for.
Dave Wylly (16:27):
These days, supplements are not
getting as much push asthe Advantage programs.
Advantage has become a veryhot topic because it features
low premiums and Joe Namath.
Josh Bretl (16:40):
And a high commission for the salesperson.
Dave Wylly (16:42):
Pays absolutely the highest
commissions in my industry.
And it drives me crazy becauseif you're doing a analysis of
what folks need that should be,and I know Josh and I share a
similar philosophy, it's calledfiduciary responsibility.
Are you doing what's in thebest interests of your clients?
And a lot of agents that I'veseen in the field and the
(17:05):
advertising on TV is incessant.
Advantage is a goldmine for the agent.
It's a gold mine for thecompany that's marketing
it, but it might not be yourbest option for coverage.
Josh Bretl (17:15):
And I'm someone who thinks graphically,
I love a good flow chart.
And my family makes fun of me.
But the way you picture it,actually, you have a handout in
the seminars that's fantastic.
And you have twopaths that it follows.
You have this traditionalpath, part A, part B,
and the supplement and-
Dave Wylly (17:34):
A drug program.
Josh Bretl (17:34):
And a drug program.
Dave Wylly (17:35):
We called original Medicare.
That's one pathway.
Josh Bretl (17:38):
Okay.
And the other pathway isthe advantage pathway.
Dave Wylly (17:41):
Correct.
And we'll see a change hereprobably in the next year
because what we're hopingis going to come out of
Washington DC is they're goingto take the word Medicare
off of Medicare Advantage,all these advertisements
on TV intimate that you arepart of Medicare when you're
with an Advantage program.
That's not true.
Advantage is a private healthinsurance alternative, doesn't
(18:05):
have the same catchy phrase.
It's not as catchy.
Josh Bretl (18:07):
How you name that is genius.
Dave Wylly (18:09):
Yeah.
So what they've got is peoplebeing convinced that they're
part of the Medicare world.
You still have A and B, youstill got to pay the part B
premium, but with Advantage,you've moved to a different
platform where now a privateinsurance company is running
your healthcare and there'sa market difference between
making decisions with yourdoctor, and that would be
(18:29):
the pathway called originalMedicare, or making decisions
with an insurance company.
That's what Advantage is.
The federal government paysa private insurance company
and they step in and literallyreplace original Medicare.
Now, everything isrun through them.
It's not a bad thing.
But boy, those advertisementson TV drive me crazy.
They're very disingenuous.
(18:51):
The way that they're pitchingdental, vision, hearing, get all
the benefits you're entitled to.
Let's take a real good look atthose benefits in what you're
actually getting and whatyou're actually giving up.
Josh Bretl (19:01):
So the first step is to decide original
Medicare, that pathwaywith A, B, D supplements
or the Advantage path.
Is that correct?
Dave Wylly (19:10):
Yeah.
Yeah.
I would say when you look atA and B, and we would refer
to A and B, the bedrock, thefoundation, that's a sunk cost.
So when you realize that yougot to have A and B, then the
way you really analyze whetherit's original Medicare or an
Advantage program, you'd want tolook at buying a drug program in
a supplement that would completethe original Medicare pathway.
(19:34):
So what is the drug programand the supplement cost as
opposed to an Advantage program?
Where most advantage programsare touting, and it's true
zero premium, you're notpaying a monthly premium, but
you're out of pocket exposureis dramatically higher and
your network restrictionsare something that need
to be analyzed in depth.
Josh Bretl (19:54):
So you'll pay less-
Dave Wylly (19:55):
Upfront.
... Josh Bretl (19:56):
probably upfront, but they're going
to limit who you can see,when you can see them.
And it's going to cost you a lotmore when you need it probably.
Dave Wylly (20:05):
This is the bane of my existence, is people
who spend 12 minutes on thephone with somebody in a
teleservice agency in Floridaand decide to dramatically
change their coverage.
And yes, it's true withAdvantage you do get bells and
whistles and shiny objects,but when the rubber hits the
road and you really need healthinsurance, people are dismayed
(20:26):
to find out they traded freetoothpaste for the Mayo Clinic.
To my opinion, you want tobe able to see the doctors,
you want to see when you wantto see them, what original
Medicare is all about.
Josh Bretl (20:39):
Now, we've just spent the last five
minutes bashing Advantage.
I'm sure thereare people who is-
Dave Wylly (20:45):
Who love it.
Josh Bretl (20:45):
Who is in it, and it's appropriate for them.
Dave Wylly (20:47):
Sure, could be, could be.
If your health is good, if yourdoctors are in network, we like
the advantage play later inlife because what you'll find is
supplements and drug programs,those premiums will increase
through the years and there canbecome a tipping point where
you've slowed down, you're nottraveling as much, your doctors
(21:08):
are all in the same network,you are much more stationary.
And that's where anAdvantage program could
make a lot of sense.
Your doctors are in network andthe price of your supplement
and drug program havespiraled up through the years.
There can be aflipping point there.
Josh Bretl (21:23):
So that goes back to the, it's not
a set it and forget it.
It's something you need tolook at as much as you can.
Dave Wylly (21:29):
Shouldn't be.
Yeah.
Josh Bretl (21:30):
We have people who listen to this all over
the country, and this is aquestion I didn't tell you
I was going to answer orask you, but is Medicare
different state by state?
Dave Wylly (21:38):
Well, you get 47 states that do it the same
way, and then you've gotthree that are wacky and do
it a little bit differently.
But for the most part, whenyou have Medicare running the
show, it's a nationwide program.
They're the network, they're thebillers, they're the paperwork,
they're all the follow-up.
And that allows us alevel of competition
among all these companiesthat want your business.
(22:02):
Wisconsin is a little bitdifferent, Minnesota's a
little different, and RhodeIsland I think is the other one
that's a little bit different.
But for the most part, theplatform is very standard
across the United States.
And once you understandthe components, and
that's a problem.
People come to the worldof Medicare, they've had
an employer plan and allthe decisions that went
into their healthcareprogram were all dictated
(22:24):
to them by the employer.
It was a wonderful benefit, butthey've not been used to the
putting together a health plan.
What's the network?
What's the deductible?
What's the co-payment?
What's the drug benefit?
What's the wellness benefit?
The beauty of Medicare,which conversely can be the
terror of Medicare, now youget to make those decisions.
(22:44):
The beauty of it is it'stotally customizable to what
you want it to be, and it canbe changed through the aging
process if you'll stay engaged.
Josh Bretl (22:52):
That's funny.
I've never thoughtabout it that way.
I talk about that all the timefrom a tax perspective and
an investment perspective.
Well, while people are workingand just living their lives,
there's not much control.
There's not much decisionsthey have to make.
The employer makes mostof those decisions.
You don't have control, butwhen you retire, all of a
sudden you have control overwhen and how you're taxed.
You have a lot more controlover your investment options.
(23:13):
But at the same is truewith healthcare too.
I never thought about that.
Dave Wylly (23:16):
Sure.
It shouldn't be on autopilot.
Just like you control your401[k] withdrawals and that
income level, you can controlyour healthcare to a large
degree if you stay engaged.
Every year, you get tochange the drug program.
I guess the biggest keyto anything with regard
to healthcare, the betteryour health, the more
doors are open to you.
So that's something we allneed to get involved in.
Josh Bretl (23:37):
Yeah.
Without a doubt.
Let's talk about drugcompanies or the drug program
for just a second here.
Part D, and I know you'veheard this, I've heard you
say this over and over again.
You need to look atit every single year.
Why is that?
Dave Wylly (23:50):
You really should.
The beauty of my industry,the cornerstone of Medicare
is robust competition andcomplete transparency.
So these companies, andthere's many of them.
For example, here in Illinois,we currently have 24 different
drug programs to choose from.
My God, why 24?
No, no, no.
26 would be better.
28 would be better stillbecause they're all focused in
(24:13):
on winning your business, butkept on the rails by Medicare.
Medicare shows them thedrugs they can cover and they
don't have to cover them all.
So you have specialization,you have niches, whether it's
very healthy guy that's takinggenerics or a very sickly person
who needs very expensive drugs.
But every year these guyssharpen their pencil.
(24:34):
Every year they gotto show us everything.
medicare.gov awonderful website.
They have to show us their cardsevery year starting October 1st.
You have the abilityto utilize capitalism.
Capitalism kept onthe rails works.
And we've seen over the last15 years a dramatic decrease in
the cost of the drug programs.
(24:56):
But any drug program that youchoose needs to be correct
for your situation, for thepharmacy you want to use and
for the meds you are taking.
There's a lot of variablesthere, but when you understand
how to do it really canmake a lot of sense every
year just to double check.
Josh Bretl (25:12):
And your medication could change every year.
The cost of yourmedication could change.
Dave Wylly (25:16):
Constantly, we have drugs going generic.
That's been a godsendfor a lot of people.
Crestor used to bea brand name drug.
It was $110.
Now, it's calledRosuvastatin Calcium.
It's five bucks.
But you might not know thatif you didn't check on it.
Josh Bretl (25:31):
Yeah, that's crazy.
Well, Dave, you are themost knowledgeable Medicare
professional I've ever met.
And you have a verysimilar philosophy.
If people wanted to talk to youor learn more, how do they go
about getting a ahold of you?
Dave Wylly (25:48):
We got a website.
Hey, there's a novel concept.
Medicaresolutionsnetwork,all one word, .com.
Don't Google that.
You got to put it in youremail, your search bar
or the email address bar.
If you just put it in Google,obviously you're going to get
a million people that haveMedicare in their name and
(26:09):
Medicare solutions as well.
Medicaresolutionsnetwork.com.
Give us a call, 630-809-9758.
Happy to talk to anybodywho needs more information.
Josh Bretl (26:21):
Oh, wonderful.
We'll put that linkin our show notes.
And as well, if you arein the Chicagoland area,
I highly, highly recommendyou check out one of Dave's
presentations at the library.
I think I'm a good publicspeaker and Dave is the only
person who I will turn the stageover to in front of clients.
So I appreciate that.
Dave Wylly (26:38):
Humbled.
Josh Bretl (26:39):
It's worth listening to.
So Dave, thank you verymuch for joining us on the-
Dave Wylly (26:43):
thanks, Josh.
... Josh Bretl (26:43):
on the Retirement Equals Freedom Podcast.
Dave Schmidt (26:50):
Thank you.
Thank you for awakeningme from my slumber.
You just made me watch that18-minute interview with
Dave for the 15th time.
Josh Bretl (26:59):
Well, David here who I'm talking to, Dave
Schmidt not Dave Wylly, editseverything in our podcast
so he gets the joy of seeingit over and over again.
So I hope you all enjoyedlistening to Dave there,
Dave Wylly and I talk.
He is truly a amazing sourceof Medicare knowledge,
which I'm sure he's honoredthat we call him that.
Dave Schmidt (27:22):
And like Josh mentioned in the preamble, we
will link to that video in theshow notes and you will be able
to enjoy that, what is it, 90...
Oh, it's less than 90 minutes.
We cut out a lot of yourrambling at the beginning
of the presentation.
Josh Bretl (27:35):
Yeah, I ramble.
Dave Schmidt (27:36):
Yeah, you do.
You ramble on.
So yeah, enjoy that Medicarevideo if you really are
a glutton for punishment.
Josh Bretl (27:42):
And I look forward to seeing you
on the next episode ofRetirement Equals Freedom.
Dave Schmidt (27:47):
Are you saying you look forward to seeing me
personally or our listeners?
Josh Bretl (27:50):
Well, you.
Dave Schmidt (27:51):
Oh, really?
Josh Bretl (27:52):
Yeah.
I don't see the listeners.
Dave Schmidt (27:53):
Oh.
I know, but that's howsometimes people sign off.
Anyways, all right.
Thanks, guys.
Bye.
Josh Bretl (27:57):
Bye.
Alex (27:59):
Hashtag tax nerd.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
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.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.