How much does Medicare Cost? (2023)

 If you don't have to use Medicare, then it is relatively inexpensive.  As you get older though, more things go wrong with your body that eventually start to add up. Just like you don't buy the car insurance after the accident, you don't want to wait until something happens before purchasing coverages that pays for what Medicare doesn't cover. For that reason, let's look at the potential costs that could add up.

The complete package of Medicare includes Parts A, B, C, and D.  To keep it short and simple, part A covers the hospital costs.  Part B covers your doctors costs and part D covers your prescription drugs.  Part C has two options but you can't have both.  You either get a Medigap plan otherwise known as a Medicare Supplement plan, or a Medicare Advantage plan.

If you worked 10 years of your life and payed through FICA you will qualify for part A, otherwise you will have to pay for it.  Part B is something you have to sign up for and is currently costing $170.10 a month and will come out of your Social Security check. You will also need to sign up for part D. Not signing up for parts B and D could cost you by way of a penalty in years to come. 

Where it tends to get gray is in Part C. That is because it depends on the type of plan you favor.  Do you prefer upfront costs and reduced back end charges?  Or, do you prefer less front end charges but you will pay as you go?  In general, a Medicare Supplement will cost more in premium but will possibly not cost you much after you pay the deductible for the year.  Some popular supplements are G and N.  Plan F is still available if you were 65 before Jan. 1, 2020.  You could find one of these plans for $100 a month or so.  Your current part B deductible is $233. Roughly for only $1433 a year plus the cost of your Part D you would have BASIC coverage.

On the other hand, a Medicare Advantage plan would not have as high of a premium. Many have a $0 premium but this is where it gets tricky.  These plans are like many employer plans in that you pay something to your doctor every time you visit. If you read the policy carefully, the plan states you pay for services such as emergency room service, outpatient care, mental help, and so on.  Each policy is different, so you may also have to pay for transportation such as an air ambulance. They may include dental, vision, and hearing but one visit could be the maximum that plan would pay for the year so the rest of your visits would be out of your pocket.  Finally, these plans have a maximum out of pocket expense which could be in excess of $10,000 ANNUALLY. Neither plan will cover costs that are unapproved by Medicare.

Next, depending on your family history it may be necessary to add extra coverage to Part C. These plans pay you back for your expenses which don't have to be medically related.  Most common areas are for cost that arise when having Cancer, Heart Attack, Stroke, some accidental coverage, and reimbursement for those medical expensed listed above, emergency services, outpatient, etc.  This money comes to you for you to use it as you see fit.  After all, the bills don't stop just because you are laid up!

As you can see, the true cost of Medicare depends on what you mean when asking the question.  If you elect not to get a Part C plan, and you can do that, it can really add up but again depends on your medical history or an unexpected accident. If you

have further question or would like to talk to a licensed representative visit https://retirementconcerns.info

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Time Consuming Tasks

 If you are in business, really in business for yourself, what is your number one priority? If you are not making money, is what you are doing a time consuming task?

What is a time consuming task? A time consuming task is anything that keeps you away from customers. Have you ever wondered what people do all day 7 days a week who manage to only write one or two apps a week? What is more mind blowing is if your office has about 80% of the sales staff who do this or less. Two areas I want to focus on are first what am I doing that is stealing my time. One good example to me is taking the time to do for a customer what they could do for themselves. Some call it customer service, but usually only your customer can provide the answers, work, etc. Let me explain. If you work from home, there are only certain things you can do for a customer. You cant fix their computer if that is what you do, without them being your eyes and hands. If you sell or provide financial services and if the customer has a policy issue the insurer wants to speak to that customer these days and not the agent. If you run a business you cant run the register, sweep the floor, stock the shelves, clean rooms, clean the pool, fix appliances, etc, by yourself. You hire someone and train them so that at any given moment while you are planning your vacation let's say, all these other things are being done.

Your goal is to get customers however you do it. If you sell things or provide services, you need leads. Is there a difference in leads? Take for example a match, that thing you use to start a fire, as your lead. If you put a little pressure on one end, the match catches fire. However, if you strike the other end, nothing happens. So there you are holding the match. It's still a lead but at the right time it is hot, hence a hot lead. Any other time, it's just a lead, a person to talk to. Obviously, when the match is lit, you can use it for whatever, boiling water, cooking food, lighting the room, etc. Any other time that match is worthless unless you are doing some kind of art construction. It takes another lit match to get it going again.

The second area I want to address is, what is my method of getting leads that is time consuming? How do you get more matches? Of course you could buy them. You could go to the isle where they keep the matches and talk to them. You could go door to door asking people for a match. You could send out a self addressed stamped envelope asking for spare unused matches. You could get on facebook and ask for matches. You could advertise for matches on Google or other sites for matches. I think by now you see where I am going with this.

So which of these are waisting your time, and also your money? Obviously going from one door to another with a purchased list is time consuming. You may have to go back also if the person wasn't home. Calling from this list is also time consuming. It takes about 28 seconds for the phone to ring 4 times. So if you can do one dial per minute allowing for any notes you take, and not talking to anyone, you could make about 60 dials in an hour. Thus in your 10 your day you could probably make 600 dials. Then you might make maybe 6 appointments.

Sending mailers means purchasing paper, stamps, envelopes, creating the mailer, stuffing envelopes and putting stamps on them. Then you have to wait in line at the post office. I don't know about you , but no thanks. To do it right you should probably send out 1000 mailers. Then what is your response rate? 2%. That's 20 leads. The rest you may want to call to see if they received your mailer at least a couple of times. Ideally, you want to do this weekly or at least bi-weekly to get enough money to pay your bills. Look for rapid burnout.

Having or going to events puts you in contact with more people but how many clients do you get? How many apps will you get? Talking to people is nice but if it isn't getting me to an appointment TODAY or putting money in my pocket, TODAY, it's waisting my time!

The last area I want to look at is advertising. Be it Googe, Facebook, the newspaper, television, radio, blog, podcast which one will get me the biggest audience and consequently the hottest customers. We know we can get 1000 or more leads by purchasing them. We can send out as many mailers. Remember the match? These are just leads. Since people don't answer their phone as often these days the chance of talking to someone makes these methods extremely time consuming. With the right advertising, the sky is the limit. If you want to work around your area then local advertising should work best. However with Covid, people were stuck in their homes. The phone and computer became the norm. So why not do more business outside of your area. What ever that means for your business. #10x it! For an insurance agent getting licensed in multiple states means much larger audiences. Plus with computers and the phone, business can be conducted without being around any people. So if you take that same money you used for mailers and put it into online advertising, you could reach many thousands. And guess what? You have now gotten into their homes without you having to beg and plead. Those who respond want to hear from you. Done correctly, it doesn't take a lot of time to put an ad together. Within minutes you could have people calling you so all you have to do is take phone calls and write business.
Don't get me wrong, if you like to stay busy doing nothing and getting paid nothing, go for it. As for me, I want to write more apps a day than most people write in a week or some a month.

Is Skilled Nursing Free?

 

For a while now, the government has been looking at the budget. As more people turn 65 more Medicare funds are used. Plus, as you know Medicare is available for certain individuals under 65.  If that wasn’t enough, then came the reactions to COVID.  No matter what your political beliefs are about Covid, it doesn’t presently matter. Older policy changes are being reviewed and further contained. It is important to know these changes because they will impact your out-of-pocket expenses should you need certain care.

If your agent has annually reviewed the changes in Medicare with you, then you know the current qualifications for Skilled Nursing.  Just in case, to have Medicare pay for your skilled nursing, should you need it, you need to be admitted to a hospital for at least 3 days. No problem, right? Just because you are “in” the hospital, doesn’t mean you have been admitted to the hospital.  You could be kept for “observation”. Such is the case if new medications are used, you are dehydrated, blood pressure is unstable, etc.  A licensed medical practitioner could give you better examples.  In this case, you pay for any skilled care outside of the hospital should you need it.  If you are admitted on the other hand, then Medicare will in full pay the first 20 days. That’s less than 3 weeks. If you need longer to recover, you pay a coinsurance of $185.50 per day up to day 100.  After that, you pay the full amount.  That could be up to $14840.00 depending on your stay. Would you have money to pay that in addition to your other hospital costs? Would your monthly retirement income leave room for additional  monthly payments.

Your plan covers that, right?  Regardless of whether you have a Medigap plan or a Medicare Advantage plan, if it is not medically necessary or Medicare approved your plan doesn’t cover it. Don’t believe me? Go get  out your plan and read the benefits.  Or, go on to Medicare.gov, find your plan, and then tell me what does your plan say is your part for Emergency Room Care, Outpatient care, Mental Health Services, etc. Most people miss that part because it sounds so insignificant. 

 

We also find other areas Medicare doesn’t pay for or only pays a limited amount.  The truth is most people don’t think about these costs because these events happen later in life.  If  you wait until that time, not only will it cost more, but due to health conditions at that time, you may not qualify. Then, it’s too late.  Remember, you don’t buy the car insurance after the accident, right? 

I’m glad you took a moment to stop by and listen to this podcast. Join us next time as we go over more areas, defining what they are, and what Medicare does or does not pay. 

 

Why buy life insurance for kids?

Why buy life insurance for kids?????

Recently, I had the opportunity to provide life insurance to a young man starting his journey as an adult.  The same day I hear on the news that a child got shot AGAIN in Durham, NC. The emphasis here is another child hit, not the town. The day before a report aired about a child kidnapped. Last night, as of this writing, three kids stabbed by their father.  Every year when school starts, children get hit by someone failing to stop for a school bus. Every summer some child drowns in the local lake somewhere.  This got me to thinking, Does it make more sense today to buy life insurance for kids?  Am I being paranoid? 

Does place of ones house matter?

Where there are more people, one would expect to find more deaths per 100k.  According to the Henry Kaiser Family Foundation there may not be a correlation. They state further, some rural states have higher child deaths per 100k than more populated states.

Does financial status matter?

If you have money set aside, other plans can prepare for such an occasion and beyond. Ask your yet, can I afford $3k to $14k per child for unexpected burial expenses?  Those figures depend on several variables. If you cant, it is worth giving considerable attention to. Once you are up and running, other planning considerations may be necessary.

What are the odds?

Why would someone think about gambling on their child's life?  Always hedge your bet! Would you rather pay the small cost of a premium now, or the full cost of a funeral then? Is it worth less than the cost of a soft drink per day to have peace of mind? #lifeinsurance #children #mortality #ltc-ab2.info #funeral #deaths