Episode 036:
De-Mystifying Medicare - Part 2

Take Two: Indian Princess Weekend is back, as sure as the arrival of spring! What Josh and Dave are currently up to and why they’re hosting their first-EVER podcast guest!

Introducing Dave Wylly: Why his Medicare expertise and approach are unique – and uniquely well matched with the ethic at FSR Wealth Solutions.

Trusted Adviser: What distinguishes Dave W. and his Medicare Solutions Network approach to Medicare, including its many confusing parts and options.

Key Questions:

• #1: What do we do when we reach 64 years old and a landslide of ads from insurance companies hits our phones, mailboxes and? There’s plenty to recycle immediately, but that doesn’t mean you shouldn’t do your Medicare homework – or enlist the help of an expert to help you navigate all the marketing materials!
• #2: Are we locked in forever to the initial Medicare choices we make at 65? It may feel terrifying or frustrating, but you’ll want to revisit things like drug supplementals and policy changes on a regular basis.
• #3: Why isn’t Medicare something you can just set and forget? Because there are ongoing changes to costs and program options.
• #4: What’s it all about anyway? Can you break down the components of Medicare in a user-friendly way?
  • For starters, it’s a total shift in thinking – away from individual or employer-sponsored insurance to a comprehensive federal program.
  • Part A is all about facilities – the buildings you need.
  • Part B covers services – care received inside the buildings you need.
  • Private insurance companies step in to fill any gaps left after you’ve accessed Parts A and B (especially prescription drug supplements).
• Why all the talk about Advantage programs? Private insurers offer supplements with low premiums and the absolute highest commissions in the industry.
• What are the two primary strategies from which consumers have to choose?

• • The Traditional Pathway: Original Medicare’s Parts A and B.
  • The Advantage Pathway: A private health insurance alternative that is not Medicare. When you get off the traditional Medicare path you are opting into a full-time private platform governed by insurance companies.
• How do we weigh the pros and cons between the two pathways?
  • Traditional Medicare’s Parts A and B are a sunk cost but you are all in once you figure out a supplemental drug (Part D) program option.
  • Advantage plans offer zero premiums up-front, but out-of-pocket costs are significant and network prescriptions variable and potentially extremely costly.
• What are the downsides of using an Advantage (Part C) plan? While there may be a zero monthly premium, your out-of-pocket exposure is dramatically higher and decision-making power transfers to private insurance companies.
• Is there a circumstance when an Advantage program could make a good fit? It can make good financial sense as prescription supplemental costs on traditional Medicare spiral upward through the latter years.
• Does Medicare differ state by state? There are 47 states that do it the same way and three that have their “wacky” variations (Wisconsin, Minnesota and Rhode Island). But for the most part it’s a standard federal platform.
• Why is it important to look at Part D – the prescription drug supplement – on an annual basis? The cost basis, industry and drugs you require are constantly changing!

If your appetite has been whetted, there’s lots more where that came from! Get some popcorn and tune in for Dave W.’s Medicare Master Class he gave at FSR's quarterly client event in January 2023! R=F listeners can get free access by clicking here.