C is for Cautious

It's a good day when somebody tells you that you should be on radio!

When someone said this to me recently I asked why and she said my stories are interesting.

Thank you to Lynn Michel Insurance for being our sponsor. From October 15 -December 7 of 2019, if you know someone on Medicare, it is their opportunity to review their coverage and see if it makes sense for them to make a change. If they are on original medicare, which is also known as part A and Part B, they probably also have part D which is their prescription coverage. This is something that they should look at every year because companies update their formularies (their list of drugs covered) and based on the updated lists, it’s good to review. As of the recording of this episode, the current Medicare.gov site does not break out the annual costs as it has done in the past. The website is scheduled to be updated to include this information but that hasn’t happened yet. An agent can do this for you. They can compare the plans and show you the options so that you can make an informed decision. Contact Lynn Michel at 301-996-2328 or go to their website, lynnmichel.com to connect. When I was meeting with my tax advisor, discussing my new business, I shared with her how I decided to get back into the insurance business.

I’ll start with my mom. You see, my mom is smart. She worked until she was 75. She doesn’t have Medicare Part B or Part D. How can that be?

Social Security adds the penalty, not any insurance company. Her penalty is 150%. It’s a monthly penalty to the premium. So if the regular premium is $135.00, her’s is $337. She also doesn’t have prescription drug coverage. If she wanted it, she’d have to pay an average of a 1% penalty. Both of these penalties never go away for her and they are monthly, not annually..

Because of the penalty, she never signed up.

After giving her the highlights, I started talking about other policies seniors need to consider. These include final expense insurance, cancer, dental, vision and hospital indemnity. Most seniors don’t have this coverage as part of their medicare coverage. If they have the resources to purchase it, the coverage can be a lifesaver.

In this episode, we talk about my personal experiences with final expense, life insurance and cancer insurance. The reasons I'm so passionate about knowing what is available and making informed decisions.

If you or someone you know is on Medicare, reach out to our sponsor, Lynn Michel Insurance and have a conversation. Do a review with them and make sure what you have is the right plan for this year.