Welcome to Dr. Friday’s show! In this show, Dr. Friday and Nathan Wright talk about taxes, medicare, and so much more:
- What Does Medicare Not Cover?
- Do I want A Medicare Advantage Plan or A Medicare Supplement Plan?
- Medicare Open Enrollment
- Does Medicare Cover Everything?
- Will I Get A Penalty If I Don’t Take Medicare?
- Why You Should Be On Credible Coverage
- Is Medicare Part B Optional?
- Why You Need Help With Tax Representation
No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host financial counselor and tax consultant, Dr. Friday.
Dr. Friday 0:30
All right, I am Dr. Friday here live. It’s a wonderful Saturday, October 3. I have a wonderful guest with us. If you want to join the show, today, you can at 615-737-9986. You guys have heard this gentleman’s name on my show before and his voice. We have Nathan right who is a specialist in insurance, especially specializing with people on Medicare. Hey, Nathan, can you hear me?
Nathan Wright 1:03
Hey, Dr. Friday, I can hear you.
Dr. Friday 1:06
I love it when technology actually works. I’m sure the guy in the studio is excited about that, too. All right. So today, we’re gonna cover a couple of different things. Are we getting to a point or a time where people should be looking at the types of insurance that they have? I know, there are certain times of the years that that’s more important than others?
Nathan Wright 1:26
You’re exactly right. So October 15-December 7 is what we call Medicare Open Enrollment. Actually right now through the 14th, it’s called the pre-shopping season.
Dr. Friday 1:38
It’s kind of like Christmas, you know, we have black Friday, a little pre-shopping and then rolls around. Eventually, we have Christmas. That makes life easy. Okay, so what does someone that is on Medicare need to know? If they think “Hey, I’ve got Medicare covers everything.” Maybe not?
Nathan Wright 1:58
It definitely does not cover everything. So in general, you’ve got deductibles, you’ve got expenses that are not going to be covered with Medicare, especially like vision, dental, and hearing that is something that is actually not covered by Medicare.
Dr. Friday 2:16
Wow. So I think we’re talking about Part B is probably standard Medicare, is that correct? And I’m not an expert at all.
Nathan Wright 2:25
So part B is actually the doctor portion of Medicare. Part A is going to be your hospital portion of Medicare.
Dr. Friday 2:32
Alright, so everyone gets standard, part A then?
Nathan Wright 2:36
So what happens is, when you first get onto Medicare, you’re gonna get Part A. Then Part B, they actually automatically sign you up for part B, unless you opt-out of Part B.
Dr. Friday 2:51
Right, which most of us won’t even know if we should or shouldn’t. So, if somebody is on Medicare right now, we’re getting ready to go into what you called the open enrollment. So they’ll be wanting to revisit the vision, the dental, those kinds, is that something they can control and still have their part A for doctors? Is each one of these pots is individual?
Nathan Wright 3:18
Well, Part A or Part B does not cover the vision, dental, and hearing. So these things called Medicare Advantage plans that many of those have those built-in, that you can get, in addition to Medicare, a lot of times at a zero premium.
Dr. Friday 3:37
Wow, now you’re talking my language, that sounds like a great deal if it’s possible for some people. So where would I start? If I’m thinking, “Okay, you know, what? I need to know if I’ve got the right insurance.” As we all know, one of the largest expenses and going into retirement, and I recently talked to my retirement guy, and he’s like, “Well, you need to prepare for your medical costs, your possible hospitalization, etc, etc.” And I, of course, pulled out saying, “Hey, I’m gonna have Medicare.” He’s like, “Yeah, that may not be that’d be all the money you’re gonna need there.” So what would someone want to start looking at comparing what kind of comparisons are available or go from there?
Nathan Wright 4:23
Well, this is some good news. So this year with everything’s been happening, we’ve got some fabulous technology out there. We’ve actually got on our website at Medi65.com, a tool that actually you can go in and you can compare companies. So when you’re looking at a Medicare Advantage plan, the two most important things that you want to look at is your doctors, and also your prescriptions. You can plug all that in there, and then it’ll kind of give you the top three companies that will tell you you know, “Hey, this may be an option for me.”
Dr. Friday 5:00
Right, I guess I didn’t think about people actually shopping around as we do with after-tax medical problems, BlueCross BlueShield, whatever people have, they don’t have that advantage. So this Medi65.com obviously is giving them some tools that would give them the ability. Because one person may have no prescriptions, another person may have a ton, some may have pre-existing, some may be fortunate enough not to have a lot that they’re having to deal with. So I’m assuming that makes a huge difference in the cost as well as availabilities.
Nathan Wright 5:37
Yes, it definitely can. Then the good thing is on the Medicare Advantage plan, pre-existing doesn’t matter. There’s only one thing and that’s in stage renal disease. For 2021, that’s even going away. There’s really no pre-existing at all.
Dr. Friday 5:53
Well, that’s actually a good thing, in my opinion, because we can’t help what’s pre-existing, people. It’s like, we’re shopping around, but you have this or you have that. Okay, so what is a hospital indemnity plan?
Nathan Wright 6:06
So a hospital indemnity plan. So basically, with the Medicare Advantage plans, they’re very simplistic. They’re either an HMO or PPO plan. They have pesky little co-pays. They’re usually pretty small doctor visits or you know, 5-10 dollars. The biggest thing on an Advantage Plan is the overnight hospital stays. They can range around on average $300. So if you have a hospital indemnity plan, that will actually cover that which can be your biggest co-pays in a Medicare Advantage plan.
Dr. Friday 6:42
Gotcha. Again, likely going to happen as we get older, and procedures are required, whatever, even with this COVID. This really did affect people what 6065 and over where they hire people that are more apt to be hospitalized with this kind of situation. So that would be something I could see. Before I get too far in here, and I’ve known you so long, why don’t you introduce yourself, Nathan a little bit to our audience and tell them a little bit about who you are, and what you do for a living?
Nathan Wright 7:18
Well, my name is Nathan Wright. As mentioned, I’m with Medi65.com. As Dr. Friday said, I am a licensed Medicare specialist. Basically what that means is, I’m a broker, I don’t have anyone particular company that I work for, I actually work for you. So if you can think of the name of the company, I have them in my arsenal. A little bit about me, I am a life long Tennessee resident, and I love Tennessee, and I don’t think I’m going anywhere.
Dr. Friday 7:55
Perfect. That’s what I love about you, and we’ve had you on the show at least one other time I know of, once I finally convinced you to start using this. I know that there’s a lot of people that listen right now. So if you want to join the show, and maybe you’re in the middle, and you’re like “I don’t really know” or maybe you handle your parent’s medical information. I have a lot of clients that help their parents a lot. You can call the show, even just with generic questions. Let me clarify, there are no stupid questions. Trust me, I don’t even know any of this stuff, because I haven’t had to deal with it much right now. So if you ask something you think, “Oh my gosh, I should probably know this.” Don’t worry, Nathan, I will not second guess you. Because if you don’t ask the questions, you’re never going to get the answers. So give us a phone call at 615-737-9986, is the number here in the studio. We are taking your calls about insurance questions as well, of course, Tax Questions, people, it’s a taxing show.
Dr. Friday 8:57
I know that many of you come into my office and we talk things and a lot of times you guys are asking me questions, and I am far from an expert at being able to. I’m always thinking when you do one thing really, really well there are so many things that are constantly changing, I’m sure in the insurance business, Nathan as well as it is obviously in the world of taxes. It’s impossible for one person to be an expert at all kinds of different things. So I love the fact that you’re joining me on my show because I think a lot of listeners get confused. I’m sure there’s a lot of people just counting lack of a better thing hounding these individuals saying “Oh, this is the best program or that is the best program,” but each person needs to be able to make that decision for themselves. Is there anything and of course, he sent me some questions and I’m completely winging this throwing this at Nathan, which is what I love to do, apparently, but is there anything that they should be considering if they’re getting, I don’t know if insurance companies call but there’s a lot of ads and things so they get on the phone with someone like you is there’s some specific questions or things they should know about themselves that would help you get the proper program for them?
Nathan Wright 10:08
Well, yeah, as mentioned before, you know, first of all, whoever they’re talking to, they need to make sure there’s a licensed agent. That’s number one. Then we’ve kind of already covered it, you know, it really has to do with your individual situation, because I say Medicare plans are kind of like shoes, they’re not one size fits all. Who are your doctors? What are your prescriptions, let’s look at those things individually. So if they call a person like me, they would need to, you know, have a list of Doc’s have a list of medicines. And we can go over and review each step.
Dr. Friday 10:43
Can a husband and wife have different policies?
Nathan Wright 10:48
No, actually with Medicare is going to be a separate policy, but that doesn’t mean they can’t both be with the same company. And I have a lot of couples that choose to go with the same company.
Dr. Friday 11:01
Once they’re kind of locked in, you kind of do that as couples. Okay. Are there plans for veterans?
Nathan Wright 11:08
Yes, there absolutely is. So a lot of veterans think, “You know what, I’ve got Tricare for life, so I don’t need anything else.” And in some cases, that’s true. But in other cases, they may want to look at others because just like Medicare plans, Tricare has different levels of coverage. So they may want to look at seeing if they need additional coverage.
Dr. Friday 11:36
That’s what I was wondering, too, because I know many of mine do have obviously the veterans have, I think Tricare. So it is, in essence, a version of Medicare, but they may still need the secondary to help fill those holes that maybe Tricare doesn’t provide?
Nathan Wright 11:55
Yes, that’s correct. Yes.
Dr. Friday 11:57
That makes a lot of sense. So if somebody is wanting to find out again, the website is www.Medi65.com. Is that right?
Nathan Wright 12:09
That is correct. Medi like Medicare and 65, like you need Medicare when you turn 65.
Dr. Friday 12:16
Yeah. Well, in all honesty, if you don’t take it at 65, I was told that if you opt-out of it, you are opt-out forever. Did you know that?
Nathan Wright 12:27
No, that’s actually not correct. That’s a good thing to bring up. If you’ve got credible coverage at work, you don’t have to take Medicare. Now you want to look at that very closely because a lot of insurance has very high deductibles. And in most cases, you’ve got a very small or no deductible with Medicare. So that’s something you want to look at very closely. You also want to make sure that your coverage is as good as Medicare, and then you could keep your work insurance if you plan to keep working.
Dr. Friday 12:59
Gotcha. I did not know that. I thought that somewhere along the line there that they said that, you know, you had to do that or you’d be in trouble kind of thing. Well, I have quite a few people, to be honest with you that are still working after the age of 65
Nathan Wright 13:22
Dr. Friday 13:22
Nowadays, many of them are still in the workplace and in those cases, they’re still insured by the company. But it may not be a better plan is what you’re saying as far as being able to do that. Alright, so why don’t we take a quick break? If people want to join the show, you certainly can at 615-737-9986. We are taking your calls about questions you might have on insurance as well as Texas. We’re going to be right back.
Dr. Friday 14:05
All righty. We are back here live on the radio. So if you have a question, remember taxes are due October 15. We’re almost through 2020. Therefore if you’ve got questions, maybe you’ve sold something like a piece of property or you inherited something, or you’re just not positive, which way to move forward. If you haven’t filed taxes in a number of years. All you have to do is call the show if you’ve got questions or you can go to my website drfriday.com set up a free text evaluation and we can take it from there. If you want to join us here live on the radio, join Nathan Wright and myself 615-737-9986 taking your calls. Also just asking a ton of questions that I think a lot of people would like to know if they’re on Medicare and having to make this big change. So Nathan, when we talk about this open enrollment, unlike me, I’m not happy with my insurance, I can just go out shop around and change, I’m making a guess since we’re doing this that they can’t change their insurance only at certain times of the year?
Nathan Wright 15:18
In general, that’s true. Now, there are a few exceptions. If you’ve moved from one county to another if you’ve applied for different types of subsidy benefits, that also will create an open enrollment, but in general, October 15-December 7 is the time to make the change.
Dr. Friday 15:38
Gotcha. So how much does Part B cost the average person?
Nathan Wright 15:45
For this year, for 2020, it is actually $144.60. For 2021, it’s to be determined, I’m hearing up to $153 or so.
Dr. Friday 15:57
So that’s everybody that’s in the program. I mean, basically, if you have Part B, you’re paying that. I do have clients that pay more because it is means-tested what I call me and says the minute you make more money, they will actually charge you more. And usually, the ones that are more shocked with that, as someone that sells a piece of real estate ends up making a large profit, and for the whole next year, they end up paying a higher percentage on their Medicare, because it is based on your income. But the everyday normal person that’s maybe in retirement, they’re going to be paying at least $144.60 at this point. Is there something you can do about that? I mean, that’s kind of set, right?
Nathan Wright 16:44
In general, there isn’t anything you can do about that unless there are certain income requirements where you actually can get the state to pay the part before you. So if you’re under a certain income, and I’ve actually just uploaded a video onto my website that actually goes into the specifics of that of the income amount.
Dr. Friday 17:08
I do want to invite people because I have never visited his website until right the second. I get to have Nathan live when I get to deal with him. His website is actually really cool. Again, it’s Medi65.com, he has all kinds of different videos. I love videos because I think sometimes people get to meet you, And it’s easier to explain something sometimes with a video than it is like on the radio, right? Because when you start getting into a lot of numbers and things, it’s very hard to follow without people pulling out pens and papers and things like that. One of the things on here you have and I’m going to jump into is what is the difference between Plan F and Plan G? I didn’t know we went higher than Plan C. I’ve got to learn more.
Nathan Wright 17:57
My website is ever-evolving. So okay, maybe I shouldn’t be using
Dr. Friday 18:02
So okay, maybe I shouldn’t be using that. [Laughter]
Nathan Wright 18:04
That’s great. No, that’s great, because that is actually fixing to say the difference between a Plan G and a plan N. But I’m glad we brought that up because the Plan F is actually phased out. For this year, you can only get a Plan G and a Plan N. So the just the quick differences is for both of them, you have to pay the Part B deductible. For the Plan N you also have to pay what’s called a “doctor excess charge” If a doctor decides to charge over what Medicare says that they can charge, you have to pay that, unfortunately. And you have to pay some small co-pays with a Plan N. And that’s a Medicare supplement. So not to be confused with a Medicare Advantage plan. So there are two different routes if a person is new to Medicare. that’s actually the biggest question they want to ask themselves. “Do I want a Medicare Advantage plan or a Medicare supplement plan?” I have made a video in detail on the website. Is ever-evolving questions. I love questions because I want to add those on there any questions I’ve not answered.
Dr. Friday 19:20
Yeah, because it’s a really great resource for someone trying to figure out these kinds of really important questions. All right, Nathan, we have someone on the phone. His name is Lauren from Mount Juliet. Hee has a question about Social Security and Medicare. Hey, Lawrence.
Hi. Thanks for taking my call. My social security question is relatively simple, Medicare more complex. The simple social security question is my wife doesn’t work outside of the home anymore. When she turned 62, will she be able to go ahead and are drawing her security, and then we’ll flip over to mine when I start drawing mine?
Dr. Friday 20:10
This is something I’m not a security expert, and I don’t believe Nathan is either. But if he knows the answer, he can certainly jump in. But it used to be where you can draw on one and then go to the other. I thought they stopped doing that. She can draw on hers. And I can be completely wrong, and I’ll try to get you a better answer on that Lawrence. But at least at this point at 62, she can definitely draw on hers. Just keep in mind that if you’re still working 85% of whatever she draws is going to become taxable income unless you don’t claim her at all, and you file married filing separately, which, depending on your income can or cannot be a good plan. But I will see well, while you ask Nathan, the question on Medicare, I might just ping one of my friends that does social security. Nathan, you don’t know the answer to that first before I go offside?
Nathan Wright 21:02
I’m gonna stay in my lane on that one.
Dr. Friday 21:05
Okay, you got it. Like I said, we all kind of little increments here. On the first part, she’ll definitely be able to, I just would make sure that either she has 12% or something comes out in taxes on that Social Security. Because we always think that we shouldn’t have to pay tax twice on it, but Welcome to the real world. Unless you guys are living solely off Social Security, there’s going to be tax probably on that on that money just as a preparation. But I’ll see if I can find you a better answer on that if it helps.
Okay, thanks. Now, the Medicare question little more complex. I’m 62. And I’m on a company plan. Insurance for my wife, who is three years younger than me. So I can’t take Medicare at 65, even though Medicare’s a better deal, because I lose her company coverage. I’m trying to figure that out because I’m planning on working to 68. So I can keep and is there any alternative to that?
Nathan Wright 22:30
Yeah, there actually is. So, unfortunately, as you said, if you wanted to keep hurting yourself on that, but you said Medicare’s probably a better deal, which is a lot of cases it is. You can actually have her on a separate open market or Affordable Care Act insurance. I don’t know if you’ve looked into that, which is a little bit out of my lane, but that is an option for her to go on an open market plan.
Okay, so that’s basically it. Am I forced to go on Medicare is Medicare is a better plan?
Nathan Wright 23:12
You are not forced at all. They’re going to actually if once you start drawing Social Security, they will send you Medicare A and B, you can decline B. But if you are still working, you don’t have to go into Medicare as long as your coverage you want to check with your HR department as long as it’s credible coverage, comparable to Medicare, with prescription drugs and everything, then you don’t have to go into Medicare.
Okay. It just sounded like you were saying if Medicare is a better deal, and I have a high deductible health plan, but it covers a lot of dental vision.
Nathan Wright 23:56
Yes, a lot of times Medicare is gonna be the better deal. Not in all cases, but the majority of the time it will be.
Dr. Friday 24:04
Lawrence, if you want to email email@example.com, I will have someone from Social Security answer that question. From what I’m seeing, I can’t get anyone on but from what I’m seeing the answer is going to be exactly what you think. 62 until you go on to your social security than she’s able to get half of yours or whichever is higher. I’m assuming that your Social Security benefit is she can’t go on to half of yours till you’re on it is my understanding. But I can if you want to email I can get somebody that will know that answer definite versus my educated guess.
Okay. Thank you.
Dr. Friday 24:47
Perfect. Thank you, sir. I appreciate it.
Nathan Wright 24:49
Dr. Friday 24:50
All right, Nathan. We got a few more calls here. Why don’t we go ahead and hit I think we’ve got time. Let’s hit Lee in Joltin.
Hello. How are you?
Dr. Friday 25:01
I am Awesome. Thanks for calling. What’s your question?
You’re welcome. My question is on Medicare. I’m 64 going to be 65 next May. They say you have to jump on this and make sure you have it in line before you turn 65, I think a sister in law of mine has like $100 penalty on hers for life, because she didn’t. I know my sister was scrambling a couple of years ago to get hers done before that date, and I was just wondering if, if he could help with that?
Dr. Friday 25:35
Great question. That’s awesome. Nathan knocks it out.
Nathan Wright 25:37
That is a wonderful question. And that’s why I’m called Medi65.com because that’s my specialty. You do want to try to get everything squared away. And I’m sorry, what month was your birthday?
It’ll be in May.
Nathan Wright 25:53
In May. Okay, so we got plenty of time here. Actually, you can, you can start, you know, three months before, and even six months before you can start doing some of the preliminary stuff. When it comes to plans, give me a call. I’ll be glad to go over the specifics with plans and what have you.
Okay, can you help me get me through the first part also, or is that something I’m just on my own with?
Nathan Wright 26:18
I actually can’t do the first part. The first part is actually handled through the Social Security Administration. So you need to contact them. Right now what they’re doing is you have to because of what we’re going through, you have to make appointments and go see them or you can call,
Dr. Friday 26:38
Hey, Nathan, can he do something now way earlier and then have them just start it? So that way, he’s not waiting until the last minute to go in and see them, is it something you can sign up for early and then just have the effective date of your birthday?
Nathan Wright 26:53
Yes, it’s gonna be at least six months before. So I think we’re, we’re about there.
I’m self-employed. I’m not planning on retiring till I’m 70. I’m on Obamacare right now, and Medicare that’s more affordable than that. I’ll leave my wife, on Obamacare for a couple more years until she gets to be 65.
Dr. Friday 27:25
Thanks for the call, Lee. I appreciate that very much. It was a great question.
Thanks for the answers.
Dr. Friday 27:30
All right, we’re gonna take a quick break. We have Rosie and Dale on the phone, but it does take a few more minutes. So let’s take a break a little bit early if we can, and then when we come back, we’ll have plenty of time to answer both of your calls. If you want to join the show, 615-737-9986 we’re gonna be right back.
Dr. Friday 27:59
All righty. We are live here on the radio. I have thought the experts of experts, Nathan Wright. If you have questions about Medicare over 65, what you should and shouldn’t have as far as coverage, then this is the show you want today. Okay, let’s hit Rosie, who has been nice enough to hold to the break. Hey, Rosie.
I’ve got a couple of questions for Nathan. But first a couple of things for your callers that might help them. I’ve been blessed with five sisters. So we’re all in our 60s to go through all this together. So the first caller about the filing suspense about half of the Social Security. That was kind of a loophole that I actually was going to use. But the person had to be 65. The only sister who could use it was born in 1951. My sister born in 1954 could not use it. So I doubt they can use it but they can still follow up with their social security on that. The caller’s name I think his name is that just asked about filing part A. I just did it for my husband’s, it very simple and easy online. Also, he can actually set up an account now with social security and I have great advice so people don’t become victims of identity theft to set up an online social security account. Because first before con artists do. Because once you set up a social security account, then somebody else can’t set it up in your name.
Dr. Friday 30:01
That’s great advice. I’m not near that age yet, but I have one. I mean, you already set up your account. So that way someone can’t go in and actually set it. I never thought about so I’m thinking, there’s that ad with a comedian that says someone actually filed under him way before him. So just thinking about that is out there nowadays.
I set mine up for my husband in the 50s. Then my question for Nathan is, in your comparison, my husband’s going to be 65 in November, but he’s still working. So he’s not ready for part A or Part B, right yet. But when he is, both of us will be retired from the states. Me in four years and him whenever. I’m already retired, actually, so I’ll be drawing my retirement Insurance. So they have a supplemental, so the state, it used to be called Pamco, I’m not really sure what it’s called.
Nathan Wright 31:08
Yes, I’m familiar with that.
Okay, so does your analysis include the state’s plan?
Nathan Wright 31:18
So on my website, no, but I’ve done personal in-person analysis where we kind of look at Pamco, and we look at other options as well. I will tell you, just from experience, if you have Pamco at times, it’s the way to go, at times, it’s not so it’s, it’s really an individual decision on that.
Okay, that’s what I was wondering, because two of my retired friends had over 30 years, and so their premiums are reasonable, but I don’t have 30 years and my husband won’t have 30 years. Well, unless he works forever. I didn’t know we’ll have to pay a higher portion of our premiums. So I didn’t know if it was worth looking into for.
Nathan Wright 32:05
It’s definitely worth looking at your options when that comes. Because there are so many things now that cover a lot of extra benefits. It’s evolving every year, so it’s definitely worth looking into.
Okay, and are you a fiduciary as far as you sell products that benefit you? Or do you sell products that benefit the consumer?
Nathan Wright 32:32
So basically, the way I do things is from your perspective. Now, of course, we get paid by the company, but it doesn’t matter to me which company you go with. I actually will sit down with you. If it’s something like Pamco, it’s the best, and it doesn’t benefit me at all, I will sit down my consultation is absolutely free of charge. So I’ll sit down with you to show you your options. And we can see which one works better for you.
Okay, so you’re not swayed by one insurance company or the other?
Nathan Wright 33:10
Absolutely not. In fact, the crazy thing is that every one of us pays the same. So we really don’t have any dog in the fight. It’s really what’s gonna be better for you.
That’s good because it doesn’t sway your advice, then.
Nathan Wright 33:29
Absolutely. Yes ma’am. That’s a great question.
Okay. Well, thanks so much for your help.
Dr. Friday 33:34
Thank you, Rosie. All right. Dale has been holding through. Dale, you still there?
Dr. Friday 33:43
Thank you for holding. Hey, Dale, what can we do for you?
Yes. I am wondering, is there anyone that pays on your insurance for your hire and medications when they grant? They’re never there. No payment, nothin.
Dr. Friday 34:09
He’s saying that specific type of medications that are costing a lot of money. It sounds like and he’s not getting any kind of discounts or help. Am I right, sir?
Right. No discounts.
Nathan Wright 34:24
Are you currently on a Medicare plan?
Yes, I am.
Nathan Wright 34:28
Okay. So that is something that I would love to look at each one individually. There may be a better plan for you than the one your own and, and I can plug everything into the computer and we can look at them one by one and see which company may be better for you. There are some rare things out there, and there’s actually some help out there. There’s some governmental assistant help and there are also some pharmaceutical discount programs that we can look at as well. So we can kind of look at the full spectrum of things on an individual basis.
Okay, I appreciate that.
Dr. Friday 35:10
Dale, while you’re listening or anyone listening, if you guys want to reach Nathan, his direct phone number would be 615-823-1322. I’ll put it out a few more times in case people are driving. If you can’t, you guys can always go to my website, email me and I will be more than glad to for you his information. I know a lot of times people are listening, but we’re not actually having something where we can write down we’re on the radio. Thank you very much guys for calling and joining the show because those were great questions. I want to go back to one that I think it was Lee brought up. But it’s something about the penalty. What was this penalty I didn’t hear about before? What’s this? So a penalty for the rest of someone’s life, because they made a mistake?
Nathan Wright 36:02
Unfortunately yeah. That’s what I was talking about so much about the credible coverage, you want to make sure if you decide not to take Medicare when you turn 65, that you’re on credible coverage. There is there’s specifically there’s the Part D penalty if you wait, and you will actually be paying a monthly penalty if you don’t take Medicare at the right time. So it’s important to get this right.
Dr. Friday 36:27
Okay. So yeah, anyone listening that is close to the age of 65. Let’s start prepping this. All right. so you basically have to make this decision on or before your 65th birthday? Is that what I’m hearing or you have a little window?
Nathan Wright 36:41
Yeah, it’s actually actually a lot of folks start shopping six months before, it’s actually three months before you can actually apply.
Dr. Friday 36:50
So you have 90 days before your birthday, but you can’t wait till after your birthday. It has to be before the birthday?
Nathan Wright 36:55
Actually you’ve got 90 days after your birthday month. So three months before or three months after.
Dr. Friday 37:00
Okay, so you get 90 days after but somewhere there, you do need to make sure just one of those dates that you do not want to forget, apparently because they take it pretty seriously. All right, we only have a few seconds here about what to ask you. Before we take the last break. We still have time. If you want to join the show, guys, you can at 615-737-9986. Can you help people that are not in the state of Tennessee?
Nathan Wright 37:27
Absolutely, great question. I’m actually licensed in 9 different states. So if you’re listening or you have someone you know, in another state, I’d be glad to help them.
Dr. Friday 37:36
Perfect because this is something happens to every one of us, no matter where we’re living, and getting somebody that’s in our corner is an important thing. All right, why don’t we take another quick break that we can come back to the phone lines? Or I have a couple more questions here that I want to ask Nathan. But if you want to join the show, you can 615-737-9986. We’re going to take a quick break, and we’ll be right back.
Dr. Friday 38:17
Alrighty, we are back live here in the studio with Mr. Nathan Wright, Medicare specialist, good friend. If you guys would like to reach him, I try not to put phone numbers out too fast because then people get confused about who they’re calling. So if you want to reach Nathan, direct 100% to him 615-823-1322. He will be able to take calls. As soon as he’s off the show, he can’t answer the phone while he’s still here with me. If you want to join the radio show, you can 615-737-9986. If you’ve got a question, and it’s just burning in you and you’re like, “Oh, I really want to know something,” whatever that might be. We are here to help you, and we’re going to go right to the phones because we have Russ on the line about Medicare B. Hey, Ross, what’s happening?
Well, I have a question about Medicare Part B, because if you look at the Social Security Medicare literature, it says it is optional. So my question is, under what circumstances is it optional? Is it only when you have an alternative to part B? And it also seems if you don’t take Medicare Part B, then you do pay that monthly, but whenever you do sign up for it, you would pay that monthly penalty, is that correct?
Nathan Wright 39:47
So you don’t have to take Medicare Part B. I do strongly encourage you to take part B but that’s your personal decision on that. There is no penalty for not taking part B. But of course, as you said, it would be advisable to have something in place that would take care of your health insurance. If you just have Part A, you’re just gonna have the hospital portion, you will not have the doctor portion of Medicare.
Right, I understand that. I thought somewhere I read that you did, If you elected at some later point to take part B, there was a penalty, in essence, the lifetime penalty, but I’ll go back and try to read that.
Dr. Friday 40:29
Is that the one that we’re talking about, Nathan? Is it that when we talked about a little earlier, where the one the sister whatever was paying $100 a month for life because she didn’t claim it on time?
Nathan Wright 40:40
There’s even Part D if you don’t take your part, even if you don’t take B you need to get a Part D prescription drug plan because you also get penalties as well if you don’t take a part D. So you can technically take A and D and opt-out a B. And if you decide to get back on it later than yes, you would be penalized. A lot of moving parts with Medicare.
Right. But Part B as in boy, you would be penalized if you delay taking that. The final question is the typical Advantage plans, do they include Part B-boy or not?
Nathan Wright 41:24
So yes, advantage has to cover everything that A and B does, and more. So in fact, your Advantage plan has, in many cases, the D built-in as well. So when you’re in the Medicare Advantage plan is actually part C of Medicare. So if you’ve got a Medicare Advantage plan, you actually have ABC and D.
If you had an advantage plan, you could opt-out of Part B is what I think you’re saying?
Nathan Wright 41:54
No, actually you can’t. You have to have Part B to get an advantage plan. So you can opt-out. So that’s one of the qualifications for an advantage plan is to have Part B. This is a good time to bring up something very interesting. I can’t tell you the specific companies over the air, but there are also companies that have what’s called a Part B buyback and there’s one I’m thinking specifically that has a $50 Part B. So basically what they do is they pay part of your part B on the Advantage Plan.
And that’s probably your total income limits that payback, doesn’t it?
Dr. Friday 42:39
I would think so.
Nathan Wright 42:42
Well, part B payback with the Advantage Plan is not income based anyone can get that. Now there are separate income-based programs with the state. If you want to call me I can go over that individual with you. But actually, the state can actually pay your part B if you’re below a certain income.
Right. Well, I think I’m above that income, so I won’t call you for that.
Dr. Friday 43:09
Perfect. Well, thank you, Russ. I appreciate that question. We’ve got one more person on hold we’re trying to hit. We’ve got Donna that’s been holding for a while. Donna, you still with us?
Yes, I am.
Dr. Friday 43:21
Thank you for holding, what’s happening?
I have a couple of questions for Nathan, please. Okay, number one, if I elected whenever I turn 65 to do the advantage, will I be ever be able if I showed desire to just switch to a different plan like a K Plan or the G Plan with and go back to Medicare with that plan? That’s number one. Number two, if you have a company that uses A on to help you with your decisions, will Nathan be able to help me with that? I’m afraid my battery’s gonna die so I’m gonna let y’all take over and I’ll listen.
Dr. Friday 44:10
Perfect. Go for Nathan.
Nathan Wright 44:11
The first question is, she’s talking about a supplement a Plan K, and F and G, we talked about those earlier. If you elect to go on an advantage plan. If you go back to a supplement plan, you have to go through what’s called health underwriting. And you may or may not be qualified, except under certain circumstances, there’s actually what’s called a trial right, that gives you a full 12 months to try out a Advantage Plan and go back to a supplement plan. So that’s the only circumstances that you can go back. Otherwise, getting back into a supplement plan. You have to go for Health underwriting but when you turn 65, if you choose the Supplement Plan route, there is no health underwriting, it’s open enrollment. And you can get right on a supplement plan without health underwriting.
Dr. Friday 45:13
So as a second question.
Nathan Wright 45:15
If you don’t mind clarifying that for me, please Dr. Friday.
Dr. Friday 45:17
I’m not sure if I did. It sounded like she had some sort of possible extra insurance. And you know, we’re down to the last minute. So at this moment, Nathan, I’m gonna leave the phone number for Nathan 615-823-1322. Also check out his website, www.Medi65.com or call him direct 615-823-1322 is how you’re going to get ahold of him. Nathan, thank you so much for joining. Time flies when we have these kinds of conversations. I knew that has a lot of people out there that are wanting to know the answers to this. It’s kind of a confusing thing. So if nothing else, your initial consultation with Nathan is free. So there is absolutely no harm in calling, making comparisons while you have the availability to do that. You can do that again by calling him at 615-823-1322. All right, Nathan, thank you.
Nathan Wright 46:24
Thanks for having me Dr. Friday!
Dr. Friday 46:26
No problem! You can reach me at 615-367-0819. My offices open on Monday. You can also check us out on the web at drfriday.com. Or if you’ve got questions, or you need to still have your taxes filed again, go to drfriday.com. Click on the appointment or email on firstname.lastname@example.org. I hope you have a wonderful weekend. Call you later.