In the Fall of 2018 I wrote articles called Medicare Myths, one of which was subtitled “Who Not to Ask for Medicare Advice.” I suggest you google Medicare Myths by Robert Remin for reference. Last month I had the perfect storm scenario confirming what I wrote that I want to share with you so you know “Who Ya Gonna Call” for unbiased Medicare advice.
A life insurance referral partner of mine referred me to a financial adviser, aka F/A, who wanted Medicare advice for his mother. The F/A explained that his mother heard that the expensive “Medigap” plan costing her about $300/month at the moment was less from another carrier. I responded that was correct and the savings would be about $15-$20/mo. from another carrier if she wanted to change. Keep in mind all “Medigap,” or as I like to call them Supplement/Gap plans are exactly the same here in New York so the carrier one has the plan from is irrelevant.
Here is where the real fun begins. I suggested and explained in detail via phone call and email to the F/A that instead of saving $15-$20/mo. each month his mom could switch to what is called the high deductible (HD) version of the exact same plan she was on and save hundreds per month with her total cost risk per plan year being less than what she is currently paying whether she changes carriers or not.
In addition I explained her health risk on the high deductible (HD) version is exactly the same as the high-cost plan she is on, as all “Medigap” Supplement/Gap plans, which the HD version is on, are exactly the same per US Government Medicare Regulations in New York and every other state except Massachusetts, Wisconsin and Minnesota.
Below is a summary of the emails from the F/A, an alleged numbers intelligent and also licensed person in his field dealing with as many government rules and regulations as I do. Also are my responses.
From F/A—my mom said she has a friend that switched to same plan my mom was on for 185 per month? Is this a thing? She is skeptical of the HD plan.
My response—Mom’s friend “incorrect.” Friend is referring to a different plan… I also explained again the HD plan is Medicare government regulated… I suggest your mom stops asking friends for Medicare advice. Sent F/A link to article with Medicare Myth 5.
To be transparent the F/A was not happy with “mom stop speaking or asking friends” suggestion but that is the entire point of Medicare Myth 5 and the other Medicare Myths articles I wrote, which is I can count on one hand the other non-Medicare certified licensed insurance professionals, F/As, CPAs, CFPs, trust and estate attorneys, social workers….professionals I have met or spoken to that can give unbiased and accurate Medicare advice as their business models, respectively, are all about assets under management, crunching numbers, legal issues, other client health issues….
“Who Ya Gonna Call?”
By Robert Remin