Covering the Medicare Gap with Medicare Supplements

Some of the highlights of the show include: A brief primer on the history of Medicare SupplementsWhy Danny believes that Medicare Supplements are a great option for peopleHow Medicare Supplements plans can’t be canceled based on a year of high claimsThe difference between when you can buy Medicare Advantage plans and when you can buy Medicare Supplements plansWhat happens if your doctor drops out of the Medicare Advantage plan you’re enrolled inThe more popular Medicare Supplements plans that Zach and Nick see most commonlyChanges to the Medicare Supplements program that just went into effect on Jan. 1, 2020How Nick was able to help a couple save upwards of $2,400 on Medicare Supplements plansHow Nick and Zach’s persistency can be a boon for clientsAnd more!Quotes“President Johnson is the one that signed Medicare into law, and that was done in 1965. And soon after that, a multitude of companies brought out Medicare type Supplement Plans. they were going to cover what Medicare didn’t, but they could add bells and whistles and different things that way.” — Danny “That's what makes Medicare Supplements a great deal for people because it leaves them in control of what they want to do as far as their healthcare is concerned.” — Danny“Medicare Supplemental policies are secondary to Medicare, meaning Medicare is still their primary, meaning it's a nationwide program, they can go anywhere that accepts Medicare. And they're also standardized. So, the coverage from one company to another is identical from plan to plan.” — Nick “You can only buy Advantage plans at certain times of the year with the annual enrollment period, whereas you can buy a Supplement any time of the year.” — Zach“If you're in a Medicare Advantage Plan and your doctor drops out of it, there's nothing you can do until the open enrollment period.” — Danny “Medicare has evolved, coverages have been added, things have changed, and the same is true with the Part D. It's been evolving where it gets better and better as time goes on.” — Danny“Since the plans are standardized, we had the capability to find the same benefit package, the same coverage with another provider saving them a ton of money.” — NickLinksSeniors Living Healthy: seniors-livinghealthy.comFacebook: facebook.com/seniorbenefitincContact Nick and Zach:[email protected]: Welcome to our fireside chat with Seniors Living Healthy, the podcast that helps prepare and educate you as you enter and live out your golden years. With over 10 years of experience, Nick and Zach are experts in the senior market and are here to help you live a healthy, full life. And now fireside with your hosts, Nick Keene, and Zach Haire.Zach: Welcome back to episode five of season one of Seniors Living Healthy. I'm your host, Zach, and with me as always, is Nick.Nick: Hello, folks.Zach: Also, we're pleased to be joined this week by Danny Haire, owner of Financial Services, Inc.Danny: Hi. How are y'all today?Nick: Doing well, sir. Thanks for joining.Zach: Thanks for jumping on here with us, Danny. So, he has been in the business for over 40 years, and can even remember back when Medicare Supplement Plans first came out. Danny, real quick, do you kind of want to just give us a quick historical rundown of Medicare Supplements, where they came from, who brought them out, that type of thing.Danny: Well, of course, President Johnson is the one that signed Medicare into law, and that was done in 1965. And soon after that, a multitude of companies brought out Medicare type Supplement Plans. The difference from those plans compared to today is there were no government standardized plans. Companies pretty much got to put together whatever they wanted to do. I mean, of course, they were going to cover what Medicare didn’t, but they could add bells and whistles and different things that way. And then as time went on, of course, the government standardized these plans. So, that was pretty much, I think, in the ’80s, when that happened, that these plans become standardized and everybody was selling the same thing, and there could not be any deviation from those.Zach: Gotcha. So, as we did discuss last episode, Medicare's got those gaps in it, and so there are plans out there to fill those gaps. As we talked about last episode, those Medicare Advantage Plans. So, this episode we're going to look at Medicare Supplements, and also, kind of similar to our last episode, instead of doing a product review, being this whole episode on a product, we're just going to kind of lump our interview portion in with our product review, just because it's going to flow so well together.Nick: So, Danny, quick question for you tell us why Medicare Supplement Plans benefit our clients?Danny: Zachary said earlier I've been in the business for well over 40 years. So, having seen changes and seeing what these plans can do for people in filling in the gaps, I just think it gives—anything that gives you control of your healthcare, in my thinking, is the best for you. You can go to any doctor, any time, any place. You're not in networks, you're not having to get pre-approvals or referrals. So, to me, that's what makes Medicare Supplements a great deal for people because it leaves them in control of what they want to do as far as their healthcare is concerned.Nick: Sure. Couldn't agree more. A couple things to point out also, Zach, that come to mind is Medicare Supplemental policies are secondary to Medicare, meaning Medicare is still their primary, meaning it's a nationwide program, they can go anywhere that accepts Medicare. And as you mentioned earlier, Danny, they're also standardized. So, the coverage from one company to another is identical from plan to plan. And more importantly, we get asked quite frequently, can these plans be canceled based on a year of high claims, or claims level? And the answer is simply no. The only way a person's Medicare Supplement Plan can be canceled is due to non-payment; it's what's called guaranteed renewability. Zach?Zach: Kind of going back, touching on a few of those points, you know, going through Medicare Supplements, as we talked about in the last episode—Advantage plans as well—you can only buy those certain times of the year with the annual enrollment period, whereas a Supplement, you can buy those any time of the year. As long as you can enter the health questions and qualify there. So, kind of on that note there, Danny, what are some pros to that capability to be able to purchase a MedSup and not—as you said, gives you the freedom. If you want to go a little more into that?Danny: Well, the freedom, to me, is the most important thing. Being of Medicare age myself, and having the flexibility if I want to change a plan, go from one plan to another, or g...