Transcript

Speaker 1  00:00

No need to lose sleep over planning your Medicare coverage. Lisa Lauro and the team at Secure Money Health want you to get the best, most customized service when planning your Medicare coverage. In fact, Lisa wants to share her new book with you, The Ultimate Medicare Book. It’ll help you choose the right plan, understand your benefits and avoid common pitfalls. Go to mymedicarebook.com. That’s mymedicarebook.com.

 

Speaker 2  00:30

It’s time to secure all your health care needs!

 

Lisa Lauro  00:34

And we will really simplify the process.

 

Speaker 2  00:37

Welcome to Secure Health with Lisa Lauro.

 

Steve  00:45

Welcome in, everybody. This is Secure Money Health Radio where Medicare Matters, and Lisa Lauro is here to make sure that it does matter. It matters to Lisa. Lisa has been helping folks at Secure Money Advisors. Secure Money Health, you’ve got a teaching background where you’ve spent the better part of 20 years teaching kids, right?

 

Lisa Lauro  01:02

I did. Yes, yes, and I love to teach.

 

Steve  01:06

So, but, and this is no different. I mean that, I mean Medicare, it’s, it’s an education, and certainly, you know, since we’ve been doing these shows, and even on my own experiences, getting into Medicare, that’s a- it’s a process, and I was grateful to have some help.

 

Lisa Lauro  01:19

Yes, yeah, it is a tremendous amount of information to have to know, and because there are penalties that are affiliated with it, if you were to make a mistake, it’s just really nice to work with someone and have someone guide you through this process so that A, you don’t make a mistake and B, you get the best plan that you need for you. And that’s what’s so important is not everybody. It’s, it’s not one of those things. A one size fits all. Everybody has different needs. Everyone has different doctors, prescriptions, different health scenarios. And so, we have to take all of that into consideration. What might be great for your spouse is not necessarily going to be great for you. And so, you know, we, that’s what we do here at the office, is we really, we get to know you. We get to know your needs. We get a list of your doctors, prescriptions, all that stuff. And we go ahead, and we help you through this process of picking a plan. Most people don’t realize that in every single county here, we have over 50 plans to choose from. And if you had to sit down at your dining room table and go through all of these plans, you know, it would be endless hours of agonizing over, you know, so many different variables, you know, like facilities, doctors, is it covered? Is it not covered? Where can I go? Where can’t I go? What about my prescriptions? There’s so much information. So having someone help you, we have this awesome software we use. It really helps us narrow down the search, literally with a click of a button. So, I’m here to help as many folks, and most importantly, a meeting with me is complimentary. So…

 

Steve  03:06

Right. There’s no cost associated at all with this. Ever.

 

Lisa Lauro  03:10

Yeah, so, I mean, you know, it’s one of those things that people, time and time again, are like, so happy that they’ve met with me, you know, and they’re like, What can I give you? I’m like, nothing, you know, nothing. We’re here. I’m paid by the insurance companies that I represent, and I’m just happy to help folks, because that’s what, that’s where my heart is, you know.

 

Steve  03:34

Well, and you’re completely independent, you’re beholden to no one company. I mean, all… You know, you look at the commercials in TV for Medicare, and it’s always somebody who’s pushing you to some place. And that’s not independent, right? That’s going to their, their, you know, their deal, their plan.

 

Lisa Lauro  03:54

That’s right? And you know, it’s it. There’s two scenarios here that I think of. One is, as you mentioned, Steve, the captive agent, right? So those agents work for a specific company, and they are beholden to what they you know, they have to only mention and talk about those plans that they represent. Now, on the flip side, if you were to call an 800 number and get a rep that’s an independent broker like myself, when you call these 800 numbers, you’re going to get a random person that’s not in the local market, because there’s agents like myself that are licensed in all 50 states. Now I’m only licensed in PA, in Ohio, and working on West Virginia, because those are our local, you know, areas. We’re only an hour and 20 minutes from West Virginia, you know. But the folks that are on these 800 numbers, their, you’re, their- What do they know about Pennsylvania plans? Right? They could be talking to you from Arkansas about the Butler plans, or the Allegheny plans, and, and, and that’s where having someone that’s local, someone that knows you, someone that you can call when you have a problem. Because if you, if you use the 800 number, and you get somebody on the phone, and they help you with your enrollment, that’s all well and good for that moment, but when you have a question, you will never get that same person on the line again.

 

Steve  05:17

No, you won’t. 724-293-6653, when you call, you’re going to get Lisa on the line. And again, when people come in, they’re going to meet with you. You’re not, you know, it’s not some, you know, giant corporate thing where… But no, you’re here. You’re right here, exactly, exactly they will- just like Brian and the team over at Secure Money Advisors. Yes. They’re local, yes, yeah. And, all right, let’s jump into a couple of some questions here, as we like to do: Can I get Medicare before age 65?

 

Lisa Lauro  05:47

Actually, you can, and that would be if you qualify due to there’s three ways you can qualify, okay, the first one is, if you are younger than 65 and you qualify for Disability, you have to have been on disability for two full years, and then you will automatically get your Medicare card in the mail.

 

Steve  06:08

Okay, all right, good to know.

 

Lisa Lauro  06:09

The next one is you have, if you had end stage renal disease, and that is an immediate eligibility so you would get, there’s no waiting period, you would get Medicare right away. And then the last one is if you had ALS or also known as Lou Gehrig’s disease, that too is an automatic enrollment in Medicare as soon as your Social Security Disability begins.

 

Steve  06:35

Okay, all right, so, all right. So there that is an Op- That is an option, not an option, but, I mean, it’s not necessarily ideal. If you’re under 65 and again, it’s good to know it’s there, but let’s hope we don’t have to need it.

 

Lisa Lauro  06:47

Right, exactly, exactly.

 

Steve  06:49

Let’s talk about dental implants or hearing aids.

 

Lisa Lauro  06:53

Yeah, so Original Medicare does not cover dental implants or hearing aids. So that’s if you have your A and your B, and you pair it with G or N, you’re not going to get any dental or hearing benefits or vision for that matter. However, the advantage plans, which are part C, those offer dental, vision and hearing benefits, but they do not offer dental implants. So, you can get dental with a Advantage plans, you can have dental insurance, but they- none of them, to my knowledge. Aetna tried it last year, for a year they covered implants, and then they discontinued it. So, I don’t believe there are any in our local market that cover implants currently.

 

Steve  07:46

Sure, but I mean, but just the regular checkups, that kind of thing, most Advantage plans offer that?

 

Lisa Lauro  07:52

Absolutely, yeah, yeah. Preventative care is covered pretty much on all of them.

 

Steve  07:56

Okay, so what happens to my HSA when I enroll in Medicare? I like this question. I talk about, you know, I work with a lot of financial advisors. We talk about HSAs all the time and how really an important tool that can be in a retirement plan. So, what happens to my HSA that I’ve been so diligently saving for?

 

Lisa Lauro  08:15

What happens, you know, more people than I thought have HSAs like, you know, yeah, a lot of a lot of folks that I meet with have an HSA, and as they’re going through it, they don’t always know the parameters. So, it’s important. It is an important question, but you cannot contribute to your HSA Once you’re enrolled in Medicare, okay, and what? So that’s, that’s key, like you can’t, you can’t contribute. But you also should stop contributing six months prior, because when you- when you sign up for Part A and B, or even if it’s just A, they look back six months when you’re and so there will be some tax implications on that. However, you can use your HSA funds for medical expenses, including Medicare premiums and out of pocket costs. So, I’m pretty sure that you can reimburse yourself for that 185 the standard rate of Part B, but you can’t use it for the premiums of Plan G or N, and you can use it for co pays with your advantage plan. Oh, wow, okay, so- So it’s very specific, Steve. Like, it’s like, weird how it’s cover something like, you can use it for some, but not for others. You kind of really, if you have one of those plans, you really need to know how you can use it.

 

Steve  09:34

Sure. And I saw you said you’re seeing more people with HSAs and getting closer to retirement. Is that? Is that a tricky path to walk down, or is it fairly straightforward?

 

Lisa Lauro  09:44

I think it’s just more than I imagined had,

 

Steve  09:36

Okay, just more people.

 

Lisa Lauro  09:47

Yeah. So,

 

Steve  09:48

Because we all, I mean, a lot of us do have those high-deductible plans, that’s the other thing. With an HSA, you got to have a high-deductible plan.

 

Lisa Lauro  09:55

Yeah, the HSA plans that are offered are high-deductible plans. So, I mean, if you’re, if you’re. Relatively healthy, then that’s something to think about. But if you’re not, you don’t want to be in a high-deductible plan, that’s sort of counterproductive, I feel.

 

Steve  10:09

Sure, sure. Let’s see for real time in this segment, does Medicare cover home modifications like wheelchair ramps? Boy, there’s a lot of need for that these days.

 

Lisa Lauro  10:18

Yeah. Yeah. So, Medicare does not cover home modifications, like ramps, grab bars or widened doorways. In fact, my brother-in-law just came out of skilled nursing, and my sister had to buy him a wheelchair ramp because it wasn’t covered, sure, but she was able to get through durable medical equipment, which they cover – a, durable medical equipment through Medicare does cover a lot. So, she was able to get him a hospital bed, she was able to get him a commode. You can get walkers; you can get lift chairs. So, there are a lot of things for folks that need specific assistance. There are a lot of things on the durable medical equipment list, just not ramps, and they won’t come in and make modifications to your home,

 

Steve  11:14

Sure, so, but, the durable goods, where would we find, you know, a collection of them? And is that something you could help us with to understand what’s covered as far as durable medical products?

 

Lisa Lauro  11:25

Yeah, so each plan kind of is contracted with different a different contractor who will deal with the med- durable medical equipment. So, you kind of have to go through your plan and see what is the approved vendor that you can use?

 

Steve  11:44

Fair enough. All right. 724-293-6653, in fact, let’s take a break. Lisa and we’ve got lots more Medicare to talk about, but in the meantime, I want to invite you to give us a call. 724-293-6653, or visit medicaresimpleguide.com if you visit medicaresimpleguide.com you will get a free copy of Lisa’s book, and the book is called The Ultimate Medicare Book. You will like it. Simplifying Medicare So You Can Make Confident and Informed Decisions. That’s what it’s all about. We are going to take a quick break. We’ll come back. We’ll pick it up right here on Secure Money Health Radio Where Medicare Matters with Lisa Lauro.

 

Welcome back to Secure Money Health Radio, it’s where Medicare Matters, and you’re here with Lisa Lauro. My name’s Steve Sedahl, Lisa, president of Secure Money Health works with Secure Money Advisors. You’re a licensed agent. You specialize in, well, health insurance for retirees. And that’s interesting, Lisa, when we think Medicare, but there are other alternatives to Medicare that, especially if a couple, if someone is younger and they’re not on Medicare, and, you know, you can help them get covered as well.

 

Lisa Lauro  13:06

Yeah, we found ourselves in that position quite often in the last couple of years that I’ve been working with Secure Money Advisors where, you know, one spouse was younger than the other, and then they had a couple of years yet. And so, I went ahead and got all my credentials and licensing for the Pennie Health Marketplace plans, which are the Affordable Care Act plans here in Pennsylvania. And so don’t let that be a deterrent for retiring. If you’re ready to go and get on to the next chapter of your life, we can help you also choose a Pennie Health Marketplace plan as well.

 

Steve  13:42

I like it. 724-293-6653, is the number. And here we’re going to start with a question, Can I drop Medicare if I decide I don’t want it? Not sure why you would, but what’s the answer?

 

Lisa Lauro  13:55

Yeah, I’m not sure why anyone would drop it, because the bottom line here is that you have to be very cautious. If you do so, you can drop your Part B, and you would just sign a form with the Social Security office, but you will pay. You will face penalties later. So, I guess the idea here is if, if you were to go ahead and drop your Part B, right, then they would probably count how many months you were eligible but didn’t have it, because that’s how they do it now, is they, so they count. So, let’s say you went five years down the road, and now you’re, you’re 75 so you got it from 65 to 70. You dropped it for whatever reason, and now you’re 75 that’s 60 months, right? So now they’re gonna tack on 60 month’s worth of penalties when you and those penalties get tacked on to your monthly premium for the rest of your life. Oh, wow. So, it, it does not. Make sense to do that. You’re really rolling the dice and also, like, aside from a penalty, right? You don’t want to not have insurance.

 

Steve  15:10

Like, that’s just it. I mean, health insurance, it’s everything, especially as we get a little bit older.

 

Lisa Lauro  15:15

I mean, that’s Yeah, especially as you get older, you never know what’s going to happen. We don’t know what tomorrow’s going to bring. And one thing I didn’t realize while I was still teaching, and before I ever got into the insurance industry, I had no idea that the number one cause for bankruptcy here in America is due to medical bills. Yeah, sad but true. It’s sad but true. And so, you know, you don’t want to be on the hook for your medical. And even if you had A and B, that – B’s covering you at 80% – that still puts you at a 20% gap. And with Advantage plans being, you know, some start at zero, it doesn’t make sense not to have it. It’s a no brainer, right? Of course. So, but, yeah.

 

Steve  16:02

All right, good to know. Let’s see, does Medicare pay for weight loss programs or gym memberships?

 

Lisa Lauro  16:08

So, weight loss programs are only covered if considered medically necessary. So, what comes to mind with these are like bariatric surgeries. So, the doctor has to deem it medically necessary nutrition counseling for diabetes. So has to be related to diabetes, then that would be considered covered, because it’s medically necessary to manage your disease right? Now, gym memberships, original, Medicare does not cover them, the A and the B, but many Medicare Advantage plans have some type of Silver Sneakers, Renew Active, Fit On – there’s all different programs each carrier works with and is contracted with, you know, a different type of gym membership program. Now I have seen where some of the Medigap plans in the last couple years, especially here in PA. I can’t speak to other parts of the country, but there are a few Medigap plans now carriers that are adding a gym membership. Oh, wow. And a lot of folks are really, really liking that, because that was one of the things that they really wanted, and what was making them choose the advantage plan is all those, and that’s what may, let’s be honest. That’s what people like about the Advantage plans, all the extras, right? Sure, they put together a very attractive package, right? You yourself are on one, Steve. So, I get it, you know? But, so, I- There are some plan G’s and N’s that now offer…

 

Steve  17:43

Oh, that’s nice. So, what about? What about if I live in Puerto Rico or another US territory, Medicare an option for me?

 

Lisa Lauro  17:51

Yes. So, residents of Puerto Rico, Guam, US, Virgin Islands, Northern Mariana Islands, and American Samoa are also eligible for Medicare, which is wonderful, automatic enrollment in part A, must actively enroll in Part B. So, you would get that automatic enrollment for your A, but you would have to actively enroll in Part B and then Medicare. Here’s the thing, though. This is the catch, Medicare Advantage and Medigap options may be limited in those specific islands, you know, and this is one of the things I talk about all the time in my seminars, is how blessed we are here in Pennsylvania, especially in the Pittsburgh market, we have tons of Advantage plans available to us because there’s so many national companies all vying for a piece of the market. So, we’ve got, we’ve got choices galore, right? But if you’re on one of these islands, your choices might be limited. Because –

 

Steve  18:54

Okay. Well let me ask you this: if I’m on Medicare, and let’s say I want to take a vacation in the US Virgin Islands. Is my Medicare good there ‘cause it’s in US territory?

 

Lisa Lauro  19:06

Yeah. So, since it is a US territory, you should be able to go to a hospital. If you get sick, you should be able to go to an urgent care. Remember, with your advantage plan, if you’re out of the service area, you are limited to urgent care and, er, but yeah, you’re able to do that. No problem.

 

Steve  19:24

All right, good enough. So, this: What happens to my Medicare if I move to another state?

 

Lisa Lauro  19:31

Yeah, if you move to another state, if you’re on your plan A, and your A and your B are going to go with you, and then your plan G and Plan N can also go with you What would need to be changed if you have Plan G or Plan N or F, any of those Medigap plans. With those plans, you have a separate ancillary prescription drug policy. That would need to be changed. So, you would have to switch your prescription drug policy that has to match whatever county you’re currently living in. And the same goes for the Advantage plans, those have to match the zip code and county that you’re in. So, you would be required to change those.

 

Steve  20:17

Well, what about the snowbirds out there? The snow- you know, they go to Florida in the winter and they come back to Pittsburgh in the summer. How does it work for Medicare there?

 

Lisa Lauro  20:26

Yeah, that’s a great question. So, you can only be out of your service area for six months or less. So, you definitely need to make sure that you don’t extend your stay. I’ve had people that stayed longer than they were supposed to, and ended up in the hospital several times, and they figured it out and they got dropped. So, you don’t want that. You do not want that to happen and so, so be mindful of how long you stay when you are snow birding, and make sure that you come back, because you have to be in your residency, in your current service area for those- at least six months.

 

Steve  21:06

Sure. Okay, so that’s all my friend only comes up on Memorial Day, yeah. He’s down in Florida. So again, well, the folks that are sitting down with, you know, we talk like I said, I work with Brian Quaranta and the team over there at Secure Money Advisors, and they are always talking about, you know, getting in, come on in, and that’s what we want you to do. But it doesn’t matter if you’re working with Secure Money Advisors or not. We can still come in and see you.

 

Lisa Lauro  21:36

That’s right. Yeah, you do not need to be working with Secure Money Advisors, though, we would love for you to come and get a complimentary review with them as well, because they’re amazing, but it’s not a prerequisite. So yeah, if this speaks to you, and let me just also state too, that you know, if you’re turning 65 coming up soon, you’ve got that seven-month initial enrollment window. Okay? So, your initial enrollment window is going to start three months prior to your birth month. So, you know that time frame is going to sneak up on you if you’re not prepared, and you want to kind of have an idea of exactly what you need to do. So don’t wait. Don’t procrastinate. Give us a call. Come on in. Let us help step you through. You know, each part of the process, whether it’s signing up for your Part B, or picking a plan or going through and comparing plans, we’re here. We’re here for you

 

Steve  22:36

Sure. It and the number 724-293-6653, 724-293-6653, securemoneyhealth.com, that’s the website. And now we talked about the book, but securemoneyhealth.com, that’s your website, where it kind of digs into a lot of detail about Medicare, yes, what you can do and how you can do it.

 

Lisa Lauro  22:57

Yes, yes. So, there’s, there’s also on there, there are seminars listed. So, if that’s something that interests you, and you haven’t received one of our mailers, you know, by all means, do you know, click the box to the seminar you’d like to attend, and I’ll get an email and we’ll get you all signed up. So cool. So, what’s a seminar like? Seminars are, are nice. We do seminars all over you know the local area here, some of them are at a dinner venue, and then others are at like libraries and stuff. But I am very thorough. I go through everything from who qualifies for Medicare, how to enroll into Medicare, what A and B consists of, and what they cost. And then we talk about, how do we fill that 20% gap, whether it’s a Medigap plan or an advantage plan, these are considered educational, educational seminars. Okay, you’re not selling anything, so we’re not selling anything. We are not able to talk plan specifics, but we do go over how, what, what our options are, whether it’s a Medigap plan or an advantage plan, how you can cover that 20% gap, sure that Original Medicare doesn’t cover.

 

Steve  24:22

It all starts with a phone call. Folks, 724-293-6653, Lisa, as always, these shows go by so quickly we’re already done. But again, always a pleasure. Look forward to next week.

 

Lisa Lauro  24:32

I do too. Steve, thanks so much. Enjoy your week.

 

Speaker 4  24:36

Investment advisory services are offered through Foundation’s Investment Advisors LLC, an SEC-registered investment advisor. The content provided is intended for informational and educational purposes only. The views, statements and opinions expressed herein are those of the individual speakers and are not necessarily those of Foundations and its affiliates. The information contained herein does not constitute an offer to sell any securities or represent an expressed or implied opinion or endorsement of any specific investment opportunity offering or issuer. Any discussion of performance or returns is not indicative of future results. Any discussions of specific strategies are for informational purposes only, and have been provided to help determine whether they may be appropriate for your specific situation. If applicable, the primary goal in converting retirement assets into a Roth IRA is to reduce the future tax liability on the distributions you take in retirement or on the distributions of your beneficiaries. Each individual investor situation is different, and any ideas provided may not be appropriate for your particular circumstances. Comments regarding a particular client’s experience may or may not be the same as another client’s experience, and is not an indication that any client or prospective client will experience the same or a higher level of future success or performance. Foundations only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor is not an endorsement of the firm by securities regulators, and does not mean the advisor has achieved a specific level of skill or ability. Nothing herein constitutes a recommendation that any security portfolio of securities or investment strategy is suitable for any specific person. No legal or tax advice is provided. Please review your retirement tax and legacy planning strategies with a legal or tax professional before transacting or implementing any strategy discussed herein. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to investment advisory products. Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing company, not guaranteed by any bank or the FDIC. This is not endorsed or affiliated with the Social Security Administration, any federal Medicare program, nor any US government agency, if applicable, we do not offer every plan in your area, and contacting us at the phone numbers provided herein will direct you to a licensed insurance agent. Any information we provide is limited to those plans we do offer in your area. Please contact medicare.gov, or 1-800-Medicare to get information on all of your options. All rights reserved.

 

Outro  26:57

Coach P Radio!