Author: Dan Hoelscher

Dan Hoelscher founded Seniormark in 2007 in an effort to help individuals make a successful transition into retirement. Dan is a Certified Financial Planner™ Practitioner and holds Certified Senior Advisor (CSA)© and Certified Kingdom Advisor™ certifications. Since founding Seniormark, Dan has helped thousands of retirees throughout Ohio.

The #1 Reason Why You Should Enroll in Medicare Part A (Even If You’re Still Working)

Posted on September 20, 2018 by - Uncategorized

The #1 Reason Why You Should Enroll in Medicare Part A

(Even If You’re Still Working)

Whether or not you should sign up for Part B while still actively employed is a little more questionable.  I mean, why pay that $134 a month premium if you’re employer plan is doing a fine job at a cheaper price?  (Call our office if you would like advice on whether or not to take Part B.)  But Part A is not like that.  There are basically no downsides to enrolling once you’ve turned 65.  Why, you ask?

 

Because It’s Free!

Of course, that is neglecting the fact that you’ve paid into social security for about 40 years and—therefore—have earned it.  But—wherever you stand on the proverbial “free lunch” debate— this does not change the fact that Medicare Part A has no associated premium.  If you are approaching 65 and have paid into Social Security for at least 10 years, there is no reason to delay.

 

There is only one reason why you would want to opt out of Part A…

 

Health Savings Accounts

If you have an HSA and wish to continue contributing to it, you may want to delay Part A.  Of course, you can still have an HSA.  And you can still use it to pay medical expenses.  But you cannot put any money into it after you enroll in Medicare.  There are some people who do, of course—whether unknowingly or purposefully—but this is not a wise choice.  If the IRS audits you, you will be subject to a stiff penalty.  According to IRS publication 969, the penalty is 6% of your contribution and its interest until you remove the funds from your HSA.

 

But other than that, you should definitely enroll in Part A if you are approaching 65.  All those years of the government dipping into your earnings have paid off—if only in a small way.  There may not be such a thing as a “free lunch”, but there is such a thing as taking advantage of what you’ve so rightfully earned.

 

We know.  Medicare is confusing.  But we can help make sense of it all by mapping out a plan that fits your needs and your budget.  Just contact Seniormark at 937-492-8800 or click here to schedule a free consultation!

A Little Known Reason Why Medicare Will Deny Coverage For Your Nursing Home Stay

Posted on September 17, 2018 by - Medicare, Medicare Advantage, Medicare Supplement

A Little Known Reason Why Medicare Will Deny Coverage For Your Nursing Home Stay

There are few things more wrinkle-inducing than the stress of any unexpected bill, let alone a $6000-8000 nursing home expense left uninsured by Medicare.

 

But it happens everyday. If you receive only custodial care at the nursing home, Medicare will not cover you.  (Read this blog for a few answers.)   And even if you are receiving skilled nursing care, there is still a chance you won’t be insured.

 

Here’s the reason: Many people don’t receive 3 days of inpatient care before moving onto the nursing home. This is a requirement for coverage!

 

Check Your Status!

What really throws people for a loop is that not all hospital stays qualify as the required inpatient care. So even if you stay a week in the hospital’s luxurious half-room with a moaning mystery patient on the other side of the curtain, that doesn’t mean you satisfied the requirement (even though you definitely earned it, in my opinion).

 

Why, you ask?

 

It has to do with your official status. Some people are formally checked-in, but others are filed under “observation status”. In other words, they are not receiving any specific treatment but are rather checked in for the purpose of evaluation, testing, and monitoring. In almost all respects, they receive similar care to those who are formally checked in, but these patients are billed and covered like they are receiving outpatient services. They don’t fulfill the 3-day inpatient requirement and—when they move on to a skilled nursing facility like a nursing home—they are denied coverage when they need it most.

 

Sounds a bit unfair, right? I agree wholeheartedly. Luckily, the government is aware of the issue and is taking steps to resolve it.

 

Baby Steps

One of these small steps occurred in August of 2015 when Obama signed the Notice of Observation Treatment and Implication for Care Eligibility Act. I know—legislators have a knack for snappy titles. But in all seriousness: What the article lacks in creativity, it makes up for in functionality. This Act requires hospitals to alert you of your observation status and how it will affect your Medicare coverage in both writing and in person.

 

Potential Strides

The Notice Act doesn’t solve the whole issue, of course. It would be better to just allow all hospital stays to count toward the 3-day inpatient requirement. The good news is—yet again—politicians are working toward this.

 

But until then, be aware and ask about your status.  It pays to be educated. And it can save you an arm and a leg to know what others don’t and what hospitals neglect to tell you.

 

Turning 65 soon and confused about Medicare?  Call Seniormark at 937-492-8800 or click here to sign up for a free consultation!

Think Poor Health Will Stop You From Getting Medicare Supplement Insurance? Think Again.

Posted on September 13, 2018 by - Medicare, Medicare Supplement, Retirement Planning

Think Poor Health Will Stop You From Getting Medicare Supplement Insurance? Think Again.

Insurance companies can’t refuse you coverage for having cancer or being on an expensive chemo-treatment. They can’t deny you a policy for having diabetes or (Burger King-induced) sky-scraping cholesterol or any other pre-existing condition for that matter. These companies are federally mandated to grant you coverage as long as you enroll within the Medicare Supplement Open Enrollment Period. This is good news for you!

 

The Open Enrollment Period

The Medicare Supplement Open Enrollment Period is a 6-month window beginning the day you both turn 65 and are enrolled in Part B of Medicare. During this time frame, you have all the privileges of someone who doesn’t have poor health, including:

  • Access to all 11 Supplement plans (A, B, C, D, F, HDF, G, K, L, M, and N)
  • No premium hikes due to health conditions
  • No medical underwriting

 

You’ve Got Another Shot.

And then there’s guaranteed issue. Although this is based on very specific circumstances (such as coming off of employer insurance or your current plan discontinuing service), it still offers many people with pre-existing conditions another shot at getting on a plan. It is important to note, though, that some plans may not be available under guaranteed issue. It isn’t an all-access pass like the Open Enrollment Period, but it does give you the assurance to know you will not be denied.

 

 

It’s Not the End of the World!

But don’t sweat if you are no longer within the Open Enrollment Period. This definitely does not mean you won’t be able to get Medicare Supplement Insurance. It just means you will have to answer questions about your health, where they might look at your whopper addiction with a more critical eye.  You may have to pay more, but (depending on your specific conditions) they won’t automatically deny you coverage.

 

Of course, this doesn’t mean that there aren’t still circumstances where you will be unable to receive coverage. But—because of open enrollment and guaranteed issue—this doesn’t happen nearly as much. The government is making strides to ensure that health coverage is available to those who need it most: those who are unhealthy.

 

Need help picking out one of the 11 Medicare Supplement Plans? Want somewhere to start? Call Seniormark at 937-492-8800 or click here to set up a free consultation.

Why Dental Plans Aren’t Worth Their Weight in Premium For Retirees

Posted on September 10, 2018 by - Health and wellbeing, Medicare

Why Dental Plans Aren’t Worth Their Weight in Premium For Retirees

If you’re coming off your employer plan and onto Medicare, you might have been surprised to find out that neither Medicare nor Medicare Supplements cover most routine dental services. So I understand why you might find it quite attractive to get on a dental plan in addition to Medicare.   After all, who else will insure your million-dollar smile?

 

But allow me to reason with you. Because I believe that—in most cases—a dental plan just isn’t worth it.  Don’t believe me?  Using the pictured plan as an example, give me a few minutes to explain.

 

Scaling Benefits, Depleting Value

Way back when, Dental Plans had much better benefits. Their maximum benefits started on day one and continued until you dropped the plan.  But people abused it.  They got on a plan when they found out they needed a major surgery, let the insurance company foot the bill, and then cancelled the plan, getting away with no more than $30-40 in out-of-pocket costs.

 

The insurance companies needed to get smart if they were going to make any money.  So what did they do?  They fought fire with fire, and introduced scaling benefits.  Now most plans do not grant you full benefits until much later, after you paid your dues in premiums.  In the example below, the full benefits aren’t granted until 2 years.  In other words, not until you spend $800 in premiums!  The only thing the plan pays in full on day one is preventative services such as cleanings and exams.

 

Maximum Benefits

Here’s where a dental plan can really get you: the maximum benefits per calendar year is $1000.  This means you will never squeeze anymore than one grand out of them per year, no matter how long you’ve paid into the plan.

 

So what do you pay in premiums per year for this plan?  Let’s crunch the numbers.  $33.71/ month X 12 months per year = $404.52.  So, for all intents and purposes,  you pay about $400.  Consider this:  if you put the money you would’ve paid in premiums into a savings account, you would cover the maximum benefits in 2.5 years.  So—as long as you don’t expect to spend well over $1000 in 2.5 years—why would you bother with a dental plan?  For most people, it is just not reasonable.

 

You might’ve notice that you can upgrade your maximum benefits to $2000 dollars for an extra $7.61 in monthly premium.  But did you notice the fine print?  Without squinting, you probably didn’t.  So let me help you out with the gist: despite the upgrade, major services will still not exceed $1000.  In other words, for the services that actually have a chance of exceeding $1000 like dentures and oral surgery, the benefit limit is the same.

 

What to Do Instead

If you are still concerned about paying for routine checks, I would recommend telling the dentist you don’t have insurance and asking about “network pricing.”  A lot of times they are willing to cut the price (as much as 50% for exams and cleanings).

 

And if you are still concerned about major services that are going to cost up to $1000 or more, I recommend saving up what you would’ve paid in premium to put into a savings account.  In 2.5 years, you will have a thousand dollars of self-insurance for that million- dollar smile.

 

Need help with your retirement transition? Seniormark is here to help! Call us at 937-492-8800 for a free consultation.

Q&A: What You Need to Know about the New Medicare Cards and Numbers

Posted on September 6, 2018 by - Medicare, News

Q&A: What You Need to Know about the New Medicare Cards and Numbers

I’m sure you’ve heard about it on the news or from a friend. If you haven’t, I would like to inform you now: As a part of the Social Security Number Removal Initiative, the Centers for Medicare and Medicaid Services (CMS) will be issuing new Medicare cards with a new number gracing the front. Unlike the old HICN number that is on all the old cards, this new number is not based on your Social Security number. Rather, it is a randomly generated 11-character identifier.

 

I anticipated a little bit of  “buzz” surrounding this topic, so I thought I would provide quick, simple answers to some of the questions you might be asking out of curiosity or general concern. Let’s get started.

 

How Much Will It Cost?

It won’t cost you anything. However, the government has set aside $320 million over five years to fund the initiative. It’s amazing how something as simple as changing numbers and letters on a card can end up costing so much!

 

Why Are They Doing It?

Think $320 million is a lot of money? How about $60 billion? As it turns out, that is one estimate of the amount of money Medicare loses every year due to fraud, according to AARP. The government hopes taking everyone’s Social Security numbers off the cards will help prevent identity theft and put a dent in that multi-billion dollar problem.

 

How Is My Medicare Beneficiary Identifier (MBI) Generated?

Unlike the old Health Insurance Claim Number (the number on your current card), which is based on your Social Security Number, your new Medicare number (the MBI) is a completely randomly generated 11-character identifier. It does not have any special meaning whatsoever.

 

For more information on the MBI, how it will look on the card, and each of the characters, see this helpful explanation.

 

When Will I Receive Mine?

They began the transition in April of 2018. Their goal is to have a new Medicare card in the hands of every active Medicare beneficiary by April of 2019.  You can also sign up at medicare.gov to receive an email when your state mails their new cards.

 

What Does This Mean for My Healthcare Provider?

Your doctors and care facilities will likely need to update their software and information systems to recognize the new number. Issues and challenges may arise as the transition takes place, but all the kinks should be worked out before you get your new card in the mail.

 

Do I Need to Do Anything?

Be sure to destroy your old card (it has your social security number on it), start using your new card as soon as you get it, keep the new number safe, and also check out our blog post about potential scams that may arise throughout this transition.

 

Do You Have Other Medicare Questions?

At Seniormark, we’re always here to help. If you have any questions about when and how to sign up for supplements, Medicare Advantage or drug plans, give us a call at 937-492-8800 or click here to sign up for a free consultation!

Watch Out for Medicare Scammers as New Medicare Cards are Issued

Posted on September 3, 2018 by - Medicare, Medicare Advantage, News

Watch Out for Medicare Scammers as New Medicare Cards are Issued

If you have read any of my other blog posts detailing the evils of Medicare fraud, then you know what a pervasive and serious problem it is. Not only does it cost Medicare recipients and taxpayers such as yourself millions in false claims, it can also cost lives in some rare cases due to malpractice and misdiagnosis.

 

This is why the Center for Medicare and Medicaid Services (CMS) launched an initiative to help tackle this complex problem. It is called the Social Security Number Removal Initiative (SSNRI), which accomplishes almost exactly what it sounds like it does. The measure ensures that Medicare will issue new Medicare cards to over 57 million enrollees with (you guessed it) the Social Security numbers removed. Instead the card will proudly display a new identification number called the Member Beneficiary Identifier (MBI). Medicare hopes that, with such an important number replaced on the card, it will make it more difficult for the bad guys to steal your precious identity.

 

However, the reason why I am alerting you of such a change is because the Better Business Bureau predicts that, scammers will prey on the uncertainty of this transition in the form of phone scams, and I do not want you to be a victim. Over the period of April 1, 2018 to December 31, 2019, be on special guard against these kinds of attacks. Knowing how this initiative will take place will help keep you safe. Therefore, keep the following things in mind about the SSNRI:

  1. You will not need to pay for your new card. If someone claims you have to, it’s a scam.
  2. You will not need to share your Social Security Number over the phone either. Reminder: Medicare will not call you or ask for personal information over the phone.
  3. You will not lose your Medicare Coverage in this transition. If anyone threatens this if you do not give them your information, it is a scam as well.
  4. This process is entirely automatic! Your new card will just show up in the mail sometime between April 1, 2018 and December 31, 2019.

 

It’s certainly frustrating that scammers can take an initiative designed to stop them and use the process as an opportunity to trick even more people. However, once you have your new Medicare card in hand, it will make it even more difficult on them. And, as long as you remember those four points, you will keep yourself safe in the transition as well.

 

Did you know that if you have been in the same Medicare Supplement for 4-5 years, you are likely overpaying for your coverage?  Click here to find out how much you could be paying:  https://seniormark.com/resources/#medicare-rate.

 

Want more information?  Contact our office at 937-492-8800 or via e-mail at admin@seniormark.com.  We are here to help!

Warning: New Medicare Scams Coming!

Posted on March 2, 2018 by - Medicare, News

A New Wave of Medicare Scammers

 

Yet another wave of Medicare scammers is on the rise.  As new Medicare cards will be mailed out, seniors are finding themselves susceptible to phone scammers who are calling and identifying themselves as representatives from Medicare.

 

Callers are requesting payment for the new Medicare cards that are absolutely FREE.  Please be wary of such scams and not to give out private information about yourself.  Medicare will correspond only via mail.

 

To report a scam, please use the Better Business Scam Tracker or contact Medicare.gov directly at 1-800-MEDICARE.

 

In this latest attempt at medical identity theft, a caller posing as a Medicare representative will ask for payment in exchange for the new ID.  (The cards, which will be automatically sent sometime between April 2018 and April 2019, are free and require no extra steps.)

 

The same goes for someone asking if you want to purchase Medicare’s prescription drug coverage, known as Part D.  In this case a scammer may try to persuade you to buy Part D or lose your Medicare coverage.  (Part D is voluntary and has no impact on your health plan.)

Another common ruse is that you’re owed a refund from your insurance company and the caller needs your bank account number and Social Security number to deposit it.  A similar fraud also involves a caller claiming to be with Medicare requesting to update or confirm your information.  In each of these attempts at medical identity theft, scammers can then use your insurance to see a doctor, obtain prescriptions, buy medical equipment or even file a false claim.”

Scammers are taking advantage of the new security measures by targeting Medicare recipients before the changes roll out.  North Carolina Department of Insurance Commissioner Mike Causey says fraudsters are calling recipients, asking for personal information before the new cards come in.  He says they’ll ask you to verify your information, pay a fee or offer to track down your new card by using your old card information.”

If you have questions or concerns about the new Medicare cards, please contact our office for assistance:  937-492-8800.

7 Candies That Will Bring Back Childhood Memories

Posted on December 16, 2017 by - Uncategorized

7 Candies That Will Bring Back Childhood Memories

My grandma used to pick out a small bag of candy every Saturday when her family visited their local meat locker. While her dad was stacking slabs of beef in the chilly deep freeze, she was in the nearby candy shop with her sister, carefully selecting candies from glass jars. Their favorite? Maple nuggets.

 

When they got home, they would all play cards together and share a small bag of potato chips, but (because they had to share with the rest of their brothers and sisters) they had to wait until the next morning to eat the tantalizing maple nuggets.

 

The anticipation. The chewy center and creamy, maple covering. The memories.

 

I’ve found that a lot of boomers have similar experiences with old time candies. It only takes one look, one smell, one word, and they are back in that candy shop with just a nickel or dime to spend. Here are 7 candies that may just take you down memory lane.

 

  1. Atomic Fireballs

These red, plastic-wrapped wrapped jawbreakers don’t start out too hot, but give it a few minutes, and you start to feel the burn. Let it set a while longer, and your mouth is on fire… a real face-contorting, tear-jerking, sweat- inducing treat. Did you make it until the end…or were you a wimp?

 

  1. Candy Cigarettes

Way back when, kids were chain-smokin’ these babies by the carton. They’re practically a chalky and sugary gateway drug to real tobacco…

 

All right, that’s probably taking it too far! But for real—did you know that candy cigarettes are banned in many countries for this very reason?

 

  1. Neccos: “The Original Candy Wafer”

Spearmint. Black licorice. Cinnamon. These chalky discs of sugar were stacked into a cylinder and wrapped in paper. They are basically glorified tums, but when you’re a kid, you don’t care! Candy is candy, after all!

 

  1. Clark’s Teaberry Gum (and the rockin’ commercial)

What made this gum special was not its flavor or the pink packaging, but its commercial. Does anyone remember the teaberry shuffle commercial? I bet some of you recall soldiers, shoppers, and football players alike popping a piece of gum and then busting a killer dance move… “Clark’s teaberry gum presents the teaberry shuffle!” After a little jig, they continued as if nothing happened. If you are having trouble picturing it, click the link to view the video. I had a good belly laugh…I’m sure you will too!

  1. Wax Lips

Ridiculous? Yes. Flavorless? You bet. Still pretty awesome? Of course! This Halloween gag is exactly what it sounds like: lips made of edible wax—fun to play with, not so much to eat.

 

  1. Squirrel Nut Zipper

These nutty, creamy, vanilla caramels are a classic. But do you know how they got their name?  I read this story on oldtimecandy.com. It’s quite funny: After coaxing a drunken man down from a tree, the cops asked him to explain himself. He said, “It must have been the nut zipper,” referring to a popular alcoholic beverage in the town. One of the managers of the Squirrel Brand read the police report in the newspaper. He thought it was a great name for their new candy…and the rest is history.

 

  1. Sky Bars

Yellow wrapper. Red lettering. Milk chocolate compartments with a different delicious filling in each: one section of vanilla, one of caramel, one of peanut, and one of fudge. Eat your favorite section first or last. It’s up to you.

 

That’s all I got folks! I hope this post awakened your sweet tooth. And if it awakened any childhood memories as well, please share them in the comments. We want to reminisce with you!

 

Retiring soon? Not sure what you have to do next? Give us a call at 937-492-8800 and we’ll help you get on the right track!

 

 

 

Aren’t All Medicare Supplements the Same?

Posted on November 17, 2017 by - Medicare Supplement, Medicare Workshop, Retirement Planning

Aren’t All Medicare Supplements the Same?

Yes.

Well…no.

Well— it’s at this point that I realize cut and dry answers don’t get along very well with Medicare. Or the federal government. Or really anything related to government for that matter.  And I am forced to give you the incredibly vague answer that sometimes isn’t an answer at all: yes and no. Allow me to expound.

 

Yes, they are all the same because…

 

Medicare Supplements Are Now Standardized.

Starting in 1992, the federal government came out with 11 plans labeled A through L, each with their own distinct coverage level and associated benefits. These 11 plans are identical no matter where you purchase them, which means that Plan F is still Plan F (offering the same coverage) whether you buy from AARP or Aetna or any other company.

 

However, just because the plans are standardized, that does NOT mean the prices are!

 

Which brings me to the inevitable…

No, they aren’t all the same because…

 

Prices Can Vary Dramatically—

As much as $100 a month.

And for the exact same benefits! Here’s an example. Let’s say you are a 65-year-old male from Sidney, Ohio who doesn’t use tobacco. If you purchased Plan F Supplement insurance from Banker’s Fidelity Life, it would cost $152.06 a month. However, if you purchased Plan F from Physicians Mutual Insurance, you would pay $294.33 a month. This is like having the option of identical minivans. Same make and model. Same gas mileage. Same features. Except one is almost twice as much. The choice is a no-brainer, right?  (Prices are current as of November, 2017).

 

 Now it’s time for something definite:

 

You should ALWAYS go to a trusted Independent Advisor (see my blog for reasons why here) for help.

 

They will get you into a plan that is right for you. Since they are independent, they are free to shop with a lot of companies to find the plan with the best benefits for the lowest cost.

 

Ahhh…the best value.

Now that is cut and dry.

 

Still have questions?  Sign up for our next workshop here:  workshop signup.

 

If you need help shopping for a Medicare Supplement plan, call us at 937-492-8800  for a free consultation!

 

Take Advantage of What Medicare Covers in FULL

Posted on November 9, 2017 by - Medicare, Medicare Annual Enrollment, Medicare Drug Plan, Medicare Supplement

Take Advantage of What Medicare Covers in FULL

Medicare alone doesn’t cover very much in full. There’s almost always some sort of coinsurance or copayment or other out-of-pocket cost.  This is why many people purchase Medicare Supplement Insurance to fill in the gaps (I recommend that you do so as well).

 

But there is something that Medicare fully covers—and that is preventive services. This includes lab tests, screenings, vaccinations, virtually any service performed to ensure that health problems are caught early—before they become…well…even bigger and more threatening problems.

 

This means that—as long as you meet basic eligibility requirements—you won’t pay a dime for most preventive services. The only ones I found that required any out-of-pocket costs were glaucoma screenings, diabetes self-management training, digital rectal exams (to detect prostate cancer), and barium enema (to detect colon cancer).

 

To give you an idea of the scope of preventive services that Medicare offers, here is a quick list:

  • Colonoscopies
  • Mammograms
  • Annual Wellness Visits
  • Diabetes Screenings
  • Vaccinations
  • Blood Tests
  • Depression Screenings

And this is just scratching the surface.

For a more comprehensive list with all the details, click here to access the Medicare preventive services guide.

 

Keep Track of Preventive Services on mymedicare.gov!

Some of these services are offered every year, some every other year, and some less or more often. Your risk level for certain diseases (based on age, gender, or family history) can also play a factor in how often you are eligible for services. Needless to say, it can be a lot to manage, which is why I recommend using mymedicare.gov. This free online account (among other things) allows you to see which preventive services you are eligible for and when.  Sign up here:  MyMedicare.  You can also print off a personalized report to bring to your doctor. This will help the both of you plan out when and if you should receive the various services.

 

I hope you consider taking advantage of what Medicare has made available. The reason they made it free is because they know how important it is for retirees to take care of themselves in a proactive way. It is good for them, and it is good for you—money wise and otherwise.  No one likes to spend time at a cold doctor’s office, especially when getting a colonoscopy (geesh). But staying on top of your health now, can save you having to deal with major health issues later. It can keep you on the go and healthy during retirement, an era of life that I believe should be as (if not more) fulfilling and exciting as all the rest.

 

Have any questions or concerns about Medicare? Call Seniormark at 937-492-8800 for a free consultation.

Turning 65 and not sure what to do?  Consider signing up for one of our FREE workshops in Sidney or Vandalia, Ohio!  Sign up here:  Seniormark workshops.