JB: This one was an eye-opener for me. I had never even heard of Plan G before you brought it up, Kevin. Anything you'd like to add before we wrap this up?
KT: I would just say people need to educate themselves. People have told me: "I've worked in a doctors office for 25 years so I know what I'm doing," or "I've worked for an insurance company for 20 years so I don't need the help." These work experiences do not automatically make them experts on Medicare. These people still have the same misconceptions and end up making bad decisions. It happens over and over. I also hear: "My husband (or wife) has been on Medicare so I'm just going to do what they did." What the husband or wife possibly did is make a bad decision so the chain of bad decisions will continue with the spouse.
People turning 65 (or already 65) can educate themselves by speaking to an insurance broker (we have access to many companies) or go to Medicare.gov. Under the Medicare.gov website, you can look up a guide called "2015 Choosing a Medigap Policy." This guide is all about Medicare supplemental insurance. On page 9 of the guide, it says: "Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies."
The Medicare.gov website is also the best tool to use for shopping for the best Part D drug plan. Do not let anyone offer you a Part D drug plan unless they have first collected the information on your prescriptions. Remember, it's your prescriptions that point you toward the best Part D plan. Do not choose the Part D plan first, then find out it's not covering your prescriptions very well or at all.
If you know and understand the resources to use in order to gain the proper education on Medicare, Medicare supplemental insurance, and Medicare Part D, you should be well on your way in making cost effective decisions.
JB: Thanks so much for talking with me, Kevin. This was so interesting and informative. Readers, please share this with anyone you care about who is 64 or over. Whether they're relatively new, about to enroll, or a long-time Medicare recipient, this article can keep them from making one or more costly mistakes. Knowledge is power and they'll thank you for it.
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You can reach Kevin directly at: ktoomey(at)gmgoldman(dot)com
Thanks to my friend Darlene who introduced me to Kevin in the first place.
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