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Michael Sams Saves 78-Year-Old Over $1,700 on Her Medigap Plan

Michael Sams Saves 78-Year-Old Over $1,700 on Her Medigap Plan

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It’s never too late to start saving on your Medicare Supplement premiums. In this case study, Michael Sams shares how he helped a 78-year-old client save over $1,700 on her Medigap plan.

Plus, as a bonus, he also shares how he helped a new Millikin retiree roll over her retirement savings.

The Medicare Checklist for Ages 66+

Most Medicare info on the web is for those who are new to Medicare. But what about those of us who are seasoned consumers? There’s a few things to know, and this short guide will walk you through them.

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The Medicare Checklist for Ages 66+

Barb’s Plan F from Aetna

Barb came to Michael with a Medicare Supplement Plan F from Aetna.  

Plan F covers all Medicare-approved expenses with no deductible, no copays, and no coinsurance. As long as you get services that Medicare approves, you will not have to lay eyes on any doctor bills.

Because of Barb’s age, she is still eligible to have a Plan F. She can keep her plan, choose a different company’s Plan F, or do something different entirely.  

However, if you turned 65 on or after January 1, 2020, you do not have access to Plan F, as it’s being phased out.

Barb’s Plan F premium was $336.03 per month.

Michael typically recommends a Plan G for the premium savings, but he first showed Barb an apples-to-apples comparison. The most competitive Plan F for Barb was from Blue Cross Blue Shield at $247.89. That’s right – without changing her benefits or coverage at all, Michael could save Barb over $1,000 per year!

However, Michael also showed Barb what he could save her if she switched to a Plan G.

Plan F vs. Plan G

The premium for a Plan G from Blue Cross Blue Shield was $193.20, which would put over $1,700 back in Barb’s pocket!

So, what exactly is the difference between Plan F and Plan G, and is the premium savings worth it?

The only difference between these plans is Plan G does not cover the Medicare Part B deductible. In 2021, the deductible is $203.

It’s a $203 difference in coverage for a $700+ savings in premium – a no-brainer!

Hesitancy About Switching Companies

Barb was hesitant to switch companies because Aetna has paid so well for her for so many years.

Michael explained to Barb that the government standardizes Medicare Supplement plan benefits, so every company must pay the same!  

The company you choose isn’t as important because every company must provide the same Plan G coverage.

Barb ended up choosing Plan G, and she will experience $1,713.96 in premium savings per year.

Bonus: Millikin Retirement Account Dilemma

Michael also met with a recent retiree from Millikin. Her retirement accounts were with Millikin and Edward Jones.

This client felt very unsteady about the stock market and the world we live in right now. She explained that safety had become a higher priority, but she still wanted a competitive interest rate.

Michael explained we have fixed contracts with very competitive interest rates and no fees.  

He ended up putting half of her retirement savings in a fixed account and the other half in a fixed indexed account. This just means that half will earn a guaranteed interest rate, and the other half will earn interest based on how the stock market performs.  

Here's a quick video that explains how the fixed indexed account works:

The kicker? Even if the stock market tanks, this particular contract does not allow your money to go down with it. The worst your account can do is stay the same, which gave this recent retiree a lot of peace of mind.

Conclusion

Whether you want to start planning for retirement or you want a second opinion on your rising Medicare premiums, don’t hesitate to give us a call! Our services don’t cost you a dime, and we have a friendly, no-pressure atmosphere.

Call us at 217-423-8000 or schedule an appointment online today!

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