MAPD for Someone who Can Afford Medigap/PartD

[senior-advisor-indiana]

.Lets say med supp/pdp combo premium is 3,000. annually and the MA plan they like has a 6700 moop .so accountant is advising to spend at the minimum 3000 for med supp for tax write off benefit instead taking MA where they most likely would spend much less then 3000 however following the accountants logic it would be better for write off purposes for them to hit the 6700 moop.WTF?

This is why I roll my eyes when prospects tell me they have to talk with their accountant before deciding on health insurance

It's more than out of pocket costs(which you fail to include out of network moop). What if the client gets cancer and wants to utilize the best cancer treatment center of their choice? It ain't happening on a Medicare Advantage plan. If you can afford the premium then you would be stupid not to get a supp...

 

[Ronnie Carter]

I always tell my clients (without asking about their health) that if they're reasonably healthy and don't feel like they are likely to have lots of hospital visits, chemo treatments, and the like, then consider the MAPD route, particularly if they want the extra benefits they offer. Otherwise, get a Med supp/PDP.

If they're new to Medicare, for the first three years (at least in the areas I work the most), if they decide to leave their MAPD and get a supp, UnitedHealthcare will most likely take them as long as their kidneys aren't failing, recent hospital visit, etc.

If very much time goes by, the cost savings for a healthy person can get quite large. For those who worry a lot and just want a generally fixed cost each year for their health care, a Med supp is ideal. Then there is the Med supp subset that is willing to needlessly pay a lot of extra premium for Plan F so "everything is paid for," vs. the ones with common sense who choose a Plan G or, better in most cases, Plan N.

As others have posted, inform your client about all of his options, pros and cons of each, let him decide, and then follow up yearly to see how he's doing. It's all good.

 

[somarco]

Don't sell them anything.

Explain both options.

Let them decide.

Works for me.

People don't like to be sold but they love to buy.

Read the above article and commit to it. Learn the Secret of Question Based Selling and you will do well.

 

[yogooglethis]

It's more than out of pocket costs(which you fail to include out of network moop). What if the client gets cancer and wants to utilize the best cancer treatment center of their choice? It ain't happening on a Medicare Advantage plan. If you can afford the premium then you would be stupid not to get a supp...

of course access to any provider and flexibility is the valid reason why a person should choose med supp over ma but i was responding to the flawed logic of tax adviser recommending med supp over ma for financial reasons - especially for the tax advantage.

 

[somarco]

responding to the flawed logic of tax adviser

What kind of tax advise do you give your clients? How much do you charge for tax advice? Do you prepare tax forms too?

 

[JimmyUt]

of course access to any provider and flexibility is the valid reason why a person should choose med supp over ma but i was responding to the flawed logic of tax adviser recommending med supp over ma for financial reasons - especially for the tax advantage.

You did not understand what I was saying. Their tax advisor said they needed to spend a certain dollar amount annually on healthcare because of certain tax situations or loopholes these folks needed, and the way they had setup their business and retirement. He never mentioned MA vs Med supp, although based on pricing here and the fact she got cancer shortly thereafter, the med supp was a lot better and they dodged a bullet.

 

[yogooglethis]

You did not understand what I was saying. Their tax advisor said they needed to spend a certain dollar amount annually on healthcare because of certain tax situations or loopholes these folks needed, and the way they had setup their business and retirement. He never mentioned MA vs Med supp, although based on pricing here and the fact she got cancer shortly thereafter, the med supp was a lot better and they dodged a bullet.

"My wealthiest clients wanted nothing to do with a med supp until their accountant requested or rather informed them they needed to spend more money on healthcare. "

I did not understand please clarify.If client didn't want anything to do with med supp then what was it the client really wanted for their medicare health plan ? Medicare only? MA? Be completely off the medicare grid?

 

[ChangeGonnaCome]

My "3 rule" is different

If you

1) Travel a lot and rarely in a network

2) Have NUMEROUS issues that gets you to a provider a couple of times a week or

3) Loaded and the money doesnt matter

Oddly--the REALLY wealthy clients of mine ALL have MAPD. They are sharp business folks and get the value of taking some risk

 

[WCMason]

Oddly--the REALLY wealthy clients of mine ALL have MAPD. They are sharp business folks and get the value of taking some risk

Less oddly, my "north of 428" wealthy clients, as one of them describes it, always go a med supp. They are sharp business folks who get the importance of taking no risk when it comes to choosing which healthcare providers they can use.

 

[somarco]

choosing which healthcare providers they can use.

That's the way my clients feel. They don't want a stinkin' insurance carrier telling them who they can and cannot use for medical services.

Choosing your plan goes way beyond just the $$. You can't put a price on quality health care.