Jason starts this week’s show off with an introduction to special guest speaker Brian McArthur from Bridlewood Insurance Services, a Medicare Insurance Agent.
Jason asks Brian to set the record straight with the timing of enrollment and the choices available. Brian takes Jason’s lead and explains that Medicare is a deadline driven industry that markets with fear to obtain your business. By age sixty-four, be prepared to receive more marketing material than you could ever imagine. Be proactive and reach out to an agent sooner than later to begin the process of learning what options will be best suited for your health insurance needs. Alex joins the conversation and reinforces the need to speak with a Medicare insurance specialist and adds that the complexities within this space are difficult to comprehend without the support of a subject matter expert.
Jason continues the conversation by outlining Brian’s role as a Medicare Insurance Specialist and confirms that you cannot go direct to Medicare to purchase insurance. The purchase of this health insurance needs to go through an agent. Brian continues by stating that one of the values is understanding what the government is going to cover and not going to cover based on a client’s financial outlook. Brian adds that, while he cannot claim to be a full fiduciary as he is a commissioned insurance agent, he always works in the client’s best interest. Jason takes this moment to reiterate the basis of the show Financial Detox and the values that the show is based on.
After a short commercial break, the show segues into the planning process for Medicare and the approximate fees a client can expect to pay. Brian spends a good amount of time outlining what one can expect to pay towards supplements and how the expenses can vary given annual income and one-time liquidity events. Jason reviews some of the figures mentioned to drive home the point with listeners that having an income plan and making good choices can help to manage Medicare expenses. Jason adds that so often, he sees clients and advisers approach planning for Medicare expenses as a kind of,” back of the napkin” approach. This lack of detail can create a significant short fall in retirement planning. The show continues drilling into the numbers, with Alex asking, what is the number for Medicare Inflation? With Brian’s response, the show goes into a deeper explanation of Medicare payment schedules.
Jason wraps up the show with stating that Medicare is a semi complex decision in retirement that needs to be tied to your financial plan. Given the unique complexities, it is best to work with a qualified insurance agent that specializes in Medicare. Brian McArthur is who IDA uses and recommends.
Jason offers to provide listeners with a complimentary investment portfolio analysis/stress test second opinion, and the opportunity to have a draft of their financial plan built out. They also invite clients to reach out for a complimentary initial introduction conversation with Clay Willits to see if there are potential benefits of further tax planning. They invite listeners to send their questions to firstname.lastname@example.org or call 877-707-8889.