A CASE STUDY:
Sometimes I like to share what I do on a regular basis to provide our Coach members and others who will join someday with examples of how the Medicare Coach program works.
I conducted a Medicare 101 Seminar a few weeks ago for about 20 members of the Wichita Chapter’s Society of Financial Service Professionals, at the Wichita Country Club. Since then I’ve had several referrals from members of this group to assist their clients with Medicare issues. I just completed a Coaching session this morning and here is a quick summary of what took place.
PROBLEM:
Mr. Valued Client was aging into Medicare in July. He was drawing Social Security and automatically received his Part A and Part B Medicare card with July 1st effective dates. He had received numerous requests to buy Medicare Supplement and prescription insurance, but didn’t know what to do since his spouse was not Medicare eligible. His advisor gave him my card and suggested that he call for a coaching session.
Preliminary Homework:
Mr. Valued Client completed a Medicare Questionnaire listing all his medications. We compared costs and premiums with available Medicare Part D prescription plans and provided him with cost comparisons. He was eligible to buy certain medications through the VA (Veterans Administration). Prior to our conference call this morning, we sent the detailed information to him with clarification questions on certain prescriptions. In addition, we asked if he had any special medical needs, how much he would pay for his wife on a COBRA plan if he left this group employer plan.
Conference Call:
During a 1 hour and 15 minute conference call Mr. and Mrs. Valued Clients received a complete overview of how Medicare works, what plans would be available if Mr. Client joined Medicare and then made a cost comparison between his group employer plan and Medicare. I was able to advise the client to remain on his group plan at work which would save he and his wife about $1620 of annual cost.
Mr. Client will continue to work and disenroll from Part B (Doctors) by contacting his local Social Security Office. His wife can now stay on the group plan and not pay the $385 COBRA premium. Mr. Client will now continue in the Coach program as a Team Player renewal member for $100, billed to him in October, and he can stay in touch between the remainder of the calendar year and all of 2013 with no additional fees due.
Net Result of Coaching Session:
Mr. Client paid the $175 consulting fee, but learned that he could save more than $1620 in costs by staying on his group medical insurance. He learned that he could disenroll from Medicare Part B, and could return later during a Special Enrollment period without showing evidence of insurability.
At that time his wife would join the program as a new member, but in the meantime, he will continue to stay in touch with our Coaching program and contact me anytime with questions. He now can throw away the stack of marketing materials he has received during the past three months asking him to buy Supplement and prescription plans.
Mr. Client had tons of Medicare product information, but didn’t know what questions to ask or how the Medicare process works. He didn’t know who to turn to for help until his advisor suggested us.
We focus on process and not product, and then provide advice based on what’s best for the client. That’s it in a nutshell. If you or others need this kind of help when the time comes, give me a call.
Coach
