Medicare Unhinged

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I was recently told, “I love Medicare 101, but I’m ready for a Medicare ‘unhinged’ – the real stuff that advisors should know to the core and not all of the usual stuff we hear.”

Well, it took about five minutes to get my brain going about that article. I shot a note out to our team on Google Hangouts and within another five minutes, I had the framework to start writing. Here are some of our favorite lines that we hear on a daily basis. And, I’ll provide the reality behind the lines.

1. I have to have dental insurance?

“What do you mean dental and vision aren’t included in Medicare? I’ve always had that coverage.” Just because you’ve always had something, it doesn’t mean it’s good coverage. It means that you are used to having the coverage. When you have employer-sponsored dental coverage, it’s often cheap! It’s highly, highly subsidized and it’s pretty darn inexpensive. And, the funny part is that most people will say, “But it hardly covers anything.” If that is the case, my question is, “Why do you all want it?” I’ve never met a dentist that says that dental insurance is a good value. But, everybody wants it. (Caveat - we do offer a dental plan or two that are relatively good values, but for the most part, dental insurance is a product that the consumer has been trained to want.)