Bob Him, Medicare, Victoria Wood discussed on Chappelwood Financial with Victoria Woods

Automatic TRANSCRIPT

Welcome back to it's all about the money. Honey, I'm your host. They call me the leave leaving my name is Victoria Wood's. Thank you for making our show, the number one show. Listen to right here every single weekend on Saturdays and Sundays I'm joined by my co host known to his clients is the king of finance. This is Mr. Damon K is a CFP professional and wealth management specialist right here. At chapel would financial if you've just joined us, we're talking about risks day and risk is risky more. Specifically, though, we're talking about managing risk with insurance. We all know life is full of risks. Just knowing that you're going out the door in the morning is risk getting out of bed. Sometimes it in the floor is a risk but living like a hermit isn't really too appealing. Right. So you have to face those risks but take steps to protect yourself. Now, we had a situation this week where one of my longtime favorite tough guy. Guys named Bob hauled up. And he had a re this is this is what we do. We teach our clients to call us. It isn't call us since I I want to buy this stock. It isn't call us and say, oh, I got this 4._0._1._K to rollover know, everything you call us and Bob a smart enough and has been trained properly to don't do anything until he picks up the phone and call. Yeah. Well, and he called us about his health insurance. And Bob him. We are his investment advice. Right. We take care of all this other stuff for him too. But he knows enough to call us about this. He didn't even he got all this stuff in the mail. Okay. So here here's the setup. Here's the deal. Now, Bob is not an old, man. Okay. Bob is in his early sixties. He's still working and he's a cutest little daughter and granddaughter never seen. And so he he he has retired. But he continued his retiree health insurance. So the health insurance that he had through his. Old and his former employer. He has continued that he's been paying for it. Well, it gets all this stuff in the mail, Victoria and say your coming up fifty five years might as well get a bigger mailboxes. He get moral and Bob is he's about to turn sixty five. Okay. So what does that get even more? What does that mean? What is the significance of turning sixty-five date? And it's it's about Medicare. Okay. So Medicare kicks in at sixty five that's the age that which you are eligible for that. Well, his health insurance provider know that so they sent him this information saying, Bob, if you want to continue this health insurance, here's what you need to know because when you have Medicare, and you have health insurance from a former employer which insurance pays I Medicare pays I and so your health insurance your retiree health insurance. They want to coordinate those benefits because they wanna make sure you've got Medicare. And then we'll pick up the problem for Bob was that he had all these choices. I mean, they sent him a booklet of like sixty pages. You know, I know you could've you could've done this on one page, which we get paid by the pay by the pound. That's like financial plans. You know people. I made this financial plan for this person's charging by the pound because I mean, it's like five pounds. Always gonna read. Repair. Exactly the so even for me. Okay. I look at this stuff all the time. But even for us when we've got all this documentation, we're looking at. So what do I do? You know, you just gotta wait it out. Instead of getting overwhelmed we start height. You know, we started highlighting things we look things we make a list of questions to Bob not the whole world. Exactly. So Finally, I just said Bob we're going to have to get on the phone. Let's call your benefits office. Let's just talk to them. I know the questions like you say, I spent Greek Greek you, speak English. In fact, he said that when we conducted the call he's a boy, I'm glad you guys know what you're talking about. Because I have no clue. I said don't worry, Bob. I got you covered. So we got on the phone. We asked our questions, and that sort of thing really the the answer came down to he had the choice of staying with a Blue Cross insurance or United health insurance..

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