Wednesday, July 4, 2012

Dealing with Finances, Getting Screwed

Just have to vent dealing with finances, mostly with insurance changeover from my GM policy to MediCare and a Medigap policy.

A couple weeks ago I met with a Rep/Salesman from Physician's Mutual. After his pitch, I asked some questions. There were some things he told me just did not sound right. I was told that choosing a MediGap plan is a "one-time" decision. Very difficult to change. Anyway, I filed his brochures to look at after my trip (to MidWest Mountain Bike Fest).

Then I co back, called my home/auto insurance rep at TS Bank.Insurance. She could sell me MediGap policy including drug plan as long as I ask to review the offering. They have a play by Blue Cross/Blue Shield Wellmark. It was becoming obviously I will need to create a spreadsheet to evaluate the various plans. And that I I had been given incorrect info about the "one-time" selection of MediGap carrier.

I am in the information gathering phase at this time, because my MediCare does not kick in until 10/01. I called GM about my pension and lump-sum payment offer. While on the phone with them, I verified the day my insurance coverage ends with GM.

From there, on to GM Benefits and eventually Blue Cross-Blue Shield. My issue is regarding deductibles and out-of-pockets. Basically, I get screwed. I have already hit my out-of-pocket for 2012. But, since I go one MediCare for the last 3 months of the year, I will be in a new insurance year, and have to start all over on deductible!

Really down after the phone conversations. Too hot for (and already did) my bike ride.

Tuesday, after coffee at Panera Bread, I met my tax adviser. Most was about the tax implications of taking a lump-sum pension payment. Also discussing tax issues with turning 65. He refered me to a company he uses that deals with MediCare, MediGap, and all.

Called Helping Hands for Senior Plans. Kurt offered to meet me the same day. We med at his office on N 30th in Omaha. Gave him my drug list over the phone. My the time I could drive to his office, he had plans outlined for me. As an independent broker, he and his wife search the offering and can select the best plans for me. We even discussed how to lessen the impact of the double deductible for the year.

Each year, the look as the plans to see if there is a better plan fitting individual needs. He verified that the Physician Mutual rep was either giving me bogus information, or their play is unique in the its difficult to change carriers.

Ended up with a much better feeling about turning 65 and my finances. Next, second meeting with my financial adviser to set up plans for my pension. Once the pension finances are settle, I will select my MediGap carrier.

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