Are You In(Sured?)

Are You In(sured)?

Originally aired 10/6/2021


It’s so much better when everyone is in… Are you in(sured)? On this episode of the Get Ready For The Future Show, we’re diving into what you need to know about all things insurance, Medicare, and more!

You’ll learn:

– How likely you are to be underinsured
– Answers to 6 of the most common questions about Medicare
– A BIG announcement from the GenWealth Dream Team
All this and more is just a click away!

Downloadable Content:

What’s the Plan? A Manifesto for Your Life, Your Worth, and What Happens Next



It’s So Much Better When Everyone is In.. Are You In?

  • Are you in…sured?
    • On this episode of the Get Ready For The Future Show, we’re diving into all things insurance, medicare, and protecting your assets!
    • Only 59% of Americans have life insurance, and about half of those with insurance are underinsured. {SOURCE: LIMRA}.
    • Fewer than 1 in 30 Americans own a long-term care (LTC) insurance policy, and only about 7 percent of adults over 50.
      • However, common estimates say that about 50 percent of older adults will need long-term care at some point in their lives; for adults over 65, the odds shoot up to 70 percent.
    • So, as you can see, this is a MAJOR factor in not just your financial plan, but your whole life! We’ll be diving into all the details coming up.
  • BUT FIRST… we’ve got a big announcement that we hope you may have heard by now, either on our social media or through our email list.
    • Everyone, meet Tony!
      • He earned a Bachelor of Arts in Business Administration and spent almost two decades in the restaurant business before a move to the insurance industry.
    • Are you on track for a successful retirement?
      • There’s one way to find out!
      • Visit 15minuteretirement.com or text CHECKUP to 501.381.5228


  • What is Medicare?
    • A federal program that offers health insurance to eligible Americans
  • Who can get Medicare?
    • US Citizens and legal residents who have lived in the US for at least 5 years in a row, including the 5 years just before applying for Medicare
    • You must also be Age 65 or older, younger than 65 with a qualifying disability, or any age with a diagnosis of ESRD or ALS.
  • When is the Annual Election Period?
    • October 15 through December 7th
  • What does the Annual Election Period mean for you?
    • You may add or drop Medicare Advantage and/or drug coverage or return to Original Medicare.
    • If you choose to keep your current plan, there is no action needed, but you should check for any benefit changes under the plan.
    • You may make more than one enrollment choice during the period, but the last one made before the end of the period will be the election that takes effect.
  • What is Original Medicare?
    • Part A
      • Covers hospital stays, skilled nursing facilities, hospice care, and some home health care
      • Most people don’t have to pay a premium for Part A since they or their spouse paid into Medicare while working.
    • Part B
      • Covers medical service, outpatient care, medical items, and some preventive services
      • Part B is optional and does have a monthly premium along with deductibles that must be met before Medicare will pay benefits.
    • You may add:
      • Part D, which is for prescription drug coverage
      • Supplemental coverage
      • This includes Medicare Supplement Insurance, often called “Medigap.” It helps pay the 20% gaps that Original Medicare does not cover.
      • It can only be used with Original Medicare, not with Medicare Advantage.
      • Some also use a former employer or union.
      • Others use Medicaid.
    • What is Medicare Advantage?
      • It is part of the government’s Medicare program, but it is offered and managed through private insurers. It is often referred to as “Part C.”
      • It may offer plan extras not found in Medicare.
      • In most cases, you must use health care providers who participate in the plan’s network, but some plans offer out-of-network coverage.
      • You may choose a plan that includes drug coverage.
      • You may also choose a plan with additional benefits like vision, dental, or fitness and wellness benefits.
      • You may choose an HMO, offering lower or no premiums but less flexibility, or a PPO, which offers more flexibility on seeing specialists and on coverage out of network.
      • You have a yearly limit on your out-of-pocket costs.
      • You must be enrolled in Medicare Parts A and B.
      • You must live in the plan’s service area to enroll.
    • Some Key Points
      • Medicare does not cover all your health care costs.
      • You have choices in how you get coverage.
      • Your decisions affect the type of coverage that you get.
      • Certain decisions are time sensitive.

Life Insurance and Long-Term Care

  • Long-Term Care
    • According to DHHS, half of Americans turning 65 today will develop a condition severe enough to require long-term care – that means it’s highly likely that at least one person of a couple will need this type of help.
    • Qualifying for LTC means you must not be able to perform 2 of the 6 activities of daily living and/or you must need substantial supervision due to severe cognitive impairments (i.e. alzheimer’s disease, dementia).
      • 6 activities of daily living:
        • Bathing
        • Transferring
        • Continence
        • Dressing
        • Toileting
        • Eating
      • If you do need long-term care, the costs can add up quickly.
        • Costs average:
          • Assisted Living – $48,000 / year
          • Home health aides – more than $52,000 / year
          • Private nursing home care costs – over $100,000 / year.
            • *2019 GenWorth Cost of Care Survey
          • These expenses could tank your retirement and drain anything you’ve saved for the purpose of passing down.
          • The point of LTC insurance is to cover your chronic healthcare expenses without having to spend the money your family is living on.
          • In thinking about how much money you need when you retire, you should go ahead and include the premiums for a long-term care policy.
          • There are 4 ways to pay for long-term care:
            • Self insure
            • Medicaid
            • Traditional long-term care
            • Life insurance with chronic illness rider
          • Life Insurance
            • This conversation may not be fun, but it’s one of the most important ones you can have: What happens to your family if you don’t come home?
            • Can they function without your income? For a lot of families, the answer to this is no. That’s why life insurance is so important.
              • The loss of an income stream could easily interrupt plans for generational wealth.
            • If you’re wanting to leave a legacy for your kids, a good life insurance policy is really the best way to go. We’ll talk a little more about why in the next segment.
          • Are you on track for the retirement you dream of?
            • There’s one way to find out!
            • Visit 15minuteretirement.com or text CHECKUP to 501.381.5228

What’s the Plan?

  • One of the most essential parts of all of this is having a financial plan built on paper, on purpose that is more than just investments.
    • You provide the vision, we provide the plan.
    • You’re unique, so your financial plan should be, too.
      • AKA – your financial advice shouldn’t just assume you’re average.
    • Whether you’re getting started younger or you’re nearing (or already in) retirement, you need a financial plan.
      • We may not be able to keep bad circumstances from arising, but we can put a plan in place so that if and when they do, you have options.
    • If you’re getting started earlier, our MoneyGuide program can help you address retirement concerns, focus on your goals, and create a plan for leaving a legacy.
      • This program is designed specifically for those who are in the middle of their financial journey and need a coach to guide them as they balance family and finance. If that’s you, MoneyGuide is a great place to start.
    • If you’re about 5-10 years out from retirement, our Ready to Retire Process is designed specifically for you. Our process covers 7 key areas:
      • Investment strategy
      • Social Security Maximization
      • Creating guaranteed income to meet your basic needs
      • Protect against inflation and providing for lifestyle income
      • Address long-term care needs
      • Reducing taxes during retirement
      • All documented in a written plan (on paper, on purpose)


  • Medicare can be complicated.
    • Open enrollment is quickly approaching (October 15th – December 7th).
    • Don’t just hope it works out. Plan on it!
      • If you want help making decisions about your Medicare coverage this year, give us a call. 866-653-PLAN (7526)
    • Life insurance isn’t necessarily a fun conversation to have. Neither is long-term care.
      • However, having these discussions now can allow you the ability to focus on your family and grieving in a tragic situation instead of worrying about money.
    • Are you on track for the retirement you dream of?
      • There’s one way to find out!
      • Visit 15minuteretirement.com or text CHECKUP to 501.381.5228