Some of the highlights of the show include: 

• What Medicare Part B is and what it covers
• What the government considers “credible coverage”
• What happens when you have credible coverage and what happens when you don’t
• How much Medicare Part B costs on average
• How Medicare Part B costs vary on a person-to-person basis
• How chiropractic care can lead to a healthier lifestyle
• The impact stress can have on your spine and your organs
• What the Torque Release Technique is in chiropractic medicine
• How it’s never too late to begin treatment with a chiropractor 
• Some of Dr. Sara’s tips for staying in shape and living a healthy life as we age
• A brief primer on hospital indemnity plans and what they’re designed to cover
• How Nick and Zach help clients build hospital indemnity plans that meet their unique needs
• A few case studies on how hospital indemnity plans have helped Nick and Zach’s clients save money
• And more!

Quotes

“Think of Part B as covering everything outside of being admitted to the hospital. Medicare has no referrals. Lab work, physical therapy, CAT scans, MRIs, ambulance rides, emergency room visits if not admitted to the hospital, and homecare in a limited basis, are all covered under Part B.” — Nick

“Medicare Part B has an 80/20 coinsurance, meaning Medicare pays the first 80% and you're responsible for the remaining 20%. The coinsurance takes effect after you have paid an annual deductible of $198 per year. Once the deductible is paid in full, you're responsible for 20% of all remaining charges.” — Nick

“Part B of Medicare pays for diabetic testing supplies. Insulin, pills, diabetic medications are covered under Medicare Part D, but the testing supplies themselves, folks, are covered under Medicare Part B.” — Nick

“Medicare is actually a pretty favorable insurance when it comes to chiropractic coverage. Typically, the only thing that is not covered within Medicare is examinations and/or X-rays if those are taken.” — Dr. Sara

“The cool part is we are removing that pressure, and putting those bones back in the proper place. It allows your brain and your body to connect and actually function optimally, and as that happens, for one, a person gets out of discomfort while at the same time that means that the organ system is also thriving and starting to optimally function.” — Dr. Sara 

“The goal of our podcast is helping people prepare for retirement, whether that be 65, 70, 75 whenever that is.” — Zach

“If you get up into retirement age, and you have all the money in the world, and you want to travel, you want to do all the things you want to do, yet you don't have your health, what do you have?” — Dr. Sara

“I call it a Build-A-Bear plan, just because it is a very flexible plan. It's got a couple of different base parts of the policy you pick, and then it's got several riders that you can add on.” — Zach

Links:

• Freedom Chiropractic 
• Facebook 
• Instagram 

Transcript

Announcer: Welcome to our fireside chat with Seniors Living Healthy, the podcast that helps prepare and educate you as you enter and live out your golden years. With over 10 years of experience, Nick and Zach are experts in the senior market and are here to help you live a healthy, full life. And now fireside with your hosts Nick and Zach.

Zach: Hello, and welcome to episode two of our inaugural season of Seniors Living Healthy. Again, I'm your host Zach, and here with me is my co-host, Nick.

Nick: Hello. Hi folks.

Zach: This episode, we're going to go over Part B of Medicare which covers your outpatient care. So again, as I'm sure that you've guessed, this episode’s ABC of Medicare is going to be Part B, medical. So, once you turn 65, you're going to be able to elect to take this Part B as long as you don't have credible coverage, Nick, tell them what the government considers credible coverage.

Nick: Credible coverage is determined by the level of coverage offered under the plan, and the number of employees covered by that plan. Among other things, if you are turning 65, or intend to retire soon, reach out to your HR benefits department to see if you will have credible coverage when the time comes.

Zach: That's great, Nick. And so if they don't have that credible coverage though, and they don't take their Part B, and pass on it, why don’t you tell them what they're going to win by not having that credible coverage?

Nick: Yeah, absolutely. Okay. So, once an individual goes eight months after they stop working, or employer coverage ends, whichever is first. They will be penalized by Medicare and that penalty is 10% of the full cost of the standard Part B premium, each year they go without coverage. Also, after that timeframe, there is a limited window, Zach, that a person can apply for Medicare benefits. It's what's called the general election period. It typically runs January 1 through March 31, with coverage beginning in July of that year.

Zach: Gotcha. So, they let you elect it, kind of, sort of—

Nick: On their timeframe. Yeah, you got it.

Zach: Yep. Yeah. So, they tell you you don't have to take Part when you turn 65, but if you're not covered, you kind of have to. So, now that we've covered how you get your Part B, what all is that Part B going to cover for you once you receive it?

Nick: Yeah, so Part B is outpatient coverage. So, folks, you can think of Part B as covering everything outside of being admitted to the hospital. So, meaning any type of services outside the hospital that are medically or Medicare-approved are covered under Part B. Some of those common services, Zach, we see things like doctor's visits, whether primary care or specialist—

Zach: We're going to have to have a referral to see those specialists though?

Nick: Oh, great question. We hear that quite frequently. Medicare has no referrals. Absolutely. Lab work, physical therapy, CAT scans, MRIs, ambulance rides, emergency room visits if not admitted to the hospital, and homecare in limited basis, are all covered under Part B.

Zach: Great, great. So, now we know what they cover. We had that deductible on Part A we talked about last episode. Is it similar here with Part B or, kind of, how—what are they going to cover for us?

Nick: So yeah, great question, Zach. Medicare Part B has an 80/20 coinsurance, meaning Medicare pays the first 80% and you're responsible for the remaining 20%. The coinsurance takes effect after you have paid an annual deductible of $198 per year. Once the deductible is paid in full, you're responsible for 20% of all remaining charges. And remember, just like Part A, Part B is a nationwide program designed for Medicare beneficiaries; no networks associated, and just like you said, no referrals necessary.

Zach: Great, great. So, as we know from last m...