Me: Do you realize that you have unlimited financial exposure if you have large healthcare costs? Reason: Part A and Part B have NO out-of-pocket maximum limit.
Responder: We will address this when I have an income.
Me: There are plans that have NO additional premium (must have Part A and Part B), but these plans MUST INCLUDE an out-of-pocket limitation so you are protected.
Responder: What’s the next step?
This is exactly the right response, the light has flickered from entirely “off” to “on.”
Takeaway: This Happens is the name of the anecdotes throughout my favorite book (on Medicare), ahem. This person is NOT ALONE, and this conversation will stop the Part D Late Enrollment Penalty from increasing, and put a limit on his out-of-pocket financial obligations if healthcare services are required. For no extra premium. That’s the big picture, the details are miniscule in comparison: get the big stuff right.
Official Website for the Book: click here.