Are your clients overdosing on prescription drug insurance?

The agencies tasked with educating and assisting military veterans are overwhelmed causing the dedicated men and women who serve our country with honor and courage to sometimes fall through the cracks. Here is a recent example, and it shows that as individuals, we must step up to the plate of doing right by our fellow citizens when the official channels fail them.

A financial advisor asked me to meet with a client to review the client’s Medicare coverage. We met at his house—masked and socially distant, of course. As soon as I stepped into his home, I noticed the military insignia and emblems, plaques, and awards. Clearly retired from a distinguished career with the armed forces.

After introductions, his request surprised me. “Please review my drug plan.” His records showed that he had spent more than $1,000 per month on premiums and out-of-pocket expenses for a drug plan, deductibles, and copays, for years! “Why aren’t you using the prescription drug plan from the VA?” I inquired. “You can get many of your medications for free or at very low cost from them.”

He was dumbfounded. Nobody from the VA had explained the prescription drug benefits available to him, he said. Nor had any other insurance agent asked or noticed his service. Many insurance agents also do not know about the VA drug benefits. I suppressed my dismay at those who apparently had not bothered to make sure he understood the benefit he was eligible to receive.

He cancelled his private drug plan after setting up a prescription drug program through the VA that will save him thousands a year. His savings each month? Our client has the option of directing those toward his investments, his rainy-day fund or even some fun activities with his grandchildren.

“Several of the people I’ve connected with Dustin have come back saying that they felt he was honest even at his own expense. That level of professionalism increased the prospect’s trust in me, too.” James G of Little Rock.

It takes only a bit of effort to make a positive difference in the lives of others. How can I help you make life better for your clients?  Who do you know that needs my help today?

Do Good, Do Well, Dustin