At the noon hour on Sept 28th at the Intercontinental Hotel, President Todd Nicholson opened the meeting. It was a glorious sunny day and those in attendance enjoyed the podium backdrop which was a panoramic view of the fall day. In addition, there was a larger-than-normal contingent of online participants. President Nicholson thanked the hybrid facilitators, A/V Tech Team - David Wolfgram & Paul Meekin
Brianna Vujovich provided the inspirational minute, reading two short poems about the fall season, one by Robert Frost, and then we all joined her reciting the 4-way test. Beth Naughton introduced visitor Angie Swanson, from the NGO Global Volunteers, who attended the meeting to visit the Club 10 International Service members about a prospective Global Grant concept -- reducing child stunted growth in rural Tanzania. Scott Van & Bob Cardinal were greeters and Valdi Stefanson, the scribe.
Jennifer Evers introduced speaker Greg Mergens, owner/broker at Mergens Insurance. Greg has served individual and companies with advice and products for health insurance for decades now. In short, the healthcare industry has experienced ever-increasing costs over the past decades, and there is no end in sight. Health insurance providers face expensive regulatory mandates and their desire to keep up with medical technologies/equipment. The result is higher premiums for us all.
Obamacare has changed the landscape. In Minnesota we have the MnSure exchange, which is tiered based on income, but without any asset considerations. (Many game this system, reporting low income.) In Minnesota, we have a few very large providers. Indeed, United Healthcare has more employees than the Sate of Minnesota!
Those who have employer-subsidized health coverage are lucky, because it brings lower premiums and more options compared to a self-employed or early retirement person who needs individual coverage. Indeed, as Greg consults as a broker, he has consulted with some who plan on a move to self-employment, only to find that health care premiums will be so large that they drop their idea!
Greg regularly recommends adoption of "HSA accounts" - Health Savings Accounts, where personal $ is set aside for co-pays, dental, eyewear and other non-covered expenses. WHY? Well, it's the tax savings. The pre-tax savings/deductibility means that many receive $ 1 in benefit for a 70 cent outlay.
Deductibles on health insurance policies are rising continuously with health plans: $ 3000 - $ 4000/incident are not uncommon these days. So, have a "rainy day fund" set aside -- to cover such co-pays.
For Medicare-aged individuals, Greg explained that the federal program was never intended to be comprehensive. This means that a separate supplementary plan is needed for deductibles, medications, eyewear, dental, etc. Greg expressed frustration with the many TV ads that invite viewers to call to learn about "new" benefits available to them. This is nothing more than an invitation for you to receive a phone solicitation from a supplemental plan broker. (It is illegal to cold-call a customer. But if you reply to one of these TV solicitations -- watch out).
Greg singled out MEDIGAP policies as a great option for seniors that travel or are snow-birds. These policies cover "out-of-Minnesota-network" medical needs.
In conclusion: sit down with a trusted health insurance broker before you turn 65 years old.
President Todd presented a certificate to Greg Mergens for his presentation and a donation will be made in his name to “Cherish All Children”.
President Todd announced club 10 upcoming events:
- Next Meeting – 501 Inspirational Lounge, 5:01 p.m., Tuesday, October 5, 2021 at University Club. We will celebrate our October Birthdays w/ cupcakes for the birthday people. Speaker – Joe Spencer, President, Downtown St. Paul Alliance
“Re-Opening Downtown St. Paul”
- Past Presidents Dinner – At the Pool & Yacht on October 7, 2021
Beth Naughton invited happy dollars, and many hands went up. She mentioned an October 4th virtual event - registration is at mnhs.org/LegacyCelebration with the following event code: ROTARYLC21
President Todd adjourned the meeting at 1:15 pm.
Respectfully submitted,
Valdi Stefanson