By Gil Lautenshlager
MY STORY
I have been a member of St. John’s for approximately two-and-a-half years.
Ten years ago, I retired from a job where I had been able to secure excellent health coverage for myself, my partners, and my employees. I became an independent consultant. At the same time, I went on Medicare, but I wanted to have more complete coverage, via a Medicare supplement policy.
For 30 years, I had been involved in buying group medical insurance for the companies that I worked for. That didn’t make me an expert, but I did feel that I was at least knowledgeable about medical insurance. WRONG! The broad range of policies was overwhelming.
Fortunately, I still had contacts in the insurance industry, and they guided me through it. I was fortunate to have these resources, but I was ashamed to ask for their help. I took a deep breath and contacted the insurance people I knew. Everything fell into place. But I wondered how people who had to secure insurance for themselves managed to make good decisions. And I realized that asking for help in financial matters can be embarrassing. In our society, discussing our financial difficulties is a “no-no.”
All was great with my insurance, until about a year ago. Changes in the Medicare regulations no longer allowed insurance companies to issue the kind of prescription drug policy that I previously enjoyed. By spring of this year, I realized that I had a serious problem with my drug coverage. I have significant health issues and I depend on prescription drug coverage. It became obvious that I would have a major shortfall from what I had previously experienced. I was blessed with a financial situation that enabled me to absorb the unexpected expense, but I wondered what other people who are not so fortunate do. I knew I would be demoralized to ask for outside help.
At St. John’s, there are more and more instances of our members dealing with unexpected (large) medical bills. This is particularly prevalent amongst seniors. It can be quite unnerving to receive such a surprise. Our executive administrator Sarah Dull asked me to research this and provide a resource that might help. Follow this link to the advice of an expert: https://www.moneyunder30.com/5-ways-to-handle-a-surprise-medical-bill
You should always research medical assistance programs available from local government (city, county, state) bodies. We checked the Ramsey and Hennepin County websites. Medical Assistance (Medicaid) is available to defined classes of people who have difficulties qualifying for and/or affording other medical coverage. We spoke with a Minnesota licensed social worker. He confirmed that this is the case. But that doesn’t help when surprises rear their ugly heads after the fact or when you don’t qualify for Medical Assistance.
My best advice is to make sure you understand your medical insurance coverage. Be a pest to your human resources department or insurance broker. If you can identify potential holes in your coverage, you can react to or plan for them before they become a crisis. If you handle your own medical insurance, never purchase insurance directly from an insurer. A trusted broker can help you navigate the wide range of coverages that are available. And no matter what anybody tells you, it IS NOT more expensive to go through a broker.
KEEP FAITH IN YOUR FINANCIAL ACTIVITIES
There have been many times when I have surveyed my financial affairs and found them to be in disarray. Surprise expenses or unwise spending put me in a position that seemed impossible to work my way out of. This was particularly prevalent when I was younger, less disciplined, and void of significant backup savings. I’d just walk away and say a silent prayer. Almost every time, I’d come back to it a few days later, and everything worked out. It was almost is if God had deposited money into my bank account.
A more recent example, occurred a few years ago when I was contemplating “full-time retirement” from the company in which I was part owner. I had counted on the sale of my shares back to the company as a significant part of my retirement well-being. I had prayed regularly that the Lord would get that sell-back accomplished. It just never happened. I had nowhere to turn; I was ashamed to seek outside assistance and I really didn’t know where to go for help.
I finally came to the point where health and other factors made it obvious that I needed to retire immediately. I was most concerned that I would not be able to support myself on my social security and IRA. God said no to my sale of my company stock, at least for the time being. I was panicked! But at the same time, He showed me a way to retire—not necessarily the way I wanted to, but enough to survive.
A few years later, God caused the sale to go through. I’ve always thought there was a clear message, from heaven to me: “I’m going to bail you out one more time, but before I do, you’re going to have to learn to manage your finances more responsibly.” Good advice!
Finance First Fridays is a pastoral initiative here at St. John’s. Discussing finances can be difficult and bring up feelings of worry and shame. However, money is a real factor in all of our lives and an important topic to address. If you have a personal story you’d like to tell or a financial resource or article you’d like to share in a future Finance First Fridays post, please contact executive administrator Sarah Dull.
