David Wiley, an insurance broker, told a bank-hosted audience that Medicare provides a basic foundation but “was never designed to cover 100%” and urged beneficiaries to review plans during the upcoming Annual Election Period. Wiley led the Dec. 12 presentation at First Secure Bank and framed the session as education rather than sales, offering free follow-up reviews.

Wiley told attendees that original Medicare consists of Part A (facility coverage) and Part B (services), and that many people need additional coverage from prescription drug plans or standardized supplements. “Part B has a premium,” he said, citing the 2025 base Part B premium of $185; he also described income-related premium adjustments (IRMAA) and warned those who take retirement distributions that those amounts can push beneficiaries into higher IRMAA brackets. He emphasized the enrollment calendar: “It starts Oct. 15 and goes through Dec. 7,” and said that beneficiaries can also make certain changes during limited windows around activation.

Why it matters: plan design affects out-of-pocket risk. Wiley described how supplements and Advantage plans trade premiums, networks and cost-sharing. He explained that Medigap plans are standardized (commonly referenced by letters such as F, G and N) so identical benefit packages from different companies can be compared, and that Plan F carries the most coverage while Plan G and Plan N offer lower premiums for more cost-sharing. “There are 10 standardized packages,” he said, adding that choosing the right one depends on expected doctor use and the insurer’s financial stability.

On prescription coverage, Wiley said the Part D market is competitive — about 15 drug plans this year — and that those formularies, tiers and a roughly $2,000 maximum out-of-pocket on co-payments can materially change annual costs for people on specialty medications. He urged attendees to check annual notices of change for each plan because drugs can move between tiers from year to year.

Wiley cautioned about marketing around Medicare Advantage plans. He described Advantage plans as private plans that replace original Medicare and said they can offer supplemental benefits such as dental and vision, but that advertising can overstate coverage. “They advertised $20,000 of dental. What does it cover? Cleanings,” he said, using the example to underline that promotional claims can be misleading about scope and limits. He advised beneficiaries to check network participation carefully; Advantage plans can be county-specific and network-restrictive, and out-of-network care can carry higher cost exposure.

Wiley also addressed special considerations for people who have VA, CHAMP or TRICARE benefits, advising caution when switching plans so as not to jeopardize veteran or military health benefits. He said in Illinois one supplemental company does not ask medical questions, which can affect the ability to return to a supplemental plan after enrolling in Advantage, and recommended consulting a counselor or broker for complex cases.

Jay Bergman of First Secure Bank opened and closed the event and announced the bank will host other community seminars in the future; he invited attendees to stay for refreshments and future programming. Wiley offered on-the-spot plan reviews and follow-up appointments at his Lisle office or by Zoom.

The presentation provided practical takeaways and resources: the federal "Medicare & You" handbook, the 1-800-Medicare number and medicare.gov’s plan comparison tools. Wiley repeatedly urged attendees to spend about 10 minutes annually comparing plans because small changes in coverage or formulary placement can yield substantial savings or differences in access. The session concluded with audience questions and an offer for individualized reviews.