medicare

Medicare and Social Security Benefits May Not Provide Enough Income in Retirement

April 20, 2024 /by jason anderson

While most retirees will need to pay for their retirement expenses independently, you can count on Social Security and Medicare for some support. These retirement essentials have helped retirees meet their expenditures for decades. But you can’t rely on them alone for retirement.

Medicare gaps.

Medicare is a health insurance program funded by the government for people aged 65 and older. Parts A and B of Original Medicare cover hospital stays and medical visits. Medicare Part D, generally known as prescription medication coverage, can also be added. However, there is no coverage for vision care, dental, assistive devices, or long-term care in the original Medicare terms. Seniors are responsible for paying for these items.

Medicare also offers deductibles, co-payments, and premiums, similar to commercial health insurance. Therefore, even Medicare recipients need savings and investments to offset these costs.

According to data from Fidelity, a regular 65-year-old couple retiring in 2022 will need approximately $315,000 after taxes to pay their out-of-pocket healthcare costs, and this estimate does not include dental bills or long-term care.

Medicare Part A covers skilled nursing, inpatient hospital care, home health care, facilities, lab tests, surgery, and hospice. Speak to a doctor or qualified healthcare professional about why you require specific services or materials. Determine whether Medicare will cover them so you can plan ahead of time.

Is Social Security Heading for Insufficiency?

Social Security’s financial dilemma is not new, but it is becoming a more significant concern, with the most recent projections indicating that its trust assets will be exhausted by 2035. That does not mean the program is being discontinued. Most of its revenues come from the annual Social Security taxes enrollees pay. However, this revenue is inadequate to pay for all eligible American benefits.

Once the trust funds are gone, the Social Security Administration would be able to pay out no more than 80% of planned benefits. If the administration cannot devise a solution, benefit sanctions are possible. This is difficult to hear, given that Social Security already falls short of covering most people’s daily expenses.

What You Can Do

Medicare and Social Security leave a gap in your retirement plan, but you can still take steps to fill it. The essential thing you can do at any stage of your life is to prioritize your retirement savings. Even when you’re young, making regular monthly contributions is crucial to developing the nest egg you’ll need in retirement.

You can also choose to investigate additional health insurance options. Private insurers offer extra coverage to fill the gaps left by Medicare. Consider a Medicare Advantage plan as well. You’ll have only one monthly fee to worry about, including all the same benefits as Original Medicare plus some extras. You can utilize the Plan Finder tool on Medicare’s website to locate one of them.

Regarding Social Security, you can endeavor to increase your salary today to increase your Medicare benefits tomorrow. However, you should also consider your claim approach. The age at which you enroll considerably influences the check size you get.

You should wait until you attain full retirement age (FRA) to begin receiving the benefit you’ve earned, depending on your work history. That’s between 66 and 67, depending on your birth year.

Applying earlier than this will result in more years of smaller checks. You can also delay benefits until age 70, when your monthly payments will increase.

The appropriate age to file for Social Security depends on your life expectancy and financial status. Those with low life expectancies typically enroll as early as they become qualified at age 62. Also, many people who defer their benefits to 70 or beyond do so by preference or because they require help with their bills, even though deferring Social Security would likely increase their lifetime income.

Bottom line

Even if you’re still many years away from retirement, it’s a great idea to consider these issues now. But be prepared to change. Social Security could undergo significant adjustments in the coming years, and so could your retirement plans. When these developments occur, evaluate your retirement plan and make any necessary adjustments.

Contact Information:
Email: [email protected]
Phone: 3234811328

Bio:
For over 13 years, Jason Anderson has served as a Personal Financial Advisor, Estate and Retirement Planner, helping to educate individuals from all walks of life and income levels on wise money investment and planning for a comfortable lifestyle and retirement.

Over time, Jason Anderson has become the ‘Go-To’ leading authority on personal financial advising, financial planning, and analysis, as well as retirement planning and financial planning for SMALL BUSINESS OWNERS. He also provides HIGHLY Popular financial education seminars for groups. These financial seminars empower people to more effectively budget, plan, manage their money, and achieve their personal financial goals. As a result of the excellent results, praise, and feedback that their financial seminars have received, the City of Los Angeles, The AFL-CIO union groups, as well as several other organizations, have decided to partner with Jason to more effectively accomplish their mission. He was also honored to be showcased in the November 2014 issue of Forbes Magazine “Americas Financial Leaders” and has been dubbed by the media as ‘The Financial Educator.’

Jason is passionate about the work he does because it brings him joy to help his financial planning and advising clients reach their financial goals. He finds excitement in assisting families in saving and paying for their children’s college education without stress, thanks to the financial plans he designs for them. He also takes pride in witnessing clients reach retirement and enjoy it precisely the way they desire.

Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.

He works with Employees, Business Professionals, Business Owners, and ‘High Net Worth’ People.

► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
✉ Email him at [email protected]

Disclosure:
All annuity and life insurance products are designed to supplement securities as part of an overall plan. The recommendation of annuities and life insurance is not designed to eliminate the need for securities in any way.

Three Reasons Why You May Receive Less Social Security Income Than Expected

March 5, 2024 /by devinder kumar

You don’t want to be startled if you receive less money than expected.

If you plan to rely on Social Security as a retiree, it’s critical to understand how much money your benefits will provide. Unfortunately, many seniors overestimate the amount of money they’ll get, and as a result, many individuals overestimate the role Social Security may play in supporting them.

You don’t want to wind up with less than you expected and a financial gap, so be aware of the three main reasons why you can end up with payments that are less than you expected.

1. If you file early, your benefits may be reduced.

One of the main reasons your benefits may be less than you expected is if you have to claim them early.

You can begin collecting Social Security at age 62, but each year you wait until you reach 70 increases the amount of your monthly payout. Many people wish to postpone their benefits claim to benefit from the increased income. Still, they’re often unable to do so because they must quit working sooner than expected and rely on Social Security to help them make ends meet.

If you’re compelled to file an early benefits claim due to health concerns, job loss, or other situations that require you to leave your employment sooner than intended, your monthly Social Security payout might be reduced by hundreds of dollars.

2. Medicare premiums are deducted from your monthly payout.

When you apply for benefits, you may be shocked by the size of your payment for another reason: Medicare premiums are often deducted from your Social Security check.

These premiums provide crucial coverage, but they’ll cost roughly $170 per month in 2022, with most years seeing price rises. Because your Social Security payout isn’t huge at this point, losing $170 or more of it to Medicare expenses might have a significant impact.

3. Working may reduce your benefits

Finally, if you have not yet achieved your full retirement age (FRA), which is between 66 and four months and 67, you may mistakenly reduce or eliminate benefit payments if you work to supplement Social Security.

If you work before reaching FRA in 2022, you’ll lose $1 in benefits for every $2 earned beyond $19,560 if you’re under FRA the whole year. If you expect to reach your FRA anytime during the year but work before then, you lose $1 in benefits for every $3 earned beyond $51,960.

Finally, the Social Security Administration accounts for the benefits withheld due to your excess earnings, and your monthly payment amount is recalculated at FRA. As a result, you gradually recoup the lost benefits. However, in the meantime, your yearly Social Security income may be lower than anticipated and may not complement your earnings as much as you had intended.

Knowing that a payout may be lower than expected might help you develop more accurate retirement plans.

Contact Information:
Email: [email protected]
Phone: 9671114235

Bio:
Remote work is reshaping the future of modern business, offering new opportunities for flexibility, efficiency, and talent acquisition. By embracing remote work, modern businesses can unlock new levels of productivity, collaboration, and innovation, while also addressing the evolving needs and preferences of employees

Disclosure:
John James O’Grady

Do I need to enroll for Medicare when I am 65 if I have Tricare as a military retiree?

March 2, 2024 /by ali el-sayed

Medicare coverage, which is added when you turn 65 or in the 25th month of receiving Social Security Disability Insurance (SSDI), can make a significant difference in your retirement expenditure. And you’ll be able to access any provider that accepts Medicare with Tricare for Life.

Regular Tricare offers a variety of coverage alternatives that you can choose from depending on whether you’re a military retiree or on active duty. Some Tricare options, akin to a health maintenance organization (HMO) or your preferred provider organization, have agreements with hospitals and medical professionals that provide you care at a lower cost than out-of-network providers (PPO). Tricare can be your primary insurance after you leave the military, or you can use it to supplement coverage from another workplace until you are 65.

Tricare for Life can fill the holes in your retirement healthcare plan. Tricare for Life pays your deductibles and copayments, offers prescription drug coverage, and offers supplementary benefits like medical care out of the U.S in exchange for your enrollment in Medicare Parts A and B.

Tricare coverage automatically transitions to Tricare for Life when military retirees sign up for Medicare Parts A and B. You can receive Tricare for Life without submitting additional papers, but you must enroll in both Medicare parts.

Those in small groups must adhere to different rules:

• Regular Tricare will keep covering you until you leave the military if you are still on active service at 65. Your Tricare will end on the first of the month if you don’t enroll in Medicare Part A and Part B after retiring. After that, you’ll switch to Tricare for Life.

• You don’t qualify for premium-free Part A and must take action to remain in Tricare if neither you nor your spouse has paid at least 40 consecutive quarters of Medicare taxes. Very few people qualify for this exception since military members have had Medicare taxes taken from their salary since the program’s inception.

Couples may become eligible at various points. Think of your Tricare coverage as an individual policy, similar to what Medicare is, rather than a family plan as you and your spouse approach your 65th birthday.

After enrolling in Medicare Parts A and B, an older or younger spouse eligible for early Medicare because of a disability can get Tricare for Life benefits. A younger spouse under 65 will continue to be covered by Tricare.

You are covered by Tricare for Life from the first day that you have both Medicare Part A and Part B. Medicare Part B premiums must be paid; they will cost high incomes of at least $170.10 per month starting in 2022. Tricare for Life, however, does not charge a separate fee.

Your spouse does not need to sign up for Part B to continue receiving Tricare benefits if you are a serving military member and they are eligible for Medicare due to a disability. However, your spouse must sign up for Medicare before your active duty is over to prevent a break in coverage.

What if I’m a 65-year-old retired military person working somewhere else?

If you or your spouse are still employed at age 65 and have health insurance through that company, you are allowed to put off signing up for Medicare without incurring penalties. However, once you turn 65, you will lose access to Tricare, which you could have utilized to complement the benefits provided by your job. Your Tricare for Life coverage will not begin prior to enrolling in Medicare Parts A and B.

You can enroll in Medicare at any time during your employment or within eight months after quitting your job or private insurance.

How do Tricare and Medicare interact?

Primary versus secondary: Medicare is the major coverage, invoiced first when you have both Tricare for Life and Medicare. Tricare for Life is an afterthought.

The remainder of the claim is transferred to Tricare for Life after Medicare has paid its portion. Tricare for Life pays the remaining balance in full to the provider. You often don’t need Medigap coverage because Tricare for Life covers most of Medicare’s out-of-pocket expenses, including deductibles and copayments.

Not everything is covered: Tricare for Life won’t contribute to the cost if you utilize a medical treatment that Medicare covers but Tricare for Life does not, such as some chiropractic care. You would then be responsible for covering everything Medicare does not cover.

Contact Information:
Email: [email protected]
Phone: 8132032515

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.

The Basic Facts on Changes to Medical Insurance and Drug Costs

February 28, 2024 /by devinder kumar

The Inflation Reduction Act, a ground-breaking new bill, could significantly lower how much seniors have to pay for prescription drugs.

The Senate budget reconciliation measure from Senate Majority Leader Chuck Schumer, D-NY, and Sen. Joe Manchin, D-WV, which was adopted over the weekend, includes many proposed modifications for Medicare and its recipients.

A brief introduction to the fundamentals

The modifications are intended to lower the price of medications and lower federal spending on prescription drugs. The same medicines would still be available to Medicare beneficiaries at a lower cost to both parties. The savings would be achieved through price negotiations and other strategies by making any changes to the Medicare program.

Some drug prices will be subject to government negotiation. The proposed legislation would let the government bargain for lower costs for some pricey prescription drugs that are either doctor-prescribed or purchased at pharmacies (Medicare Part D) (Medicare Part B).

The Department of Health and Human Services will select ten negotiable medications beginning in 2026. Fifteen medications would be permitted in 2027 and 2028, while 20 drugs would be selected in 2029.

The US now charges higher prices than other nations for the same drugs. For instance, data by the Rand Corporation found that brand-name medicine prices in the United States were over three times more than those in other OECD member nations.

The Veterans Health Administration, the Department of Defense, and Medicaid, all of which have the capacity to negotiate prices or take part in the federal supply schedule for pharmaceuticals, all pay lower net prices for brand-name prescriptions than Medicare does, on average.

Medicare was forbidden from haggling over drug costs by the Medicare Modernization Act of 2003, which also created the Medicare Part D program. If the new clause is approved, that would be different.

Allowing Medicare to negotiate drug prices has been criticized by the pharmaceutical industry as harming innovation and preventing the development of new drugs. However, according to details from the Congressional Budget Office, the new regulations would only prevent 15 out of 1,300 medications, or 1% of all drugs, from reaching the market during the next 30 years. Additionally, the change only applies to pharmaceuticals and biologics that have been available for several years without being challenged by generic or biosimilar drugs.

Details from the Congressional Budget Office shared that the bill would cut the federal deficit by $288 billion over ten years. Additionally, the idea mandates rebates on medicine producers whose price increases exceed inflation.

Medicare Part D participants’ annual drug costs are restricted

The Inflation Reduction Act caps out-of-pocket expenses for prescription drugs for people with Medicare Part D drug insurance at $2,000 beginning in 2025, in addition to the negotiated medication prices. The capacity to split that cap into monthly payments is also added.

This will significantly ease the financial burden on those who require expensive medications.

The act also covers vaccines and, beginning in 2023, places a $35 ceiling on insulin for Medicare users.

Beneficiaries wouldn’t be required to pay more than $2,000 annually for their Part D medications by 2025. Through 2029, the maximum annual increase in Part D premiums would be 6%.

The amount of income needed for beneficiaries to be eligible for a subsidy to cover Part D out-of-pocket expenses would rise from 135% to 150% of the federal poverty line ($18,347 for an individual in 2022). All vaccinations covered by Medicare will be free as of January 3.

The Affordable Care Act’s marketplace offers subsidized health insurance

Although it doesn’t directly affect Medicare participants, the Inflation Reduction Act also improves and expands subsidies for private health insurance purchased through the public marketplace.

Under the American Rescue Plan Act (ARP), these larger reductions were implemented in 2020. Before that, households with incomes between 100% and 400% of the poverty level were typically the only ones eligible for assistance. The income restriction will now continue to be (temporarily) lifted so that no one pays a premium higher than 8.5% of their income.

One additional health-related benefit was one the Democrats were unable to pass. Republicans voted against the $35 price cap on insulin for those with private insurance. Republicans, though, decided to maintain the part that applies to Medicare recipients.

Contact Information:
Email: [email protected]
Phone: 9671114235

Disclosure:
John James O’Grady

Is it still possible to retire early despite the current decline in the stock market? Yes.

February 26, 2024 /by aaron steele

Many individuals dream of retiring early, whether to escape demanding work or to take advantage of things like traveling while they’re still relatively young. If you plan to retire early within the next year or two, you might wonder whether doing so is still feasible in light of the current stock market slump. However, there are some circumstances where retiring early is more than possible, even if your portfolio recently suffered a significant loss.

You’re probably not alone if you’re reconsidering early retirement in light of the recent stock market slump. However, depending on how your portfolio is set up, you might be in a good position to proceed with your short-term early retirement goals.

The key is to have a safety net.

As retirement approaches, people are frequently encouraged to switch to safer investments and retain one to two years’ worth of living expenses. As such, they will still have a way to pay their bills even if the stock market crashes. You might be in an excellent position to begin early retirement, even though your portfolio is down, if you took that advice to heart and are sitting on bonds that haven’t lost much value and have a ton of cash.

You may also have a sizable income source that isn’t part of your investment portfolio, such as a paid-off rental property. You have a few choices in this situation.

Considering continuing to work after retirement? Your body can have other plans.

The residential real estate sector is booming even though the stock market is now down. Therefore, you might be able to sell an income property for a healthy profit and utilize the proceeds as a short-term savings account while you wait for the value of your IRA or 401(k) plan to increase.

You might also decide to keep the rental property and use the money you receive each month as income. Of course, you’ll need to ensure the rent you get covers the cost of owning and maintaining that property and your expenses. However, if that’s the case, you’re in a solid position to follow your early retirement goals.

Three ways retirement savers can combat inflation.

However, there are risks associated with early retirement, including prematurely emptying your assets, having to pay for healthcare if you are not yet eligible for Medicare, and just becoming bored since you are still young enough to want to stay active. But if you are aware of the hazards, it can be conceivable to end your employment when the stock market is upsetting many people.

Things to do.

There are a few ways new retirees might lower their risk if they are worried about the state of the market. For starters, you can cut back on your spending to stop taking money out of your retirement account. Although there are several opinions on how much to spend in retirement, a supporter of the “4 percent rule” technique might decide to forego an inflation adjustment, for instance.

Regardless of the approach, lowering withdrawals relieves pressure on the investment portfolio.

Does that imply you can’t go on an enjoyable cruise or vacation? Not always. It may require further consideration of tradeoffs, depending on how things turn out.

Retirees can also change the source of their withdrawals. For instance, retirees can withdraw funds from cash rather than stocks or bonds.

This brings up sequence risk once more and the need to avoid withdrawing funds from declining-value investments. That is accomplished by taking withdrawals from a cash reserve while anticipating other assets’ (hopeful) recovery. You don’t want to sell stocks or bonds in this climate if you can afford not to.

However, you might not have access to several months’ or years’ worth of cash. You can draw from less severely affected sectors, such as short-or intermediate-term bond funds, which are less sensitive to rising interest rates.

Make a wise decision.

Early retirement might have to wait if your portfolio has lost a lot of value, and you don’t have any cash on hand. Even if early retirement is a path you intend to pursue shortly, it may be possible if you have the resources to pay your obligations for a few years without selling investments that are performing poorly.

Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

WPS Health Insurance Intends to Expand Its Medicare Supplement Insurance In 45 States

February 25, 2024 /by kevin wirth

One of Wisconsin state’s most popular Medicare supplement insurance options will soon be available in even more states. Over the next 36 months, WPS Health Insurance and its wholly owned subsidiary, The EPIC Life Insurance Company®, seek to expand Medicare supplement insurance, which is presently available in 16 states, to 29 more states.

Medicare supplement insurance assists consumers in covering costs that remain after Medicare has paid its part for eligible medical services. WPS Health Insurance and The EPIC Life Insurance Company insurance plans provide consumers with worry-free, no-hassle service supported by pleasant, concierge-level customer assistance.

WPS Health Insurance has sold Medicare supplement insurance in Wisconsin from the beginning of the Medicare program. They’ve already expanded into a few states throughout the country. Now, they’re introducing their Medicare supplement insurance to more customers in more states.

Once launched, the plans will be offered in the new states through chosen insurance agents and retiree exchanges. Medicare supplement insurance plans provide several coverage alternatives for Medicare beneficiaries, as well as special programs and services at no extra cost. Every plan includes value-added benefits, including fitness, wellness, vision, and hearing programs and the opportunity to add dental coverage. All clients have access to identity theft and fraud review services.

When the Medicare program started in 1966, WPS started providing Medicare supplement insurance. Since then, tens of thousands of consumers have benefited from the company’s dedicated service. WPS and The EPIC Life Insurance Company already have over 60,000 Medicare supplement insurance customers. WPS will commemorate 75 years of servicing customers and beneficiaries in 2021. With a long history of caring and innovation, WPS is dedicated to making health care more accessible to the people it serves.

WPS Health Insurance

Wisconsin Physicians Service Insurance Corporation (WPS Health Insurance) is one of the state’s largest health benefits providers, offering a wide range of services and coverage through Preferred Provider Organization health plans for individuals and groups, third-party administrator services, and Medicare supplement plans. WPS Health Insurance is firmly devoted to Wisconsin and its citizens, with headquarters in Madison and employees around the state. For additional information, go to wpshealth.com.

Contact Information:
Email: [email protected]
Phone: 9143022300

Bio:
My name is Kevin Wirth and I have worked in the financial services industry for many years and I specialize in life insurance and retirement planning for individuals and small business owners, with a specialty in working with Federal Employees. I am also AHIP certified to work with individuals on their Medicare planning. You can contact me by e-mail or phone. I look forward to the opportunity of working with you on these most relevant areas of financial planning.

[email protected]
914-302-2300

Disclosure:
These articles are intended for educational purposes only. Please contact your advisors for legal, accounting or investment advice.

A Question from a Medicare Beneficiary Regarding Whatever Medicare Parts A and B Do Not Cover

February 21, 2024 /by marvin dutton

Medicare Part A covers hospitalizations, surgeries, long-term care, and certain home care. Medicare Part B covers doctor visits, outpatient therapy, proactive therapies, and necessary hardware. As a result, it is essential to investigate any coverage gaps before deciding whether a Medicare beneficiary should include Medicare Advantage, which is Part C, or Medicare Part or Medicare insurance in their overall health care strategy.

What kinds of medical services do Medicare and Medicaid not pay for?

The following medical procedures are not included in the scope of coverage provided by Original Medicare.

Prescribed medication
Long-term care services
Both taxes and co-pays are required
The use of hearing devices
Regular eye care
Regular dental treatment, involving implants

Most prescribed drugs are not covered by Original Medicare; however, beneficiaries can address this coverage gap by enrolling in either Medicare Part D or Medicare Advantage during the yearly open enrollment season, which runs from October 15 through December 7.

There are even some exemptions to the exclusions.

In certain situations, Medicare Part B will pay for medications that are to be taken outside of the hospital.

The administration of medications that are supported by Medicare Part B normally takes place in an outpatient medical environment, such as a doctor’s office or hospital clinic.

Examples of such medications include those that are injected for osteoporosis and those that are prescribed to be used in conjunction with long-term medical devices.

Care for the Elderly

When it comes to out-of-pocket expenses, long-term care often accounts for the largest share.

The Original Medicare coverage does not extend to long stays in nursing homes or assisted living facilities, as well as visits to domestic care centers. Care that is highly technical and received in a skilled nursing facility is covered under Medicare Part A for up to 100 days throughout the beneficiary’s benefit term.

Medicare will pay for treatment in full if the patient has been an inpatient at a hospital for at least three days and if they are admitted to a facility typically within the first 30 days following being discharged from the hospital.

It is essential to bear in mind that Medicare Advantage does not cover expenses that relate to longer-term care, and it is critical to remember this fact.

In this scenario, purchasing private long-term care insurance is going to be your best bet.

The Story

However, beneficiaries are liable for deductibles and co-payments when they use Original Medicare. Original Medicare covers hospital stays, services provided by doctors, and outpatient care.

Beneficiaries are expected to pay $389 per day for prolonged hospital stays from days 61 through 90, and $778 for stays longer than 90 days. The Part A deductible is $1,556, and the total amount due for extended hospital stays is $778.

Beneficiaries need to keep in mind that there are “lifetime reserve days.” After the initial 90 days, Medicare will pay for an additional 60 days. When this threshold is reached, beneficiaries are responsible for the remaining costs associated with their hospital stay.

After meeting a threshold of $233, users of Medicare Part B who seek physician assistance, laboratory tests, and X-rays are responsible for paying 20 percent of the total cost.

If an individual does not have any other kind of coverage, a Medigap or Medicare Advantage plan might help to augment the expenditures. Original Medicare does not pay for hearing devices, regular eye care, or regular dental services.

This includes testing needed to use or fit assistive hearing aids, unless a physician comes to conduct a test in an urgent situation or to decide if a patient requires immediate hospital attention, including cases to identify light-headedness or nausea.

Because glasses and corrective lenses are not insured, the same rationale that pertains to eye care emergencies also applies to vision care.

To be insured for dental procedures like fillings and most surgical removals, you will need to buy separate dental insurance coverage.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

Top 4 Social Security Mistakes That Could Cost You Your Retirement Savings

January 14, 2024 /by aaron steele

Social Security is the most effective federal program in the US. Almost 66 million Americans get monthly benefits, with payments totaling more than $1 trillion this year. Furthermore, another 182 million Americans presently work in positions covered by Social Security, implying that they will most likely get benefits in the future.

Like many federal programs, Social Security has nuanced regulations and limitations that make it challenging to comprehend. Here are four mistakes that can cost retirees and their spouses a lot.

Filing for Social Security Too Early

Your average earnings determine your monthly Social Security payment amount during your 35 highest-paying years of employment. Also, your age when you begin collecting benefits is still considered in factoring your average earnings.

Even if you are still working, you are eligible for Social Security at 62. However, you will not qualify for the full benefit (also known as the principal insurance amount, or PIA) until you reach full retirement age (FRA). Suppose you apply for Social Security before the FRA. In that case, you will face a permanent reduction in payments of up to 30%, though the exact amount varies on when you receive your first check.

Delaying Social Security beyond FRA, on the other hand, results in a permanent boost in payments of 8% per year. However, these delayed retirement credits cease accruing at the age of 70. In other words, retired workers can optimize their Social Security payments by deferring benefits until 70, but delaying any longer is pointless.

Ignorance of Social Security Spousal Benefits

The spouse of a retired worker may also be eligible for Social Security payments based on that person’s wages, but spousal benefits are calculated differently. Most significantly, spouses can receive up to 50% of a retired worker’s PIA. However, the amount spouses receive each month is determined by the age they apply for benefits.

Again, eligibility begins at age 62. Spousal benefits, like those provided to retired employees, are permanently reduced if spouses claim Social Security before FRA. However, this scenario has no credit for postponing benefits beyond FRA. Nonworking spouses can increase their Social Security income by beginning benefits in the month they attain FRA. Waiting any longer makes no sense.

Specific individuals lack the luxury of waiting until FRA.

Failure To Enroll in Medicare During the Open Enrollment Period

Medicare, or the Federal Medicare Program, is a health insurance plan for those over 65. When Social Security recipient reaches age 65, they are automatically enrolled in Medicare Part A (inpatient insurance) and Medicare Part B (outpatient insurance). Medicare applications must be submitted by 65-year-old seniors who have not yet applied for Social Security.

In that case, your Initial Enrollment Period (IEP) begins three months before your 65th birthday. It ends three months after your 65th birthday. For example, if your 65th birthday is in June 2023, your IEP will last from March 2023 to September 2023.

Medicare Part A is free for seniors who have paid Medicare taxes for at least ten years, while Part B requires a premium, which increases if you sign up late. If you miss your IEP, you’ll usually have to wait until the next General Enrollment Period. You’ll have to pay a 10% monthly late enrollment penalty (based on the average Medicare Part B premium) for each full year you don’t sign up. To make matters worse, you must pay the penalty for the duration of your enrollment in Medicare Part B.

Most Retirees Overlook The $18,984 Social Security Bonus.

Most Americans are behind on retirement savings for a couple of years (or more). However, a few little-known “Social Security secrets” could help you increase your retirement income. For example, a straightforward method might earn you up to $18,984 yearly! We believe that you can retire securely if you understand how to optimize your Social Security benefits.

Not considering Social Security Tax

Many Americans appear to be uninformed that the federal government may tax Social Security benefits. However, your total income will determine the total tax liability. Therefore, your Social Security benefits might be taxed regardless of your financial situation.

Conclusively, you must take note of these social mistakes to avoid ruining your retirement benefit.

Contact Information:
Email: [email protected]
Phone: 3604642979

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Important Considerations When Buying Long-Term Care Insurance

December 30, 2023 /by todd carmack

Long-term care insurance can be costly, whether purchased through the federal FLTCIP program or elsewhere. The options available in such insurance can be tailored to keep premium costs low, but keep the following considerations in mind:

The benefit is received on a daily or monthly basis. At least 60-80% of the cost of a private room in your area should be covered by your policy. If you can’t afford to pay the balance out of your other assets, you should consider buying 100% coverage.
The scope of care. Unless you would feel vulnerable or uncomfortable having strangers come into your home and hence do not want in-home care, a policy should pay as much for home care as it does for nursing home care.
The duration of the benefit. Purchase a policy that will cover you for at least three years. After a three-year waiting period, you should have a plan to transfer assets and eventually qualify for Medicaid.
The period of waiting. The longer you wait before receiving benefits, the lower your premiums will be. A 100-day waiting period will cost you more than $15,000 out of pocket if you earn $5,000 per month. Choose a 30-day waiting period if you’re not willing or able to bear that cost.
Anti-inflationary measures. The majority of people will want to be protected in this way. Simple protection will be less expensive than compound protection, and it may be sufficient in today’s low-inflation economy.
What happens if you miss a payment? Policyholders who miss a single payment risk losing access to their accounts. However, many organizations provide measures to protect their consumers. Some companies have nonforfeiture options, allowing you to keep a lesser benefit based on what you’ve already paid. Others provide a continuity option that allows third parties to pay for policyholders who cannot do so. For example, if a policyholder misses a premium payment due to an extended vacation or hospital stay, a chosen sibling or adult child can cover the premium payments temporarily.
Other advantages. Other long-term care benefits to which you’ll be entitled should not be overlooked. You will most likely qualify for Medicaid, which can cover a nursing home if you have no large assets or income. Thus you will not need any LTC insurance. If you are a veteran or a veteran’s spouse, you may be eligible for up to $1,500 in veteran monthly benefits, so you will likely only need enough coverage to fill the gap.

The more preparation you undertake now, the better off you will be in retirement and aging. The cost is often the largest deterrent to purchasing long-term care insurance. Combining estate-planning strategies like Asset Protection Trusts in addition to your long-term care insurance needs, on the other hand, can often result in a reduction in the amount of insurance required and, as a consequence, a reduced overall cost.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
Todd Carmack grew up in Dubuque, Iowa, where he learned the concepts of hard work and the value of a dollar. Todd spent years in Boy Scouts and achieved the honor of Eagle Scout. Todd graduated from Iowa State University, moved to Chicago, spent a few years managing restaurants, and started working in financial services and insurance, helping families prepare for the high cost of college for their children. After spending years in the insurance industry, Todd moved to Arizona and started working with Federal Employees, offing education and options on their benefits. Becoming a Financial Advisor / Fiduciary can help people properly plan for the future. Todd also enjoys cooking and traveling in his free time.

Health Insurers Are Already Looking To Expand Medicare Advantage In 2023 Despite Criticism

December 15, 2023 /by jeff boettcher

Despite unstable financial markets and criticism of some business practices, health insurers are already taking steps to increase their Medicare Advantage markets for 2023.

These efforts to expand their privatized Medicare programs into new states and counties will continue, notwithstanding the turbulent financial markets that may restrict funding for some businesses and regulatory inquiries into how these businesses determine risk adjustments and bill for sicker patients.

Established health insurers like United Healthcare of UnitedHealth Group, Elevance Health, and Aetna of CVS Health, Cigna, are anticipated to post positive results for their Medicare Advantage businesses in the upcoming weeks.

Startups and smaller regional health plans leverage funds from their financial backers and investors to launch expansion into new regions in the coming year despite the competitive environment and unstable financial markets.

Consider Alignment Healthcare, which announced this week that it would enter the rapidly expanding Florida and Texas markets. According to the starting plan, which went public last year, there will be “an extra 1.1 million Medicare-eligible seniors in Texas and Florida alone, resulting in a total of 8.2 million Medicare-eligible seniors across 52 counties in six states in 2023.”

Health insurance companies have intensified their expansions into new regions around the nation, driving Medicare Advantage membership to all-time highs, according to a recent survey conducted earlier this year by The Chartis Group,

Twenty-eight million people are currently enrolled in Medicare Advantage, which accounts for 45% of all Medicare recipients. This represents a +3 percent point increase in penetration over 2021 and a +9 percent increase in overall program enrolment. These findings are consistent with the Medicare Advantage products’ excellent value proposition and the industry’s ongoing efforts to produce new value for its customers. With this development, the competitive environment for health plans that manage these products is continuing to change. Some themes from analysis from the previous year have persisted, while others have taken on new forms in the shifting economy.

Enrollment in Medicare as a whole increased by 1 million this year. Though the increase has slowed relative to previous years, a large portion of this slowdown is probably due to the 300,000 COVID-19 deaths among those aged 65 and older per year in 2020 and 2021.

At the expense of 1.3 million beneficiaries of Original Medicare, the Medicare Advantage market added +2.3 million lives. The number of people switching from original Medicare to Medicare Advantage is at an all-time high. In comparison to 42 percent last year and 37 percent in 2019, the market share for Medicare Advantage has increased to 45 percent of all Medicare enrollment.

The race to reach 50% continues, with at least 50% of eligible beneficiaries using Medicare Advantage products in 11 of the 50 states. This is a significant industry milestone that has been long expected, even though it is primarily symbolic. Our research points to market penetration of 50% for Medicare Advantage by 2025.

The federal government increases Medicare Advantage payments

The Biden administration and Congress continue to support the privatized senior benefits program known as Medicare Advantage. However, federal regulators and Congress have started to examine certain Medicare Advantage business practices.

One is the 8.5 percent income increase for Medicare Advantage plan payments for 2023 announced by the Centers for Medicare & Medicaid Services in April. At 4.88 percent, the growth rate was higher than the proposed rate hike announced earlier this year.

The assumption that more Medicare enrollees will receive care that had been put off throughout the epidemic is a significant factor in the increase, which is one of the greatest ever for Medicare Advantage. The increase may encourage more health insurers to enroll in Medicare Advantage or increase their participation in the profitable but divisive taxpayer-funded program, which is expected to cost $450 billion in 2019 â€” more than the combined budgets of the Departments of Education and Agriculture.

Medicare Advantage plans have agreements with the federal government to offer additional benefits and services to seniors, including nurse help hotlines, disease management, and some vision, dental, and wellness programs. Additionally, the Centers for Medicare & Medicaid Services recently permitted Medicare Advantage plans to offer more supplemental benefits, which has increased their appeal to senior citizens.

Contact Information:
Email: [email protected]
Phone: 8007794183

Bio:
For over 20 years, Jeff Boettcher has helped his clients grow and protect their retirement savings. “each time I work with my clients, I’m building their future, and there are few things that are more important to a family than a stable financial foundation.”

Jeff is known for his ability to make the complex simple while helping navigate his clients through the challenges of making the right investment decisions. When asked what he is most passionate about professionally, his answer was true to character, “Helping my clients – I love being able to solve their problems. People are rightfully concerned about their retirement income, when they can retire, how to maximize their financial safety and future income.” Jeff started Bedrock Investment Advisors for clients who value a close working relationship with their advisors.

A Michigan native, Jeff grew up playing sports throughout high school and into college. While Jeff is still an ‘aging’ athlete, Jeff will take more swings on the golf course than miles running these days. He creates family time, often with weekly excursions to play golf, a hobby he shares with his three young children.

Latest Medicare Prescription Drug Plan Amendments Will Benefit Seniors

December 10, 2023 /by michael crowe

Most of the 50 million Americans with the Medicare prescription drug plan will be affected by upcoming changes in 2023 and 2024. Typically, this critical protection is obtained either separately or as a component of a Medicare Advantage plan.

The Centers for Medicare & Medicaid Services (CMS) recently announced modifications included in the Inflation Reduction Act enacted by the U.S. Senate and evaluated by the House before President Joe Biden’s signing for those beginning in 2024.

Acknowledging the timeframe and effects of changes can save you money and improve the overall advantages and pleasure of your Medicare prescription drug plan, as many people are permitted to change their plans annually.

Medicare Part D Premium Savings 2023

Individuals obtaining Medicare Part D prescription coverage alone might anticipate a slight decrease in monthly fees.

The CMS expects that the average monthly premium for prescription medication coverage in 2023 will decrease to $31.50 from the current average of $33.08.

According to the American Association for Medicare Supplement Insurance (AAMSI), the average consumer can save between $550 and $750 annually by switching Medicare Part D coverage.

For example, Cook County, Illinois, has approximately 18 different Medicare Part D plans and the most recent data from AAMSI shows that the monthly expenses for a 65-year-old woman range from $6.90 to $94.30.

Available programs may include a co-payment for preferred generic medications ranging from $5 to $19 per prescription. The in-network deductible for 2022 for the 18 plans ranges between $0 and $480.

The maximum Part D deductible may increase in 2023

Seniors may benefit from a projected decrease in monthly costs, but the highest deductible for Medicare Part D coverage is scheduled to increase to $505 in 2023. This is an increase from the existing amount of $480. Furthermore, the out-of-pocket maximum that programs can impose will increase from $7,050 to $7,400 in 2019.

Reviewing your coverage before Medicare’s Annual Enrollment Period (AEP) is a sensible financial move many people miss. AEP begins on October 15 and ends on December 7.

Medicare Star Ratings Will Grow in Significance

Medicare has awarded star ratings to Medicare Advantage and Part D medication programs. The ratings represent the experiences of registered plan participants and are published annually. Plans are scored on a scale from one to five stars, with one star indicating bad performance and five stars indicating exceptional performance.

Medicare will modify the weights of several components used to calculate star ratings to aid consumers in assessing customer satisfaction with Part D prescription drug coverage. For instance, complaints regarding a specific health plan will weigh 4. When calculating the average star rating, more weight will be given to feedback from members who choose to quit a particular plan.

Medicare Prescription Drug Plan Benefits Will Change In 2024.

With the Inflation Reduction Act, Democrats are close to achieving a long-term objective. For the first time, Medicare will be authorized to negotiate prescription pricing beginning in 2026. Medicare Part D beneficiaries account for approximately one-third of all drug costs.

The new law grants the federal government the authority to negotiate the prices of certain costly pharmaceuticals. In 2026, Medicare will be able to bargain for the prices of ten certain medications. This rises to fifteen medications in 2027 and 2028, then twenty in 2029.

Furthermore, the new law caps seniors’ out-of-pocket expenses for prescription medications at $2,000. Pharmaceutical companies will also be required to pay refunds if their drug prices increase faster than inflation.

Finally, the law restricts the monthly price of insulin for Medicare enrollees to $35. This is a substantial benefit for the 3,300,000,000 beneficiaries who use a common kind of insulin. According to recent data, the average Medicare user taking insulin spent $54 per prescription in 2020.

Simple Methods for Locating the Best Drug Plan Options

Comparing Medicare drug coverage can be accomplished with ease. Medicare insurance information-providing independent agents are frequently willing to conduct comparisons for their clients.

Numerous superior internet Medicare prescription plan price comparison tools allow you to swiftly locate plan possibilities in your ZIP code. AAMSI experts recommend searching for a website that provides information and plans cost comparisons without demanding the insertion of personal information. The organization makes a tool available on its website.

Contact Information:
Email: [email protected]
Phone: 6023128944

Bio:
Mike was born in Chicago, Illinois on August 13, 1946. He was brought up in the
suburb of Skokie on Chicago’s northwest side and graduated from Niles Township (
East ) high school In 1964. Two years later he joined the US Air Force in November of
1966. After 2 years of Intense training he volunteered for Viet Nam and was sent to
Bien Hoa Airbase, which was 25 miles from Saigon, the nation’s capital. He
volunteered for a number of especially dangerous missions on his days off, such as
flying as a door gunner on a US Army helicopter and as a technical assistant on a
psychological operation on an Air Force O-1E observation aircraft. Capping off his
impressive accomplishments was winning the coveted Base Airman of the Month for
March 1969, a feat which was featured in the Pacific Stars And Stripes newspaper
read by every service man stationed in the Pacific theater of operations. After his
Viet Nam tour of duty he was stationed at Luke Air Force Base in Glendale, Arizona
where he met and married his wife, Lequita.
He graduated from Arizona State University in May, 1973, and after a 30-plus year
career as a financial advisor he joined a number of service organizations including
Easter Seals and Valley Forward, sponsor of EarthFest. He was also involved with the
National Federation of Independent Business and became the longest-serving
chairman of the Leadership Committee ever. He spoke before the ( AZ ) House Ways
and Means & Senate Finance committees. He then joined Disabled American
Veterans ( DAV ) in September of 2015. He rose quickly through the ranks and
became Chapter 8 Commander in May of 2019 where he served with Distinction for 3
years before being “ termed out”. The next year, as Vice Commander, he won the
title of National Champion Recruiter!

7 Medicare Facts That You Might Not Understand

December 8, 2023 /by rick viader

1. You’re Responsible for Medicare Costs

Some Medicare services are free. No matter how much you contribute, you must pay a monthly premium. A percentage of your monthly wages is withheld to finance Social Security payments.

Annually, Medicare costs rise. Elder Law Answers reported a 15.5% increase in 2022. Medicare Part B‘s monthly fee rose to $170.10. Social Security’s 5.9% cost-of-living increase for 2022 hurt most Medicare enrollees. Inflation, anticipated to hit 8.6% in May 2022, hurts those on fixed incomes.

2. Unfortunately, Medicare Doesn’t Pay for Everything

Medicare Part A includes hospitals, home healthcare, nursing homes, and hospice care. The keyword here is “helps.” Medicare doesn’t cover everything. It covers most outpatient treatments (about 80 percent). You pay deductibles, co-pays, and co-insurance. If you’re sick, all these fees could add up.

Medicare Part B funds outpatient care, durable medical equipment, and preventive treatments like physicals. Again, “helps” is the key term. Medicare includes co-payments and coinsurance (up to 20 percent). Medicare does not cover eye and dental treatments.

3. Extra Cost for Coverage of Prescription Drugs

Part D, Medicare drug coverage, is separate insurance that must be purchased if you require coverage for prescription medications. When you enroll in Medicare for the first time, you will also be able to select the Part D prescription drug plan.

4. A Choice for Healthier Consumers

At 65, you can choose between regular Medicare and Medicare Advantage. Medicare Advantage differs from supplement plans (Medigap).

Medicare Supplement plans include co-payments and deductibles. Unlike original Medicare, your choice of doctors, healthcare providers, and treatment facilities will be limited. Medicare Advantage plans deal with different doctors and hospitals.

Medicare Advantage plans have modest monthly premiums and look comprehensive, yet they typically have high out-of-pocket expenses. Laboratory tests, x-rays, outpatient surgery, the ER, and other procedures have co-payments. Costs could mount.

5. Medicare coverage gaps are remedied by supplemental insurance

Private businesses offer Medigap policies and are meant to fill in the gaps left by Original Medicare. Medigap policies can assist with out-of-pocket expenses such as co-insurance and deductibles.

In contrast to Medicare Advantage plans, Medigap policies do not require members to join a particular medical network. They allow you to see any doctor or hospital participating in the original Medicare program. And a reference from your family doctor is not required.

Medigap policies are helpful for folks who are sick or have special medical requirements. They are adaptable and limit the amount of money the customer must pay out of pocket.

6. There are Constraints on Medigap Coverage

Medigap policies and Medicare Advantage plans are incompatible, unfortunately. There is no way to do both things.

Prescription medication coverage is not permitted in any newer Medigap policies. You must enroll in Medicare Part D or obtain separate prescription drug coverage if you need financial assistance to pay for your medications.

Vision and dental care are typically not covered by Medigap policies.

Emergency medical care incurred while abroad is covered by some Medigap policies. However, restrictions do apply. After a $250 deductible and up to $50,000 lifetime maximum, Medigap policies cover 80% of some emergency expenditures.

7. There are Penalties

It’s essential to enroll in Medicare Parts A, B, and D as soon as you become eligible for them.

The first part of the answer is that your premium may go up by 10%. If you don’t sign up for coverage for a full year, you could have to pay the higher cost for two years.

For Part B, you will be charged an extra 10% for every year that you were eligible for Part B but did not purchase it. It’s a permanent increase to your premium that you’ll have to pay for the rest of your life.

You may have to pay a penalty if you don’t have Part D or other drug coverage for more than 63 days after your original enrolment period. This fee is calculated by multiplying the “national base beneficiary premium” by the total number of months you were without Medicare Part D coverage. If you are enrolled in Medicare Part D, you will be responsible for the associated penalty.

You are automatically enrolled in Medicare if you are 65 or older. Medicare is a health insurance program for the elderly and handicapped. Most Medicare participants contribute through payroll taxes.

Contact Information:
Email: [email protected]
Phone: 9568933225

Bio:
Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.

In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

All Federal Retirees’ Health Benefits May Be Affected by Postal Reform Measure

December 8, 2023 /by aaron steele

The monumental Postal Service Reform Act (H.R. 3076) Congress approved this week terminates the mandate that the Postal Service pre-fund its retiree health benefits expenses and requires postal workers to participate in Medicare Parts A and B once they reach 65. This last clause may affect all government employees.

Current federal retirees, including postal retirees, can opt out of Medicare Part B. Retirees are covered by FEHB plans whether they enroll in Medicare or decide only to keep their FEHB coverage.

Few Americans can opt out of original Medicare (Parts A and B) at 65 if they wish to keep their employer-sponsored health insurance. Some companies provide health benefits to retirees only through Medicare Advantage plans.

Of course, many retirees lose their employer-sponsored health insurance once they retire. They can choose between a Medicare supplement (Medigap) and a Medicare Advantage plan, both available to Medicare Part A and B recipients. Most private retiree health plans are meant to supplement Medicare. They may not cover medical expenses incurred while eligible for Medicare but not enrolled. Military retirees must show proof of enrollment in Medicare Parts A and B to keep TRICARE for Life.

Enrolling in Medicare, especially Part B, is one of the most challenging decisions facing federal retirees. Because introducing Part B costs $170 per person each month in 2022. However, many FEHB plans waive deductibles, copayments, and coinsurance when Medicare is the primary payer. The Part B premium is also partially refunded. FEHB plans that cater to seniors with Medicare as primary coverage have cheaper rates than those that don’t have such incentives.

Approximately 75% of current Medicare-eligible retirees are enrolled in Parts A and B, and 80% of eligible postal retirees are, too.

According to the postal reform measure, current USPS retirees will have a particular period to enroll in Medicare without a late enrollment penalty or keep their FEHB coverage alone. Some postal employees and retirees may have been placed in distinct risk pools in an earlier version of the bill, which might have increased health insurance costs for non-postal federal employees and retirees and non-postal pensioners without Medicare.

The FEHB premiums depend on how much its members use health services and their average annual expenses. Younger, healthier members tend to keep costs down, whereas older, sicker members tend to raise prices. The final postal bill balances the risk pools. The OPM predicts that premiums will decrease for postal and non-postal employees and retirees.

The new law maintains all postal workers in FEHB. All workers can maintain their current plans and use the yearly open season to switch to FEHB.

Postal retirees must enroll in Medicare A and B at 65. Then retiree health coverage will be a mix of Medicare and FEHB.

The question now is whether this rule will be expanded to all federal employees and how it would affect retiree premiums. If that happens, government employees will have one less decision to make when they retire.

Contact Information:
Email: [email protected]
Phone: 3604642979

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

How to choose a Medicare broker

November 26, 2023 /by kevin wirth

Brokers for Medicare act as agents for insurance providers but are independent of any one group. Instead, it is their responsibility to assist you in understanding your alternatives and choosing the best coverage option and insurance products based on your senior’s particular needs and requirements. They are typically considered neutral, independent agents within the insurance market, despite having incentives to enroll you in some type of coverage. This is because they won’t recommend one insurance company over another unless it is indeed the best choice for you.

Why would you require a Medicare broker?

The need for a Medicare broker may be something you and your senior loved one are debating. After all, why not simply browse Medicare.gov’s insurance alternatives and choose the best one? Here are some possible justifications for thinking about a Medicare broker:

• You lack time to investigate your insurance choices.

• You’re unaware of how Medicare operates.

• You have inquiries about specific policies.

• You’re having trouble finding the appropriate plan options for the particular healthcare requirements of your senior.

• You struggle to understand the complex language used in policy descriptions since your senior is on a tight budget and needs to get the most “bang for their buck.”

• Your senior has no insurance at all.

For instance, you might not be clear on the variations among Medicare plans. Adults over 65 must have Part A (hospital insurance), which is required, and Part B (medical insurance), which is optional. Government agencies are in charge of both Parts A and B. In addition to this, there is Medicare supplement insurance offered by private companies. For instance, Part D assists with the cost of prescription medication.

Self-examination questions to consider when looking at Medicare brokers

If you’re still unsure about whether hiring a Medicare broker is the best option for you, consider the following:

• Do I have enough time to spend hours comparing various insurance policies?

• Do I possess the knowledge required to select the optimal strategy for my senior?

Is saving money on health insurance a top concern for my family?

Despite the advantages of Medicare, just 18.4% of Americans are currently covered by it. Due to the lack of protection, many elders and family carers are left open to expensive medical bills.

What services are offered by Medicare brokers?

Medicare brokers can deliver fast outcomes.

Time is of the essence when taking care of an older person who needs health insurance due to a medical problem. Working with a Medicare insurance broker has several advantages. One is that they can speed up the enrollment and selection processes, enabling your seniors to receive the medical treatment they require as soon as possible.

Family caregivers working alone may spend hours sorting through several plan options while attempting to understand intricate coverage specifics. You may rely on their knowledge and quickly choose the best health plans when you work with a Medicare and health insurance broker.

How can I tell whether my Medicare broker is reliable?

Medicare brokers are agents with full licenses and a variety of credentials. You must have the certifications, education, and on-the-job training necessary to practice in your state as a Medicare insurance broker. There are slight variations between states’ criteria. Every year, specialized training must be completed by anybody intending to offer Medicare Advantage plans or Part D prescription medication insurance.

Most states recognize the AHIP certification training. When it comes to Medicare Advantage accreditation, AHIP is regarded as the “gold standard,” and candidates must pass with a score of 90% or better. The sale of any Medicare plans during that calendar year is illegal if they fail the test or choose not to take it.

What’s the frequency of your senior’s doctor visits?

• How frequently does your senior see doctors?

• Does your elderly relative take prescription medication?

• How much do you have set aside for medical care?

These are the most fundamental inquiries your broker needs to make of you, but depending on the exceptional circumstances surrounding your senior, they might ask many more.

What do Medicare brokers charge?

Medicare brokers should be free of charge. Any attempt by Medicare brokers to bill you for their services raises a red flag. Seniors and other family members are simply persuaded to use this helpful resource because these services are free.

Contact Information:
Email: [email protected]
Phone: 9143022300

[email protected]
914-302-2300

Disclosure:
These articles are intended for educational purposes only. Please contact your advisors for legal, accounting or investment advice.

Most Common Medicare Mistakes to Avoid

October 27, 2023 /by jason anderson

There are 3,834 Medicare Advantage (MA) plans, 766 Part D Prescription Drug Plans (PDPs), and many carriers offering Medicare Supplemental plans.

Enrolling in Medicare can be complicated and perplexing, even for individuals familiar with the program. If you don’t look into it properly, you can wind up with an expensive or poorly suited health insurance plan.

It’s not too early to begin weighing your options and asking the right questions as the Medicare Annual Election Period (AEP) draws near this autumn.

A crucial component of your total retirement strategy is health care. Because of this, you should consider Medicare even while employed, especially if you want to continue working beyond turning 65. There are various factors to consider, such as possible late fines, so consult an expert, such as your HR representative or an insurance broker, to ensure you are aware of the regulations and how they can affect your future coverage.

Numerous Medicare plans, such as Original Medicare, Medicare Supplement, Medicare Advantage (MA), and standalone Prescription Drug Plans, are offered. You must understand how the different aspects of the plans operate. All medical professionals who consent to participate in the Medicare program are covered by Original Medicare, which the government provides. Private insurance companies offer a Medicare Supplement along with the Original Medicare. It is available for an additional cost and helps pay for expenses like copays and coinsurance that Original Medicare does not cover. While Original Medicare and Medicare Supplement do not cover prescription drugs, a standalone PDP does. For a monthly cost, private insurers provide standalone PDP insurance. Furthermore, in addition to what Original Medicare provides, MA plans include extras like dental, eye, and hearing care. Prescription drug coverage is a typical aspect of MA plans. Many MA plans are free of charge, most of which include a network of providers.

If you already have Medicare, always look for changes to your plan. Most customers may only select or change plans during AEP annually, from October 15 through December 7. If your plan works for you, you should probably remain with it, but you should first look for changes the following year. The Annual Notice of Change (ANOC), which is sent out to current MA subscribers in September, contains a notice of any changes to the plan for the upcoming year, such as modifications to out-of-pocket costs. Please be sure you read it. If the changes make you uncomfortable, you might search for a new strategy.

The cost of a plan as a whole does not include the monthly premium. Additionally, you should understand the out-of-pocket expenses like copays and deductibles. You should also review the costs and regulations associated with any prescription you take daily, as certain treatments might be pricey.

A network of providers is typically included in MA plans to provide you with the most reasonably priced treatment. However, depending on the strategy, needs may change. Make sure a plan’s network includes your preferred hospitals, pharmacies, and physicians (including specialists). You might be able to leave the network, but be aware that doing so could result in higher costs.

After selecting a plan, ensure you take advantage of its benefits, including any tests and vaccinations your doctor may have advised you to get. Do not delay care. You might be able to treat a health issue early or perhaps stop it from happening entirely by taking a proactive approach.

Contact Information:
Email: [email protected]
Phone: 3234811328

Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.

He works with Employees, Business Professionals, Business Owners, and ‘High Net Worth’ People.

► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
✉ Email him at [email protected]

13 things you can sell when planning to retire

October 20, 2023 /by todd carmack

Many retirees downsize as a means of reducing costs and simplifying their lives. Some people move to a smaller house or a retirement community. Others simply get rid of items they no longer need.

You may sell many items to reduce clutter and boost your retirement savings if your retirement plans include downsizing. Here are some of them.

1. Your Car

Your car might still be a significant expense even after you have finished paying it off because you have to pay for gas, insurance, upkeep, and repairs. Consider selling one of the cars you and your partner have if you each have one.

Even if you only have one automobile, selling it and commuting by public transportation or ridesharing can be less expensive.

2. Your House

Where you wish to reside is a crucial decision when preparing for retirement. Your current home, which is likely your most valuable asset, may need to be sold to do this.

You can use the money to rent a smaller space, buy a smaller home, or save any extra cash. You can generate funds by downsizing your home. You’ll also save time and money because you’ll have fewer properties to maintain.

3. Your Furniture

Selling larger furniture pieces that you won’t have a place for if you move to a smaller home is a wonderful option. Furniture can be sold on Craigslist, Facebook Marketplace, or directly to a consignment company or secondhand furniture retailer.

4. Exercise Equipment

Your home may no longer have room for exercise equipment if you downsize. However, even if you intend to remain in your existing home, you might consider selling your treadmill or stationary bike since you’ll have access to alternative fitness options through programs like Medicare Advantage.

5. Old Mobile Phones

Moving old cell phones with you if you are downsizing or moving and having them lying around is pointless. The time has come to sell. Depending on the age and quality of your used phone, you can receive hundreds of dollars. You can sell your phone online through websites like Best Buy Trade-In, Flipsy, Amazon Trade-In, Gazelle, and others.

6. Children’s Toys

It’s time to let go of any toys you’ve kept for sentimental reasons. Even collectibles might be used to describe some of these toys. If so, you can make a lot of money by selling them on eBay.

7. Your Work Clothing

When you leave the workforce, you are no longer required to dress professionally for daily activities. One suit should be kept for weddings and other special events, while the rest should be sold. You can consign your clothing at a nearby consignment store or sell it online at places like Poshmark and thredUP.

8. Dated Computers

If you replaced your computer but kept the old one, it’s likely gathering dust when it could be earning money. You have two options for selling your computer: either use Best Buy’s Trade-In program and receive a gift card in exchange for its value or sell it online using a site like Flipsy.

9. Antiques and Collectibles

Antiques and collectibles can take up a lot of space, which you might not have if you reduce your home, much as books do. Holding onto a few items with sentimental significance is acceptable, but consider whether your value would increase if you sold them and used the proceeds to fund your retirement.

10. Bags You’ll Never Use

Similar to suitcases and other bags, you may have amassed a sizable collection of handbags over time, but you probably only used one or two of them. Some handbags can sell for a lot when resold, particularly if they are designer names.

11. Decoration Items

If you downsize to a smaller house, holiday decorations and other dÃ©cor items may be taking up room you don’t have. Think about organizing a yard sale if you have any random dÃ©cor items you no longer want or need.

12. Books

Books take up so much space and frequently remain unread on shelves. There’s no reason to save a book unless it has sentimental value or you genuinely believe you’ll read it again. You can sell books to nearby used bookstores or through Amazon’s trade-in program.

13. Sporting Goods

While it’s crucial to be active in retirement, you might not regularly use all of your sporting equipment. It might be time to sell your skis if they have spent more time in your garage than in the snow. Renting is always an option if you ever find yourself needing sporting goods later on.

Contact Information:
Email: [email protected]
Phone: 6232511574

Lawmakers Unveil Bill to Safeguard Retired Police and Fireman Tax Credits

October 16, 2023 /by michael crowe

More tax relief may be forthcoming for Washington’s retired police and fire personnel. According to a news release from Rep. Abigail Spanberger on Monday, the bipartisan bill submitted to Congress would make it simpler for public safety retirees to access a tax advantage for their healthcare insurance payments (D-VA).

The bill’s sponsors include former police officer Spanberger and Rep. Steve Chabot (R-OH).

“America’s law enforcement personnel go above and beyond under tremendous pressure to keep our communities secure. Officers frequently have to leave the police service early owing to the physical and psychological strains of working in these demanding, everyday situations.”

Spanberger shared, “Unfortunately, because of their early departure, they cannot sign up for Medicare or use employer-sponsored health insurance. We can fix this problem by taking practical, reasonable action. This includes ensuring that retired officers, regardless of how their pension payments are distributed, can receive tax-free payments from their pension schemes to pay for health insurance expenditures.”

Spanberger went on to say, “I’m honored to have participated in the bipartisan introduction of this bill, which honors retired police officer and Virginia Seventh District resident Wally Bunker. I thank Congressman Chabot for his cooperation and leadership on this matter. I will always continue to fight to ensure that Virginia’s law enforcement receives the rewards they have earned by donning the badge. “

By amending an existing clause, the Wally Bunker Healthcare Enhancement for Local Public Safety (HELPS) Retirees Improvement Act would make it simpler for public safety retirees to benefit from a tax break. The announcement claims that many seniors struggle to take advantage of the benefit since some pension plans don’t pay insurance companies directly, which is required by the existing policy to withdraw $3,000 tax-free from a pension plan each year. This provision will be updated and eliminated by the bill.

The bill bears Wally Bunker’s name; he is a former police lieutenant in Spanberger’s district who is 77 years old. The direct payment prerequisite has prevented Bunker from utilizing the pre-tax benefit.

According to the congresswoman in a statement, the passage of this legislation “would finally level the playing field for all retired public safety workers who get pensions but don’t have the choice of premiums being paid from the pension fund directly to healthcare providers.”

“I wish to thank Congresswoman Spanberger for her willingness to support this legislation, as well as Congressman Steve Chabot’s bipartisan backing as a cosponsor, and the hard work of the Fraternal Order of Police to support this legislation, which is based on fairness by treating all public safety retirees equally,” said Bunker.

The National Fraternal Order of Police has backed the Wally Bunker HELPS Retirees Improvement Act.

Patrick Yoes, National President of the FOP, asserts that this legislation would eliminate this prerequisite, enable all retired public employees to take advantage of this benefit they earned through their community service, and raise the pre-tax amount from $3,000 to $6,000 annually.

The HELPS Retirees Improvement Act, according to MPs, would implement the following:

• Ensure that health insurance premiums are tax-deductible, whether purchased through a third-party or pension system.

• Increase the tax credit from $3,000 to $6,000 to reflect rising healthcare premiums.

•Check to see if stipends fall under IRS section 402’s income exclusion (I).

•Assist public pension plans in lessening the strain of coordinating with multiple insurance firms on behalf of the associated retirees in public safety.

Contact Information:
Email: [email protected]
Phone: 6023128944

Ages at which Social Security and Medicare will deplete their reserves have been postponed

October 10, 2023 /by michael crowe

According to the latest projections from the yearly basis Medicare and Social Security administrators’ report released on June 16, the Social Security program will no longer be able to provide full benefits at the start of the year 2035, a year later than the previous projection. The current forecasts estimate that Medicare’s inpatient hospital treatment trust fund would be depleted in 2028, instead of 2026.

The good news for the predicted actuarial status of the trust funds is that the 2020 downturn’s economic recovery has been greater and quicker than expected in the previous year’s reports.

President Joe Biden stated in a speech that the study predicts that the successful economic growth fueled by vaccination and economic programs has reinforced programs that a huge number of Americans depend on and has placed our country in a stronger budgetary condition.

The paper’s authors say that the ongoing COVID-19 epidemic will not significantly affect the accuracy of their long-range projections. They did, however, point out that the report’s assumptions were created back in February before cases started rising again nationally and inflation spiked even higher.

More than 65 million people in the United States are eligible to receive benefits from Social Security, including retirees, those with disabilities, and the relatives of workers who have passed away. There are approximately 64 million people in the US who are eligible for receiving Medicare benefits.

The hospital insurance fund of Medicare is likely to receive more money than anticipated for the current budget year. Payroll taxes are one major source of funding. About 183,000,000 persons will have made such tax payments in 2021.

The analysis estimates that the monthly fee for Medicare Part B (outpatient coverage) will remain the same indefinitely at $170.10. However, administration officials have stated that the estimate, based on data from earlier this year, disregards a predicted drop caused by an incorrect estimate of the price of administering Alzheimer’s treatment Aduhelm.

Both programs are managed by trustees consisting of the Social Security commissioners and the ministers of Finance, Public Health, and Labor. There should also be two public trustees; however, seats have been empty since 2015.

The White House did not respond to an email asking if the president planned to appoint new public trustees. While trying to deal with historically high inflation, pandemic recovery, and the war in Ukraine, the United States government’s financial woes are further highlighted by the trustees’ report.

AARP CEO Jo Ann Jenkins said in response to the news that the money people earned and the account they contributed to is essential, despite the temporary rise, immediate and long-term protection of the benefits. “For their financial and health security, a considerable number of Americans depend on Medicare and Social Security, and the risks are too high,” Jenkins said. This year, the cost-of-living adjustment for the recipients of Social Security was the largest in 39 years, increasing recipients’ payouts by 5.9%.

Committee for a Balanced Federal Budget president, Maya MacGuineas, said in a statement that the benefits may be increased by 8% in 2019 due to this year’s strong inflation. According to a Treasury Department official, “Legislators have to take their heads out of the sand and stop expecting these vital programs’ budgetary issues will solve themselves.”

According to a recent analysis by the Congressional Budget Office, growing interest expenses and spending for Medicare and Social Security are the primary causes of debt growth relative to GDP. They are the result of an aging population.

Contact Information:
Email: [email protected]
Phone: 6023128944

The Wrong Retirement Decision Might Cost You A Lot of Capital

October 4, 2023 /by michael crowe

You must be realistic about your prospects and organize beforehand to prevent the biggest retirement mistakes. When it comes to retirement planning, it’s all too simple to make incorrect financial decisions. According to the Federal Reserve, 37% of non-retired individuals feel they are on schedule for retirement. However, none of the 44% who believe their funds are not on track, or the remaining 19% who aren’t sure, set out to ruin their retirement.

The first generation of approximately 70 million Baby Boomers is approaching retirement age. Therefore, meeting a federal employee willing to make a life-changing decision after retirement is possible. It is sometimes due to the lack of information. Whether you are a federal employee or not, it’s useful to be aware of the common blunders to sidestep as you are planning to retire.

Not Having A Financial Plan

Create a plan that analyzes your estimated longevity, intended retirement age, retirement location, general health, and the lifestyle you want to lead before choosing how much to save away to avoid undermining your retirement and running out of money.

Your plan should be updated frequently as your requirements and lifestyle change. To verify that your plan makes sense for you, try seeking the guidance of a licensed financial adviser.

Being Incautious with Credit Score

Equifax, Experian, and Transunion are three private firms that generate and report credit ratings. They have never released the specific formulas they use to determine a person’s credit score. However, they consider the number of loans a person has, the length of time those lines of credit have been active, and how the borrower has managed to spend and repay the borrowed money.

You must maintain a good credit score to get the best interest rate. Banks, credit unions, and credit card companies use credit ratings to determine whether a borrower will be able to repay the money they borrow.

Unwise Investments

Make wise investment decisions, regardless of your retirement plan. Some people prefer a self-directed IRA because it provides additional investing alternatives. That’s not a terrible idea if you don’t put your funds in danger by following untrustworthy sources’ “heated suggestions,” such as betting everything on bitcoin or other high-risk investments.

For the most part, self-directed investment entails a steep learning curve and the guidance of a trustworthy financial advisor. Another poor investment decision is paying excessive fees for actively managed mutual funds that perform poorly.

Spending Much of Your Savings

Spending too much of your retirement money each year is another typical retirement mistake. After years of work, it’s reasonable to want to spend your savings. But you don’t want to experience financial hardship.

Your plan sponsor will subtract 20% for penalties and taxes if you take all or part of your retirement fund before turning 59 to 60 years old so that you won’t receive the whole amount. Most people never catch up; therefore, you’ll lose future income.

Ignoring Health Costs

According to the Fidelity Retiree Health Care Cost Estimate, an average 65-year-old couple would need roughly $300,000 in after-tax savings to cover healthcare expenses.

Maintain a healthy lifestyle to reduce that number. Remember that Medicare does not cover all your medical expenses in retirement. If you don’t have additional insurance, prepare to cover the fee out of pocket.

There is little doubt that purchasing long-term care and life insurance now, as opposed to when you are older and in need of them, will result in financial savings. This is because you’ll soon be in more danger. Buy long-term care insurance now, if you can, to avoid paying steep premiums later when you need it and have to dip into your retirement funds to cover the costs.

Bottom Line

Regardless of your retirement spectrum, you may have probably made mistakes along the journey. If you don’t have enough money saved, start saving today. Consider doing a part-time job to supplement your income and contribute to your retirement account. Any increase or bonus should be put into your investment fund.

Contact Information:
Email: [email protected]
Phone: 6023128944

Federal Employees and Open Enrollment Period

September 14, 2023 /by todd carmack

It is critical first to understand what Medicare Part C (Medicare Advantage) is and what it provides to individuals who are qualified to enroll. Medicare Advantage plans are managed by commercial insurance companies and provide a broader range of healthcare benefits. For example, prescription drug coverage is included in most plans, and several plans also offer vision, hearing, and dental insurance. In addition, members must use healthcare professionals who are part of their Medicare Advantage plan’s network to reduce out-of-pocket expenses. This is because Medicare Advantage plans are administered in an HMO or PPO model. These professionals include physicians, dentists, pharmacists, and optometrists.

An individual must be enrolled in Medicare Part A and Medicare Part B to enroll in a Medicare Advantage plan. Those who don’t want to buy three different insurance policies for their medical, dental, and vision care needs may find Medicare Advantage plans useful. However, the restriction is that Medicare Advantage subscribers typically cannot use their preferred doctors, dentists, pharmacies, or other health providers. Instead, they must use medical experts in the network of the Medicare Advantage plan.

What is the OEP, and Why Does it Happen Every Year?

The OEP, also known as the Annual Election Period or AEP, occurs every year between October 15 and December 7, with changes made during the OEP taking effect on January 1 of the following year. Medicare beneficiaries can join a Medicare Advantage Plan and alter or disenroll from their Medicare Advantage plans. Also, they can change or disenroll from a separate Medicare Part D prescription drug plan in which they are currently enrolled during the OEP.

The OEP occurs once a year because commercial insurance companies that manage Medicare Part D and Medicare Advantage plans are required to re-file with Medicare every year. As a result, the benefits and premiums connected with an enrollee’s plan (Medicare Advantage, a Medicare Part D prescription drug plan, or both) can and will vary in most years. That is why the Center for Medicare Services (CMS) provides individuals eligible for Medicare with an election period each year. If they are unsatisfied with their existing coverage, this gives them the option to switch plans.

Individuals participating in a Medicare Advantage plan or a Medicare Part D prescription drug insurance plan for 2022 must have received a notice from their program by September 2022. This is known as the Annual Notice of Change. The Annual Notice of Change includes information on whether the plan premium and benefits will change. In addition, the Annual Notice of Change compares the benefits adjustments in the plan from 2022 to 2023, making it easier to compare changes to coverages.

During the 2022 OEP, an individual enrolled in Original Medicare (Medicare Part A and Medicare Part B) can make the following modifications to their health coverage:

- Change from Original Medicare (Medicare Parts A and B) to a Medicare Advantage plan. However, they must still be enrolled in Medicare Parts A and B.
- Dropping a Medicare Advantage Plan and continuing in Original Medicare, with or without a Medicare Part D prescription plan
- Switch from one Medicare Advantage Plan to another
- If nothing is done, your current Medicare coverage will automatically renew in 2023.
- Join a new Medicare Advantage plan or a Medicare Part D prescription medication plan.

Whatever modifications are made to Medicare Advantage and Medicare Part D prescription medication programs will take effect on January 1, 2023.

How the OEP Affects Federal Retirees on Original Medicare

The FEHB program has its own Medicare Advantage plans. Therefore, a federal retiree enrolled in Original Medicare considering enrolling in a Medicare Advantage program for 2023 could do so during the 2023 “open season.”

Federal retirees who are enrolled in an FEHB health plan and Original Medicare and choose to enroll in a commercial Medicare Advantage Plan during the OEP may do so. They must, however, halt their FEHB program coverage during the 2023 “open season.”
A federal retiree enrolled in an FEHB cannot use their preferred doctors, dentists, or other healthcare providers not in the Medicare Advantage plan’s network.
A federal retiree spouse will also be enrolled in the Medicare Advantage plan. However, the federal employee must enroll in a Medicare Advantage plan, and their spouse is covered through the FEHB program.

Finally, while selecting a Medicare Advantage Plan outside the FEHB program, a federal retiree should ensure that the plan covers prescription drugs for themself. In addition, if married, their spouse, to ensure that the project meets their prescription medication needs.

Contact Information:
Email: [email protected]
Phone: 6232511574

Tag: Medicare

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