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What’s New for Medicare Drug Plans in 2024?
Those of you with higher-cost name-brand drugs will continue to share more in the costs — pay close attention because the Tier 3 medications that once had a flat co-pay may now have a percent-based co-pay. For example, in many of the 2023 plans, a medication like Eliquis had a flat co-pay of around $45 per month. This year in 2024, the Tier 3 copay for Eliquis will likely be a 25% co-pay, increasing the amount you will pay for the drug. If you are taking high-cost name-brand prescriptions, you will likely fall into the Coverage Gap or “donut hole” each year. This year, you reach the Coverage Gap when the cost of your medications reaches $5,031. Keep in mind that if you are taking multiple high-cost medications, you will likely fall into the Coverage Gap no matter what plan you choose. You will pay 25% of the drug cost when you reach the Coverage Gap. You come out of the Coverage Gap or donut hole and move into the Catastrophic Level when your drug cost total reaches $8,000. The good news is that when you reach this level, your drug costs will go to $0. In past years, you had a small co-pay of about 5% of drug costs at the Catastrophic Level. Those of you who struggle with the high cost of your prescriptions can check with your State Insurance Program or SHIP office to see if you qualify for extra help paying for your medications. More changes are on the horizon for Medicare with the Inflation Reduction Act, and in 2025, we anticipate that out-of-pocket costs for prescriptions cannot be more than $2,000 for individuals. We know Medicare can be confusing, and you may still have some questions about the new plans for 2024. You can schedule an appointment directly on the calendar at Calendly.com/lenorekhoube or by calling 844-633-5239 . Please have your information ready as you schedule your appointment: a list of your prescriptions, the pharmacy you use, your current plan, and of course, your Medicare Card. We welcome referrals, so if you have any friends or family members who need our help, you can give them our information to schedule a call.
Medicare’s open enrollment period is officially in full swing! We’ve gotten lots of calls and have already set appointments to meet with many of you over the phone to review your plans. We understand how daunting and overwhelming Medicare and open enrollment can be — the terminology, moving parts, and mixed messages from different sources cause a layer of confusion that’s hard to decipher! Fortunately, you don’t have to travel through the Medicare maze alone — we will be there with you every step of the way and ensure you continue receiving the benefits and services you need. As you begin reviewing your plans and making necessary adjustments, it’s vital you’re aware of changes to your benefits for 2024. Here’s what you need to know about some of the UPCOMING CHANGES TO MEDICARE PART D Drug Plans. This year we are seeing big fluctuations in premiums for drug plans, with some plans dropping their monthly premium to as low as $0! Other plans are doubling monthly premiums, raising their deductible, and increasing costs in higher tier levels. Monthly premiums on plans with no deductible are generally increasing. The 2024 Part D plan deductible is increasing from $505 to $545 this year. Not all plans have a deductible, but plans with no deductibles typically have high monthly premiums.
–Lenore and Scott
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IT’S TIME TO CONQUER YOUR FEARS! 3 Strategies to Overcome Life’s Real Terrors
When you were little, did you ever run as fast as you could to your room so the monsters wouldn’t grab you and take you away? As kids, these fears were genuine — even if they were figments of our imagination. However, some real-life terrors and concerns can affect how you live your life.
So, this begs the question: How do you overcome fear?
There’s a reason they call the first few years of retirement the “go-go years.” The initial days of your retirement will likely be the most active and eventful. Once freed from the constraints of your career, you begin checking items and experiences off your bucket list and spending is at an all-time high. However, watch out for a few big purchases that most retirees almost always regret. Let’s take a look! A LARGE HOUSE Throughout your life, you likely grew accustomed to upsizing your home along the way. Now, at the peak of your net worth, you may have your eyes and goals set on your dream home. Retirees may be attracted to spacious properties or even vacation homes, only to find the upkeep and expenses are more than they can handle down the road. When the benefits don’t outweigh the cost, a large house often becomes a regret. LAVISH TRAVEL Retirement should be all about travel and bucket list items, right? Right! But, if you spend a large chunk of your savings on an amazing around- the-world vacation right out of the gate, you may cripple your financial health later into your golden years. Many retirees often regret paying for expensive airfare, accommodations, meals, and other expenses. Opt for local wonders of the world to explore instead. EXPENSIVE GIFTS It’s only natural to want to spoil your loved ones — especially as grandchildren come into the picture. However, many retirees often regret the extravagant gifts they generously gave early in their retirement because of the financial strain it created later. Your golden years should be a time of fulfillment and happiness, unburdened by financial stress and regrettable decisions. So, before you make any large purchases, whether it’s a luxury car, home, or vacation, be prudent with your spending and remember that your nest egg must last you for decades. Before you swipe the card or hand over the cash, make sure you have a long-term view in mind: no regrets. RETIREMENT REGRETS: Big Purchases That Can Haunt Your Golden Years
TAKE TIME TO DECOMPRESS. When you’re faced with concerns, your brain will throw scenarios at you to protect you. However, this can make finding a strategy to overcome your obstacles very difficult — especially if your fear is what you’ve been thinking about constantly! The first thing you should do is take time to decompress and not focus on the situation at hand. If there is a hobby you enjoy or an activity that relaxes you, take time to do those things! Once you’ve prioritized self-care, return to the situation and see if your perspective or judgment has changed. ANALYZE WHY YOU FEEL THE WAY YOU DO. Do you truly understand why you’re afraid of something? If the thought of something causes you to become stressed, makes your hands feel clammy, and gets your heart racing, stop yourself and ask why you’re feeling this way. Is there a deep-seated reason you fear something? Or is it the thought of the unknown that terrifies you? Acceptance and admittance is the key to understanding why you feel the way you do and can help you implement solutions and strategies. Additionally, don’t be afraid to ask for help if needed — you’re not alone in your battles!
CREATE GOALS YOU VALUE. Sometimes, fear occurs and spirals because you’re not achieving and following the goals you set for yourself. To prevent this from happening, ask yourself: What does the life I desire look like? Is it tangible? Am I actively pursuing it? For example, if you want to save enough money in your retirement accounts but fear losing money or spending more than you can afford, develop strategies to help you adjust your habits and mindset. Most fears will drift away when you create steps to help you implement change and achieve your goals. If Medicare is one of your fears due to its confusing terminology and moving parts, please allow The Medicare Authority to assist you! Don’t hesitate to call us with any questions or concerns.
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SAFEGUARD YOUR ASSETS WHEN NEEDING LONG-TERM CARE How to Avoid Medicaid Penalties and Fines
There are tons of benefits within Medicaid. It can provide coverage for long-term care and help you perform daily tasks you may have difficulty completing. This coverage aims to help those who have minimal financial resources. To qualify, you must meet means-testing requirements. While these vary depending on your state, the recipient generally can have no more than $2,000 in assets and income that is no more than twice the federal poverty level. If you have larger assets, you may need to take additional steps to protect your funds against Medicaid fines and penalties so you can receive the care you deserve. To take advantage of these benefits, it’s vital that you take preventive measures before you or a relative needs them. While you can pay for long-term care with your
own assets, purchase long-term care insurance, and use Medicare in some instances instead of using Medicaid, there are other avenues you can consider. HOW CAN YOU PROTECT YOUR ASSETS FROM MEDICAID? For starters, you can create a Medicaid asset protection trust! Once you set up an irrevocable trust, you can transfer assets exceeding the Medicaid financial limits. Doing this will shield them from Medicaid’s fines and penalties. Alternatively, you can establish a life estate , which allows you to create a joint estate with your spouse or another loved one. All assets in a life estate will help you meet Medicaid’s long-term care requirements. But you don’t want to wait to take action! Medicaid has a five-year look-back rule. If you need long-term care and placed your
assets in the life estate less than five years ago, you could be penalized for not meeting Medicaid requirements. Whenever you cross the rainbow bridge, these assets will be passed to your relatives upon death. You could also look into Medicaid annuity , designed to comply with Medicaid means-testing rules. If you need long-term care, a Medicaid annuity allows you to transfer assets to a relative and use the remainder of your assets to cover care expenses until the penalty period expires. If you or someone you know needs assistance complying with Medicaid rules, please consider working with The Retirement Authority! To book an appointment with Scott Mizenko, please go to BookWithScott.com . You can also email him at Scott@ScottMizenko.com or call 1-800-570-1396 .
TAKE A BREAK
THE BEST CHOCOLATE CHIP COOKIES
These ultra-soft and chewy chocolate chip cookies will melt in your mouth!
INGREDIENTS
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2 1/4 cups all-purpose flour
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3/4 cup packed brown sugar
1 teaspoon baking soda
1 teaspoon vanilla extract
1 teaspoon salt
2 large eggs
1 cup (2 sticks) butter, softened
2 cups (12-oz package) semi-sweet chocolate chips
3/4 cup granulated sugar
1. Preheat oven to 375 F. 2. Combine flour, baking soda, and salt in a small bowl. 3. Beat butter, granulated sugar, brown sugar, and vanilla extract in a large bowl until creamy. 4. Add eggs, one at a time, beating until blended. 5. Gradually beat in flour mixture. 6. Stir in chocolate chips. 7. Arrange dough in rounded teaspoonfuls on ungreased baking sheets. 8. Bake 8–10 minutes or until golden brown. Cool on baking sheets for 2 minutes; move to wire racks to cool completely. DIRECTIONS
Candy Costume Gourds Halloween Haunted Moon
Raven Tricks Vampire Werewolf Witch Zombie
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Upcoming Changes to Medicare in 2024!
How Do You Overcome Fear?
Golden Years Gone Wrong: Retirees’ Biggest Regrets
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Are Your Assets Hindering You From Using Medicaid?
The Best Chocolate Chip Cookies
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Use Your Garden’s Fall Bounty for Home Decor!
TRANSFORM YOUR FALL HARVEST INTO STUNNING INDOOR DECORATIONS!
A NATURAL WREATH Fresh herbs, flowers, or leaves from your fall harvest are perfect for an autumn wreath. All you need is a wreath form, which you can buy from your local craft store or online, and some floral U-pins. Use large leaves as a base (pumpkin leaves are great), then layer on smaller seasonal herbs such as sage, rosemary, or oregano. Finally, attach some flowers to it! Squash or pumpkin blossoms work beautifully, but you can use any seasonal flower you have growing. AN AUTUMNAL HERB SWAG A “door swag” is a traditional holiday decoration, and it’s an easy way to add some color to your door without creating an entire wreath. To make a swag, grab a few bundles of your favorite herbs, secure the stems with a rubber band, wrap them with twine, and tie them off, leaving a few inches of twine on both sides. Then, tie those ends together to form a loop and hang the swag on your door!
If you have a backyard garden, you may find yourself looking for new ways to use all the crops you’ve grown. After all, there are only so many pumpkins you can carve, seeds you can roast, or squash you can spaghetti. So, instead of looking up “squash recipes” for the hundredth time this week, consider these indoor decor tips that utilize your garden’s bountiful harvest! A CENTERPIECE Fall fruits and vegetables make great centerpiece arrangements because they have both seasonal colors and unique textures. Consider arranging a few squash or pumpkins in a bowl or basket and topping them with a bouquet of festive flowers. You can also mix herbs like basil, parsley, thyme, or rosemary into the bouquet for fragrance and a fuller appearance. Play with the different shapes and sizes of your gourds. Have them lean against each other or stack them for variation and depth in your display.
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