L yndon Thomas Insurance
FINANCIAL TECHNOLOGY FOR THE GOLDEN GENERATION
Like most stereotypes, describing baby boomers as “tech illiterate” doesn’t tell the full story. Bill Gates is a baby boomer, after all. While not everyone in the “golden generation” is on Facebook, that doesn’t mean they can’t use technology. These three mobile apps are perfect for tech-savvy boomers looking to achieve their financial goals. ACORNS Acorns is the best way to make your spare change work for you. Every time you use your debit or credit card, Acorns will round up the spare change of that purchase to the next dollar and then invest it. Take that $2.30 cup of coffee from this morning, for example. This app rounds that transaction to $3.00, places the $0.70 extra into a fund, and invests it. This strategy, called “microinvesting,” may not seem like much, but remember that a mighty oak tree starts as an acorn! ROBINHOOD For many Americans, investing is either too intimidating or just downright costly. And no matter how well your portfolio does, you always lose a chunk of earnings to fees and commissions. Robinhood is an app that removes all fees associated with stock trading and gives you free rein to buy and sell as you please. With seamless money transfers, Robinhood is a great way to build a large portfolio. It can even function as a small invested savings account. VENMO While it used to take weeks to transfer money by Western Union’s horse-drawn carriages, it now takes seconds with Venmo. This app gives you the ability to send money to friends and family via your phone. With a user-friendly interface, it’s quick and easy to set up an account and link bank accounts or credit cards. Once you’re up and running, sending money is as simple as pressing a button. If you’re intimidated by learning how to use mobile apps, connect with a family member or friend. All of these apps are designed to be intuitive and easy to learn, so with a little time and practice, you can be savvy technologically and financially!
An Ounce of Prevention …
Spring is a perfect time to renew your commitment to better health and practice preventative care. And Medicare can help.
Medicare gives you access to a variety of preventative tests and screenings, most at no cost to you. In addition to the yearly wellness visit at no cost, screenings for diabetes, colon cancer, breast cancer, osteoporosis, heart disease, and obesity management — to name a few — are available at no cost. Medicare provides for one colonoscopy (oh, what fun!) at no cost every 10 years. Visit www.medicare.gov or order your “Medicare & You 2018” book mailed each fall for a complete list of Medicare-covered preventative services. Whether you receive your Medicare benefits through Original Medicare or through a Medicare Advantage Plan, all Medicare- covered preventative services are available. Advantage members may visit their primary care physician to authorize these services. If you’re an Advantage Plan member, it helps your PCP when you get your preventatives. Medicare provides incentives for physicians who meet thresholds and penalizes those who do not have enough of their members get their preventatives done. In the coming years, Medicare is phasing in incentives and penalties for physicians of Original Medicare members as well, to encourage wider use of the preventative screenings. Humana Advantage plan members, take advantage of your GO365 preventative incentive. Get four preventative screenings done this year and receive $50 in gift cards to use at local stores and restaurants. Contact me for details.
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