I have some information I wanted to get out to you. Before I start I want to thank you so much for those who have referred their friends and family to me. I really appreciate your trust.
Now that winter is about over I will be scheduling a few Medicare Educational talks at a couple of different locations this year. I will be explaining the four parts of Medicare and the options available to cover the gaps in Medicare. If you know someone who would like to attend, please have them call me. And if you need a speaker for any groups or organizations you belong to just let me know, I would be happy to speak to them.
Some of you may not be aware that the Medicare Part B premium went up to $121.80 the first of the year. Those of you who started Part B before 2016 did not get the rate increase. Only people starting their Medicare Part B in 2016 and later will pay the $121.80. Enjoy it while you can because you can be sure that the next time the government decides to give a Social Security increase you will give most of it back in the form of a higher Part B premium.
A brief reminder on prescription coverage. Goodrx.com has saved some people money on their prescriptions and could save you some money on name brand drugs if you have not already tried it. CVS has been sued again for charging certain people with insurance much more for a prescription than someone with no insurance. So it might pay to see how much your pharmacy would charge you if you had no insurance at all since there is no rule or law that says you must use your insurance card. If you are on any tier 3 or tier 4 drugs, check with your doctor to see if there are any tier 2 drugs that you could switch to. Also remember to ask if there are any pills that you could cut in half. If the doctor doubles the dosage and you cut them in half that would usually cut your cost in half as well.
July will be the start of the first Baby Boomers turning 70 ½. That means they will be subject to the Required Minimum Distribution (RMD) from their IRA or 401K. For those fortunate few that don’t need to take it out and want to save it for their kids or grandkids or charity, I have a couple of nice options for you. One is to put your RMD into a certain life insurance policy that you can leave to your grandkids tax free AND still have access to the cash if you ever need it. Another option is a QLAC or Qualified Longevity Annuity Contract. The law allows up to 25% of a 401K to be transferred and push back the RMD from age 70 ½ to age 85. This allows the money to grow longer and if you pass away before age 85, it goes to your beneficiary.
For those that need diabetic testing supplies I have made a contact with Gaby Becerra from Advanced Diabetic Supply. She works with all Medicare companies and can get you glucometer, glucose testing strips, and lancets. They have free shipping and it only takes five minutes on the phone to order. Mention my name and they will upgrade your meter for free. Her number is 877-868-9856 xt. 7277.
When was the last time you had your Power of Attorney (POA) updated? The POA for healthcare (Advanced Healthcare Directive) should be reviewed every 5-7 years. If yours was done before 2003 – and many were – they are now worthless. General Durable POA’s created before March of 2012 are also very much outdated. It’s also important to have your life insurance reviewed every few years. People are living longer so prices have come down and final expenses have also gone up. Let me know if you would like a quote as I represent over 2 dozen companies.
Those of you who are single with income below $18,000 a year ($24,000 for a couple) and savings under $14,000 ($27,500 for a couple) may be eligible for the Low Income Subsidy (LIS) through Medicare. This can significantly lower your costs for prescription drugs. If you are near this level call Social Security and ask them to mail you a form to complete to see if you qualify. Be sure to let me know if you do qualify because I may be able to help you lower your expenses as well with certain programs only available for people with LIS.
On a personal note, my family is doing well. My youngest, Andrew, will graduate high school this spring as a valedictorian. He will be going to Moody Bible Institute in Chicago for pastoral studies. Nathan is still working hard and doing well at the University of Akron’s engineering program. My wife and I stay busy outside of work helping with 4H, school fundraisers, Lions Club, and church. And speaking of the Lions Club, we are having a raffle on Saturday, April 30th at the Portage County Fairgrounds at 5:30. The Grand Prize is $10,000 plus there are another 20 prizes and dinner with the $25 ticket. There will also be other side raffles along with a Chinese basket auction, 50/50, and side boards. Tickets will be sold at the door or you can call me for some.
I will occasionally put items on my website, boringinsurance.com, that you may be interested in . So please check it out once in a while. Also, if you would give me your email I could just email you to let you know when I put something new on my site as well as future newsletters.
Thanks again for your referrals and please keep them coming.