Hello,                                                                                                                          October 2023

The annual October newsletter with changes for 2024 was mailed out on Friday, October 6.  It is company specific so the letter you received is applicable to the carrier’s plan you have.  If you did not receive the letter, please contact Cathy at 330-298-5969.  She will send you the appropriate letter.  The information below is generic to all the letters that were sent out.

I hope you had a great summer. Hard to believe fall is here already. It has been a busy summer for us. This fall is also going to be busy as well but I wanted to take the time to give you some details about your plan changes for next year and review your benefits. I also want to thank those of you who have sent me referrals. I can’t tell you how much I really appreciate them and the fact that you trust me enough to refer people to me. I advertise a lot but the bulk of my new clients are referrals that don’t come from advertising. So, thank you very much!

Just as a reminder: I have all the major plans available that are in Ohio and I’m aware of all the other plans as well.

Therapy. Most of the time, whatever set number therapy visits you qualify for are enough for you to recover. Many people use less. Some people need more. If you are denied additional therapy visits, you need to get with your doctor and appeal it. It’s not a difficult process and most of the time you will win.

My family and I are doing well. My son Andrew is working at MissionView Church and continues his seminary classes. His wife also got a job at MissionView Church. My son Nathan really likes his job. He gets to work at home much of the time which saves commuting time. His wife LaRee is expecting their third sometime in late November. We were all excited. We get to see our two grandsons weekly, and they are so much fun. My wife Cathy stays very busy helping her brother on the farm and me with my business. We are all very blessed.

I hope this letter finds you well and I hope you have a great fall and happy holidays coming up. Thank you again for the referrals and please keep them coming in. I am doing a lot of Medicare 101 meetings now so if you know anyone who needs a speaker for a group, I can talk anywhere from 15 to 45 minutes about Medicare. I could actually talk longer but people’s eyes glaze over. Lol.  Also please let me know if your address changes so I can keep you on the mailing list.

Take care,

Chris and Cathy

I hope you are having a great summer so far. I want to thank all of you who have been giving me referrals. They are greatly appreciated and help my business immensely. I’m very thankful for the trust you have placed in me for your own insurance needs and that you trust me enough to refer me. Again, thank you. This newsletter is going to have a lot of information regarding scams and fraud. There’s so much of that going on right now. However, we will start with some good news on prescriptions.

Some GOOD NEWS – The inflation bill signed last year made some positive changes for Part D prescription drug coverage. Starting this year Part D is covering shingles vaccine along with other adult vaccines recommended by the CDC at no cost. Starting next year, in 2024, those who go through the donut hole before the end of the year and into the catastrophic 5% copay phase will NOT have to pay the 5% copayment for prescriptions for the rest of the year. Which means after your 25% copayment of retail drugs reaches your true out of pocket maximum, your copay will drop down to $0. Starting in 2025 Part D prescriptions copays will be limited to a $2,000 maximum out of pocket. After 2025, the Part D max limit of $2,000 will be indexed for inflation.

There are approximately 600,000 people in the state of Ohio receiving letters about redetermination for Medicaid status. Many people are losing their Medicaid coverage. If you or if you know someone who is losing their Medicaid status, please call me or have them call me. I can help.

Congress needs to get moving on shoring up Social Security and Medicare both. Social Security will be unable to pay full retiree benefits starting in 2034 according to the latest annual report. Which means people will be hit with a 23% decrease in benefits. Also, Medicare Part A will only be able to cover 100% of its bills until 2031. Lawmakers are considering raising the retirement age, increasing payroll taxes or a combination of the two and there’s also been talk about “means testing”. Means testing is where if you have a certain level of savings, you are required to spend those before they give you full benefits of your Social Security. But don’t worry, seniors are the largest and most active voting bloc.  Because of that, Congress will not let anything happen to your Social Security or Medicare regardless of what political party is in power. They are just going to wait until the last minute to do something as usual.

If someone gets your Medicare number, they can use it to get medical care or buy prescription drugs in your name. Check your explanation of benefits carefully to be sure all the charges on it are things that were done for you. Unfortunately, these days we need to be vigilant and check all our statements.

Called the “New Medicare Card” scam, the scammers are posing as employees of the Social Security Administration, Medicare, and even the Ohio Department of Insurance. They call their intended victims and say the person needs a new Medicare card or they need to turn in their paper card for a plastic card. The scammers then request the person’s personal information. Government agencies, such as the Social Security Administration, Medicare, and the Ohio Department of Insurance do not randomly call Ohioans on Medicare.

How Ohioans on Medicare can protect themselves:

• Never give personal information, including Medicare, Social Security, bank account, and credit card numbers, to anyone who contacts you unsolicited by telephone, email, text, or in person, such as door-to-door sales.
• Know that Medicare will never call you to sell anything, visit your home, or enroll you over the phone unless you called first.
• Keep in mind that Medicare or Medicare health plans will only call and request personal information if you are a plan member, or you called and left a message.

Ohioans who suspect or have been victimized by a Medicare scam should contact the Ohio Senior Medicare Patrol at 800-488-6070 or proseniors.org.

Fraud and identity theft are major problems. More than 15 million people lost over $20 billion last year. Scammers are getting smarter and some are even using artificial intelligence (AI) as a tool to help defraud people. Kiplinger ‘s personal finance magazine recently had a huge article about how to protect and prevent fraud. Keeping your Social Security number safe is a major one. Do not carry your Social Security card in your wallet and do not give it out on forms unless it’s really needed. A strong way to prevent financial fraud is to freeze your credit. You have to contact all three credit bureaus (Equifax, Experian and TransUnion). For a guide on how to do that go to kiplinger.com/links/freeze. Also, if you still have your old Medicare card that has your Social Security number on it be sure to destroy it soon.

Another item that has a high target value for thieves is your ATM or debit card. Personally, I never use one and I’ve spoken to bankers that personally never use one. Credit cards are safer and when there’s a dispute, they often take care of all of it. But if you love your debit card and are using it at the gas station for example be sure to look at the keypads. If the pad feels strange or any pieces are loose or misaligned, a card skimmer could be installed there.

To prevent criminals from hacking into your financial accounts, use strong unique passwords and two factor authentication when possible. Use a password and then have them send you an e-mail or text on your phone with the security number for you to enter before you can access your accounts online.

You also really need to watch out for fraudulent emails. I get these all the time and some of them are very tricky. There’s usually a strange letter in the e-mail address from the person sending it to you. They’re getting better at not making it obvious such as using zero for the letter O. These scam emails will encourage you to click on something and either start involving you in the scam or putting malware on your computer.

They are now starting to use AI to clone people’s voices and then call family members or friends and solicit money sounding like you on the phone. It’s going to be hard to trust anyone pretty soon unless you’re looking at them face to face (and not on a screen).

Another thing to watch out for is public charging stations. Devious people have figured out a way to use public USB ports to introduce malware and monitoring software onto your devices so take your own chargers to airports and hotels – don’t use the public ones.

After damaging weather, home repair contractors often go door-to-door to offer roofing, siding, and other repair services. While most contractors are reputable, there are some dishonest contractors who prey on consumers eager to quickly get their property and lives back in order.

10 things you can do to avoid contractor fraud:

1. Contact your insurance company to file a claim before hiring a contractor.
2. Make sure the contractor you hire is legitimate.
3. Know the warning signs of a bad business. 
4. Don’t pay in full upfront. 
5. Get an estimate from at least three different contractors.
6. Learn the difference between “licensed” and “registered.” 
7. Be cautious about signing an assignment of benefits.
8. Get a written contract. 
9. Obtain the contractor’s essential business information.
10. Educate yourself about the property damage recovery process and insurance. 

Contractor Fraud Awareness Week was May 22-26, and the Ohio Department of Insurance shared tips to help Ohioans protect themselves and their hard-earned money.

I have seen ads on TV for “A Place for Mom”. It is a service that helps you find local nursing home places to fit your needs and wants. My wife Cathy used it to help find a facility for her dad. She went to several different places they recommended, and she said they were all very nice compared to places she looked at that they had not recommended.

In my October 2022 newsletter I mentioned adding another phone number. This was due to a new Medicare rule requiring business calls to be recorded. Medicare has withdrawn this rule starting in October so I will be dropping the phone number in September. So, please do not call the 33O-298-5894 phone number.

Our family is doing well. Cathy has been very busy helping her brother with the farm, my business, and doing the monthly administrative work for everyone. Our two grandsons are a real joy and we found out we now have a third grandchild on the way due around Thanksgiving. We’re all very excited. Our son Nathan’s job is going very well, and his brother Andrew is busy this summer leading mission trips for his youth group at church. Cathy and I went on a Caribbean cruise in April and had a very nice time. Coming back wasn’t as much fun as we spent nearly 32 hours trying to get flights to get home. Air travel is sure not what it used to be. But we had a great time and would do it again.

I hope you find this newsletter helpful. Thanks again for the referrals and please keep sending them my way. Even with the advertising I am doing, they are still the primary source of business for me, so thank you. If you get a chance, stop by the Randolph fair and say hi. We will be in the merchants building August 22^nd – 27^th.

Have a great summer,

Chris and Cathy Boring

Hello,

I hope you had a great Christmas and New Year’s.  Other than the extreme cold, ours was pretty good and we were able to spend a lot of time with family.  This letter is filled with a lot of reminders and things to consider for the new year.

For those of you with Anthem Blue Cross.  The new card you received for your over-the-counter catalog benefit is a Master Card.  This same card also has your Flex Dental/Vision/Hearing on it or the $50 a month grocery or utility benefit.  If you have not received the card by now, call member services and have them mail it again.

Reminder.  If and when you hear of “amazing” Medicare benefits with lots of free stuff, PLEASE remember to give me a call before you talk to anyone on the phone. I am familiar with all the plans in Ohio. There are plans out there that may have one or two benefits that are better than what you currently have, but not better than your plan overall. So please do not answer the phone or call any of the 1-800 numbers on TV. Every person you talk to is a salesperson trying to sell you and move you away from the plan you currently have. So just remember when in doubt call Chris.

Remember to use the benefits you have like dental, vision, hearing, over-the-counter catalog (OTC) and grocery card if you have it. Call or email me if you are not sure. Those with Anthem can now order brand name as well as generic products for the OTC benefit online at MyBenefits.NationsBenefits.com.

What is REACH?  It is a new government pilot program that is supposed to increase services for underserved communities by giving better health care and also saving money thereby giving health care providers a percentage of the savings. It stands for Accountable Care Organization (ACO) Realizing Equity, Access, and Community Health (REACH). It’s a pilot program starting in January of this year and ending in December of 2026.  It is supposed to only be for those on traditional Medicare. This program is new and from what I can find out not well defined on anything.   You are supposed to be notified by mail if you end up on one of these programs. Looking at medicare.gov/aco-search, it looks like these ACO programs are all over the country. They started under the Affordable Care Act and now they’re moving them into Medicare. The Cleveland Clinic, University Hospital, and Summa all have ACO programs, but it does not mean that you are in one.

The idea is to have your primary care doctor do as much as possible for you thereby saving money so you don’t have to go see specialists and you don’t get “unnecessary testing”. The few reports I have read said it’s really not saving them money and there is concern some people are not getting the quality of care that they should be getting. I don’t think it’s anything to worry about but just be aware of.  If you’re concerned just ask your primary care doctor if he or she is in this new ACO REACH program.

Is it a SCAM call?  Medicare is pushing for the insurance companies to call you about your health to see if they can provide you with any assistance.  At the same time, they are allowing some unethical insurance people to call you any time they want.  It is hard to know the difference sometimes.  If the calls are directly from the insurance company, you are OK.  If they are from someone claiming to be a “third party” to your insurance company, they may be okay but if they start asking you for your date-of-birth or Medicare number — they are most likely scammers trying to switch you to their insurance company. NEVER give out that kind of information.  If you are not sure, call me.  In case you didn’t know, Anthem changed their name to “Elevance Health” so you may get calls from either caller ID name.

For those of you with IRA’s who are under age 72 by 12/31/2022, the age for Required Minimum Distributions (RMD) is now age 73 for 2023.  Also, those of you who have IRA’s and are only taking the RMD or nothing at all may want to consider withdrawing money and paying the taxes on it over the next couple of years. We are at some of the lowest income tax rates in our lifetime and the current tax rate structure is scheduled to go back up again in 2025 unless Congress extends it.  The government is looking for money and I don’t anticipate that they will extend it although it is too early to tell. It might be to your advantage to pull out money and pay the tax.  Just keep your income under the 22% or 24% tax rate. Our lowest tax brackets right now are 10% and 12%.

People forget that less than 10 years ago our lowest tax rates were 10% and 15%. In the year 2000, the lowest tax brackets were 15% and 27.5%. John F. Kennedy lowered the maximum tax rate down from 90% to 70% and Ronald Reagan lowered it down from 70% to 40%. So having much higher tax brackets is not unprecedented for our country.  In 2001, a single person making over $27,000 was in the 27.5% tax bracket and married couples making more than $45,200 were also in a 27.5% tax bracket. So as I said, by taking money out of your IRA now and paying tax on it with the low rates we currently have may be better than leaving it to your kids in the form of an IRA. They would pull the money out and add it to their current income which could put them in a much higher tax bracket.  This could end up making the IRS your primary beneficiary. Of course, you should talk to your tax professional before making any moves because of the taxability of your Social Security.

New limits for Extra Help. The new income limits are out for people to qualify for extra help with their prescriptions. I have a detailed chart on my website at boringinsurance.com. In a nutshell, people with incomes under $1,850 a month for a single person or $2,500 for a couple should apply at www.ssa.gov/extrahelp or call Medicare. You also need to have assets under $17,000 for singles and under $33,500 for couples.

Turn your copays to zero. I have an insurance plan that will turn most of your major copays to $0 if you want to purchase it. It’s a guaranteed issue for people 64 1/2 through 67.  At age 68 and older, there are health questions that may disqualify you from the plan. For the guaranteed age group, the plan is about $52 a month and turns your copays for hospital stays, emergency room/urgent care, ambulance, outpatient surgery, and outpatient therapy to $0.  Call me if you would like more information.

Remember to use the mail order to save the most on your prescription drugs. I would also like to remind you that you do not have to use your prescription drug card if other options are cheaper such as paying cash or by using GoodRX.com.  Singlecare.com is another good way to save money on prescriptions. Many times it’s cheaper than GoodRX.com.

Consider this, it is a good idea to carry a list of the prescriptions that you take.  Don’t list the name brand but list the drugs you’re actually taking. This can be very useful in emergencies.

If you would like to review some of my old newsletters or would like general information on life insurance or annuities remember to visit my website BoringInsurance.com.

Car thefts skyrocketed. The main reason is for catalytic converters. They can be sold on the market for $1,000 or more. Thieves are more likely to hit high sitting trucks and SUV’s because they can get under them quickly and easily. Hybrids are also popular because they have high concentrations of expensive metals. Check Carfax for a list of the vehicles most likely to have their converters stolen. Top models include Equinox, Silverado, F-series, Accord, CR-V, Camry, and Prius.

Also, if you’re worried about scams and people using your information you could put a freeze on your credit accounts with the three major credit agencies so no one can fraudulently open a bank account or credit card in your name. This can be done for free.

Scams against seniors continues to increase.  While scams originating with social media contact are significant, the largest losses were reported to have started with a phone call. I tell people if you don’t recognize the number on your caller ID don’t answer it. If it’s something important the person will leave a message. That’s what I do. Google “AARP scam reports” to see real reported scams and sign up for alerts for new scams in the area.

Things have slowed down for Cathy and I over the last few weeks – Finally. We were able to spend a lot of time with two of the cutest grandkids in the world (not that I’m biased). Cathy is helping me with my business while also caring for aging parents and working on the family farm. My oldest son Nathan is busy with his job, raising my two grandsons, helping me with Christian Service Brigade, and teaching Sunday school among other things. My son Andrew is also very busy working with the kids as a youth pastor and taking his seminary classes as well. Overall, we have all been very blessed. I hope you have a great and healthy new year. Thank you so much for all the referrals you have sent me. They are the biggest part of my business. I’m very thankful for the trust you have in me to make those referrals.

Take care,

Chris

Hello,                                                                                                                              June 2022

I hope things have been going well for you and that you have been able to get out enjoy the warm weather. It was long overdue. I want to thank all of those who have sent referrals my way. It means a lot and it really helps my business. Well, there’s a lot to cover so let’s get right to it.

Some good news on your Medicare premium. It sounds like they are not going to raise your Part B premium at all next year and there is a good possibility it will actually go down. Put that together with a large Social Security increase next year due to inflation and most people should end up with a pretty good raise next year.

I have a new prescription drug place for you to check. For those who are in the donut hole or about to get in the donut hole this may save you some money on those expensive prescriptions. Go to https://www.pharmstore.com/new-customer  and enter your prescriptions and they will automatically show you what the prices are or you can call them at 1.800.281.8347 – Press 2 (New Client).  Shipping takes 2-4 weeks, and you pay for it automatically out of your checking account. Like all these discount prescription places you won’t be able to save money on some prescriptions but hopefully you will be able to on others.

The FBI estimates that the seniors lose more than 3 billion a year to scammers. The scams mostly involve romance, online purchases, timeshares and travel, job offers and investments. A common one today is an overpayment scheme where somebody overpays you for something you are selling and then asks for a refund to try and get information from you.  If you are buying things online, take the name of the company you are buying from, put it into the search engine and type the word scam or reviews or complaints after it to see what other people are saying. The best way to keep your information safe is using strong original passwords for different accounts and making sure you have two factor authentication on your accounts. Lastly, another really good thing to do is to do a gut check by waiting before you purchase or invest in something and talk to a family member or friend.

Here is a brief refresher of the different end of life documents that you may need. Keep in mind this is a brief and incomplete description of them.

Health Care POA    A Health Care Power of Attorney allows someone you appoint to make decisions for you regarding your health care should you become unable to make these decisions. Healthcare providers will more readily recognize your power of attorney if it is a separate document expressly addressing health care matters. A general power of attorney will not usually work.

DNR – Do Not Resuscitate   A DNR must be completed by your doctor and states that you do not want any of the various methods used to revive people whose hearts have stopped or who have stopped breathing.

Living Will   It documents your wishes regarding life sustaining treatment and can be completed by you at any time. A DNR provides better protection if you are sure you do not want CPR or other life prolonging interventions compared to a living will. It is probably good to have both as well as a health care power of attorney.

Financial POA  This document is used to appoint someone to act on your behalf regarding personal, financial, and business matters. Due to the rising rate of elder abuse, many financial institutions are reluctant to accept these documents. Be sure the person you name is trustworthy. You can build in checks and balances to ensure they do exactly what you want if you become incapacitated. To minimize problems, you may want to consider showing your bank, brokerage house and other institutions your POA document as soon as it is drafted to be sure it is acceptable to them.

Living Trust   This can provide detailed guidelines on how your property should be managed if you become incapacitated. It remains in force after you die and allows the trustee to transfer your property to your beneficiaries without having to go through probate. Naming different individuals as your living trust trustee and as your POA helps assure that neither person abuses their authority. Many people no longer need a living trust because their assets can be “transferred on death” or TOD if they have a title to them or they are at an account like a bank or investment house.

This is a very brief and incomplete explanation of each of these documents. My intent is to bring it to your attention and give you an idea what each one does. You can get a more complete description from the Ohio Bar Association at www.ohiobar.org. It is also a good idea to see an attorney.

Updated Extra Help limits for 2022   To qualify for extra help for prescription drugs your income needs to be below $1,719 per month for an individual or $2,309 for a couple and your assets need to be below $15,510 for an individual $30,950 for a couple. If your income and assets are close to or below those limits and you do not have “Extra Help” from Medicare, then you need to contact Medicare or me and fill out the simple form to request the extra help.

My wife (Cathy) and I are doing well. She is now a licensed agent like me, and she is enjoying learning the business although she still puts a lot of time in at the family farm. Nathan (my son) and his family are doing well, and his two boys are growing like weeds. Things are also going well for my other son Andrew and his wife. He is very busy with work and taking seminary classes for his masters degree.

Thanks again to those of you able to send me referrals. They are greatly appreciated.

Take care and have a great summer!             

Chris