Newsletter

January 2021 Newsletter from Chris Boring Insurance

Hello,

I hope you had enjoyable and healthy holidays. Also, I hope you and your family have a healthy and more normal 2021. Here is some information to help make it a better year.

Changes. As you probably already know, your Medicare Part B premium went up to $148.50 a month (for most people). The Medicare prescription Part D donut hole that is now a 25% copay will begin after using $4,130 in drugs and not end until you hit the $6,500 out of pocket maximum. I thought it was interesting that you pay 25%, the drug company writes off 70% and the insurance company only pays 5% but that’s the way the government set it up.

LIS (Low Income Subsidy) or “Extra Help” qualifying numbers are changing. This “extra help” is to help people with their prescription drug costs who have a lower income. If you are single and have monthly income under $1,440 or married and its under $2,175 and your assets are under $8,000 (single) and $30,000 (married), you may qualify. If you are close to those numbers, you should apply because they make many exceptions. To apply go to www.ssa.gov. At the top right select “Extra Help with Medicare…” then select “Apply for Extra Help…” or try calling Social Security at 800-772-1213 M-F 7 to 7. Another benefit to getting the extra help besides lower prescription costs is that you can change your Medicare Advantage plan during the year if needed.

I am sure you have seen the commercials this fall urging you to call for free benefits and to get your Part B premium back (the $148.50). These commercials are deceiving and they are a “Bait and Switch” tactic. Only people on Medicare and Medicaid can get these plans. So, if you don’t have Medicaid, they tell you “sorry you don’t qualify BUT we can sell you something else”. Do not fall for it. They will sell you a plan that’s not as good as you have now.

Another note: The reason you are still seeing these commercials now that AEP (Annual Election Period) is over is because we are now in Medicare OEP (Open Election Period). OEP allows people on a Medicare Advantage plan to make one switch to another Medicare advantage plan or back to original Medicare during the first quarter of the year. You could also switch a prescription only plan once as well. So, if you know anyone who is not happy with their current plan – please have them call me.

A little good COVID news. A doctor recently told me they now know to treat covid patients so well that if a person ends up in ICU they stand a 93% chance of recovery compared to last spring when it was less than 50%. Not that COVID isn’t serious or that we shouldn’t take precautions but I thought some good news would make it a little less scary for some people.

Scammers They are now setting up fake shopping sites online to get your financial information. So be sure to shop at trusted sites. Also monitor your accounts and never use a debit card online. Personally, I recommend using credit cards and cash for everything as a debit card is an entry way into your bank account.

Be careful how much info you put on social media like Facebook. Scammers mine the info to help them crack security questions to gain access to your accounts.

Beware of text messages saying something like “You received a direct deposit of $600 from COVID-19 Treas Fund. Further action is required to accept this payment into your account”. It then links to a fake site where they will steal your information. Do not open the link. Report it to phishing@irs.gov.

As you probably know the IRS never calls you. So now you need to be on the lookout for fake letters from the IRS. There should be a barcode on letters from the IRS now. You can use a smartphone to scan the code for information or go to the IRS website. If the letter says you owe money and there is no barcode, its probably fake. Even if there is a barcode, I would verify with the IRS that it is a legitimate letter.

President Trump signed an executive order for a “Most Favored Nation” policy for 50 Medicare Part B drugs. These are drugs you get at the doctors office or the hospital. Rather than we taxpayers spending eight times more for a drug than they do in Europe, we will now spend the same. There will be legal challenges as the drug companies are very upset.

The IRS issued new life-expectancy tables to calculate RMD’s (Required Minimum Distributions) starting in 2022. They reflect the fact that people are living longer. This means the required amount to be withdrawn every year will be smaller leaving more money in the accounts to continue growing.

If you have not received your second stimulus check you can track it online at irs.gov/coronavirus/get-my-payment. You will not receive a stimulus check if you are claimed as a dependent on someone’s tax return. Stimulus checks are not taxable (unlike the unemployment benefits which are taxable). Also, if you had a spouse that passed away in 2020 and you get a check for them, do not spend it. The IRS has not made it clear if this will be allowed and they could ask for the money back.

My family and I are doing well and staying healthy. My son Andrew took a job at a church in North Canton as a youth pastor last month. We moved him and his wife Allie before Christmas. He is very busy and likes it a lot. My other son Nathan and his wife LaRee have been doing well as new parents. Their son Elijah will be one year old next month and is still such a cutie (not that I am prejudice or anything). Its hard to believe it’s been a year already. I think the calendar is getting shorter as I get older. My wife Cathy is starting her busy tax season now. We are staying busy with the kids, helping on her dad’s farm and helping take care of my mom. Our church is having their Sportsman’s Dinner on January 30^th. If you are interested, you can attend in person or virtually online. We will have a speaker and raffle off dozens of prizes including guns, outdoor equipment, and raffle baskets. Tickets can be purchased online at portagechapel.com or in person at Portage Community Chapel on State Route 14 in Ravenna from 10-2 M-Th. Because this is a church event it will not be canceled.

Let me know if you have questions on anything. And please keep the referrals coming as this is the main thing keeping my business moving with covid closing many other avenues of business.

Have great new year,

Chris
330-774-1341
cboring@neo.rr.com

2020-2021 Medicare Savings Programs (PDF)Download

January 2020 Newsletter

Hello,

I hope you had a great Christmas and New Years. It would have been nice to have some snow but I am not complaining about the warm temperatures we have had although I am afraid we will pay for it later. There are several things I want to cover so here goes.

The Big News is I am moving my Ravenna office to Main St. about three blocks from where it is now. I have enclosed a map. The new address is on the new business cards I enclosed – one for you and one to hand out. Let me know if you would like more. The new location is 250 West Main St., Suite 208 just down from the jewelry store (it used to be the old Picciones’ Jewelers). The office is larger and will be open on February 1^st. Parking is available on West Main St and in the back on West Locust St. I will still have the use of other offices in Norton, Warren and Independence.

New tax return for seniors, the Form 1040-SR, will be available this year. For those who prepare their own returns, it will have larger print and less shading to make it easier to read.

Be very skeptical of new videos on social media, especially as the 2020 election heats up. New computer generated videos can make a real person do or say anything and are so real only a forensic expert can tell the difference. Unfortunately, Congress and the tech world have no near-term solutions for this.

The new year 2020 – Remember to get into the habit of dating all your signatures with the full year 2020 and do not abbreviate it as just 20. Someone could add two numbers at the end of your 20 and change the year of your signature. This leads to other fraud warnings to be aware of: People calling from “tech support” telling you your computer is infected with a virus. They ask you for remote access to your computer to remove the virus. Never do this as they have access to everything on your computer. Also, beware of the old Romance scam where someone supposedly from your past calls up and may spend weeks or even months building a relationship over the phone and through emails. They eventually ask for money for either health bills or money to come see you. I know of a few smart, but lonely people, who have fallen for this.

Remember any unsolicited caller who is aggressive or initiates a request for your credit card number or social security number or other personal information or any other form of money is up to no good. FYI – prepaid gift cards are the most frequent way to scam people. Look for the latest warnings at www.aarp.org/money/scams-fraud or www.consumer.ftc.gov under scams and www.fraud.org.

Medicare Minute Calendar. I will start doing 20-30 minute meetings on various Medicare topics in February. You are welcome to come anytime and to bring a friend. Locations and times are enclosed. If you know of anyone looking for a speaker for a meeting and would like a Medicare topic, please let me know.

Prescriptions – If you are on an expensive one, check out needymeds.org to find out if there is a patient assistant program for your drug. If there is, it could save you some money.

Personal note – my family and I are doing well. My wife, Cathy, is starting tax busy season. Our son, Andrew, and his wife, Allie, are starting their last semester of college and they will be looking for a job as well (hopefully somewhere closer to home). They were in after Christmas and we had a very nice time. Our other son, Nathan, and his wife, LaRee, are expecting their first child next month. We are all excited. I still help out with the local Lions Club and our church’s Christian Service Brigade (kind of like a Christian Boy Scouts) and I am helping out with the Church’s Sportsman’s dinner raffle this Saturday, January 25^th at 6490 St Rt 14 in Ravenna. There will be good food, various raffles for guns, fishing trips, and all kinds of gift cards. The speaker this year will be talking about food plots for wildlife as well as giving his testimony. Doors open at 5 pm and tickets will be sold at the door for $15.

Well, stay healthy and warm. Thanks again for your referrals and please keep them coming.

Chris Boring

Newsletter – October 2019

Hello, Oct. 2019

I hope you had a nice summer. I know it went by fast. It seems like the older I get the faster time goes by. I want to thank you for the referrals this year. My business has been growing thanks in large part to your referrals so please keep them coming.

Well, regarding general changes in Medicare plans for 2020 – its mostly good news. In short, a few copays are going up and a few are going down and many are adding new benefits. Overall the plans are not changing much. So, if you are happy with your current plan then just stay put and let it roll into next year. If, however you are not happy or just want to compare your plan to one you may have heard about, just call me and we can do a review.

I want to remind you that if your plan has Dental coverage, eye exams and glasses coverage, hearing aids coverage, meals delivered after a hospital, Personal Emergency Response System, quarterly Over the Counter Catalog benefit, not to mention Silver Sneakers – be sure to take advantage of those benefits. If you are not sure if you have these benefits, call me.

Most of the Medicare Plan companies have added a “Community Resource” benefit. This is where you can call customer service for almost anything. If you need a handyman, a dogwalker, help with bills – anything (except maybe a winning lottery number), and they will connect you with a charity or some organization in your neighborhood to help you.

Latest SCAMS – Storm damage scams from hail to wind etc. Imposters claiming to be government officials to inspectors to utility workers claim immediate work is needed. Be sure to ask for credentials and do not give away financial info or money without checking them out. Get someone to help you check them out if you’re not sure like a friend, neighbor, or pastor. Look at www.consumer.ftc.gov/features/scam-alerts for tips to avoid these scams.

TAX SCAM – 2 versions. Scammer claims to be able to suspend your social security number (which they cannot do). The other threatens a taxpayer with bills from a fictional government agency like “The Burea of Tax Enforcement”. Call the IRS to report these.

Genetic Testing SCAM – Scammers offer free genetic testing claiming Medicare will cover it – so they can get your Medicare number and use it to commit fraud. Only a doctor can order this test otherwise Medicare will likely NOT cover it. So never try to do it through a telemarketer or a health fair or someone knocking on your door.

Did you know you could contribute to a Roth IRA for your grandkids if they earned any income this summer up to $6,000? Let that grow for 50 years at just 6% and they would have over $110,000. That would be one present from you they would never forget.

Veterans – Dept. of Veteran Affairs says you may now elect to receive healthcare in their community if a service is not available at a VA facility that is over 30 minutes away. There are other rules for this to work so go to www.missionact.va.gov or call 844-698-2311 for more details. Also beware that some Medicare Plans are offering cash back if you take their plan over your current plan. While it is true you can get cash back BUT if you need to use their plan benefits you will be limited on the doctors and hospitals you can use and many benefits are not as good as you currently have. Call me if you are approached about this and have questions.

Social Security COLA – Kiplinger Magazine estimates the increase will be about 1.6% for 2020 and 2% for 2021. (Whoohoo! Don’t spend all that extra cash in one place. That might get you a McDonalds coffee and an Egg McMuffin once a month.)

Funeral costs – Its hard to compare costs but a new website is helping – funeralocity.com. Enter your zip code and it will compare prices for things like a simple burial or full service cremation.

Medical Debt – If you or someone you know owes a lot of money for medical bills use the National Council on Aging Benefit checkup tool (www.benefitscheckup.org) to find out if you qualify for a Medicare Savings program or other health care cost assistance that may be offered in your area. Also, if you have a choice, get treatment from a nonprofit hospital like University Hospital. They have programs to help lower income people. Many people I know have had their hospital copay waived when they were an inpatient.

Save money on Car Insurance. Take a driver’s safety course. They are now available to older drivers. Its never too late to teach an old dog new tricks, right? Check with your insurance carrier to see how much they will reduce your rate for taking the class. Most classes are in classroom but some are online. Those of you who have GBU for life insurance or annuities can get reimbursed for the class after you take it.

Prescription coverage – Good news and bad. The good news is you now have $4,020 to spend on drugs before the donut hole starts. Also, if you hit the donut hole you will only have a 25% copay on your drugs (which I know can still be a lot of money). This is the last of the scheduled changes for donut hole copays. It will stay at a 25% copay into the foreseeable future. The bad news is they raised the max out of pocket to $6,350 before the catastrophic coverage starts.

On a personal note- Cathy and I have been busy working and adjusting to a quiet house with just the two of us. Weird how things stay clean for so much longer now that the last child has moved out. Speaking of him, he had a beautiful wedding in May and he and his wife Allie are back in Chicago for their last year of college. They used to love it there but are really looking forward to graduating and getting out of the city. (It may have something to do with driving there whereas before they walked and took the train.) Our oldest, Nathan and his wife LaRee just bought a house in the area this summer and are expecting their first child early next year. We are excited.

Thank you again for your trust in me and your referrals. Call me with any questions. I hope you have a nice Fall season and great holidays.

Take care,

Chris Boring

Newsletter – January 2019

Hello,

I hope you had a great Christmas and New Years. We didn’t have a white Christmas but at least it wasn’t bitter cold. Looks like we are in for another mild winter which is fine with me. I had a very busy enrollment period this fall. Thank you so much for the people you referred to me. That’s what keeps me in business and it is very much appreciated.

Medicare made some rule changes for 2019. From Jan. 1 to March 31 is a new Open Enrollment period for people who have a Medicare Advantage Plan already in place. They will be able to change one time to a different Medicare Advantage plan. So, for example, people with the Anthem Mediblue Essential plan can switch to the Anthem Mediblue Prefered plan or another company, just by calling me. Please remember to mention this to friends and family and have them call me if they are on a plan they are not happy with.

Another prescription alternative. Here is another way to possibly save money on your prescriptions. A Canadian drug company called Medix is a CIPA regulated company – like our FDA. They offer many good prices on drugs that are mostly manufactured in Australia and New Zealand – not China. You can call 866-500-6633 or go to medixpharmacy.co.uk/register. I can’t endorse a drug company but I can tell you I have clients who have been using them for years and are very satisfied.

Just a reminder to be sure to take advantage of the extra benefits many of you have with your Advantage plans like vision, hearing, gym, and 24 hour nurse line.

A new program is now available for businesses that do not offer retiree health benefits. I can now offer health coverage similar to what you have now for little to no cost for companies. If you know your former human resource person and/or think they might be interested in hearing about this, please let me know.

For those whose Medicare Supplement is getting too expensive, I have a company that usually saves people money for the same benefits. Call me if you want more information or a quote.

In case you didn’t know, if you ever have a claim denied, you can file an appeal and odds are good the plan will change its decision. Many times a denial is really a request for additional information or to alert a doctor of a way to have an alternative treatment performed that’s more effective. You have 60 days to file an appeal and can expect a response within 30 days. If your health could be harmed by the wait you can do an expedited appeal and get a decision within 72 hours.

A new round of House Calls from a visiting nurse will start with the new year. This nurse visit is something Medicare is pushing the insurance companies to perform. You do not have to do it. If you tell them No and they keep calling, write down their name, location, and when they called. Then call me with the information and I will get them stopped. However, it is a good idea to make the appointment because it helps the insurance company with their star rating and the better their rating, the better the benefits are for you in your plan.

A new reason to exercise. Silver Sneakers has started a scholarship program. Those with Silver Sneakers can now earn scholarship dollars for their grandchildren by using Silver Sneakers facilities on a regular basis. Here’s how it works. You get $1,000 to sign up for the program and when you visit a facility 7 times in a month, $250 is applied to the account. So, exercise at least 7 times a month and you can earn $3,000 in a year for your grandchildren to go to college. There are 400 colleges in the program so far with 30 of them in Ohio. You can name multiple beneficiaries for the money to be divided among, but they must be a junior in high school or younger.
Help on prescription drugs. President Trump helped a little for those in the donut hole for next year. The copay in the donut hole for name brand drugs was lowered from 35% down to 25% for 2019 and beyond.
I have found several charities that help people with drug costs. Patient Access Network Foundation at www.panfoundation.org, Patient Advocate Foundation at www.copays.org, Healthwell Foundation at www.healthwellfoundation.org, and NeedyMeds at www.needymeds.org or 800-503-6897. You can also try www.patientadvocate.org to find financial aid funds and www.benefitscheckup.org for help as well.
Also, pharmacists sometimes are not allowed to tell you up front there are cheaper alternatives but if you ask them directly they will tell you. So be sure to ask if you are on an expensive drug. I know a lot more people have hit the donut hole this year thanks to the increased prices of many drugs, so I hope this information helps.

Is your money protected from nursing home expenses? Most nursing home expenses are for short term periods. Although a long-term stay can be devastating financially, the cost to insure against it when in your 60’s or more is usually cost prohibitive for most people. Depending on the statistics you look at, a person age 65 has a 50% to 80% chance of entering a nursing home before they die with the average stay about 3 years. When you drill down into the numbers you see that they are also counting people who enter a skilled nursing home for even a day or a week, many of whom get well enough to go home. The chance of having a nursing home stay for more than one year is actually much lower, perhaps 10% or less. According to the stats most people only need short term care which is much more affordable compared to spending a few hundred a month for long term care.

My family and I are doing well. Cathy and I had a quiet Christmas with both kids gone Christmas day. We made up for it on New Year’s Eve. Cathy’s family was in town and we had 28 people over. It was a lot of fun. Both boys are back to college now. Nathan has just accepted a job in Akron and will start after he graduates from the Univ. of Akron with his Mechanical Engineering degree in May. Andrew is looking forward to his last semester living on campus in Chicago since he is getting married Memorial Day weekend. They will then live about three miles from campus as they finish their last year of college. I am helping with our church’s annual Sportsmen’s Dinner. It is on Jan 26th and there will be a whitetail expert speaking who writes for American Hunter magazine, several different raffles, trophy display and great food including the best venison I have ever eaten. Order tickets online at www.portagechapel.com or get tickets at the door which open at 5:00.

Have a great year.

330-654-5894

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