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October 2022 – Newsletter

Hello,

I hope you had a nice summer. Fall is starting and it’s my favorite time of year but I’m not crazy about what follows. As usual, I have lot of information to cover so I’m going to get started.

Good news on Social Security. It sounds like you’re going to have an 8 to 9% raise on your Social Security for next year. The even better news is you’re going to get to keep it all!  Medicare Part B is going down next year to $164.90 from $170.10.

You will be hearing a lot about different companies offering plans with cash back or with a whole lot of groceries and other large benefits. You need to be on Medicaid to qualify for most of it. But there are plans out there for people who are not on Medicaid, just Medicare, that are giving a lot of cash back. Those plans are designed for people who are really healthy and rarely go to the doctor (because the medical copays are high) or who use the VA.  Some companies are offering a lot of dental / vision and grocery cards as well.  So, if you get curious after watching a commercial or talking to somebody, don’t call their 800 number, call me and we can talk about it. I can always compare your plan to any other plan you want because I have access to them all.

Interesting thing to be aware of.  If the deed to your house is over 25 years old and you’re married, you may want to check to make sure it is “joint with rights of survivorship” – not just “joint” because if it’s joint without rights of survivorship then when one spouse dies it causes problems. Nearly all the newer deeds in the last 20 + years or so have joint with rights of survivorship but some of the really old ones do not.  So, if you have a really old deed to the house or other property you may want to check it.

The inflation bill that was signed into law in August does include some help on prescription costs but not right away. The $2,000 cap on out-of-pocket expenses for drugs does not take effect until 2025. The negotiated drug costs that they talk about are only 10 to 20 of the most expensive drugs out of a list of over 4,800, so it helps very few people. Also, that won’t start until 2026.

Medicare is still giving away free COVID tests. If you are interested, you can go to covidtest.gov and order them. Many pharmacies are carrying them too including CVS, Rite Aid, Walgreens, and Walmart.

IRS scam to watch out for. IRS agents sometimes do make unannounced visits to taxpayers’ homes or businesses. If this happens to you be sure to ask to see their ID. IRS agents carry two forms of official identification, a pocket Commission and an HS PD-12 card (which is a standard form of ID for federal employees).  Both types of IDs have serial numbers and photos of the employees. The IRS does not send text messages or reach out through social media or use e-mail for initial contact. The IRS also does not threaten or demand that you to pay in unusual ways. If you’re suspicious of something you receive that looks like it’s from the IRS call them BUT do not call the number they give you to confirm it.  Look up the number on the internet to be sure you are a calling legitimate number.

A new Medicare rule now requires me (and everyone) to record all our business calls. I will be adding another phone number that you will see on your caller ID if I call you. It is 330-298-5894.

My wife Cathy and I are having a good year this year. We were able to spend quite a bit of time with the two little grandsons. That is definitely the best part of getting old. lol. Cathy is helping me a lot with my business and if you call in there’s a good chance she will be answering the phone. She’s also a licensed agent now and will be helping me stay organized. She’s still very busy helping take care of the family farm. My son Nathan and I are still involved with Christian Service Brigade which is a little like a Christian Boy Scout ministry. I’m still involved in the local Lions Club and we still help out with the 4H program here in Portage County as well.

For those of you who were able to give me referrals – Thank You so much for your effort.   I really appreciate it. There are many hurdles to growing my business with all the confusing commercials and other misinformation out there. But your referrals enable me to help a lot of other people. So, thank you very much for that.

Take care and I hope you enjoy the upcoming holidays.

Chris Boring

Filed Under: Newsletter

 

Call Today 330-654-5894

Questions about insurance, Medicare, or retirement planning? Reach out today and let me assist you with these important decisions. It is my pleasure to help and guide you towards your best options. We can meet at your home, one of my offices, or work over the phone
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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 30th.  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 

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Filed Under: Newsletter, Uncategorized

 

Call Today 330-654-5894

Questions about insurance, Medicare, or retirement planning? Reach out today and let me assist you with these important decisions. It is my pleasure to help and guide you towards your best options. We can meet at your home, one of my offices, or work over the phone
Contact me

Office Location

250 W. Main St. Suite 208
Ravenna, Ohio 44266
Phone: +1 330-654-5894

Chris cell:  +1 330-774-1341
Chris email: cboring@neo.rr.com
Cathy email:  cathboring@gmail.com

Office is across the street and just East of Chase Bank

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250 W. Main St. Suite 208
Ravenna, Ohio 44266
Phone: 330-654-5894
Office is across the street and just East of Chase Bank

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