Hello,

I hope you are staying warm.  It’s been a rough winter so far.  At least we can hope for an early spring.  Well, I have a lot to cover again so here goes.

     New Medicare numbers start coming out in April.  The change over will run through April of 2019.  This will eliminate the use of your social security number.  But BE CAREFUL!  Scammers are working the new Medicare card angle.  If you get a call from someone saying you must provide your Soc. Sec. number and a payment to get your new card, hang up and report it.  The card will come automatically, and it is free.

     Reminder to United Healthcare Medicare Advantage plan holders, use your over the counter catalog benefits this quarter.  If you don’t have the catalog, call customer service and they can send you one.

     Research shows complex passwords are not only user unfriendly (yea, I know – shocker) but are also not hacker proof.  Long easy to remember strings of words are a better deterrent to the bad guys.  Pick a series of unrelated words like cloud tomato history bridge.  Length is more important than randomness.  Put capital letters, numbers, and special characters within the phrase too.  To keep track of your passwords you can use password managers like LastPass.

Extra help for prescriptions – Income limits were adjusted for 2018 so more people may qualify for extra help (called LIS) on their prescriptions.  If your income – including social security before any deductions – is under $16,000 for a single person and under $25,000 for a couple and your assets are under $14,340 for a single and $28,150 for a couple, you may qualify.  There are different levels of LIS and the lower your income the more extra help you can receive.  To see if you qualify, you can go online to do it at https://www.ssa.gov./i1020/ or call Soc. Sec. at 800-772-1213 and make an appointment to go in or have them mail you the paperwork.  If you qualify for the extra help you then have a permanent open enrollment and can switch your Medicare plan any time of the year you want to. If you ever want to change, be sure to call me.

Clear up Medicare Plans F & C confusion.  Most of you do not currently have the supplement Plan F or C.  That’s OK because if you turned age 65 before the year 2020 you are eligible to buy the plans anytime in the future after 2020.  However, those who turn age 65 in 2020 or later will not be able to buy Plans F or C (unless congress changes the law again).

     Car insurance rates are going up.  This is due to more claims paid out by the insurance companies.  The biggest reason for this is the rising cost of repairs due to new safety features such as sensors, cameras and computers.  Other causes also include more drivers on the road due to a robust economy, distracted drivers and legalized marijuana (Gee, who could have seen that coming).  So, if you have not compared companies in a long time, now is a good time to call a few car insurance brokers (that’s not me) and get some quotes.

Save $$ on glasses – A friend told me about a website called zennioptical.com where you can order glasses for under $10 for a simple prescription and for under $100 with everything.  He and his family have been using it for years with no problems.  You need your prescription, a photo of yourself to upload, and know the distance between your pupils (they help you figure that online).  You will be able to put a vast selection of frames on your picture to see how they look.  Then you simply order online, and they have a 1-800 number you can call with questions.  Your Medicare plan won’t cover this but if you can get it for this low of a price, it might be the way to go.

I have been helping my mom with a few of her legal affairs and was reminded of a few things I thought I would pass on.  First is the Health Care Power of Attorney (POA). This authorizes another person to make health care decisions for you if you are unable to.  It is different from a Living Will which states how you want to use artificial life support if you become terminal or permanently unconscious.  Although a person can change their living will anytime, it does over rule a health care POA regarding end of life treatment.

A Financial POA can be used to appoint someone to act on their behalf regarding personal, financial, and business matters.  Ohio revised this POA in 2012 to prevent elder abuse from agents abusing their power and providing a remedy if it occurs.  So, if you have a POA from before 2012, even though it may still be good, you probably want to see an attorney as an updated one would probably protect you more.

So what’s the difference between a Living will and a DNR (Do Not Resuscitate) order?  A Living Will document can be completed by you at any time where a DNR must be completed by your doctor and is usually done at a time where your current health conditions warrant it.  A Living Will may not protect you from receiving CPR or other medical interventions to prolong life because it only takes effect if you are certified terminal or permanently unconscious state.

Now 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 of what each one does.  You can get a more complete description from the Ohio Bar Association at www.ohiobar.org or call them at 800-282-6556.  It’s also a good idea to see an attorney.

File of Life – I mentioned this before but this time I have included a copy of the “File of Life” for you to complete for each person in your home.  Please do so and place it somewhere visible on the outside of your refrigerator.  Medical Emergency workers are trained to look for it on the refrigerator.  This gives them a quick reference to your medical history/conditions and medications.  This could save your life in the event you are unable to answer their questions.  I had a client use it last year.  Although she was conscious it was helpful to her, EMS workers and the ER staff.  There is also a pink paper that has two boxes with “File of Life” on them.  The small one can be cut out and taped to the front door or window so when EMS show up they see it as they enter the door and know to look on the refrigerator.  The larger one can cover the medical information paper on the refrigerator once you fold it up into quarters.  Remember to update this every six months like changing your smoke detector batteries.  I have “File of Life” kits of these with a plastic holder and magnet at my office if you would like to pick one up.  They are also available at the Senior Center on Oak Street in Ravenna.

On a personal note, my wife, Cathy, is back to working six days a week as tax season is now in full swing.  My son Nathan is back at the university of Akron this semester and he and his wife are moving closer to home this month as their current apartment lease is up in March.  My other son, Andrew, is now studying abroad in Jerusalem and is learning a lot.  He also got engaged before he left.  She is a great young lady and they plan to get married in May 2019.  Business is going well for me.  I am helping an antique dealer set up a charity auction for antiques, collectibles, and tools on August 4^th in Ravenna.  The proceeds will benefit the Haven of Portage County that will help the homeless and trafficked women.  If you have an item you would be interested in donating, please let me know.  We will be holding a donation day at Portage Community Chapel on S.R. 14 in Ravenna on June 9^th for people to bring anything to donate.

I hope this letter is helpful and informative.  If you know of anything you would like to share that could help fellow Medicare beneficiaries save money, again, please let me know.

Thank you to everyone who passed my name along to someone looking for help with Medicare plans and/or life insurance. I can’t tell you how much I appreciate those referrals and how much I value your trust.

Thank You Again!!

Take care,

Chris

Hello,

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.

Take Care,

Chris Boring

330-654-5894