Page 11 - Jupiter West - September '23

Jupiter West, Page 11
Medicare Corner With Kathy O Financial Focus ®

It’s That Time Again To any changes that are effective January 2024. If you do not get Retirees: Talk Finances With
Ask – Am I On The Right this important document, contact your plan provider. If you are Your Grown Children
satisfied with your current plan and the upcoming changes, you
Medicare Plan? do not need to do anything. The plan will automatically renew
January 2024. If you do not like the coverage or are interested By Sally Sima Stahl
Medicare open enrollment in seeing if there are other options with more benefits or lower When you’re retired, you’ll
is around the corner from Oct. costs, contact a local agent like me! likely have some financial
15 to Dec. 7. If you are on For those on a Medicare supplement plan, you have the option concerns – just like all retirees.
an advantage plan, you will during AEP to change to a Medicare advantage plan that may However, if you’ve invested
receive a notice of change have a $0 monthly premium. If you try the advantage plan, and regularly and followed a long-
that explains the changes for in the first year want to switch back to your supplement, you have term financial strategy, you
your current 2024 plan mid- guarantee issue under “trial rights,” which means you can switch should be able to address most
September. back to your supplement anytime during the next 12 months. issues that come your way. But
This is what you need to How do I go about comparing plans? As a consumer, there there’s one important action
know … are two important lists you should have when comparing plans that’s sometimes overlooked
Insurance companies and making the best decision for you: 1) A list of your medical by retirees: sharing their
are continuing to make providers and 2) A list of your prescription drugs. You have financial situation with their grown children. And this
improvements in benefits to their advantage plans to help several resources to assist your decision-making process for knowledge can benefit everyone in your family.
members receive low-cost care and extra benefits beyond original AEP. You can contact Medicare by phone at 800-MEDICARE You might be surprised by the concern your children have
Medicare. It is important to annually review your plan and look or online at www.medicare.gov or you can contact a local agent for your financial well-being. Consider these findings from
at some other options available in your area, because you may like me! a 2023 study by Age Wave and Edward Jones:
miss out on additional benefits and/or lower costs. What about all those commercials? These ads are designed • 66 percent of millennials (generally defined as ranging
Can I change my plan anytime I want? Every year all active to generate the most incoming calls possible. They list all possible from 27 to 42) worry that their parents or in-laws may not
Medicare A and B recipients are eligible to make changes to their free benefits, but include a disclaimer that you may not qualify for have enough money to live comfortably in retirement.
plan during what is known as the annual enrollment period (AEP) these benefits. As a local agent, I can help clarify which benefits • 83 percent of millennials would rather know their parents
which runs from Oct. 15 to Dec. 7. Plans are effective January you may or may not be qualified for and assist you in enrolling are financially secure in their retirement, even if it means
of the following year. in a new plan. their parents pass on less money to them.
So, what do I do now and what are my options? If you For a no cost or obligation plan review, please call me at If you have children in this age range or older, or who
are on a Medicare Advantage or Prescription Drug Plan (PDP), (561) 212-7640. I conduct reviews in person and on the phone. soon will be, how can you address their concerns and
you will receive an Annual Notice of Change that will explain I speak Medicare. potentially improve your financial outlook? Communication
is the key. By openly communicating with your family
“Service is our number one priority” about your financial status, you can reduce anxieties and
misperceptions. If you’re in good financial shape, your adult
561-743-0070 children may be reassured that you won’t be needing their
assistance. And if you are feeling some financial pressures,
www.palmspoolservices.com you can inform your children of the steps you are taking to
improve your situation.
One such step may be to reduce your cost of living – the
less you spend day to day, the better your ability to preserve
your investment and retirement accounts. You may be able to
reduce costs in many small ways, such as ending streaming
services you no longer use, but you could make an even
bigger impact by downsizing your living arrangements. In
fact, 72 percent of today’s retirees have downsized or are
willing to downsize to reduce their housing costs, according
to the Age Wave/Edward Jones survey. Downsizing isn’t for
everyone, but if it’s a possibility for you, it may be worth
considering because the savings could be significant.
You may also be able to reduce or consolidate your debts.
Start by understanding how much and what kinds of debt
Expires 10/15/23. you have. Then, consider ways to lower your payments, such
as refinancing. For example, if you’re carrying a balance
State Licensed & Insured on multiple credit cards, you might be able to transfer the
Serving Palm Beach County CPC # 1457468 • LPG#30099 amounts you owe onto a single card with a more favorable
interest rate.
Here’s another move to consider. Adjust your investment
mix to possibly provide you with more income in retirement.
During your working years, you may have invested primarily
for growth – after all, you could be retired for two or more
decades, so you’ll need to draw on as many financial assets
as possible. But once you’re retired, your investment focus
may need to shift somewhat toward income-producing
opportunities. Keep in mind, though, that you’ll still need
some growth potential to help keep ahead of inflation.
One final suggestion: Let your children know if you
already have a strategy in place to meet the potentially high
costs of long-term care, such as a nursing home stay. This
burden is certainly something you won’t want your children
to take on.
By informing your children about your financial picture,
and how you’re trying to improve it, you can ease everyone’s
minds – so keep the lines of communication open.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
Edward Jones is a licensed insurance producer in all states
and Washington, D.C., through Edward D. Jones & Co., L.P.,
and in California, New Mexico and Massachusetts through
Edward Jones Insurance Agency of California, L.L.C.;
Edward Jones Insurance Agency of New Mexico, L.L.C.; and
Edward Jones Insurance Agency of Massachusetts, L.L.C.
A College Preparatory Catholic High School Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your qualified
Our Vision is to build life’s champions tax advisor regarding your situation.
through FAITH, ACADEMICS, SCAN TO LEARN MORE Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
SERVANT LEADERSHIP and a 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
STRONG FAMILY ATMOSPHERE.
cardinalnewman.com
West Palm Beach, FL
(561) 683-6266