Page 10 - Jupiter Ocean Mile - October '23

Page 10, Jupiter Ocean Mile

Medicare Corner Financial Focus ®

With Kathy O Should You Be “Selfish” In limit, which, in 2023, is $6,500, or $7,500 for those
50 or older. Also, if you have grandchildren, you could
Retirement?
contribute to a 529 education savings plan for them. A
It’s Time For Medicare By Sally Sima Stahl 529 plan can provide tax-free earnings and withdrawals
for qualified higher education expenses.
Annual Enrollment Period As a p a r e n t , y o u However, even if you don’t think you can afford to
make cash gifts, you might be able to provide some
naturally want to help your
(AEP) Oct. 15 To Dec. 7 children – but is it always a financial benefits in other ways. For example, you could
good idea to provide them give your children shares of stock you’ve owned for
What Does This Mean with support when they’re several years. If these shares had appreciated in value, and
To Me, What Are My adults? You may want to you were to sell them yourself, and then give the money to
Options? proceed carefully in this your children, you’d have to pay the capital gains taxes.
Change from original area – to protect everyone’s By gifting the shares directly to your children, you’d
Medicare to a Medicare financial interests. avoid these taxes, and while your children would have to
Advantage Plan, change This topic is on the pay the taxes when they sold the shares, they might be in
from a Me dica re minds of many people: 63 a lower tax bracket than you. And if they didn’t need the
Advantage Plan back to percent of retirees and 69 percent of preretirees have money right away, they could hold the shares and hope
original Medicare, switch either limited their financial support to adult children that they appreciate further. (Keep in mind that you can
from one Advantage Plan or other family members, or would limit this support, to make financial gifts, including the value of stocks, of up
to another Advantage preserve their own financial stability and avoid becoming to $17,000 per person, per year, to as many people as you
Plan, join, drop or change a burden, according to a recent survey by Age Wave and want without incurring gift taxes.)
Medicare drug coverage. Edward Jones. Being cautious about providing financial support to
Supplement Or Advantage Plan? So, as this finding indicates, it isn’t that preretirees your grown children and other family members – and
Advantage Plans must cover all the medically and retirees are being “selfish” when they’re cautious being purposeful when you do provide it – isn’t selfish.
necessary services that original Medicare covers. Most about providing financial assistance – their goal is to It’s a thoughtful way to protect your own financial
plans offer extra benefits that original Medicare doesn’t maintain their financial independence, so they never have security and avoid burdening your family – while still
cover – like prescription drugs, dental, vision and hearing. to depend on their family members for help. And anyone helping them out when you can.
Medicare Supplement Insurance Plans (also called can agree that this is a worthy objective. This article was written by Edward Jones for use by
Medigap) helps fill “gaps” in original Medicare and are In any case, the amount of support you can reasonably your local Edward Jones Financial Advisor, Edward
sold by private companies to cover deductibles and copays. offer will depend on several factors, including your Jones, Member SIPC.
Prescription drug coverage must be purchased monthly income, your expenses, your savings and your Edward Jones is a licensed insurance producer in
separately. projected future expenditures. By taking these figures into all states and Washington, D.C., through Edward D.
What Do I Look For? How Do I Know What account, you should be able to develop a good estimate Jones & Co., L.P., and in California, New Mexico and
Advantage Plan Is Best For Me? of what you can – and can’t – do for your adult children. Massachusetts through Edward Jones Insurance Agency
First, we review the costs of supplement and drug plans But if you do decide that you can afford to provide of California, L.L.C.; Edward Jones Insurance Agency
and look at your healthcare budget. Then we review the some financial resources, at least on occasion, you may of New Mexico, L.L.C.; and Edward Jones Insurance
Advantage Plans, are your doctors in network and review want to be strategic about it. In other words, how can Agency of Massachusetts, L.L.C.
the cost of medications you take. Another consideration you do the most good? Edward Jones, its employees and financial advisors
is which of the ancillary benefits of Advantage Plans are You have various options. For one thing, if your cannot provide tax advice. You should consult your
most important to you; dental, eye exam, glasses, gym children have earned income, they can contribute to an qualified tax advisor regarding your situation.
membership, hearing aids, over-the-counter medication, etc. IRA to help fund their retirement – and while you can’t Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
How Do I Decide? put funds directly into their IRAs, you can give them 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Medicare.gov offers tools for medications and all money for that purpose, up to the annual contribution
plans in your area. There is an overwhelming amount
of information there. A licensed local agent like me can
review your information and help you make an informed
decision.
I Am Already On An Advantage Plan I Like. Should
I Change?
Each year you receive the Annual Notice of Change
(ANOC) for your plan which outlines the changes for the
upcoming year. A free plan review will let you know if
other plans you previously ruled out may have coverage Jupiter Beach Specialists
that better meets your needs now or if your current plan
is sufficient.
If you do not look at other plans, you may not know
there is a plan with lower costs or higher benefits than sold
your current plan. A good point to review is the maximum
out of pocket costs in and out of network. This is your
financial exposure. It is important to ensure a major illness
will not bankrupt you.
Happy AEP and happy Medicare planning!
I speak Medicare: Supplement, Drug Plan and
Advantage Plan. 159 Rosalia Ct 301 S Seas Dr #103
For your free Medicare Plan review please call me. Kathy Jupiter Country Club Thinking of Selling? Bluffs Ocean South
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