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Medicare Advantage plans offering food and produce benefits
In the upcoming plan year, 1,475 Medicare Advantage plans will offer food and produce benefits to their low-income enrollees. In the new analysis published by the consulting firm ATI Advisory, this is a two percent increase from five years ago.…
A new conflict of interest rule
The Department of Labor has proposed a new retirement rule to close governance loopholes and require financial advisers to give retirement advice in the best interests of savers and not themselves. According to the federal government, “bad financial advice by…
Immediate expenses win over saving for retirement
A new survey by the consulting firm Buck found employees would prefer a “$500 pay increase to a $500 increase in contributions made to a retirement plan.” Also, the researchers report that over three-quarters of the employees surveyed said they…
What you need to know about Medicare Advantage plans
Medicare open enrollment –annual election period (AEP)- refers to an enrollment period from October 15th through December 7th, during which Medicare plan enrollees can reevaluate their existing Medicare coverage. If you are 65 or older, you have probably received a…
The new contribution limits for 2024
Good news for individuals saving for retirement- the IRS announced the new contribution limits for 2024. The contribution maximums will increase by $500 for most retirement savings vehicles. Mike Winters reports on the 2024 contribution limits, but more importantly, picking…
Social Security replacement rates vary widely among retired workers
The original intention of Social Security was to replace 40 percent of an individual’s pre-retirement income with other retirement income from different sources to make up the balance. However, according to a report published by the National Institute on Retirement…
What do the Medicare Savings Programs cover for low-income Medicare beneficiaries?
The Centers for Medicare and Medicaid Services (CMS) finalized a rule to help low-income Medicare beneficiaries to the Medicare Savings Programs. What is the Medicare Savings Program? Medicare Savings Programs cover premiums and, in most cases, cost sharing for Medicare…
Don’t rush into claiming Social Security at 62
You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. Yes, you have been paying into the system all these years, and you want to…
How working will affect your benefit amount
You can get Social Security retirement or survivor benefits and work. But, if you’re younger than full retirement age and earn more than a specific dollar amount, your benefits will be reduced or even stopped. However, there is good news…
Medicare Advantage isn’t right for everyone.
Medicare open enrollment – also known as the annual election period (AEP)- refers to an enrollment period from October 15th through December 7th, during which Medicare plan enrollees can reevaluate their existing Medicare coverage. It is also when those pesky…