Ray's Retire Right Report Retire Right — Retire Smart! Raymond T. Martin, Retirement Coach and Medicare Planning
October 2024 Happy October! Daylight is shorter and the nights cooler. This month ushers in Halloween, kicking off the first of many year-end holidays.
October is “I'm Just Me Because” Month October 24th – November 11th is “World Origami” Weeks October 7th is “National Chocolate Covered Pretzel” Day
Penny Wise, Pound Foolish! Italian painter Amedeo Modigliani was unrecognized for his talent during his lifetime, but the value of his work skyrocketed after his death in 1920. Because he had difficulty finding buyers for his visionary artworks, he often traded them for food and drinks in Paris restaurants where he lived. His only solo exhibition was shut down before it opened because he painted nudes. After his death, café owners who had kept his paintings traded he for meals, sold them for far more than the cost of the food they provided the hungry artist. One restaurateur wanted to cash in on the increased value of the Modigliani paintings but couldn't find the one he had taken in trade. Unbelievably, his wife had reused the canvas for upholstery. How much did her penny pinching cost the couple? Unknown, but many Modigliani paintings have sold for millions of dollars!
What is another name for a lycanthrope? (See the Answer Area.)
Medicare Part D’s New Smoothing System Starting in 2025, Medicare Part D will introduce a "smoothing" system. This system allows beneficiaries to opt into the Medicare Prescription Payment Plan (MPPP) and spread their drug expenses over the remainder of the calendar year, rather than paying large sums at once. How It Works? Currently, Medicare Part D enrollees can face significant out-of-pocket costs early in the year. Beginning in 2025, beneficiaries will have the option to opt into the MPPP at the pharmacy or by contacting their Medicare Part D plan. Once enrolled, they can spread their prescription drug costs over manageable monthly installments. For instance, if a beneficiary encounters high drug costs in March, they can opt into the smoothing system and distribute the payments over the remaining months of the year. This can help alleviate financial pressure by making prescription costs more predictable and budget friendly. Benefits? The smoothing system offers key advantages:
Cost predictability – Beneficiaries can spread high costs over time, avoiding large, one-time expenses, and creating more stable monthly budgeting.
Improved medication adherence – With more manageable costs, beneficiaries are more likely to stick to their prescribed treatment plans without financial hardship.
In addition to this new system, a $2,000 annual cap on out-of-pocket prescription drug expenses will also take effect in 2025, providing further financial protection. The 2025 smoothing system gives Medicare Part D beneficiaries the flexibility to opt in and spread their prescription drug costs, helping to reduce the financial burden and ensure better access to essential medications.
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