Ray's Retire Right Report Retire Right — Retire Smart! Raymond T. Martin, Retirement Coach and Medicare Planning
March 2024 This month welcomes the first day of Spring on the 19th. Daylight savings begins on the 10th and don’t forget to wear green on St. Patrick’s Day.
March is Adopt a Rescued Guinea Pig Month March 1st – 3rd is International Festival of Owls Weekend March 1st is Dadgum That’s Good Day
A Rich Find Vicky Umodu moved to Southern California to be nearer to her daughter. She arrived without furnishings so needed everything. In a Craigslist ad, a family was giving away the content of an uncle’s home after his passing. Vicky received a couch, chair and other furniture. By itself that was a rich find, but the family generously gave her other household items too. Vicky said a seat cushion on an armchair didn’t feel right so she unzipped the upholstery cover. Inside she found bank envelopes filled with more than $36,000 in cash! Vicki gave the money back saying she learned the importance of honesty and kindness growing up in Nigeria. Apparently, the uncle had hinted he’d hidden money around the house. They’d found $1,000 and thought that was it. Of Vicky, they said, “She did the honest thing. Today, that’s a rarity. Not everyone would do that.” She was given a $2,200 reward.
March is named after Mars. What is Mars the Roman god of? (See the Answer Area.)
Big Changes for Medicare in 2024 The biggest change to this year’s coverage impacts those that opt in for Part D prescription drug coverage. Beginning January 1, 2024, those with Medicare drug coverage (Part D) whose expenses escalate to the catastrophic coverage phase will no longer have to worry about a copayment or coinsurance. This year also introduces Extra Help, which benefits individuals with limited resources and income by covering an extended range of drug costs. Finally, if a prescription drug’s price inflates beyond inflation rates, coinsurance amounts for Part B-covered drugs might shrink, leading to more savings. Medicare continues its commitment to bring down the cost of insulin again this year. Starting in 2024, your Medicare drug plan will cap the charge at $35 for a month’s supply of each insulin product covered by Part D, eliminating the need for a deductible. Good news for those administering insulin via a traditional pump. If that pump is covered under Medicare’s durable equipment benefit, then the insulin will also be covered under Medicare Part B. This means you won’t spend above $35 for a monthly dosage, and the usual deductible doesn’t apply. Every year, Medicare beneficiaries can re-evaluate their plans, and make changes to their coverage. It’s a lot harder to make the most out of Medicare’s biggest changes if you miss the annual open enrollment period. The open enrollment period for the 2024 coverage year was October 15, 2023 to December 7, 2023. However, California residents have 60 days from the first day of your birth month to change to another Medigap plan with the same or lower benefits. If you want to take this option, call me office. We are here to help.
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