Ray's Retire Right Report Retire Right — Retire Smart! Raymond T. Martin, Retirement Coach and Medicare Planning
September 2024 Happy September! The 22nd at 8:43 pm marks the Autumn equinox, the midpoint between the most and least daylight hours in a day.
September is National Taco Month
Big Changes to Medicare Part D in 2025: A $2,000 Annual Cap on Out-of-Pocket Costs Starting in 2025, a significant change is coming to Medicare Part D due to the Inflation Reduction Act. It will benefit those taking multiple prescription medications and most likely increase premiums for everyone.
September 15th – 21st is Be a Mensch Week September 13th is Bald Is Beautiful Day
Oops, My Bad! In 1978, a work crew from British Waterways was dredging the 10-foot-deep Chesterfield canal in Nottinghamshire, England. It is one of the earliest in the country, first opened in 1777. In the first few hours the crew pulled out rusted car parts, old appliances, bikes and household odds and ends. They also found a heavy metal chain attached to a large wooden block. It wouldn't budge so they hooked it up to their dredger and yanked it out too. Then they took a morning break for tea. When they came back, ALL the water had drained into a nearby river! The chain and block were the "plug" and they had accidentally removed it! A few dozen boats were stranded but no one was hurt. No one knew of the plug because records for the canal were destroyed in WWII. But on the bright side, clearing the canal was much easier without the water!
What food was found in Egyptian tombs and still was good?
One of the changes is your out-of-pocket costs for prescription through your Part D plan will now be capped at $2,000 per year on covered prescriptions. Prior to 2024, there was no limit to what you might spend out-of-pocket on medications. That meant some people faced very high costs, especially if they required expensive drugs. With this new cap, you’ll no longer have to worry about exceeding $2,000 a year for your medications covered. Although a max out-of-pocket cap is great, where we could see a negative affect may be an increase in monthly premiums on all plans to make up for the extra expenses the insurance companies will incur. Keep in mind that this cap goes into effect in 2025 and any changes to your current Part D will be included on your Annual Notice of Changes (ANOC) that should arrive in your mailbox sometime in the month of September. If you have any concerns after receiving your ANOC in the mail and you would like our assistance during the Annual Election Period (Oct 15 – Dec 7), please send an email to AEPTeam@WeRetireSmart.com
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