Page 7 - Jupiter West - October '23

Jupiter West, Page 7
Financial Focus ® Medicare Corner

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 With Kathy O
529 plan can provide tax-free earnings and withdrawals
By Sally Sima Stahl for qualified higher education expenses. It’s Time For Medicare
As a p a r e n t , y o u However, even if you don’t think you can afford to Annual Enrollment Period
naturally want to help your make cash gifts, you might be able to provide some
children – but is it always a financial benefits in other ways. For example, you could (AEP) Oct. 15 To Dec. 7
good idea to provide them give your children shares of stock you’ve owned for
with support when they’re several years. If these shares had appreciated in value, and What Does This Mean
adults? You may want to you were to sell them yourself, and then give the money to To Me, What Are My
proceed carefully in this your children, you’d have to pay the capital gains taxes. Options?
area – to protect everyone’s By gifting the shares directly to your children, you’d Change from original
financial interests. avoid these taxes, and while your children would have to Medicare to a Medicare
This topic is on the pay the taxes when they sold the shares, they might be in Advantage Plan, change
minds of many people: 63 a lower tax bracket than you. And if they didn’t need the from a Medicare
percent of retirees and 69 percent of preretirees have money right away, they could hold the shares and hope Advantage Plan back to
either limited their financial support to adult children that they appreciate further. (Keep in mind that you can original Medicare, switch
or other family members, or would limit this support, to make financial gifts, including the value of stocks, of up from one Advantage Plan
preserve their own financial stability and avoid becoming to $17,000 per person, per year, to as many people as you to another Advantage
a burden, according to a recent survey by Age Wave and want without incurring gift taxes.) Plan, join, drop or change
Edward Jones. Being cautious about providing financial support to Medicare drug coverage.
So, as this finding indicates, it isn’t that preretirees your grown children and other family members – and Supplement Or Advantage Plan?
and retirees are being “selfish” when they’re cautious being purposeful when you do provide it – isn’t selfish. Advantage Plans must cover all the medically
about providing financial assistance – their goal is to It’s a thoughtful way to protect your own financial necessary services that original Medicare covers. Most
maintain their financial independence, so they never have security and avoid burdening your family – while still plans offer extra benefits that original Medicare doesn’t
to depend on their family members for help. And anyone helping them out when you can. cover – like prescription drugs, dental, vision and hearing.
can agree that this is a worthy objective. This article was written by Edward Jones for use by Medicare Supplement Insurance Plans (also called
In any case, the amount of support you can reasonably your local Edward Jones Financial Advisor, Edward Medigap) helps fill “gaps” in original Medicare and are
offer will depend on several factors, including your Jones, Member SIPC. sold by private companies to cover deductibles and copays.
monthly income, your expenses, your savings and your Edward Jones is a licensed insurance producer in Prescription drug coverage must be purchased
projected future expenditures. By taking these figures into all states and Washington, D.C., through Edward D. separately.
account, you should be able to develop a good estimate Jones & Co., L.P., and in California, New Mexico and What Do I Look For? How Do I Know What
of what you can – and can’t – do for your adult children. Massachusetts through Edward Jones Insurance Agency Advantage Plan Is Best For Me?
But if you do decide that you can afford to provide of California, L.L.C.; Edward Jones Insurance Agency First, we review the costs of supplement and drug plans
some financial resources, at least on occasion, you may of New Mexico, L.L.C.; and Edward Jones Insurance and look at your healthcare budget. Then we review the
want to be strategic about it. In other words, how can Agency of Massachusetts, L.L.C. Advantage Plans, are your doctors in network and review
you do the most good? Edward Jones, its employees and financial advisors the cost of medications you take. Another consideration
You have various options. For one thing, if your cannot provide tax advice. You should consult your is which of the ancillary benefits of Advantage Plans are
children have earned income, they can contribute to an qualified tax advisor regarding your situation. most important to you; dental, eye exam, glasses, gym
IRA to help fund their retirement – and while you can’t Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, membership, hearing aids, over-the-counter medication, etc.
put funds directly into their IRAs, you can give them 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. How Do I Decide?
money for that purpose, up to the annual contribution Medicare.gov offers tools for medications and all
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
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
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.
For your free Medicare Plan review please call me. Kathy
Olejniczak, agent, (561) 835-5413, cell/text (561) 212-7640.

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