Page 17 - The Jewish Voice - October '21

The Jewish Voice, Page 17

Lifestyles from page 16 I am already on an Advantage Plan I like. Should I • Prepare for unexpected costs. During your
change? retirement, you can anticipate some costs, such as housing
Medicare Corner Each year you receive the Annual Notice of Change and transportation, but other expenses are more irregular
with Kathy O (ANOC) for your plan, which outlines the changes for the and can’t always be predicted, such as those connected
with health care. Even with Medicare, you could easily
upcoming year. A free plan review will let you know if
other plans you previously ruled out may have coverage spend a few thousand dollars a year on medical expenses,
It’s Time for Medicare that better meets your needs now, or if your current plan so you may want to budget for these costs as part of your
A nn ual Enrollmen t is sufficient. emergency savings, and possibly purchase supplemental
Period I speak Medicare: Supplement, Drug Plan, and insurance. You may also want to consider the possibility of
The annual enrollment Advantage Plan. For your free Medicare Plan review, needing some type of long-term care, which is not typically
period (AEP) is October please call me: Kathy Olejniczak, agent, 561-212-7640. covered by Medicare and can be quite expensive. The
15 through December 7. average annual cost of a private room in a nursing home
What does this mean to Financial Focus is more than $100,000, and it’s about $55,000 per year for
me? What are my options? a home health aide, according to Genworth, an insurance
Change from Original What Does Retirement Security company. To address these costs, you may want to consider
Medicare to a Medicare Mean To You? some form of protection, such as long-term care insurance
Advantage Plan By Sally Sima Stahl or life insurance with a long-term care component.
Change from a Medicare October is National • Do your estate planning. It’s hard to feel totally
Advantage Plan back to Original Medicare Retirement Security Month. secure in retirement if you’re unsure of what might
Switch from one Advantage Plan to another Advantage But what does retirement happen if you have an unexpected health event, become
Plan security mean to you? And incapacitated or die earlier than expected. That’s why
Join, drop, or change Medicare Drug coverage how can you work toward you’ll want to create a comprehensive estate plan – one
Supplement or Advantage Plan? achieving it? that might include documents such as a durable power
Advantage Plans must cover all the medically He r e a r e so m e of attorney, a will and a living trust. A review of your
necessary services that Original Medicare covers. Most suggestions: insurance coverages and beneficiaries can also help
plans offer extra benefits that Original Medicare doesn’t • Build your resources. protect your assets and ensure they are distributed the way
cover — like prescription drugs, dental, vision, and While you’re working, save you want. In creating your plan, you will need to work
hearing. in tax-advantaged accounts with your financial advisor and a legal professional, and
Medicare Supplement Insurance Plans (also called such as your IRA and 401(k) or similar employer- possibly your tax advisor as well.
Medigap) help fill gaps in Original Medicare and are sold sponsored retirement plan. In your 401(k), contribute Thinking holistically about your retirement security
by private companies to cover deductibles and copays. at least enough to earn your employer’s match, if one is and developing and executing a strategy aligned with
Prescription drug coverage must be purchased offered, and increase your contributions whenever your your goals may help free you to enjoy one of the most
separately. salary goes up. Remember, especially early in your career, rewarding times of your life.
What do I look for? How do I know what plan is best time is often your biggest asset. Be sure to save early, This article was written by Edward Jones for use by
for me? since the longer you wait, the more you’ll need to save your local Edward Jones Financial Advisor. Edward
First we review the costs of supplement and drug to help reach your goals. Jones. Member SIPC.
plans and look at your healthcare budget. Then we • Look for ways to boost retirement income. When Edward Jones, its employees and financial advisors
review the Advantage Plans, check if your doctors are transitioning to retirement, you can take steps to align are not estate planners and cannot provide tax or legal
in network, and review the cost of medications you take. your income with your needs. For example, consider advice. You should consult your estate-planning attorney
Another consideration is which of the ancillary benefits Social Security. You can start collecting it as early as 62, or qualified tax advisor regarding your situation.
of Advantage Plans are most important to you: dental, but your monthly payments will be much larger if you can Call me for a free portfolio review at (561) 748-7600,
eye exam, glasses, gym membership, hearing aids, over wait until your “full” retirement age, typically between Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
the counter medication, etc. 66 and 67. (Payments will “max out” at age 70.) So, if 106, Jupiter, FL 33458.
How do I decide?? you have sufficient income from a pension or your 401(k)
Medicare.gov offers look-up tools for medications and and other retirement accounts, and you and your spouse Lifestyles on page 18
all plans in your area. There is an overwhelming amount are in good health with a family history of longevity, you
of information there. A licensed local agent like me can may consider delaying taking Social Security. You also Answer for
review your information and help you make an informed might want to explore other income-producing vehicles,
decision. such as certain annuities that are designed to provide a Crossword Puzzle
lifetime income stream.

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