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Meal prep tips for seniors that will make cooking easier

Posted on by jameswabw

While there is no one tip that will work for everyone, there are a few ideas you can incorporate into your week that will help make cooking easier on you and your older loved one.

  • Make a plan and write it down. Sit down on a Sunday and plan out your loved one’s meals for the entire week. This will help you avoid making several trips to the grocery store during a busy work week. Write down the menu for the week and put it in a place where your loved one can easily access it. Knowing ahead of time what is planned will make it less overwhelming for seniors whether they are the ones cooking or not.
  • Make meal prep a group project. Enlist your loved one’s help in prepping for the week’s meals. Not only will you get assistance (and company), but they’ll feel more invested in what they are eating and will enjoy having a weekly project to look forward to.
  • Prep versatile ingredients for the week. Meal prep is supposed to make your life easier, not more difficult. Instead of trying to prep each meal individually, start by prepping certain foods that make more than one appearance in the week’s meal plan. For instance, cook enough quinoa for the week or wash and chop vegetables and put them in tightly sealed containers in the refrigerator. This will ensure that no one is starting from zero when they begin cooking the meal.

Healthy and easy meals for seniors

From breakfast to dinner (and snacks in between), these are great meals for seniors that pack a seriously nutritious punch.

Breakfast

Good  sources of protein are important with every meal, but especially with breakfast, as seniors are just beginning their day. While a frequent component of a balanced breakfast, nuts and seeds can be difficult for some seniors to digest, so Karr suggests looking to avocados as a substitute.

“Good sources of protein are important with every meal, but especially with breakfast.”

  • Warm oatmeal and berries. Place frozen or fresh berries in a crockpot at a low heat setting. Add a pat of butter and one serving of old-fashioned oats and water. Cover and cook on low for several hours (or overnight). This will give it the consistency of bread pudding. (The easier option is adding berries to warm oatmeal.)
  • A hard-boiled egg. Accompany with a side of fresh fruit and a slice of whole wheat toast.
  • Whole grain pancakes or waffles. If you can find one, choose a brand that contains chia seed, which Karr says is more stable than flaxseed and contains essential fatty acids and proteins. Then top with fresh berries. For protein, also eat a handful of walnuts or almonds.
  • Yogurt parfait. Mix together yogurt, nuts and fruit. It’s a good combo of healthy fat, Vitamin C and carbohydrates.
  • Power toast. For healthy fat and some protein, spread peanut butter or almond butter on whole wheat toast. Enjoy fresh fruit on the side.
  • Poached egg. Place egg on top of whole wheat toast and steamed asparagus. Top with a small amount of butter.

Lunch

Lunch is the ideal meal for loading up on colorful vegetables. Feel free to add leafy greens to any of these meals for additional midday nutrients. Lunch should be the most substantial meal of your loved one’s day and suggests steaming or sautéing all vegetables for easy chewing.

  1. Quinoa salad. Sauté pre-chopped stir-fry vegetables (onion, red pepper, mushrooms). Combine with pine nuts or pecans and cooked quinoa. Toss with Italian salad dressing. Eat fresh, warm or cold. Keeps well refrigerated. Steam or sauté vegetables in olive oil instead of boiling, which drains the nutrients.
  2. Eggs and red potatoes. Melt a pat of butter in a skillet. Chop up potatoes and add to skillet over a medium heat. Cover skillet for two minutes. Then, pour scrambled eggs over potatoes, add pepper and toss until eggs are hot. Rather than season with salt, which can lead to water retention and high blood pressure, use fresh herbs and spices.
  3. Cottage fries. Slice parboiled red potatoes. Heat extra virgin olive oil in a skillet and cook the potatoes at a medium heat. Top with leftover vegetables and grated sharp cheddar cheese. Cover, let steam and serve.
  4. Southwest omelet. Beat two eggs. Put 1 tablespoon olive oil in a skillet. Pour in the egg mixture, and add pepper jack cheese chunks and natural salsa or chili sauce. When eggs are firm, fold and serve with sliced avocado. Tip: Chili and spices help boost diminished taste buds.
  5. Salmon wrap. Place canned Alaskan boneless skinless salmon on a whole grain wrap. Add chopped avocado, tomatoes, greens and plain yogurt. Wrap tightly, cut in half and serve.

Dinner

“Research is supporting lower calorie plans with intermittent fasting and high fat for seniors,” as this approach helps support brain function and reduce inflammation.

 

Tax breaks When You are 50 Years Old or Older

Posted on by jameswabw

For people over the age of 50, reaching this milestone has one advantage that is often overlooked. It is a tax incentive plan that suits you. Now you can put more into your retirement plans than when you were younger. For example, Roth or a traditional personal annuity account (IRA), will allow you to invest more. Also, your Health Savings Account (HSA) or your employer-provided plan would be on this list as well. And you can exclude other income from your tax calculation. Congress has included some of these provisions in the Economic Growth and Tax Relief Settlement Act. This act came into effect in 2002. The reason it passed congress was because of concerns that the baby boomers were not saving enough for retirement.

Congress has added other tax-saving provisions, such as larger standard deductions as well. For example, the 2017 Tax Reduction and Employment Act will allow you to catch up on savings. If you’re behind on your retirement saving, this plan allows you to add money to it. In addition, if you’re nearing or in retirement, the tax legislation permits you to pay somewhat lower taxes. You should not pass up this opportunity to enhance your retirement dollars.

Increase Your Retirement Savings Contributions

Employees who contribute to 401(k), 403(b), most 457 savings plans, and Thrift Savings Plans can now contribute more. The amount per year is up to $20,500 in 2022, from $19,500 in 2021. Employees over the age of 50 can earn an extra $6,500, bringing their total to $27,000. How do you earn extra? Both Traditional and Roth IRA contribution limits remain at $6,000 each. The catch-up payment is $1,000, which is the same as in 2021. A Savings Incentive Match Scheme for Employees (SIMPLE) plan costs $3,000 to participate in. Many people are squandering this chance, despite the fact that there are extensive catch-up provisions for individuals 55 and older. Only 15% of those people who are eligible use these great savings plans.

Boston College Center for Retirement Research’s National Retirement Risk Index, states that half of the retirees will lose their current lifestyle. Half of all American households will be unable to maintain their present quality of life once they retire. As of June 2020, half of all married and 70% of single retirees relied on Social Security benefits. Their benefits made up half of their income in retirement. The average monthly Social Security retirement payout for 2022 is anticipated to be $1,657.

Your Tax Burden Might be Reduced by Retirement Contributions

Contributing to a tax-deferred retirement plan, such as an IRA or 401(k) lowers your yearly income. It not only makes your retirement more pleasant but also lowers your income yearly taxes. Increased contributions won’t take as big a bite out of your income as you would expect. This is thanks to the tax cut. For example, if you have a 25% tax rate, and contribute to your 401K, your taxes go down. For instance, if you make $5000 a year, and contribute 5% to your 401(k), $144 would be sent to your 401(k). However, just $108 will be deducted from your biweekly income. Traditional IRA contributions are tax-deductible as long as you adhere to IRS guidelines, which include income restrictions.

MAGI Deduction Explained

Another tax qualifier is Modified Adjusted Gross Income (MAGI) in the simplest terms is your Adjusted Gross Income (AGI) plus a few items — like exempt or excluded income and certain deductions. The IRS uses your MAGI to determine your eligibility for certain deductions, credits, and retirement plans. MAGI can vary depending on the tax benefit. For example, for single and married couples, the adjustment changes. If you (or your spouse) aren’t protected by a workplace retirement plan, your IRA contributions are completely deductible. Based on MAGI, retirement plans, and yearly income determine your deductions. If you make more than $78,000, IRA deductions for individuals insured by a workplace retirement plan are no longer available. For married couples filing jointly, the deduction is no longer available after MAGI reaches $109,000.

Contributions to a Roth IRA or Roth 401(k) are made after-tax, which means you don’t get a tax advantage upfront. However, when you withdraw the funds, they are tax-free. Traditional IRAs and 401(k) s grow tax-free. Except when you start withdrawing money in retirement, you’ll have to pay taxes.

Contributing Additional Funds

Because contributing an extra $6,500 to a 401(k) may be difficult for some, Nicole Gopoian Wirick, has a suggestion. As a certified financial planner (CFP) of Prosperity Wealth Strategies, she encourages her clients to save catch-up money. To catch up, automatic payment to 401(k) is set up for each month, divided evenly over each paycheck. She claims that contributing $250 over 26 pay periods may appear more feasible to people. Clark Randall, a CFP at Financial Enlightenment advises his customers to reassess their budgets. This helps to boost their monthly retirement payments throughout the year. These 401(k) payments are budgeted in the same way as any other.

Discipline and compromise are required. If you still want to catch up with your traditional IRA or Roth IRA payments, you have time. The deadline is April 15th, unless you request an extension. However, most investment plans are by calendar year, so you should invest by the end of the year.

You can Start Your RMDs at 72

A required minimum distribution (RMD) is a specific amount of money a retiree must withdraw from a tax-deferred account. The RMD is a yearly amount that must be withdrawn each year after age 72. While the owner is still living, Roth IRAs do not demand distributions. Consider giving the RMD to a charity if you don’t need it. You won’t have to pay income tax on your RMD if given to a charity. You must give it straight from your retirement account to an eligible charity for up to $100,000.

Keep Your HSA in Mind

If your company provides a health savings account (HSA), take advantage of it. Even if you don’t itemize, the IRS permits you to deduct contributions to your retirement account. The contributions must come from your gross income, and employer contributions are also exempt. There is no tax on any earnings. Taxpayers will not be taxed on their distributions if they use them for eligible medical costs. These costs include everything from ambulance trips to X-rays. You can even take the account with you to new employment and spend the money in retirement. You can contribute up to $3,650 if you have individual coverage. And up to $7,300 if you have family coverage in 2022. If you turn 55 during the year, you will be eligible for a $1,000 bonus. However, any money given by your company that is not included in your income reduces your contribution limit.

When You Reach the Age of 65, You Earn a Larger Standard Deduction

With age, the standard deduction improves, lowering your taxable income. Married couples will receive a standard deduction of $25,100 in 2022. This deduction is an increase of $300 from the 2020 tax year. The standard deduction for single and married persons filing separately has increased by $150 to $12,550. If you are 65 or older and a single taxpayer in 2021 and 2022, you will receive an additional deduction. This deduction will be $1,700 (single) or $1750 (married) standard deduction.

File jointly if you’re married. If only one individual is 65 or older, the additional standard deduction is $1,350 for the year. The standard deduction rises by $2,700 if both spouses are 65 or older. The additional deduction is doubled for taxpayers who are both 65 and blind. The larger standard deduction has only one disadvantage for some taxpayers: it raises the threshold for itemizing deductions.

If your deductions aren’t greater than the standard deduction, itemizing doesn’t make sense. Regardless, a deduction is a deduction, and earning a higher standard deduction is a reason to rejoice. Bonus: If you’re 65 or older with a simple return, the new simplified Form 1040-SR for seniors is available. There are spaces to input items like Social Security income and retirement payouts. In addition, there’s a useful chart that illustrates basic deductions for people who still do their taxes on paper. Take advantage of your charitable deduction before it expires.

Itemization vs. Deductions

Many people can no longer itemize their deductions because the standard deduction is so large. Itemizing makes little sense if the standard deduction gives you more bang for your buck. However, for 2021, a person filing a single return can deduct $300 in cash gifts to qualifying charities. The cost of filing jointly is $600. This deduction is available if you use the standard deduction rather than itemizing. You might want to wipe your eyes when making this deduction: It will be phased out in the future.

Mistakes People Make When Planning for Retirement

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When it comes to retirement planning, it’s all too easy to make incorrect financial decisions. According to a recent study, 37% of workers feel they are on pace to save for retirement. However, neither the 44 percent who believe their funds aren’t on track nor the 19 percent who aren’t sure that they are doing the right thing set out to fail. Therefore, you must be realistic about your future aspirations and prepare early.  Then by planning ahead of time, you may avoid the following mistakes and safeguard your retirement.

Avoid These 10 Financial Mistakes as You Begin (or Continue) Your Path to Retirement.

1. Leaving Your Current Job

The average worker will change jobs approximately a dozen times during their career. Many do so without understanding they are foregoing money in the form of 401(k) contributions, profit-sharing, or stock options from their employers. It all comes down to vesting, which means you don’t own the cash or shares that your company “matches” until you’ve worked for a certain amount of time (often five years). Don’t depart without first checking your vesting condition, especially if the deadline is approaching. Consider if the job move is worth leaving those dollars on the table.

2. When Should You Retire And When Should You Start Receiving Social Security Benefits?

Do you intend to retire at 65 or continue working? There isn’t necessarily a right or wrong answer because everyone’s situation is different. There are several social security misconceptions that in reality can damage ones future financial stability. A successful program is prioritizing saving and cutting back on costs. Throughout your working life, most experts recommend putting aside 10% to 15% of your overall income for retirement savings.

3. 401(k)

If your employer offers a 401(k), make the most of it. Contributions are made before taxes, which means they lower your taxable income in the year they are made. Additionally, the interest and gains grow tax-free until you withdraw money in retirement, at which point you’ll have to pay income taxes on the amount you have withdrawn.

4. IRAs

If your company doesn’t provide a 401(k), open a regular or Roth IRA, but keep in mind that you’ll need to save more because you won’t be getting any matching money. Presently, you can make a total contribution of $6,000 to a regular or Roth IRA. Individuals over the age of 50 can make a $1,000 catch-up payment, bringing their total annual contribution to $7,000. These amounts can change, and one should check with the IRS each year to stay on track.

5. Lack of a Financial Plan

Create a plan that analyses your estimated lifetime, desired retirement age, retirement location, general health, and the lifestyle you want before choosing how much to save. This will help you avoid undermining your retirement and running out of money. Your plan should be updated frequently as your requirements and lifestyle change. To verify that your plan makes sense for you, seek the assistance of a licensed financial adviser.

6. Not Using the Full Potential of a Company Match

If your workplace provides a 401(k), enroll and contribute as much as possible to take advantage of the full employer match. Typically, the match is a proportion of your pay. For example, if you donate 6% of your income, your company may match 3% of your investment.

7. Investing Unwisely

Make wise investing selections, whether it’s in a workplace retirement plan or a regular, Roth, or self-directed IRA. A self-directed IRA is preferred by some people because it provides them with additional investing alternatives. That’s not a terrible idea, as long as you don’t put your funds in danger by following “hot suggestions” from untrustworthy sources, such as betting everything on Bitcoin or other high-risk investments. For the most part, self-directed investment entails a steep learning curve and the guidance of a trustworthy financial advisor.
Another poor investment decision is paying excessive fees for actively managed mutual funds that perform poorly. And don’t do it unless you’re ready to fully direct your self-directed IRA, which means making sure your investment decisions remain sound. Low-fee exchange-traded funds (ETFs) or index mutual funds are preferable solutions for most consumers. Your 401(k) plan sponsor is obligated to provide you with an annual disclosure that details costs and how they affect your return. Make certain you read it.

8. Cashing out Savings

If you withdraw all or part of your retirement fund before reaching the age of 59, your plan sponsor will deduct 20% for fines and taxes. You will not get the whole amount. Because most individuals never catch up and repay that amount, you will forfeit future revenues.

9. Not Planning for Health Costs

According to research, a retired couple turning 65 in 2021 will require around $300,000 in after-tax savings to pay health-care costs during retirement. By maintaining a healthy lifestyle, you can hopefully reduce that number. Keep in mind that Medicare does not cover all of your medical expenses in retirement. Prepare to pay the difference — out of pocket — if you don’t have additional insurance.

10. Early Social Security Benefits

Your payout will be larger the longer you wait to file for Social Security (up to age 70). You can file as early as 62, but full retirement is only available at the age of 66 or 67, depending on your birth year. It’s advisable to wait until you’re 70 years old to file for benefits so you can get the most out of them. The only time this doesn’t make sense is when you’re sick. Another factor to consider is spousal benefits. It may be better to register at full retirement age so that your spouse may file and get benefits under your account as well.

In Conclusion

You’ve probably made errors along the road, no matter where you are on the retirement spectrum. If you don’t have enough money saved, start saving today. Take on a part-time job to supplement your income and contribute to your retirement account. Any increase or bonus should be put into your investing fund. In addition to avoiding the aforementioned pitfalls, get counsel from a reputable financial advisor to help you remain on track—or get back on track.

Can People Over 65 Get an Earned Income Federal Tax Credit?

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In March each year, people begin thinking that Tax Day is just around the corner and its time to file a return. If you’re 65 or older and have a low-to-moderate income, you could be eligible for the Earned Income Tax Credit (EITC). This tax credit can help you pay your bills and decrease your tax bill. Depending on your earnings you may be eligible for the EITC. For example, if you earn up to $27,380 per year without children you qualify. Or if you earn $57,414 per year while caring for children, you qualify. So, tax payers meeting the qualifications should verify their eligibility and by doing so might save more than $1,500?

Many eligible people lose out on the EITC tax credit because they do not file their taxes. They do not file taxes because their income falls below the level that requires them to file taxes. But they still pay taxes because they are withheld and deserve to receive the credit in the form of a refund, according to the IRS. Others are under the impression that getting the EITC may affect their eligibility for other government benefits. This is not the case. For example, most refunds earned through the EITC are not considered income. Government benefit programs not impacted by EITC are Medicaid, Supplemental Security Income (SSI), and Supplemental Nutritional Assistance Program (SNAP.) Also included on the list are Section 8 housing and other programs with maximum income restrictions.

What is the EITC?

The Earned Income Tax Credit (EITC) was established in 1975. It was created to operate as an anti-poverty program, assisting millions of American families each year. Changes to the American Rescue Plan (ARP) will help even more Americans. This change, which includes the EITC, will make more individuals eligible for significant new tax advantages this year. For the first time, the maximum credit for taxpayers has roughly tripled. And it now applies to both younger and older taxpayers. The Earned Income Tax Credit is a valuable benefit that only a small percentage of the population who qualify. And most people who qualify do not know about the credit. Every year, at least 20 percent of eligible workers miss out on this benefit.

The Earned Income Tax Credit Helps those in Poverty

The EITC is a work subsidy that motivates people to work and helps them get out of poverty. When it comes to getting out of poverty, refundable tax credits like the federal EITC are second only to Social Security. The credit motivates people to work since the benefit grows in proportion to the wages for low-wage workers. A single worker with one child receives a $34 credit for every additional $100 earned. This credit is up to a maximum of $10,370. After that, the credit-level plateaus, then progressively declines to zero. A single worker between 25- and 64-years-old with no children will receive around $8 for every $100. The max benefit is $6,920, with no benefits after earning $15,570.

I’m Not Sure if I’m Eligible for the Earned Income Tax Credit

Before you find out if you qualify for the next tax year, keep in mind that this is a tax credit, not a loan. Also, social security and pension payments aren’t considered income for this credit. To be eligible for the Earned Income Tax Credit, or EITC, you must meet the following criteria:

  • Have you ever worked for a yearly salary of less than $57,414?
  • In the previous tax year, your investment income must be less than $10,000.
  • You must have a valid Social Security number
  • You must be a U.S. citizen or a resident immigrant for at least 12 full months.
  • Do not submit Form 2555.
  • You must have filed your tax return for the previous year.

The amount of EITC credit is based on several qualifying conditions. For example, if you have children, dependents, are disabled, or fulfill other conditions, this can affect the amount you qualify for. If you’re unclear if you qualify, review the Internal Revenue Service (IRS) website or call them. The IRS has created an EITC Assistant, which is a tool that evaluates your eligibility. You’ll need the following items to use the EITC Assistant:

  • Income statements such as W-2s, 1099s.
  • Documents proving that taxes were withheld or that money was paid to you.
  • Any out-of-pocket costs or income adjustments.

VITA sites can be found in a variety of places in your community. Some sites are at neighborhood centers, libraries, schools, and retail malls. To find a VITA facility near you, use the VITA Locator Tool on the internet or call 800-906-9887. GetYourRefund.org, a nonprofit program created by Code for America, can help you learn how to apply for the EITC. It includes free tools and IRS-certified volunteers who can assist you if this is your first-time filing taxes. Also, if you need assistance filling out the form to claim your EITC credit, they can help.

When I Claim the Earned Income Tax Credit, will My Refund be Delayed?

Yes, your refund will be delayed. The IRS warns that claiming the EITC might cause a delay in your tax refund. Regrettably, if you file your return very early, the IRS is unable to release EITC refunds before the middle of February. This is because of a legal requirement. Do the following if you want to make sure you get your refund before March 1st:

  • File your return online.
  • Select direct deposit as your method of receiving your refund.
  • Make sure your tax return is free of errors before submitting it to the IRS.

When submitting your tax return, prevent making typical mistakes, according to the IRS. If you want to check on the status of your return, go to the IRS’ Where’s My Refund website. The website is the best place to go, but you may also use the IRS2Go smartphone app.

What do Medicare Prescription Drug Plans Cover?

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Everyone on Medicare must choose whether they want drug coverage or not.  Even if you don’t use any prescription drugs, you should consider acquiring Medicare drug coverage to help cut your drug expenses now and safeguard against future needs and prescription drug rising costs. If you’re new to Medicare but already have other drug coverage, you have some new alternatives to think about. If you’re not new to Medicare, take a look at your choices to see if you can select drug coverage that better fits your needs.

Two Prerequisites to Obtain Medicare Prescription Drug Coverage

In order to qualify for prescription drug coverage, you must be enrolled in a Medicare program.  The original Medicare program offered by the U.S. Government has Parts A and B.  Inpatient hospital stays, skilled nursing facility care, hospice care, and certain home health care are all covered in Part A of the Medicare Program. Part B of Medicare provides some doctor’s services, outpatient treatment, medical supplies, and preventive services. It does not cover medicine.

The Medicare Prescription Drug Plan?

Everybody with Medicare can obtain prescription drug insurance coverage. If you don’t join a Medicare Prescription Drug Plan (Part D) when you first become eligible and don’t have any creditable prescription drug coverage or Extra Help, you can still apply for this coverage at a later date, but Medicare will charge a late enrollment penalty.

Two Options for Obtaining Drug Coverage

  • A Medicare Prescription Drug Plan.
  • A Medicare Advantage Plan (Part C), such as an HMO or PPO, or another Medicare health plan that provides coverage for prescription drugs.

To acquire Medicare prescription coverage, you must enroll in the original Medicare-approved plan or an approved plan offered by an insurance company or another private firm. The price and drugs covered by each plan may vary.

Do I Need a Medicare Drug Plan?

Before turning 65, you should look into your health care insurance to fully learn about its medical and drug coverage and costs as it may influence your choice to enroll in the Medicare drug coverage plan. Some forms of insurance provide prescription drug coverage that resembles Medicare and maybe worth keeping rather than enrolling in a Medicare drug plan. The following are some examples:

  • Federal Employee Health Benefits (FEHB) programs
  • Veterans’ Benefits
  • TRICARE

The above insurance policies are known as “creditable.” If you decide to join up for a Medicare drug plan in the future, you can keep them and avoid incurring a Medicare penalty.  If you don’t join when you’re initially eligible, Medicare may impose a penalty on your monthly payment. Many health plans supplied by employers and unions may also qualify as being creditable.

How is Medicare Coverage Organized?

If you decide you need Medicare drug coverage, it’s important to understand how the prescription drug portion of the program works into the wider scheme. Medicare is a government health-insurance program for adults 65 and above, as well as younger people with certain impairments and those with end-stage renal illness (kidney failure). Medicare divides into sections that provide different kinds of coverage that are categorized as Parts:

  • A – Includes inpatient hospital stays, skilled nursing facility care, hospice care, and certain home healthcare.
  • B – Includes some doctor’s services, outpatient treatment, medical supplies, and screenings and immunizations, among other things.
  • C – Medicare Advantage covers Parts A and B, as well as Part D. HMOs and PPOs, for example, are private health insurance firms that provide these plans.
  • D – The prescription drug coverage add-on to Medicare.

How do I Obtain Coverage?

Medicare enrollees can obtain prescription drug coverage in two ways:

  • Original Medicare (Parts A, B, or both) and special plans like Medicare Cost Plans, Medicare Private Fee-for-Service Plans, and Medicare Medical Savings Account Plans can all contain prescription drug coverage. Part D, usually known as a prescription drug plan or PDP, covers you if you go this route.
  • It’s available as part of a Medicare Advantage Plan or another Medicare plan that includes prescription drug coverage (also known as an MA-PD). During open enrollment, you can move from a Medicare Advantage Plan that does not provide prescription drug coverage to one that does.

What will my Plan Cover?

Prescription drugs picked up at the pharmacy are covered by your Medicare prescription drug coverage plan. For example, it won’t cover drugs given to you by a doctor during a hospital stay or in an outpatient hospital environment.  It also excludes over-the-counter medicines like ibuprofen and Sudafed. However, it will cover certain drugs like insulin.

The Cost of Drugs Covered by Medicare

The cost of a Medicare prescription drug coverage includes a variety of factors including:

  • The premiums and cost-sharing that come with your plan.
  • The extent of your insurance.
  • The pharmacy that you go to.
  • Whether you reach the coverage gap, often known as the “donut hole.”
  • Whether or not you choose Medicare’s Extra Help program.

Let’s take a look at each one separately.

Cost-sharing and premiums

The majority of plans will demand that you pay a portion of your prescription drug costs (known as cost-sharing). Deductibles, coinsurance, and copays are all examples of cost-sharing. You will pay premiums as well. These expenses will differ depending on the plan.

  • A deductible pertains to an amount you pay for prescription drugs before your insurance kicks in (not all plans have deductibles).
  • After you’ve reached your deductible, you’ll pay coinsurance — a portion of prescription drug costs.
  • After you’ve reached your deductible, you’ll have to pay a copay for drugs.
  • The insured pays a monthly premium for prescription drug insurance.

Consider how much you can afford to spend for each prescription, as well as the overall expenses and coverage when picking a prescription drug plan. A plan’s premiums or deductibles may be costlier, but after you’ve reached the deductible, it usually provides enough coverage. The projected monthly Part D premiums by income are included in a table on the Medicare website. You must pay a monthly adjustment in addition to your premium if your income exceeds a particular threshold.

Covered Medications

When you look at plans, make sure that the ones you consider have a formulary that contains the prescriptions you use. A formulary is a list of drugs covered by a Medicare prescription plan. When your medicine isn’t on the formulary, you should ask your doctor if a similar drug is on the list or if they can assist you to acquire a coverage exemption. Medication is also divided into levels in certain plans. In general, the higher the tier, the greater the cost of the drug. Examine your prescriptions to see where they fall.

A generic drug, as opposed to a brand-name medication, normally costs less and provides greater coverage. Finally, check to see whether your plan imposes any limitations on your prescription coverage, such as prior approvals, step treatment, or quantity limits. These limits don’t always imply you won’t be able to acquire coverage for the medication. However, it may make acquiring insurance more difficult.

Extra Help

You should also think about whether you qualify for Medicare’s Extra Help program. Medicare will help cover your drug expenses, premiums, deductibles, and coinsurance if you fulfill the program’s eligibility and income conditions.

In Conclusion

For those considering the original Medicare Health Program or the Medicare Advantage Plans, you should investigate the different choices before applying for Medicare coverage. Depending on your circumstances, other creditable healthcare insurance choices may provide a better fit.

Easiest Ways to Get Fit After 50

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Easiest Ways to Get Fit After 50

We all have be taught that a healthy lifestyle should be pursued throughout one’s life. However, it’s especially crucial after the age of 50. It’s all about developing healthy habits and maintaining them for years. For example, regular exercise and a balanced diet are very beneficial when it comes to aging well. If you’re not sure where to begin, consider these seven fitness practices for people over 50.

Do not skip routine screenings

Routine screenings are the first piece of advice for people who wish to keep fit. Get a yearly physical once a year. It’s a healthy habit to adopt. Even though you’re feeling good, do not skip your yearly checkup. Yearly tests and exams by your doctor can detect a health concern. Also, it can help identify and eliminate the problem before it becomes a costly and incurable health condition.

Routine screenings are critical, especially for people over 50 years of age. For example, no one wants to talk about colonoscopies, yet they are highly recommended for adults over 50. Or if you have a family history of colon issues, you may want to have it before you turn 50. Periodic screenings are critical if we want to age well and remain healthy.

Raise your heart rate

Another recommendation, increasing your heart rate, to keep healthy beyond 50. The national requirements are 150 minutes of exercise each week. This may seem like a lot, but it only takes 2.5 hours a week. Daily, it equates to 22 minutes of aerobic exercise. You got this! Anything that raises your heart rate a little higher than normal will qualify. Try walking, jogging, yard work, or cleaning the house for exercise. Aerobic activity encompasses a wide range of exercises. A decent rule of thumb to raise your heart rate above 100 beats per minute continues to be movement and exercise. On the other hand, excessive aerobic activity may not be healthy.

Resistance Training

It’s critical to look after the muscles that shift weight as we become older. Skeletal muscles are required to pick objects up and they become stronger as we exercise them. Resistance exercise is extremely beneficial for anyone over the age of 50. Again, the right amount remains the key to success. Excessive weightlifting can be harmful, just as it can be with aerobic activity. It has the potential to produce a great deal of stress on the central nervous system. It’s important to get the correct amount. Bodyweight, dumbbells, kettlebells, and barbells are all options. Shifting your weight to combat gravity will work, with simple movements. Whenever starting a new workout plan, talk to your doctor. If you suffer any pain when exercising, you should stop and assess the situation. You may need to change your routine until your muscles grow stronger.

Drink more water

Increasing your water intake will benefit your health as well. As a result, drinking more water will really help. We often mistakenly believe we are hungry when we are truly thirsty. Keep a cup alongside you and fill it with water. Have faith in your own body. Everyone should drink water throughout the day. Water hydrates the body, and water makes up 70 percent of our bodies, much like the Earth. Talk to your doctor to see what amount of water you should drink a day.

Consume enough micronutrients

Micronutrients are the next consideration. Micronutrients are the tiniest nutrients on the planet. Not the macronutrients, such as fats, carbs, and proteins. But the micronutrients, for example, zinc, vitamin D, and magnesium, that human bodies require. These are extremely essential for a variety of functions in the human body.
Zinc contributes a major role to our immune system. Animal and plant foods contain zinc. Magnesium helps many processes in the human body. Foot soaks help to absorb magnesium through your skin. Consider vitamin D as well. Vitamin D supplements are proven to help muscle, bone health, and immune function. Sufficient sun exposure can also help to boost vitamin D levels. These are the three most essential micronutrients, although there are others. If you have any concerns regarding medication interactions, talk to your doctor right away.

Increase your protein and anti-inflammatory fat consumption

Increasing protein and anti-inflammatory fat consumption for people over 50 will help maintain a healthy and fit body. The term “protein” originates from the Greek word “proteinos,” which means “principal.” When you consider your body, you’ll notice that it’s mostly made up of proteins. It’s all about the muscles and the skin. First, we could eat less food if we consume more protein. Second, we may restore those skin cells, joint cells, and muscles, or we can even create new cells.
Anti-inflammatory lipids are also important for a healthy heart. We’re talking about Omega-3 fatty acids that are found in green leafy vegetables, hemp, and walnuts. There are various nuts, but walnuts and cold-water fish are excellent choices. Salmon and halibut are the best fish to eat for a healthy heart.

Reduce your intake of carbs and inflammatory fats

Carbohydrates and inflammatory fats, on the other hand, are two macronutrients to consider reducing. Inflammatory lipids, such as Omega 6 fatty acids, are now being linked to inflammation in a growing body of studies. Foods that are high in omega-6 fats include processed snacks, fast foods, cakes, fatty meats, and cured meats. The increase of Omega 6 fatty acids can induce blood clots, which can lead to heart attacks and strokes. They have the potential to promote water retention and high blood pressure. We should avoid both of these conditions. Reducing our intake of inflammatory lipids, such as Omega-6 fatty acids, may assist us in this endeavor. Carbohydrates will help mood and sleep for adults. When there are fewer carbs in your diet, athletic performance should increase. Unfortunately, many of us probably consume far too many carbohydrates throughout the day. Insulin issues may arise because of this. We create more insulin to get the sugar out of the blood when we eat more carbs. Insulin resistance and hyperinsulinemia are both possible outcomes of having too much insulin. Obesity follows insulin resistance and hyperinsulinemia.

In conclusion, maintaining low insulin levels throughout our lives, according to current studies, will help us live healthier. Staying in shape after 50 does take consistent exercise and knowledge to get the most out of ones life..

Medicare Special Needs Plan

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Special Needs Plans (SNPs) are Medicare Advantage plans for people with a low income or who suffer from specified illnesses or conditions. It’s difficult to possess a disease that needs added medical attention, and it’s much more difficult to meet healthcare bills on a limited or low income. You may qualify for a special Medicare plan — called a special needs plan (SNP) — if you have a chronic illness. Hospital stays, office visits, prescription medicines, and all other Medicare-approved services become covered under a Medicare SNP. SNPs contain prescription drug coverage; however, SNP plan availability varies by location.

Special Needs Plans come in four varieties.

  1. Dual Special Needs Plans (D-SNPs) People who possess both Medicare and Medicaid become eligible for this benefit (called “dual eligible”)
  2. Chronic Special Needs Plans (C-SNPs) For persons with chronic, severe, or debilitating illnesses
  3. Institutional Special Needs Plans (I-SNPs) For people in skilled care facilities
  4. Institutional-Equivalent Special Needs Plans (IE-SNPs) For persons who reside in a contracted assisted living facility but require the same level of care as those in a skilled nursing facility

Chronic Conditions where SNPs Apply

You might obtain an SNP if you suffer from cancer or heart problems. SNPs encompass 15 chronic diseases.  Autoimmune illnesses, diabetes, dementia, lung disease, and end-stage liver and kidney diseases are among the examples.

What do Special Needs Plans Cover?

All Medicare Advantage plans, including Medicare Part A and Part B, must cover the same healthcare services as Special Needs Plans do. Some SNPs may additionally cover other services customized to the unique demographic they need to help; nevertheless, all Special Needs Plans must cover prescription drugs. You should carefully research each plan you could qualify for to see exactly what benefits and services get covered.

Who Should Get a Medicare SNP?

If you qualify and meet the following criteria, a Medicare SNP plan could definitely help with your medical care:

  • You suffer from a long-term health problem that necessitates many drugs and regular medical intervention. Targeted, coordinated health care provides great benefits for patients.
  • You spend at least 90 days in a facility because you require medical attention that you cannot obtain at home. For skilled home care services, you may receive extra coverage.
  • Medicare and Medicaid insurance plans are available to those that qualify. A patient strategy will ensure that their providers accept Medicare and Medicaid.

Medicare SNP Costs

Your out-of-pocket expenses will depend on how frequently you require care and what sort of care you require. It makes a difference whether you go to doctors in your SNP’s network or not. The following are important facts to know:

  • If you qualify for both Medicare and Medicaid, or if you maintain a low income, you can get care at a lower cost.
  • Your expenses may vary based on the SNP you select, but they will compare to Medicare Advantage plan rates.

Special Needs Plan Limitations

These plans must offer the same service options, coverage, benefits, safeguards, and rights as Original Medicare. SNPs, on the other hand, might set their own set of rules, prices, and limitations. Recipients of health care and services from inside the SNP’s network may be subject to certain restrictions. However, sudden illnesses that necessitate emergency room or urgent care services, or if a beneficiary suffers from End-Stage Renal Disease (ESRD) that necessitates dialysis outside of the service region, there are certain exceptions to the rules. Beneficiaries must seek health care from an in-network primary care physician or a care coordinator under these plans. Referrals to SNPs network specialists are frequently necessary. On the other hand, some services or experts, such as yearly mammography screenings and pap tests/pelvic checks, may not require a formal referral.

Benefits of a Medicare SNP

A Medicare Special Needs Plan (SNP) combines hospital, medical, and prescription medication coverage into one package. This makes it easy to organize all aspects of your treatment, as well as follow your doctor’s diet and pharmaceutical recommendations. It may also assist you in obtaining community assistance. A single healthcare plan covers all of your medical needs. It’s critical to double-check that your SNP plan covers the services you require once you’ve registered in one. If you’re unsure, you can request a decision from the plan ahead of time to ensure approval of the service.

A Medicare SNP can assist everyone in need. Your benefits, physicians, and prescription coverage are all tailored to your unique requirements with an SNP. Your SNP may provide unique services to manage care for persons with congestive heart failure if you have it. It may also assist you in locating doctors that specialize in the treatment of this condition.

An SNP will assign a care coordinator. This individual ensures that you receive the preventative care and treatments that you require in order to maintain your health. Your care coordinator can help you find community services that will be beneficial to you.

A Medicare SNP can Coordinate Medicare and Medicaid plans.

You won’t need extra drug coverage as SNPs cover drugs.  This means that people with SNP do not need Medicare Part D, which covers prescription drugs.

You will not need other health insurance like a Medicare supplementary insurance plan because an SNP will cover the costs.  Also, Medigap does not function with Medicare SNPs, because SNPs will handle your premiums, deductibles, and co-payments. Additional services that may be duplicated by Medigap, like extra days in the hospital, are frequently covered by Medicare SNPs. It’s crucial to compare the advantages of both plans to ensure you’re not overpaying for additional coverage you don’t require.

How Do I Enroll in a Medicare SNP?

Like all alternative health care Advantage plans, you want to be registered in elements A and B of health care and may enroll throughout the Annual Enrollment Period (AEP) or modify your present SNP through the health care Advantage Open Enrollment period (MA-OEP). However, owing to the character of SNPs, you’ll be approved if you qualify by having a severe, disabling, or chronic condition, or by developing the necessity for or being admitted to a nursing home-level of care for a minimum of ninety days.

The following are the Medicare Advantage Plan enrollment periods. A Special Enrollment Period becomes available if you are no longer eligible for an SNP and must enroll in another plan (SEP).

  • Initial Enrollment Period (IEP): This seven-month period begins three months before your 65th birthday month, continues for three months following your birthday month, and concludes three months after your birthday month.
  • Initial Coverage Enrollment Period (ICEP): This period allows those who desire to enroll in a Medicare Advantage Plan can do so, and it frequently coincides with the IEP for Original Medicare.
  • Annual Enrollment Period: The dates for this event are October 15th through December 7th.
  • Medicare Advantage Open Enrollment: Between January 1st and March 31st, Medicare beneficiaries who are currently enrolled in a Medicare Advantage Plan can change plans.

Easy Exercises for Seniors for Better Balance and Health

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Better balance training activities develop core muscles, increase stability, and prevent falls and promote independence for seniors. Actually, everyone can benefit from balance training. And that includes athletes who have discovered that it can help them become stronger. Also, fitness enthusiasts know it can help them get more out of their exercises and their daily lives. Just getting around in life effectively necessitates proper postural alignment and balance.

What is Balance?

Balance refers to your capacity to regulate your body in space. This happens by equally spreading your weight and remaining upright. There are two sorts of balance: static and dynamic.  Dynamic balancing refers to keeping control of your posture while moving outside of the body’s base of support. Static balancing refers to being able to keep the body’s center of mass within its support foundation. Each form of balance is important, and both may be improved with certain workouts.

How seniors should test their balance

Although we lose our balance over time, the changes are usually subtle. We also may be unaware that our coordination is deteriorating. Try these three balancing tests to see if your balance and coordination are in good shape:

First Test on both feet:

To start close your eyes. Stand with your feet together, anklebones touching, and arms crossed across your chest. Have someone keep track of the time.  You should be able to stand for 60 seconds without shifting your feet. However, swaying is usually typical. After that, put one foot in front of the other and close your eyes. On each stance, you should be able to stand for at least 38 seconds. Make sure you have padding and/or someone to catch you if you fall.

Second test on one foot:

Stand on one foot and bend the other knee. Then, elevate your non-supporting foot off the ground without allowing it to contact the standing leg. Perform this test in a doorway and you will be able to hold the sides if you start to fall. Close your eyes and repeat the process. People under the age of 60 can usually hold the stance for 29 seconds with their eyes open. And they can hold for 21 seconds with their eyes closed. People 61 and up can hold 22 seconds with open eyes, and 10 seconds with closed eyes. Again, make sure you have padding or someone to catch you if you fall.

Third test on the ball of one foot:

Place the non-supporting foot on the knee of your standing leg while standing on one foot. Also, put your hands on your hips. Raise your heel off the ground and maintain the stance for 25 seconds. If you fall, make sure you have some padding or someone to catch you.

Who Can Benefit from Balance Training?

Everyone can benefit from balance training. This training will benefit you at various phases of life and fitness levels.

Athletes: Kinesthesia training is frequently utilized with athletes to help them recover from and prevent injuries. The athlete acquires a sense of control and awareness of their joint and positions. It is your body’s ability to sense movement, action, and location. Consider your ankles. Because of all the twisting, turning, stopping, and starting, ankle injuries are prevalent among sportsmen. Even the most durable ankle might be harmed if the athlete has not been taught how to handle movement. His or her neuromuscular system will need to react appropriately on different surfaces. Athletes who practice balance get more power and force by learning to use their center of gravity. They can jump higher, throw further, and run faster with a stronger, more connected core.

Seniors: Notice when a youngster falls, he or she gets straight back up and continues to move. When an older person falls, however, the effects may be serious, even fatal. Thousands of elderly Americans die each year from broken hips because of falls. And even more, lose their independence as a result of a fall. Balance training can assist elderly persons to improve their stability and prevent falls and accidents. Seniors can adopt exercise programs and techniques that focus on balance. This knowledge will help lessen and avoid falls, much as athletes can train their bodies.

Equipment for Seniors Balance Training

A BOSU, pronounced “Bo,” like the boy’s name, and “Sue,” like the girl’s name. Also, an acronym for “Both Sides Utilized.” It is a molded plastic, weighted rubber, and stability ball with a secret filling. One of the greatest items to own when it comes to proper balancing workouts. A BOSU is essentially a half-sphere with a flat surface. Squats, lunges, leaps, planks, and hundreds of other exercises may be performed on a BOSU’s unstable surface. A loosely rolled yoga mat or towel can be used to get a comparable effect. Any unstable surface can be used.

Easy Exercises for seniors to Improve Balance and health

Dead Bug

One of the most effective core exercises remains to be the dead bug. It promotes core stability while challenging the transverse abdominus (deep core muscles).

  • Place your feet wide and stable on the floor immediately in front of the BOSU’s bulls-eye center.
  • Lower your back slowly until your lower back is on or slightly in front of the bull’s eye.
  • Reach your arms wide and draw your abdominals in toward your midline.
  • Slowly raise one leg at a time, keeping them wide to mimic a dead bug’s limbs and legs.

Squats on BOSU

Combine your fundamental squat with the unstable surface of a BOSU. Over time, your body will learn to engage all of the proper muscles at the right moment.

  • With feet hip-width apart, stand on the ball side of a BOSU.
  • Return to a squat stance, sinking your weight into your heels.
  • As you force yourself back up to standing, use your glutes and hamstrings. 8–10 reps are a good number to aim for when starting.

Balancing Reverse Lunges

  • Start with one leg at a time when doing lunges. They’ll be more difficult standing on a BOSU or folded mat.
  • With your feet close together, stand on the top of the BOSU’s ball side.
  • Slowly stretch your left leg behind you onto the floor while bending your right knee.
  • Return your left foot to the top of the BOSU. While doing this, push straight up through your right leg. Legs should be switched. 8–10 lunges each leg are a good goal to aim towards.

Tree Pose

On the floor, a folded mat, or a BOSU, tree posture is a terrific option. It stimulates your core while strengthening your ankles and improving your balance.

  • Standing with your feet together, your spine tall, and your arms. You can utilize either side of a BOSU, either the ball or the flat side.
  • Lift your left foot slowly to the side of your calf. Do this while balancing only on your right foot.
  • Lastly, to form the tree’s branches, slowly elevate your arms upward. Switch legs after 30 seconds.

Single-Leg Dead Lift

This workout develops your hamstrings and glutes. While also challenging your balance and activating your abdominal wall. You can do this with or without dumbbells.

  • Firstly, put most of your weight on your right foot. Do this while standing on the ball side or the floor.
  • Next, slowly lower your torso to the ground, elevating your left leg behind you. While staring at a focal point on the floor in front of you. Then, reach your hands toward the floor while keeping your spine neutral.
  • When your back is parallel to the ground, you should come to a complete stop. Maintain a supple right knee.
  • Then, gently rise back up and bring your back foot to the floor. Squeeze your hamstrings, glutes, and abs as you move.
  • Change sides. 8 deadlifts on each side is a good goal.

Work with your doctor

It’s always a good idea to see your doctor before starting any workout regimen. Please consult with them no matter how easy these exercises appear to be. He or she may also have additional ideas or workouts. Exercises and workouts will help to maintain your balance and keep you active as you become older. Once your doctor has approved your plan, start slowly and set aside time each day to perform these simple exercises. Learning and performing these exercises can help seniors enjoy a better lifestyle in their later years.

 

How to Take Your Retirement to the Next Level

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Your retirement lifestyle can be as unique as you want it to be. Your retirement lifestyle should make you happy and keep you healthy.  However, it all depends on planning early in life so that you can appreciate the benefits of your hard word later in life.

So, consider how you want to live as a retiree. And how you want to manage your retirement funds. In your older years, what sort of lifestyle would fit you? What are your plans for retirement? Do you want to follow the crowd, or do you want to forge your own path? Do you want to unwind, or do you want to be as busy as possible? You should know these answers now because there are many more questions to be answered.

Of course, your retirement plans should aim to provide financial stability. Along with having financial stability, you should strive for physical and emotional well-being as well. You can, for example, spend time with the grandkids and just enjoy being a grandparent. Or if you want you can start a new job. Perhaps consulting or selling your crafts might be a good fit for retirement. Alternatively, you may simply enjoy yourself by hitting the golf course or laying a blanket on the beach. Some retirees like gardening, going to the racetrack, or home improvement projects. Also, traveling for fun or to see the family. Others may find volunteering or returning to school to be very fulfilling.

Reasons to Start Preparing for Retirement

Being financially secure makes most things in life a lot easier. Retirement planning ensures financial security for the rest of your life, regardless of work. Below are some reasons why retirement planning remains so important.

Self-reliance 

No one wants to be a financial burden to their families as they get older. It can also be emotionally draining to be financially reliant on someone else. Retirement planning enables you to live well without relying on family members. Some people view retirement as a time to accomplish life aspirations. The ones that had been put on hold because of more important life obligations. Such fantasies might easily come true if you invest time and effort into retirement preparation.

Expectancy

You might not know it right now, but life after retirement turns out to be a long one. For example, if someone retires at the age of 60, they will manage their post-retirement investment for many years. Because the typical life expectancy of 70-75 years, that could be 15 years. Therefore, preparing for retirement at the appropriate age is so important.

Medical treatment

The ever-increasing expense of medical treatment must be a factor in your retirement strategy. A medical emergency can quickly deplete a person’s funds. Furthermore, as people become older, they become more prone to ailments. To cover such costs and obtain high-quality medical care when needed, retirement planning is critical.

Tax Relief

Every person who earns money aspires to minimize their tax burden and increase their savings. Federal, State and local governments offers tax incentives on a variety of financial products, which you might factor into your retirement planning. It’s a smart method to plan for the future while still saving money in the now.

Peace of Mind

Your peace of mind is priceless. The burden of managing money to satisfy long and short-term obligations may be worrisome and in some cases lead to health problems like hypertension and other unpleasant ailments. It is necessary to protect oneself against such issues as you become older.

Retirement planning is an excellent way to ensure a long, happy, and healthy life.

Start saving now and maintain saving until you reach your goals.

Keep saving if you’re already doing so, whether it’s for retirement or anything else. You already know that saving money is a good habit. It’s time to begin saving if you haven’t done so previously. Start small, and gradually raise your monthly savings. The earlier you begin saving, the more time you have to build your money. Make retirement planning a top concern. Make a strategy, adhere to it, and create goals for yourself. It’s important to keep in mind that it’ll never be too early or too late to begin saving.

Find out about your Social Security advantages.

For retirement recipients, Social Security retirement payments typically replace 40% of pre-retirement income. You can check with the Social Security Administration to see what your predicted pay would be.

Understand your retirement needs.

It is costly to retire. Experts predict that after you quit working, you’ll need 70 to 90 percent of your pre-retirement income to maintain your quality of life. Take command of your financial destiny. A secure retirement can only happen if you plan correctly.

Find out about your company’s pension plan.

Find out if you are supported by your employer’s traditional pension system and understand how it operates. To find out how much your benefits are worth, ask for an individual benefit statement. Also, before changing jobs, find out what happens to your pension benefit. Determine whether you have any perks that are an important part of your strategy. Check to see if you’ll be eligible for benefits under your spouse’s plan. If you find out you will only need to stay a few more months for a complete benefits package, and the ability to take that money with you, you might try to stay a bit longer before moving-on.

Consider the fundamentals of investing.

Saving the right way turns out to be just as essential as saving the right amount. Inflation and the type of investments you make have a big impact on your retirement. Thus, how much money you have saved when you retire, will make a difference in your lifestyle. Make sure you understand how your retirement funds or pension plan are invested. Ask questions about the investing alternatives available.

Put your money into a variety of assets. You are more likely to decrease risk and increase return by diversifying your investments. Your investment mix may shift over time because of a variety of factors such as your age, ambitions, and financial situation. The two go hand in hand: economic security and education.

Do not touch your retirement funds.

You will lose principal and interest if you take your retirement funds early. You may also forfeit tax advantages and be subject to withdrawal penalties. If you change jobs, keep your retirement funds in your existing plan, and transfer them to an IRA, or your new employer’s plan.

Request that your employer initiate a plan for you.

If your company does not have a retirement plan, consider requesting that one be created. There are several possibilities for saving plans. Your company may be able to put up a streamlined plan that will benefit both you and them.

Contribute to your employer’s retirement plan.

Sign up for a retirement savings plan offered by your work. An example would be a 401(k) and contribute as much as you can. Taxes will be cheaper. Also, your employer may contribute more, and automated deductions will make it easy. Compound interest and tax deferrals add up to a significant difference in the amount you will save over time.

Learn as much as you can about the plan. For example, how much would you have to pay in and how long would it take to be vested. Some employers have a certain percentage that you need to contribute to qualify for matching funds. Also, some require you to be employed for a certain period to qualify for those matching funds. Sometimes they also have a certain time of employment, like 90 days, to start matching your contributions. Take all of these qualifying conditions into consideration to make sure you’re getting the most “free money” you can.

Contribute to a 401(k) plan.

Individual Retirement Accounts (IRAs) allow you to contribute up to $5,000 each year. And if you’re 50 or older, you may contribute even more. You might begin with a small amount of money to get started. Then you can increase the amounts over time or when you get a pay increase. Tax advantages are also available through IRAs. A traditional IRA or a Roth IRA are the two types of IRAs that you can open.

The IRA option you choose will determine the tax status of your donations and withdrawals. Inflation and the type of IRA you pick will also affect the value of your payout after taxes. IRAs are a great method to save money quickly. You can have an amount automatically taken from your checking or savings account. This way a monthly amount can be placed directly into your IRA.

Why build a retirement Plan

In conclusion, making a retirement plan provides a road to financial stability for retirement. It will also help you feel prepared as you begin to plan for life when you leave employment. Regardless of when you begin to contribute, the potential to build wealth for yourself and your family will pay off.

Likewise, remember that each person’s retirement objectives and consequently their retirement plan rests on their planning. Examine your requirements and goals to create a plan. This plan will be tailored to you and help you feel secure about your financial well-being as you approach retirement.

 

What does it mean if my Prescription Drug has a Limitation?

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When an insurance company provides coverage for a certain medication, it may impose conditions or limitations on the coverage. “Cost utilization measures” refers to a term used to describe these prescription medication limitations. Individual prescriptions, rather than the entire formulary of the insurance plan, are usually subject to prescription drug restrictions.

The following identify the three main categories of drug limits:

  • Quantity Limits
  • Prior Authorization
  • Step Therapy

Quality Limits

Taking too much medicine or taking it too frequently might aggravate your health and cause you to see specialists, buy more medicine, and therefore, raise your healthcare bills. Because of this, private health insurance companies that provide prescription medicine coverage may impose quantity restrictions. When a covered drug has a quantity restriction, the plan will only pay for a certain amount of the medication for a certain amount of time. The plan may, for example, limit coverage of certain prescription medicine to 30 pills each 30-day period.

The insurance company will not pay your prescription medication costs if you attempt to refill a prescription many days before the 30-day period expires or if your doctor recommends a larger quantity than the maximum recommended. The total quantity of prescription drugs that a pharmacy can deliver at one time depends on the Insurance Health Plan. This sort of restriction is rarely a substantial impediment to patient access. These restrictions ensure that a patient does not obtain more medicine than is recommended by best practices or medical recommendations.

Prior Authorization

Prior authorization, also known as preauthorization or prior approval, requires a doctor or patient to first obtain permission from the health plan before being covered for a certain prescription medicine. Obtaining prior approval verifies that the prescription medicine falls under the category of “medically essential”. Also, the approval will confirm that the regime follows best practices and the medical criteria for treating the patient’s condition. For all or almost all high-cost specialty drugs, many plans demand prior permission. Some drugs cost more and have more adverse effects than others, while others may have time limits on how long the drug may be used. Some plans demand prior authorization to ensure that certain drugs are used properly.

This process requires a prescribing doctor or pharmacist to first obtain permission for a medication’s coverage. The pre-authorization procedure allows the prescribing physician and the plan’s clinical staff to share information on the health condition that the prescription medicine treats, as well as other drugs often used to treat the condition, if appropriate. If your insurance company needs prior permission for a certain drug and you do not obtain it before getting your prescription filled, the pharmacy will charge you for the full retail price of the medication.

Step Therapy

Step therapy refers to prescription drug restrictions in which less costly drugs must prove that they do not work for a beneficiary’s medical condition before a more expensive medication for the same ailment becomes covered. This program was created for those who need to take drugs on a regular basis. For example, drugs taken for high blood pressure and high cholesterol. Prescription medications are divided into two groups in Step therapy: front-line drugs and backup meds, according to their cost.

Patients must first take a lower-cost medicine for a period of time before getting coverage for a higher-cost prescription under step therapy. Because the patient and physician must establish that a lower-cost drug does not work before covering a higher-cost prescription, this practice refers to “fail first.” Step treatment does not generally refer to anti-cancer drugs at the moment, although it focuses on pain meds.

Front-line drugs are generic, low-cost medications that doctors initially prescribe.  These drugs usually deliver the same therapeutic advantages as the more expensive brand-name treatments. The formulary of the plan can vary from year to year, which means that a prescription medicine you use for one year may have one or more of these limits, but not the following. If a change impacts you, your plan will notify you. In addition, your plan will notify you of benefit changes in the autumn through a mailing that contains the plan’s Annual Notice of Changes and Evidence of Coverage paperwork.

Prescription Drug Utilization Management

Utilization management refers to a term used by health insurers to describe a set of treatments and cost-cutting measures. In its prescription drug benefit, health plans typically use usage control approaches, especially for high-cost specialty drugs. Because many cancer therapies are classified as specialty tiers, cancer patients may need to meet usage control standards prior to receiving drug prescriptions. Step treatment, prior authorization, quantity limitations, and mandated generic substitution are all common prescription drug use control methods.

Mandatory Generic Substitution

When a patient chooses a brand-name medicine over a generic counterpart, some health plans require the patient to pay the cost difference between the generic and brand-name drug in addition to the brand-name drug’s standard cost-sharing. When generic drugs are available, this usage management method aggressively encourages their use. Upon a plan adopting forced generic replacement, it usually does so across the board, not only for certain medications.