A Major Medicare Bill Could Change Your Future Benefits
For Mark Roberts’ Use: With millions of Americans currently accessing Medicare benefits, and 10,000 new Baby Boomers turning 65 each day, the system is obviously experiencing some growing pains. Retirees, too, are often burdened with considerable out-of-pocket expenses, despite the affordability of Medicare premiums in general. A new bill, currently moving through Congress, seeks to expand certain services and limit out-of-pocket spending on others.
Congress is considering expansion of Medicare to cover dental, vision,and hearing services, an idea that has been proposed in the past but never made it to fruition. Currently, only some Advantage plan members can access these services, with providers often limited. Otherwise, Medicare beneficiaries must self-pay for dental, vision, and hearing, or purchase supplemental insurance plans.
Along with this expanded coverage, another part of the bill would allow Medicare to negotiate prices with drug companies and cap out-of-pocket spending on prescription medications at $2,000 annually. The bill would also expand the low-income subsidy program which assists beneficiaries with Part D (prescription plan) premiums and out-of-pocket drug costs.
These potential changes are exciting, but keep in mind that the bill must still pass the House and then successfully move through the Senate. In the meantime, keep in mind that healthcare will cost the average retired couple $285,000 over the course of their retirement years. Regardless of what decisions Congress eventually makes regarding Medicare coverage, we must all plan accordingly for an income that accommodates out-of-pocket expenses in retirement.
Let’s discuss healthcare expenses at your next appointment. Then we can consider different ways to establish a flexible retirement income that allows you to live life to its fullest.
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In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution.
Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies.
Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.”
Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.
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