Let’s Meet at the Y!

YMCAIf you are are senior or a family who cares for one, you’re concerned about health matters. The Clippard Family YMCA is hosting a National Senior Health and Fitness Day on Wednesday, May 21 from 11 a.m. to 2 p.m. and we’ll be there. Because health matters, and money matters too.

Managing daily finances is stressful for the young and especially the elderly. Psychological stress can affect our bodies. According to the American Psychological Association, a little stress is considered good for memory and motivation, but about 70% of doctor visits and 80% of serious illnesses may be exacerbated or linked to stress. Financial stress can lead to high blood pressure, weight gain, and depression as well as many other illnesses. But did you know that having your daily money issues handled by someone else can relieve stress and improve health?

If you’ve been thinking about seeking a trusted daily money manager for an elder or for yourself but haven’t taken the time to seek out a trusted resource, we invite you to meet up with us at the Y this month. The Greater Cincinnati Y’s host events with some amazing local athletes, and this one is no exception. Rocky Boiman, St. Xavier HS and Notre Dame grad, 8-year NFL linebacker, and Super Bowl champion will be on hand to speak. You may have heard Rocky on Westwood One Radio, ESPN, BBC Sports, and as host of “Extra Innings with Rock and Doc”, a Cincinnati Reds post game show on 700 WLW.

There will other vendors like us with helpful advice and products, door prizes galore, and much more! It should be a fun, educational, and inspirational event. Drop me a line and let me know you plan to stop by to say hello. See you at the Y!

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What you need to know about Obamacare if you have Medicare

caduceus and cashWith all the media hype on TV about the disastrous roll-out of the Affordable Care Act (ACA), most of us are taking a second look at our current medical plan and its costs. If you’re over 65, you can change the channel and relax. Your Medicare coverage is protected. Medicare isn’t part of the Health Insurance Marketplace established by ACA, so you don’t have to replace your Medicare coverage with Marketplace coverage. No matter how you get Medicare, whether through Original Medicare or a Medicare Advantage Plan, you’ll still have the same benefits and security you have now.

While you don’t need to do anything with the Marketplace during ACA Open Enrollment, you might want to review your coverage during Medicare’s Open Enrollment time occurring now between October 15 and December 7. Here are a few minor changes in Medicare Part D and Medicare Advantage plans:

Medicare now covers mammograms and colonoscopies without charging you for the Part B coinsurance or deductible. You still get a free yearly “wellness” visit.

The donut hole continues to shrink. You get a 50% discount when buying Part D-covered brand-name prescription drugs. The discount is applied automatically at the counter of your pharmacy — you don’t have to do anything to get it.

Premiums are similar to 2013, but watch out for higher co-pays and smaller pharmacy networks.

The Medicare Trust fund is projected to be exhausted in 2026 – only 12 years from now. So seniors with a good long life still ahead of them probably shouldn’t get too relaxed about the ACA and what it means for our future, and the future of our children and grandchildren.

2013 – The Year to Take Money Management Seriously

December came and went, the Mayans were wrong, the world didn’t end. But heading into 2013, the dire news for seniors living on a fixed income just got started.

2013 beach surf sceneA year ago last October seniors got good news when the Social Security cost-of-living adjustment (COLA) was a robust 3.6 percent and Medicare Part B increases were barely noticeable. This October? Not so much.

The Social Security COLA was a paltry 1.7 percent – an average $21 per month for individuals and $34 per month for couples. Considerably less than what seniors expected, and needed, heading into 2013.

Medicare Part B premiums for most of Medicare beneficiaries will increase $5, from $99.90 per month to $104.90 in 2013, but deductibles will increase by $7 to $147. For some, this can wipe out the small COLA increase.

And for those retirees who enjoy the monthly conversations with their friendly bank teller – well, those will soon be but a memory as the U.S. Treasury stops mailing paper checks in March 2013. If you or a senior you care about isn’t already banking online, it’s time to get set up.

For those of us still paying into Social Security, the news isn’t much better. Workers will pay 4.2% more of their income and almost 10 million people will pay higher taxes as a result of the increase in the taxable minimum.

The bottom line is this: if you or your aging parent(s) are not taking money management seriously, 2013 may be a good time to start. Whether you’re already living on a fixed income, or simply care about someone else who is, it costs you nothing to have a confidential conversation about how personal money management with DL MoneyMatters can help:

  • Budget for expected expenses
  • Set up online banking for seniors
  • Create a personal financial money management plan
  • Say good-bye to the stress associated with bill paying

If you know someone who might sleep better knowing that a trusted, bonded, professional is guiding them through the 2013 maze of changes, call Diana at (513) 300-5141 or drop us a note.