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Medicare Basics: Medicare Coverage Guide 2023

Here's how to take advantage of Medicare benefits, figure out how much it costs and find the best plan for you or a loved one.

The expected retirement age also ticked up to 64 years of age, compared with 62.6 last year.

Medicare is the federal government's health insurance program for people aged 65 or older; younger people with disabilities; people with Lou Gehrig's disease, also called amyotrophic lateral sclerosis or ALS, and people with end-stage renal disease (permanent kidney failure requiring dialysis or transplant).

To maximize the value of the program, make sure to sign up at the correct time and take advantage of the free and low-cost services Medicare provides.

Here's your roadmap for getting the most from your Medicare benefits.

What Is Medicare?

Medicare helps cover the costs of health emergencies and chronic conditions, but it can also be used to help maintain good health. Medicare beneficiaries have to pay premiums and a variety of other out-of-pocket costs and must make decisions about their coverage options.

What Does Medicare Part A Cover?

Medicare Part A covers hospital care, rehabilitative care and hospice. The rehabilitative care can be provided at a skilled nursing facility, a rehabilitative hospital or facility, or at your home, if it follows a hospital stay of at least three days. Most beneficiaries don't pay a premium for Medicare Part A, but there is a $1,600 deductible in 2023 and additional charges for long hospital or rehabilitation stays.

What Does Medicare Part B Cover?

Medicare Part B is medical insurance that pays for doctor's visits, outpatient care, durable medical equipment (such as walkers), mental health care and drugs you may receive at your doctor's office. Part B also provides a variety of free preventive services, such as an annual wellness doctor's office visit, flu shot and screenings for certain conditions. Beneficiaries in original Medicare can go to any doctor, specialist or other health care provider that accepts Medicare and is taking on new patients.

Most beneficiaries pay the standard Medicare Part B premium of $164.90 per month in 2023, but higher-income beneficiaries pay more. If your income is more than $97,000, then you pay a higher income-related premium, which increases with your income, says Tricia Neuman, senior vice president and executive director of the Program on Medicare Policy at the Kaiser Family Foundation. Medicare Part B has a $226 deductible in 2023, after which beneficiaries are generally responsible for 20% of the cost of most doctor's services.

What Does Medicare Part C Cover?

Medicare Part C or Medicare Advantage plans are an alternative to original Medicare in which private insurance companies pay for Medicare-approved and sometimes other services, but with different prices and restrictions than original Medicare. You may be required to use doctors in the plan's network and get a referral to see a specialist in order to have the costs of your care covered by the plan. However, these plans often include benefits not covered by original Medicare, including dental, hearing and vision benefits.

What Does Medicare Part D Cover?

Medicare Part D plans are private health insurance policies that provide prescription drug coverage, following rules set by Medicare. The premium for Medicare Part D prescription drug coverage varies depending on the plan you select. Plans can charge deductibles of up to $505 in 2023.

What Does Medigap Cover?

Medicare beneficiaries can purchase Medicare supplement insurance policies called Medigap to help pay for original Medicare's out-of-pocket costs. Some of these plans also cover additional services that Medicare doesn't cover. Medicare supplement policies help to make out-of-pocket expenses more predictable and typically cover the copays, coinsurance and deductibles of original Medicare in exchange for a monthly payment.

It’s important to enroll in a Medigap plan during the six-month period that begins when you’re 65 or older and enrolling in Part B because after this enrollment period ends, you may not be able to buy a Medigap policy or could be charged significantly more, depending on the rules in your state.

What Isn't Covered by Original Medicare?

Original Medicare doesn't cover all of the health care services older people are likely to need in retirement. For example, original Medicare generally won't pay for glasses, contact lenses or routine eye examinations. Dental care and hearing aids are also common services that aren't covered. Perhaps most significantly, while short-term nursing home stays might be covered under specific circumstances, original Medicare does not pay for long-term care.

When Should You Enroll in Original Medicare?

Retirees can first enroll in original Medicare during a seven-month window that begins three months before the month they turn 65. Sign up at the beginning of this period if you want coverage to begin the month you reach age 65. It’s recommended to also sign up for Part D from the start, which helps with prescription drug coverage, even if you don’t take prescription drugs. If you sign up for Part D later, you’ll be required to pay a late enrollment
penalty for each year you are enrolled.

"If you miss the initial enrollment period you can sign up between January 1 and March 31 for coverage that will begin July 1, but you will be charged late enrollment penalties for as long as you have Medicare. These penalties from Medicare can be long-term," says Anna Maria Chávez, former executive vice president and chief growth officer at the National Council on Aging and current Board Chair for The SCAN Foundation. "You don't want to have to worry about higher costs just because you didn't act when you became eligible at 65.”

If you delay original Medicare enrollment because you or your spouse is still working at a job with group health insurance, sign up within eight months of leaving the employer or health plan to avoid the penalty.

How Do You Sign Up for Original Medicare?

Social Security beneficiaries are often automatically enrolled in Medicare Parts A and B, with coverage starting the month they turn 65. If your birthday falls on the first of the month, coverage will start at the beginning of the prior month.

Medicare cards are mailed out to most Social Security beneficiaries three months before their 65th birthday, and Medicare Part B premiums are withheld from Social Security payments. However, you will need to actively sign up for Part D prescription drug coverage, a Medicare supplement policy or a Medicare Advantage plan.

Workers who haven't signed up for Social Security will need to enroll in original Medicare and pay the premiums out of pocket to receive coverage. You can sign up online at socialsecurity.gov, by phone at 1-800-772-1213 or at your local Social Security office.

Once enrolled, you can review your coverage and make changes each year. It's important to take time each year to review the plan's formulary and drug costs, as well as the provider network, to ensure that the plan still works for you.

Title: Medicare Basics: Medicare Coverage Guide 2023
Source: https://health.usnews.com/health-news/medicare/articles/your-guide-to-medicare-coverage
Author: Emily Brandon
© 2022 Forbes Media LLC. All Rights Reserved.

Sources: The U.S. News Health team delivers accurate information about health, nutrition and fitness, as well as in-depth medical condition guides. All of our stories rely on multiple, independent sources and experts in the field, such as medical doctors and licensed nutritionists. To learn more about how we keep our content accurate and trustworthy, read our editorial guidelines.

Anna Maria Chávez, Esq.
Chávez is the former executive vice president and chief growth officer at the National Council on Aging and the current Board Chair for The SCAN Foundation.

Tricia Neuman, ScD
Neuman is senior vice president and executive director of the Program on Medicare Policy at the Kaiser Family Foundation.

Disclaimers: The Medicare plans represented are PDP, HMO, PPO or PFFS plans with a Medicare contract. Enrollment in plans depends on contract renewal.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800- MEDICARE (TTY users should call 1-877-486-2048) 24 hours a day/7 days a week to get information on all of your options. Not all plans offer all of these benefits. Benefits may vary by carrier and location. Limitations and exclusions may apply. Not affiliated with or endorsed by any government agency. Every year, Medicare evaluates plans based on a 5-star rating system.

Is the 60/40 Portfolio Dead or Just Dazed?

Key Points

2022 has dealt a blow to the 60/40 portfolio. While losses in a 60/40 portfolio are not unusual, losses in stocks and bonds simultaneously are unusual.
Since 1928, with nearly 100 years of track record, the 60/40 portfolio has never had a negative return in any 10-year period.
Diversification benefits of a 60/40 portfolio are not dead, even if they are not working right now. Today’s dislocations also offer opportunities for investors going forward.

2022 has been a tough year for both stocks and bonds. This synchronized selloff in stocks and bonds has dealt a blow to one of the most popular strategies for long-term investors: the 60/40 portfolio.¹ This portfolio is a mix of 60% stocks and 40% bonds. The popularity behind the 60/40 portfolio stems from the key principle of diversification to seek growth potential from stocks while adding protection from conservative bonds for a more stable outcome over the long term.

Through the end of September 30, 2022, this portfolio using 60% in S&P 500 index and 40% in Bloomberg US Aggregate Bond Index, the most commonly used bond index, is down roughly 20%.² With such a devastating year, we explore if this is normal, just how bad it can get, and what’s next for investors.

Is This Normal?

First, losses in the 60/40 portfolio are not unusual. Since 1976, looking at a one-year time period, about 14% of the time (once every seven years or so), this portfolio had negative returns.³

However, what is noteworthy is that losses in stocks and bonds simultaneously are less common. While the 60/40 portfolio experiences losses roughly 14% of the time for the one-year period, losses in stocks and bonds for the same time period occurs only 0.4% of the time.⁴

In fact, since 1976 investors have never encountered a three-year span of losses in both stocks and bonds even when the 60/40 portfolio saw losses 6.5% of the time for a three-year period⁵. The reason is simple, generally, the losses are often driven by the higher allocation to stocks which are riskier.

Is This the Worst Year for the 60/40?

A look at the worst calendar years for the 60/40 portfolio⁶ shows if the year were to end as of September 30, 2022, the returns would mark the third worst in history, only after the worst of the Great Depression and the 1937 Crash⁷. Clearly, that is not a prize any portfolio wants to win, especially when returns are compared to periods like the Great Depression.

Once again, looking at the worst 5-year or 10-year periods provides some perspective and solace for the 60/40 portfolio investor⁸. For the worst 5-years, outside of the 4-time periods during the Great Depression, there have been no instances where a 60/40 portfolio suffered losses over a five-year period. The news gets better as you look at the ten-year returns for 60/40 portfolio. In the nearly 100 years of data, which includes the Great Depression, World War II, the Great Inflation of the 1970s, and the Great Financial crisis of 2008, there has never been a time period with negative returns for the 60/40 portfolio over a 10-year period.

What Next for the 60/40 Portfolio?

First, diversification is not dead, even if it’s not working right now. In 2022, inflation has been the most important concern. The Fed’s effort to tame inflation drove interest rates sharply higher. This caused both stocks and bonds to fall sharply. Given the Fed’s action, negative returns for stocks are not surprising. Much of the pain in bonds stems from starting at near zero yields in 2021, which provided bond investors with no cushion from price hits as interest rates rose. Looking to the future, however, when the fear shifts from inflation to recession and growth, the traditional diversification benefits across stocks and bonds will come back into play.

Second, the selloff in markets provides greater return potential over the long term. Historically, after an equity bear market (a drop of 20% or more), the subsequent 1-, 5- and 10-year cumulative returns for the equity markets have been strong.⁹

Similarly, bond yields have improved dramatically, too. The yield on the Bloomberg US Aggregate Bond Index, as of September 30, 2022, stood at 4.8%, a 3x gain from 1.6% a year ago10. Rising interest rates have been a source of short-term pain this year, but today’s higher yields have significantly boosted the outlook for future fixed-income returns.

Conclusion

The challenges facing a 60/40 portfolio may continue to plague us for longer, but that does not mean the strategy is dead. The sharp selloff in stocks and rising yields in bonds have improved the potential for the long-term outlook for the traditional 60/40 portfolio. Finally, investors could seek opportunities to improve diversification through the inclusion of active management, as well as the inclusion of alternative strategies beyond traditional stocks and bonds. Challenging years like 2022 remind investors that diversification works over time, but not every time.

1This edition focuses on the 60/40 portfolio, investors with longer time horizon may have a more aggressive mix while those closer to retirement may be more conservatively allocated.
2FactSet
3Vanguard. Like the phoenix, the 60/40 portfolio will rise again
4Ibid
5Ibid
6 60/40 constructed using S&P 500 and 10-Year Treasury
7Ben Carlson. The Worst Years Ever For a 60/40 Portfolio
8Ibid
9MFS, “Market Declines: A History of Recoveries”.
10FactSet

IMPORTANT INFORMATION
This is for informational purposes only, is not a solicitation, and should not be considered investment, legal or tax advice. The information in this report has been drawn from sources believed to be reliable, but its accuracy is not guaranteed, and is subject to change. Investors seeking more information should contact their financial advisor. Financial advisors may seek more information by contacting AssetMark at 800-664-5345.

Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio. No investment strategy, such as asset allocation, can guarantee a profit or protect against loss. Actual client results will vary based on investment selection, timing, market conditions, and tax situation. It is not possible to invest directly in an index. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. Index performance assumes the reinvestment of dividends.

Investments in equities, bonds, options, and other securities, whether held individually or through mutual funds and exchange traded funds, can decline significantly in response to adverse market conditions, company-specific events, changes in exchange rates, and domestic, international, economic, and political developments.

AssetMark, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. AssetMark Investment Management, a division of AssetMark, Inc., includes AssetMark, Savos, and Aris strategies. You agree not to redistribute the Information to recipients not authorized by AssetMark. You agree that the Providers are considered to be third-party beneficiaries of the Terms of Use

10 Family Thanksgiving Traditions you can Start this Year

Looking to add more meaning to your holidays? Consider these Thanksgiving traditions the whole family can enjoy.

“Thanksgiving should be made up of rituals and customs we all remember forever,” says Jordan Stringfellow, owner of Jordi & CO Events, a Los Angeles-based event planning company that also specializes in seasonal decor and holiday table settings. “Passing on family traditions to our children and sharing them with a table full of blended friends and family is one of the most satisfying things a parent can do.”

Looking to change or add new Thanksgiving traditions to your family gathering? Here are 10 meaningful and creative ways to share time with the family this holiday.

1. Pass around a journal

“A favorite Thanksgiving tradition I learned from a client was ‘pass the journal,’” says Stringfellow.

“Simply pass a blank journal around the Thanksgiving table, asking all the guests to write at least one thing that they are thankful for. For kids too young to write, have an adult transcribe.” She adds, “Over the years, fill the book with comments and enjoy reading them aloud at Thanksgiving celebrations to come. It is truly wonderful to read how gratitude reflections change over time.”

2. Volunteer

One of the best Thanksgiving traditions for families? Volunteering together! Thanksgiving is a great time to give back to your community and help those in need — and it’s one of the richest customs you can incorporate into your family’s holiday. How and where you choose to volunteer depends on the age of your children, but there are tons of ways to give back — simply research local volunteer opportunities in your area.

“Whether you work at a local soup kitchen, volunteer to serve a church supper [or even run a Turkey Trot, which typically benefits a local charity], the rewards are great and wide-reaching for labors that are easily performed,” says Stringfellow.

3. Kick off the holiday season

These days, the December holiday season kicks off the second the last bite of pumpkin pie is eaten. Don’t try to fight it. Embrace it.

“Every year, my sister gets matching Christmas pajamas for all the kids and they all get them on Thanksgiving night,” says Jaclyn Santos, of Hazlet, New Jersey. “It’s so much fun. They all take baths and showers together, put on their jammies and usually have a disco-style dance party for the adults.”

4. Personalize the table

Sure, there are a zillion Pinterest images of stunning Thanksgiving tablescapes, but instead of having everything just so on Thanksgiving, aim to mix it up — literally.

“Some of the most beautiful Thanksgiving tables I’ve seen bring family stories to life by mixing and matching dishes, napkins and serving trays,” says Stringfellow. “Instead of reaching for the fancy china set, choose pieces with history — and be sure to tell stories about where you were when you collected it, who gave it to you and why it’s special. Even a chipped china plate can be reused with love and laughter as you share how that chip occurred and why that person, perhaps no longer alive or nearby, brought joy to your lives and hearts.”

Additionally, don’t worry about fancy Etsy-bought place cards. Instead, have the kids put their beloved art skills to good use.

“Making homemade place cards is something everyone can enjoy — and it makes the table that much more special,” says Stringfellow. “Have kids trace and cut out leaves or collect pine cones from the backyard and turn them into place cards. Even the act of collecting items for the table will make a myriad of memories to share!”

5. Have a special breakfast

While, yes, dinner is the meal on Thanksgiving, why not have a special breakfast, too?

“Every Thanksgiving morning, we sit down to a family breakfast of homemade pancakes,” says Denise Mackey, of Rochester, New York. “We didn’t mean for this to turn into a tradition, but over the years, it’s seemed to happen! It sets a nice pace for the day — as opposed to our usual mornings, which are spent running around!”

6. Go for a morning family walk

Sure, a rosy-cheeked morning walk is good for working up an appetite for the much-anticipated smorgasbord, but also … it’s just a nice way to connect to nature and to each other. It’s the perfect beginning to a busy and often stressful day.

7. Give kids an important job they do each year

Serving Thanksgiving dessert? Making coffee? Setting the table? Help kids feel like an important part of the festivities by giving them a kid-friendly Thanksgiving job each year.

“When I was younger, my mom would always let my brother and I set the table on Thanksgiving,” says Kristen Gallo, of New York. “I’m not sure how great it came out, but I remember feeling so proud when all the grownups would make a fuss over how nice the table looked.”

8. Have a table toast

If passing around a journal feels a little too formal for your family, have a roundtable toast. “Asking each guest to raise their glass — even if it’s a sippy cup full of milk — and make a toast about what they’re thankful for is a great way to start Thanksgiving dinner,” says Stringfellow. “Also, while it’s touching, don’t be surprised if this elicits big time laughs!”

9. Leave room at the table

Whether it’s due to location or strained relationships, fact is, not everyone has a place at a Thanksgiving table. Do your part to change that in whatever small way you can.

"What’s the point of a beautiful Thanksgiving table and delicious food if you can’t share in it?” says Stringfellow. “Extend an invitation to an elderly neighbor whose family can’t visit or a coworker who’s far from home — and if they opt to stay home, take them a plate.” If doing the latter, though, Stringfellow advises towing a sensitivity line.

“It’s important to be sensitive to the recipient,” Stringfellow says. “You don’t want to insult them or make them feel like they’re the object of charity. Sometimes this is best done by simply leaving the gift at the door and ringing the bell.”

10. Play a thankful game

Turn everyone’s gratitudes into a little friendly competition with a “thankful game.” Simply have everyone in the family write down what they’re thankful for on a piece of paper, put it in a jar and then have fun together guessing whose is whose.

Sure to get everyone cracking up? You bet.

Title: 10 family Thanksgiving traditions you can start this year
Author: Nicole Fabian-Weber
Source: https://www.care.com/c/10-family-thanksgiving-traditions-you-should/
Care.com® HomePay℠ is a service provided by Breedlove and Associates, LLC, a Care.com company.
Care.com is a registered service mark of Care.com, Inc. ©2007-2022 Care.com, Inc. All rights reserved.

-Recipe of the Month-

Thanksgiving Ring

INGREDIENTS:

1 (8-oz.) tube crescent rolls
1 c. leftover mashed potatoes
1 c. leftover stuffing
1 1/2 c. shredded leftover turkey
1 c. leftover cranberry sauce
1 tbsp. melted butter
1 tbsp. garlic powder
Freshly chopped parsley, for garnish
Leftover gravy, warmed, for dipping

INSTRUCTIONS:

Preheat oven to 375°. Unroll crescent rolls, separating each triangle. Arrange on baking sheet in a sunburst pattern, with pointy ends of triangles facing outward and bases of triangles overlapping.
Spread mashed potatoes over triangle bases, forming a ring. Top with stuffing, turkey, and cranberry sauce. Fold triangle tips over filling (there will be gaps where ingredients peek out between triangles).
Brush crescent dough with melted butter and sprinkle with garlic powder.
Bake until golden, 15 to 20 minutes.
Garnish with parsley and serve with gravy for dipping.