Summer Reading List
More: Medicare 2024 Will Bring Huge Savings For Some
Medicare Part D Will Save Thousand$ For Some
Medicare Part D has some crazy, complicated math involved. There is the out-of-pocket cost, which is how much you pay at the cash register. There is another number, TrOOP, which adds the discount (75%) that the pharmaceuticals provide, if you have met the Part D deductible.
The bottom line is that once the larger number (TrOOP) hits the upper band ($7400), then your costs are reduced to 5% or small copay. That is this year.
Next year, once the TrOOP hits the upper band ($8000), then your costs will be reduced to $0. For those with very, very expensive medications, this will save thousands, because 5% of $50,000 is still $2500 a year.
In 2025, even better, all Part D plans will have a maximum out of pocket limit, at $2000 a year.
Link to a very good KFF article: read here.
Not Everyone Is Happy With Changes To Medicare
65 million Medicare beneficiaries: someone is not going to be happy. Take a wild guess who. Now let’s put yourself in the shoes of newly-minted physician, saddled with >$100,000 of educational debt?
What would you tell your child or grandchild?
Charge the Part B Excess, 15% extra for Part B services performed. Every chance you can. Payor will be Medigap Plan G policyholders or the patient if they were a Medigap owner of every plan that is not Plan F or Plan G.
Attempt to get the signup bonus for encouraging people to enroll in a Medicare Advantage plan, where I was also awarded a performance bonus for achieving cost-savings goals.
I am not saying that this occurs; I am saying this to illustrate that the CMS faces ongoing, daunting challenges, among demographic, fiscal, and political realities.
Link: read here.
Summer Reading List: A New Entry
Check out this book by clicking on the Jae’s Corner Amazon reading list: click here. You can safely presume that the academic, theoretical principles in this book are fully considered, and incorporated into the guidance we provide. A financial plan is a portfolio of diverse components that interact, fit for a specific situation.
Our challenge is, and will always be, to explain ‘just enough’ so that you ‘get it’ without intimidating people with overly academic terminology concocted in the ivory towers of academia.
However, in the real world, the watering down of theory is extreme, and by the time that you receive the diluted message, the message isn’t the same. In fact, the issue is that it can be that some of those that are writing or speaking actually believe that the diluted message is the entirety. I find this perplexing.
There’s a notable exception to that, it’s called [Blank} Corner, y’all. Can you fill in the “Blank?”
The midnight oil is burning here: the outline to a future, new edition of a financial planning book is below, I am sharing it, in advance, for paid subscribers to the Newsletter.