Medicare, Health Insurance and Retirement Updates Vol 1, No 1

Welcome to our Medicare, Health Insurance & Retirement Newsletter!

I appreciate you trusting and working with us for your Medicare and health insurance needs. As I’m sure you know, the landscape is always changing, and I wanted a way to bring real-time updates and value to the locals of Maine and New Hampshire. If there’s a question I get a lot, I’ll expand upon it in these emails and if there’s information you want, please reach out!

As always, please call me directly if there’s ever anything I can do for you or yours.

If you do not want to receive these updates, feel free to Unsubscribe at the bottom.

Cheers and Happy 4th of July!

Brianna Henward

207-691-1412

In The News

Effective January 1, 2024 there is no asset test for Maine's most of MaineCare, QMB or Low Cost Drugs for the Elderly and Disabled (DEL)!

Additionally, effective July 1st, 2024 Maine's Medicare Savings Program has rapidly expanded with new income limits being:

Qualified Medicare Beneficiaries (QMB): 185% of the Federal Poverty Level (FPL) or $2,322 (individuals)/$3,152 (couples) per month

Qualifying Individual (QI): 250% of the FPL or $3,158 (individuals)/$4,259 (couples) per month

Depending on your income and the program you qualify for, MaineCare may pay for your Part A premiums, Part B premiums, Medicare deductible, coinsurance and copayments.

Already have SLMB or QI in Maine? You are being automatically converted to QMB as of July 1st and have a special election period if there is a Medicare plan that's a better fit for you now.

Reach out if you think you have questions on the different programs to help with costs of medications and healthcare.

Source: https://www.maine.gov/dhhs/ofi/programs-services/health-care-assistance

Medicare Corner: The Coverage Gap, or Donut Hole, is going away in 2025!

The inflation reduction act is redesigning all the Medicare drug plans, capping the annual out-of-pocket costs at 2k and adding a payment plan to spread those costs out across the year.

Now, we won't know how that is going to affect your specific drug plans in Maine or New Hampshire's premium until October 1st when your annual notice of change comes in the mail, but rest assured that I will be diving right in to those changes for you the moment they're released. But for now, for those of you that are struggling under the weight of the Donut Hole, relief is on its way.

Lastly, if you're struggling with prescription costs currently and we haven't talked through your state's Medicare Savings Program, DEL or alternative options like the Canadian Pharmacy, please reach out.

Source: https://www.cms.gov/inflation-reduction-act-and-medicare/part-d-improvements?fbclid=IwZXh0bgNhZW0CMTEAAR2PwPnlID5l7IukIj-sVG3jC7KwhSVm1_63vBxyGi6BNO--CMJm8B3dn_8_aem_ipjpByTgzKBTrcYvOnbEIA

Retirement Corner: Health Savings Accounts and Turning 65 Misconceptions

Health Savings Accounts are fantastic tax advantaged vehicles for people with High Deductible Health Plans. You can contribute pre-tax dollars into the account and then use the money for qualified medical expenses tax-free, avoiding taxes on both ends!

Plus, once you turn 65, you can use the money in your HSA for anything you want. If you don’t use it for qualified medical expenses, it counts as income when you file your taxes but there's no penalty. You can even use it to pay for your Medicare premiums, tax free, once you've stopped contributing.

Now, the caveat to this is that you must be enrolled in a HDHP to contribute and cannot use the account to pay for the premium of that plan. But for people who are still working and enrolled in an employer plan, this can be a great way to put aside money.

When you turn 65, there is a huge misconception when it comes to HSAs and most people believe that you must stop contributing the moment you turn 65. This isn't always correct.

The truth is that you cannot contribute to an HSA is you are in enrolled in Medicare parts A or B,. Most people, when they turn 65, are automatically enrolled in Part A of Medicare since it's typically premium free. However, if you chose to continuing working and stayed on your employers high deductible health plan, you could choose to delay both Medicare parts A & B and thus continue contributing to your Health Savings Account. When ever you decide to start Medicare, just stop contributing to the account 6 months prior they will back date your Part A.

Long story short, if you don't want to use your Medicare right at 65 and want to continue contributing to your HSA, then you can delay Part A and stay on your employer's plan.

Full List of Qualified Medical Expenses: https://www.healthequity.com/hsa-qme

Have more questions about this? Reach out!

Wellness Corner: Achieving your Fitness Goals

Here at Tindon, we truly see ourselves as a Wellness company and care a ton about all aspects of that wellness, from physical health to financial and medical. Due to that, we partner with strength and fitness coaches from Maine and New Hampshire to provide great information to our members. Here is quick blurb from Sidney Bartlett, a Certified Strength and Conditioning Coach from Westbrook, Maine, about realistic fitness and weight goals:

He goes into a lot more detail in his full article here.

"Achieving your fitness and dietary goals requires a realistic and patient approach. For nutrition, it's essential to understand that losing weight is a marathon, not a sprint. Setting realistic expectations and breaking your diet into phases, aiming to lose 0.5-1% of your body weight per week, helps prevent disappointment and ensures sustainable progress. After each dieting phase, taking a break to let your body recover is crucial to maintaining long-term success. Similarly, patience is key in training. Initial rapid gains are often due to neuromuscular adaptations, not muscle growth. Setting consistent, achievable goals, such as adding 5-10 pounds to your lifts each week, helps maintain steady progress. Taking deload breaks ensures your body recovers, preventing overtraining and injuries, and allows for continuous strength gains over time.

Putting it all together, setting realistic timelines for your goals is essential. Life's interruptions are normal, and adjusting your expectations to accommodate these challenges helps maintain motivation and prevents setbacks. By committing to a patient and balanced approach, you'll be well-equipped to achieve your long-term fitness and dietary goals.

I am excited to begin building a community to connect people with similar interests, making the fitness journey easier and more enjoyable for everyone. If you're interested, have any questions, or need personalized guidance, don't hesitate to reach out to me at sidneyabartlett@gmail.com.

Please share this message with someone who might find it valuable. Together, we can expand our community and empower more individuals to achieve their fitness goals.

Until next time, let's keep pushing toward our goals together!

Sidney Bartlett, CSCS"