Page 6 September 6 , 2012 Seniors August 2012 Winner Tips For Seniors On Managing Health Care Costs (ARA) -Finding the Medicare coverage that Medicare preventive services, including many best fits their needs and their pocketbooks types of screenings, tests, shots, counseling, is challenging for many seniors. Health care training and supplies now offered without plans make changes to their coverage. People’s co-pays or other out-of-pocket costs. health conditions change. Not keeping on 2. Ask for help. In addition to guidance on top of these changes can mean problems. retirement, estate and long-term care planning, Suddenly seniors may find they don’t have seniors can rely on professionals to help them needed coverage, their doctor no longer with health care choices. Walters points out takes their plan, or they face steep medical this can include Medicare specialists such Our Staff Pick for or prescription drug costs. as Allsup or financial planners who often August is Jameson That’s why it’s essential to review Medicare consult Medicare experts. Thornburg enjoying her coverage and individual needs each year, and “Health care planning is a quality of life and horse Bellagio. Photo to use the Medicare annual open enrollment a financial issue,” Walters says. “If you need taken and submitted period to make changes to coverage. Medicare assistance sorting through the overwhelming byJesseThornburg. annual open enrollment runs from Oct. 15 number of options, it’ s important to know The winner will receive through Dec. 7, with new benefit choices that help is out there for you — don’t be a $25 gift certificate effective the following Jan. 1. afraid to ask.” from our advertiser “Getting started early is key,” says Mary Grace Hercules used Allsup to research her “Tavern on Main”. Dale Walters, senior vice president of the Medicare needs and found she could save Congratulations. Allsup Medicare Advisor, a Medicare plan more than $1,000 a year by switching drug selection service. “Choosing Medicare plans. “I thought a mail-order prescription coverage is complicated, even when you plan was best for me, but their specialists have lots of information on the Web. It can proved me wrong about this — and I am Readers send us your photos! Do you have a favorite photo? be difficult to get current plan information so happy,” she says. We will accept only one photo, per person, every month. Once a month,We want them.An old yearbook photo? Glamour Shot? Baby photo? and to get an apples-to-apples comparison “People can probably do their own taxes, we will pick a “Staff Favorite” and the winner will get a $25.00 gift certificate of plans.” but when they pay a tax adviser they get from one of our our local businesses, who are advertisers. Walters offers these tips for seniors: better returns,” Hercules adds. “It’s getting 1. Be an informed consumer. Millions of the mindset that good help is available. It’s Email your photos to: Management@heraldpublications.com. seniors, their families and caregivers will be really worth getting expert help and not We will only accept emailed photos and they must be in jpg form. pleased to know that for the third straight having the aggravation.” drug premiums will remain steady. around seniors, Hercules says she is saddened Finance3. Be proactive. Having known and beenthat so many settle for high costs or keep theSince enacted, the Affordable Care Act year the average basic Medicare prescription with Medicare save more than $4.1 billion of a lack of understanding. Social Security Statements Nowsame Medicare plan year after year because has helped more than 5.4 million people These are significant results as the law closes each year, Medicare annual enrollment is the Available OnlineJust as seniors review their finances or taxes in out-of-pocket prescription drug expenses. the Medicare Part D donut hole coverage ideal time to review health care coverage, By Jason Alderman gap, according to the Centers for Medicare Walters says. “It’s OK to admit it’s confusing & Medicaid Services. and that help will be valuable. Look at all Until last year, Social Security sent your credit history. Seniors can capitalize on those savings by your Medicare options and take charge of taxpayers an annual personalized statement Once your identity has been verified, you knowing exactly what they are paying for your health care.” showing a complete record of can create a password-protected — shop around for better prescription prices In addition to annual Medicare enrollment, their taxable earnings as well as account. Social Security emphasizes and ask about costs. For additional savings, special enrollment periods happen throughout estimated retirement, disability that you may sign into or create use generic medications. Take advantage of the year for specific situations. • and survivor benefits based on an account to access only your those earnings. Unfortunately, own information. Unauthorized budget constraints brought put an use could subject you to criminal end to those yearly mailings. and/or civil penalties. But there’s good news: Social It’s important to review your Security has resumed mailing paper Social Security statement at least statements to workers 60 and older annually to ensure your on-file who aren’t already receiving benefits. information is correct. For example, And, they recently launched a new Social make sure that your taxable earnings have Security Statement tool that allows you to been reported correctly by your employer – access the same information online. or you, if self-employed. Otherwise, when Once you’ve created an account, you can Social Security calculates your benefits at log in anytime and: retirement, disability or death, you could • Estimate the retirement, disability and be shortchanged; or, if your earnings were survivor benefits available to you under over-reported, you could end up owing the different work, earnings and retirement age government money. scenarios. If you spot any errors, contact Social • Estimate benefits for which your family Security at 800-772-1213, or visit your local would be eligible when you receive Social office. You’ll need copies of your W-2 form Security or die. or tax return for any impacted years. • View a list of your lifetime earnings to Another valuable piece of information found date, according to Social Security’s records; in your statement is an estimate of what • See the estimated Social Security and your retirement benefit will be at age 62, at Medicare taxes you’ve paid over your full retirement age and at age 70. Use those working career. numbers to start estimating your retirement • Find information about qualifying and needs. These online calculators can help: signing up for Medicare. The Retirement Estimator at www.ssa.gov/ • Review topics to consider if you’re 55 estimator automatically enters your earnings or older and thinking about retiring. information to estimate your projected Social • Apply online for retirement and disability Security benefits under different scenarios, benefits. such as age at retirement, future earnings • Access a printable version of your Social projections, etc. You can also download Security Statement. a more detailed calculator to make more To create your online account, go to www. precise estimates. ssa.gov/mystatement and follow the directions. AARP has a retirement calculator at www. You must have a valid email address, Social aarp.org that helps determine your current Security number, U.S. mailing address and financial status and what you’ll need to save be at least age 18. to meet your retirement needs. You’ll need to verify your identity by Bottom line: Understand what Social providing personal information (birth date, Security benefits will be available to you Social Security number, current address, and how much more you’ll need to save etc.) and answering several questions whose in order to have a comfortable retirement. answers only you should know. Social Security Jason Alderman directs Visa’s financial contracts with credit bureau Experian to design education programs. To Follow Jason on these questions based on their records about Twitter: www.twitter.com/PracticalMoney. •
Lawndale 9.6.12
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