Medicare Newsletter for Q3 2023

Medicare Newsletter for Q3 2023

Are you already planning for the end of the year? Where did the time go? In this edition, we’ll be looking into navigating Medicare for the first time, particularly if you are under the age of 65.
Don’t forget Medicare travel insurance when you are away from home for business or pleasure. Medicare generally doesn’t cover medical expenses outside of the United States. For that reason, look into travel insurance. Not all travel insurance covers medical care, so be specific with insurance or travel agents about what you are looking for and examine the policy carefully for any and all limitations.1

Know Your Medicare Resources

Medicare is a massive program, and it can be difficult at first to know what resources exist to help you navigate the whole thing. Medicare is both complex and beneficial, and a variety of trusted sources can help you navigate your rights and options. A few are listed here:


Perhaps the greatest resource at your disposal is medicare.gov, which represents a massive database of searchable information and topics about your coverage.2

Can You Qualify For Medicare Under Age 65?

When you are under 65, you become eligible for Medicare if you have received Social Security Disability Insurance (SSDI) checks for at least 24 months or if you have been diagnosed with end-stage renal disease (ESRD).

In the first case, the two-year waiting period begins the first month you receive an SSDI check. You will be automatically enrolled in Medicare at the beginning of the 25th month in which you receive an SSDI check.

If you receive SSDI because you have amyotrophic lateral sclerosis (ALS), Medicare automatically begins the first month that your SSDI benefits start. You do not have the two-year waiting period.

If you are under 65 and have ESRD, when your Medicare benefits begin depends on your specific circumstances, including when you apply for Medicare, whether you receive dialysis at home or at a facility, and whether you get a kidney transplant. If you are eligible for ESRD Medicare, you can enroll in Parts A and B together at any time. Part A will be retroactive for up to 12 months, but it cannot start earlier than the first month you were eligible for ESRD Medicare.3

Oxbow Bend in Grand Teton National Park.

January 1: Medicare General Enrollment Begins

January 1: Medicare Advantage Enrollment Begins

January 15: Medicare Advantage/Part D Rate Release

March 31: Medicare General Enrollment Ends

March 31: Medicare Advantage Enrollment Ends

April: Flu Season Ends

September: Private plans send notice if there will be any change in cost, coverage, or service area

October 15: Medicare Open Enrollment Period Begins

November: Flu season begins

November 6 (estimated): Medicare Parts A & B Premiums & Deductibles Announced

December 7: Medicare Open Enrollment Ends

 
Sources:
1. Medicare.gov, September 13, 2022
2. Medicare.gov, September 13, 2022
3. Medicare.gov, September 13, 2022
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 to get information on all of your options.
Copyright © 2024
Elsass Financial Group

Medicare Newsletter for Q3 2023

Dollars And Degrees: The Cost Of Education

As we approach the back-to-school season, I wanted to discuss an important topic that might be on your mind: the cost of education. Whether you have children or grandchildren preparing for college or considering furthering your education, it’s important to understand the financial side.

Let’s delve into some eye-opening statistics about the cost of college. In 2022, the average amount families spent on college reached $25,313. Interestingly, family savings and income covered 54 percent of this amount, highlighting the importance of diligent financial preparation. Scholarships and grants accounted for 26 percent, while student borrowing constituted 18 percent.1

In 2023 the projected average household cost for back-to-college shopping is $1,367, while back-to-school shopping may average $890 per household.2

Let’s proactively address the financial aspects of education and create a strategy so that you and your loved ones can pursue your academic aspirations. We can work together to help you prepare for any upcoming educational expenses.

1. SallieMae, 2022, How America Pays for College
2. NRF.com, 2022
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Elsass Financial Group

Weekly Market Insights – September 25, 2023

Weekly Market Insights – September 25, 2023

Weekly Market Insights: Stocks End Summer With Gloomy News

Presented by Elsass Financial Group

Rising bond yields and fears of a government shutdown hammered stocks last week, with technology shares bearing the brunt of the retreat.

The Dow Jones Industrial Average lost 1.89%, while the Standard & Poor’s 500 dropped 2.93%. The Nasdaq Composite index tumbled 3.62% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, fell 1.77%.1,2,3

Stocks Sell Off

Investor sentiment took a decidedly negative turn last week when investors were caught off-guard by the Fed signaling another potential rate hike this year, upending hopes that the Fed might finish its current rate-hike cycle.

Stocks declined sharply following the Federal Open Market Committee (FOMC) announcement and continued to fall the following day as bond yields spiked. The 10-year Treasury yield hit 4.48% on Thursday, touching its highest point in more than 15 years.

Stocks also reacted to news that the House of Representatives went into recess on Thursday, increasing the prospect of a government shutdown. The sell-off cooled on Friday, adding only incrementally to the week’s accumulated losses.

Fed Signals Rate Hike

As expected, the Fed held interest rates steady but surprised many investors by signaling another rate hike before year-end and suggesting that rates may need to remain high through 2024. In his post-announcement press conference, Fed Chair Powell remarked the inflation battle would continue, and upcoming economic data would inform the FOMC’s future rate hike decision.

In their economic projections, 12 of 19 Fed officials expect to raise rates once more this year. (The FOMC meets again on October 31-November 1, and in December.) The Fed also lowered their unemployment projection from their June estimate and revised their projection for annual core inflation to 3.7% in the fourth quarter, down from June’s 3.9% forecast.5

This Week: Key Economic Data

Tuesday: Consumer Confidence. New Home Sales.

Wednesday: Durable Goods Orders.

Thursday: Jobless Claims. Gross Domestic Product (GDP).

Friday: Personal Income and Outlays.

Source: Econoday, September 22, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

This Week: Companies Reporting Earnings

Tuesday: Costco Wholesale Corporation (COST)

Wednesday: Micron Technology, Inc. (MU)

Thursday: Nike, Inc. (NKE)

Source: Zacks, September 22, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

“If you have passion, a chip on the shoulder, a sense of humor, and you can explain what you do very well, it doesn’t matter if you’re a plumber or a singer or a politician. If you have those four things, you are interesting.”

– Larry King

Think About Credits And Deductions Now To Prepare For Filing

Here are a few facts about credits and deductions that can help you with year-round tax preparation:

  • Taxable income remains after someone subtracts any eligible deductions from their adjusted gross income, including the standard deduction. Some taxpayers may itemize their deductions to manage their adjusted gross income. 
  • Generally, if a taxpayer’s itemized deductions are larger than their standard deduction, they should consider itemizing. Depending on the situation, some taxpayers may even be required to itemize.

Taxpayers can subtract tax credits from the total amount of tax they owe. To claim a credit, taxpayers should keep records showing their eligibility. Some major tax credits include the Child Tax Credit and the Child and Dependent Care Credit, the American Opportunity Credit or Lifetime Learning Credit, and the Earned Income Tax Credit.

*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov6

Macro Dieting Is A New Way To Approach Calorie Counting

Macro dieting goes a step further than just basic calorie counting. Instead of counting just the number of calories, you count the macronutrients, including proteins, carbs, and fats. How much of each macronutrient you need depends on your body type, goal, lifestyle, and activity level. Rather than depriving your body of nutrients, you are instead focusing on meals that give your body the nutrients it needs to be more efficient. 

To start a macro diet, you must first calculate how many grams of each macro you should eat. A rough breakdown is 50-25-25, meaning 50% of your calories come from carbs, 25% from protein, and 25% from fat. But this breakdown will depend on your goals. For example, if you focus on strength training, you should eat more protein. Naturally, you will want to discuss any significant changes to your diet with your medical professionals. 

Tip adapted from Eating Well7

Hannah went to a local hardware store to buy some small items. One would cost $2, two would run $4, but buying 122 would only cost $6. She purchased 122, yet she was not buying in bulk; she could carry what she bought with one hand. What did she purchase?

 

Last week’s riddle:  How can you turn the Roman numeral for 9 (IX) into 6 by merely drawing a single, continuous line? Answer: Draw the letter S to the left of the Roman numeral, and you will get “six”.

A surface level sunrise view of Amsterdam at dawn

 

Footnotes And Sources


1. The Wall Street Journal, September 22, 2023

2. The Wall Street Journal, September 22, 2023

3. The Wall Street Journal, September 22, 2023

4. CNBC, September 21, 2023

5. The Wall Street Journal, September 23, 2023

6. IRS.gov, January 31, 2023

7. EatingWell.com, January 4, 2023

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.

Copyright 2023 FMG Suite.

Copyright © 2024
Elsass Financial Group

Weekly Market Insights – September 25, 2023

Weekly Market Insights – September 18, 2023

Weekly Market Insights: Stocks Stand Still, Awaiting Fed

Presented by Elsass Financial Group

Stocks ended the week roughly where they began as investors digested a mixed set of new economic data.

The Dow Jones Industrial Average gained 0.12%, while the Standard & Poor’s 500 slipped 0.16%. The Nasdaq Composite index fell 0.39% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, added 1.23%.1,2,3

Stocks Struggle For Direction

Stocks traded around the flatline without any catalyst in either direction. On Thursday, investors welcomed the European Central Bank, signaling its rate-hiking campaign may be nearing its conclusion and a successful IPO that revived optimism in the capital markets. Investors also cheered a stronger-than-forecast retail sales report and a modest increase in core producer prices, overlooking a higher-than-expected headline number.

But sentiment quickly reversed on Friday as a drop in consumer confidence, troubling news in the semiconductor space, and a labor strike at the nation’s major automakers dented Thursday’s optimism, sending major averages to a mixed close for the week. 

Inflation Progress Stalls

Surging gasoline prices drove August’s inflation rate to its highest monthly rate this year, rising 0.6%, while the year-over-year Consumer Price Index posted a 3.7% increase, up from July’s 3.2% annual rate. Core inflation (excludes energy and food) was more encouraging, rising 4.3%– down from July’s reading of 4.7%.4

Producer prices also came in higher than expected, rising 0.7% in August, above the estimate of a 0.4% increase and the biggest monthly gain since June 2022. The year-over-year increase was a more modest 1.6%. Gasoline prices significantly contributed to the month’s jump; excluding food and energy, prices aligned with forecasts, ticking up 0.2% in August.5

This Week: Key Economic Data

Tuesday: Housing Starts. 

Wednesday: FOMC Announcement.

Thursday: Jobless Claims. Existing Home Sales. Index of Leading Economic Indicators.

Friday: Purchasing Managers’ Index (PMI) Composite Flash.

Source: Econoday, September 15, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

This Week: Companies Reporting Earnings

Tuesday: AutoZone, Inc. (AZO)

Wednesday: FedEx Corporation (FDX), General Mills, Inc. (GIS)

Thursday: Darden Restaurants, Inc. (DRI)

Source: Zacks, September 15, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

“I want to believe that there is a mountain so high that I will spend my entire life striving to reach the top of it.”

– Cicely Tyson

How To Apply For Tax-Exempt Status For Organizations

If an organization wants to apply for tax-exempt status under Section 501(c)(3), it starts by filling out a Form 1023-series application. They must submit a complete application as well as the user fee. To complete the application, the organization also needs its employer identification number. Generally, an organization that is required to apply for the recognition of exemption must notify the Internal Revenue Service (IRS) within 27 months of the date of formation.

Some organizations (including churches or public charities whose annual gross receipts are less than $5,000) may not need to apply for 501(c)(3) status to be tax-exempt. When the IRS determines an organization qualifies for exemption under Section 501(c)(3), it will also be classified as a foundation unless it meets the requirements to be a public charity.

*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov6

Health Supplements: Are They Worth The Hype?

Over-the-counter brain health supplements claim to improve memory and promise enhanced memory and sharper attention and focus. Unfortunately, the FDA doesn’t oversee product testing or ingredient accuracy but instead looks for supplements that make health claims related to treating specific diseases. Because of this, a brain health supplement could claim that it helps with mental alertness or memory loss.

Most brain health supplements contain omega-3 fatty acids, such as those found in fish oil. Rather than choosing a supplement, some health professionals recommend eating a healthy diet full of healthy fats, vitamins, and minerals instead. Also, exercising your brain like any other muscle may help with memory. Learning something new is a great way to keep your brain moving.

Tip adapted from Harvard Medical School7

How can you turn the Roman numeral for 9 (IX) into 6 by merely drawing a single, continuous line?

 

Last week’s riddle:  Take a left-handed glove and turn it inside out. Which of your hands will it now fit – the left or the right? Answer: It will fit your right hand.

Canary Pine Tree Landscape at Cumbre Vieja Volcanic Area 
 

Footnotes And Sources


1. The Wall Street Journal, September 15, 2023.

2. The Wall Street Journal, September 15, 2023.

3. The Wall Street Journal, September 15, 2023.

4. The Wall Street Journal, September 13, 2023.

5. CNBC, September 14, 2023.

6. IRS.gov, January 31, 2023.

7. Harvard Medical School, August 8, 2023.

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.

Copyright 2023 FMG Suite.

Copyright © 2024
Elsass Financial Group

When Do You Need A Will?

When Do You Need A Will?

 

When do you need a will? The answer is easy: Right Now.

Copyright © 2024
Elsass Financial Group