Financial Resources & News

Caring for Your Aging Parents

Caring for your aging parents is something you hope you can handle when the time comes, but it's the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family and friends, but today Americans are living longer...

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Medicare Open Enrollment Begins October 15

If you are covered by Medicare, it's time to compare your current coverage with other available options. Medicare's Open Enrollment period begins on October 15 and runs through December 7.  Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or your budget. During this period, you can: Switch from Original Medicare...

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Primer: Medicare Prescription Drug Coverage (Part D)

If you're covered by Medicare, here's some welcome news — Medicare drug coverage can help you handle the rising cost of prescriptions. If you're covered by Original Medicare, some Medicare Cost Plans, Medicare Private Fee-For-Service Plans, or Medicare Medical Savings Account Plans, you can sign up for a Medicare Prescription Drug Plan (Part D) offered in your area by a private company or...

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2024 Key Numbers for Health Savings Accounts (HSAs)

The IRS recently released the 2024 contribution limits for health savings accounts (HSAs), as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover healthcare and medical costs that your insurance doesn't pay. The funds contributed are made with...

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Rescuing America’s Safety Net

A March 2023 survey found that more than 90% of Americans worry about the Social Security program, and about half of those said they worry a great deal.1 A separate survey the same month found that more than 80% of Americans worry Medicare will not be able to provide the same level of benefits in the future.2 These concerns are well-founded, because both of these programs — the cornerstones of...

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What the Inflation Reduction Act Means for You

By:  Michael Allbee, CFP®, Senior Portfolio Manager Thanks to the Inflation Reduction Act, the Act provides near-immediate, tangible benefits American families by lowering costs for home energy, new vehicles, health coverage, and prescription drugs. We previously discussed some of the significant provisions in the Act but we wanted to elaborate on what the Inflation Reduction Act means for you...

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Medicare Open Enrollment Is Here: How Are Costs Changing for 2023?

Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in time for Open Enrollment, 2023 Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year....

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Golden Years: A Primer on Long-Term Care Insurance

By:  Henry VanBuskirk, CFP®, Wealth Manager A goal that many Americans have when approaching retirement is finding that “forever home” to enjoy their golden years in. When a loved one does pass away, they typically want to pass away in their own home. One of the main expenses that occurs during retirement is healthcare and this is typically an expense that increases with age.  A big culprit of...

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Points to Consider as you Approach Retirement

If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in some capacity? Will changes in your income sources affect your standard of living?...

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Understanding Washington State’s New Long-Term Care Program

Back in 2019, the state of Washington passed the “Long-Term Services and Support Trust Act” to provide long-term care benefits. The benefit would be $100 per day with a lifetime maximum of $36,500 and the benefits can be used for long-term care services including professional care at home or nursing facilities, dementia support, or adaptive medical equipment. The benefits will not start until...

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Ask the Alzheimer’s Expert – OnDemand Replay

In case you missed the kick-off to BFSG’s Fall Webinar Series, “Ask the Alzheimer’s Expert”, don’t fret because you can watch the OnDemand replay by clicking here. Dr. Grill, Director of UCI MIND, discusses the causes of Alzheimer’s disease, ways to reduce your risk, and how to prepare for the financial and emotional risks Be sure to register for Week 2, Estate Planning: Secure Your Legacy, next...

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Medicare Open Enrollment for 2022 Begins October 15

Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch your current...

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Tips for Medicare Open Enrollment

As of October 15th Medicare beneficiaries can make changes to their Medicare benefits. This is the time to review your current benefits and make any changes. If you are unhappy with your current plan or perhaps your health has changed during the past year, now is the time to make any necessary changes like switching Medicare health and prescription drug plans. Each year, Medicare plan costs and...

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