While Friday’s job numbers indicated a healthy employment situation, closer scrutiny may show some signs that the employment market may be changing. Are we experiencing a shallow recession, or the shallow beginning to a larger recession? Annex Wealth Management’s Derek Felske and Mark Beck discuss.
In the last Axiom, we asked which region of the U.S. you thought has the most states considered to be the safest in the country.
Here’s what you responded:
- 69% – Midwest
- 12% – Southwest
- 8% – West
- 7% – Southeast
- 4% – Northeast
Types of dangers vary from state to state. In order to determine the “Safest States in America”, WalletHub compared all 50 states across 53 safety indicators grouped into the following categories: Personal & Residential Safety, Financial Safety, Road Safety, Workplace Safety, and Emergency Preparedness.
Based on their findings, it was determined there are the most states in the Northeast region of the United States that are deemed the safest, with seven making the top ten. Source
Are you surprised by these results? At least 4% of responders aren’t!
Now we want to know your thoughts on electric vehicles, or EVs.
The latest Tesla takes about 6.5 hours to charge fully using a level 2 (standard home electric) charger. At a SuperCharger, that Tesla would charge in 15-25 minutes. Source
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Understand Your Options For Medicare Open Enrollment
This week’s MoneyDo: Understand your options for Medicare open enrollment.
What you need to know:
1. Medicare open enrollment season is upon us.
Every year, open enrollment takes place, from October 15th to December 7th. If you’re over the age of 65, or caring for someone over age 65, now is the time to give your current plan a review and determine if a change is needed.
2. Plans Change. Make sure you have what works for you.
Medicare Advantage Plans can change their cost, coverage, or network each year. Since the plans are allowed to change the rules, open enrollment is your opportunity to change plans. It is your responsibility to look at other options and make sure you still have the best plan available for your situation.
Researchers have found that even those content with their current plan can sometimes find a plan with options that are more comprehensive or cost- effective.
If you have vetted a plan that appears to be better, make sure to call the plan provider itself and verify what you have researched. Confirm which medications are covered, co-pay amounts, and which doctors and hospitals are in the network.
3. You can’t use open enrollment to enroll in Medicare for the first time.
Open enrollment is only for making changes to your current coverage. Beginning in October, information about next year’s plan options will become available for you to research. Any changes you make become effective on the first day of the following year. If you don’t want to make any changes, no action is required; your current plan will remain in place.
Below is a list of common terms and coverages to consider when you’re researching your Medicare plan options.
- Original Medicare – Managed by the federal government and includes Part A (hospitalization coverage), Part B (outpatient services) and Part D (prescription drug coverage)
- Medigap – Extra health Insurance that you can purchase to help cover costs not covered by Original Medicare. These plans are offered from private insurance companies and benefits are mandated by the state.
- Medicare Advantage – Bundles Parts A, B, and D into a managed healthcare program, similar to an HMO or PPO health insurance plan.
What can I change during open enrollment?
If you have Original Medicare with a supplemental policy (Medigap), you can switch to a Medicare Advantage plan and vice versa during this time. It’s worth noting that this switch will require you to answer certain health questions. Depending on the state you live in, there are rules governing a switch between Original Medicare and Medicare Advantage, so consult with a professional prior to making a change.
If you find that you need assistance with your options, Annex Wealth Management will help you determine your Medicare needs and which plan best suits your life over the coming year.
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Join Us If You Dare…
Annex Wealth Management is a Spooky Sponsor for the 2nd Annual “Boos & Ghouls Night Out” at The Corners of Brookfield on Thursday, October 27th.
Enjoy wine and food pairings, stroll through Town Square, and enjoy some music while wearing your best Halloween costume! All proceeds from this event benefit teacher and staff appreciation and recognition across all Elmbrook Schools.
If you’re interested in learning more or would like to buy tickets, click here. Even if you can’t attend, you can still participate!
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UPCOMING EVENTS →
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