February 2024 Newsletter
Michael: I’ve been hitting the gym pretty hard last month.
Client: Did you lose any weight?
Michael: No, but I broke my hand.
Friends,
Groundhog Day, celebrated every year on February 2, is an unusual holiday that stretches back hundreds of years back to European traditions and even ancient times.
Groundhog Day is famously connected to weather prediction, with the most prominent tradition involving a groundhog predicting the conclusion of winter by seeing (or not seeing) his own shadow. According to weather lore:
Sees His Shadow: If the plump prognosticator emerges from his hole on a clear day and sees his shadow, he will retreat, and there will be six more weeks of wintry weather.
ORNo Shadow: If he emerges from his burrow and does NOT see his shadow, then early spring weather is right around the corner.
I’m hoping for no shadow and an early spring.
What most people don’t realize is that Groundhog Day is actually rooted in astronomy—and the movement of the Earth around the Sun. In the Northern Hemisphere, this date marks the midpoint between the winter solstice in December and the spring equinox in March. In fact, the holiday stems from an ancient Celtic celebration called Imbolc, which is something called a cross quarter day.
Also, if you wanted to and didn’t get a chance to change your Medicare Advantage plan during the Annual Enrollment Period (AEP) last fall, then I have good news for you.
The Medicare Open Enrollment Period (OEP) continues to March 31, 2024. You can make one change during this time to a different Medicare advantage plan or switch to Original Medicare with a standalone drug plan. Please call or email me if you want to discuss your options. You cannot change a stand-alone drug plan however.
Kind Regards,
Michael Antonini
What’s New
Prescription Drugs
Catastrophic cap is now $0 in 2024, down from 5% previously:
Under the new drug law, Medicare Part D plan members whose prescription costs are so high that they enter what’s called the catastrophic phase of coverage will not have any more out-of-pocket costs for the rest of the year once the total retail cost spent on their medications reaches $8,000. In 2025, an annual $2,000 out-of-pocket cap on Part D spending will take effect.
Extra Help: In 2024 the new drug law is expanding the eligibility for the Extra Help Program which assists people with limited incomes in affording their prescription drug costs, such as premiums and copays. The income threshold for Medicare enrollees to qualify for that program will be 150 percent of the federal poverty level ($21,870 for an individual in 2024), up from 135 percent of poverty. Please contact me if you think you qualify as I would be happy to further explain this to you.
Behavioral Health
Beginning Jan. 1, licensed marriage and family therapists as well as mental health counselors, including addiction counselors, will be able to enroll in the Medicare program so they can be paid for treating Medicare enrollees.
Ask an Expert: Louise Norris
I get a lot of questions about Dental Insurance. This year most Medicare Advantage plans either lowered the dental coverage on your plan or raised the prices for it.
For years, I have had my family on a discount dental plan. This is not insurance, but rather a discount that applies to all dental services. The person that told me about it is the billing lady at my dental office. To be clear, I do not sell these plans and they only work when the dentist you go to accepts them. So you have to ask your dentist if they participate in any discount dental plans and then consider signing up for one they take.
Here is a deeper dive into discount dental plans from an expert Louise Norris.
Important Dates
January 1, 2024 to March 31, 2024. Open Enrollment Period OEP
You can change your Medicare Advantage plan to a different Medicare Advantage Plan or switch to Original Medicare and join a separate Prescription Drug Plan once during this time. Any changes you make will be effective the first of the month after the plan
gets your request. I am now able to help you with your choices so please do not hesitate to call me.
February 1, 2024 Frank Antonini 94, Kathy C (I don’t tell women’s ages)
February 14, 2024 Happy Valentine’s Day
Happy Birthday to all born in February!
All the Best,
Michael Antonini