March 2023 Newsletter
Friends,
Q: What did the wall clock do after it was adjusted for Daylight Saving?
A: It hung around. Maybe if daytime was more careful, it wouldn’t have to be saved all the time.
Spring fever is upon us with the spring equinox on Monday, March 20 at 5:24 PM DST. But first we have to move the clocks ahead on March 12, 2023 at 2 AM. We close the month with my son Johnny’s 15th birthday, which seems like yesterday, and makes me think I can easily remain a Medicare agent for 15 more years as long as I have my health. Maybe Johnny will want to take over then?
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) runs from January 1, 2023 to March 31, 2023. You can make one change during this time to a different Medicare advantage plan or switch to Original Medicare with a standalone drug plan.
Kind Regards,
Michael Antonini
What’s New
Social Security Trust Fund Update
Social Security funds are set to start running a shortfall in 2032, one year earlier than previously expected, the director of the Congressional Budget Office (CBO) said on Valentine’s Day. “The Social Security solvency date — the exhaustion date for the trust fund — is now within the budget window,” CBO Director Phillip Swagel said, referring to the 10-year period covered by the agency’s annual report.
If the Social Security funds become insolvent and there is no change to current laws, beneficiaries would see a more than 20 percent reduction in their benefits, Swagel added. This is the CBO’s second update to the Social Security insolvency date in the last two months, after it adjusted its projection down to 2033 in mid-December. Swagel pointed to the large cost-of-living adjustment (COLA) announced last year for the change in its projection. The Social Security Administration issued an 8.7 percent increase in October, the largest COLA hike in 40 years, amid sky-high inflation.
New Limits for Medicare Savings Program
Effective March 1, 2023 there are new higher limits to qualify for the Medicare Savings Program. Below is a chart and links to the brochure and application.
If you think you might qualify, I would be more than happy to help you apply.
QMB - Single $2,564 Monthly Couple $3,468 Monthly
SLMB - Single $2,807 Monthly Couple $3,797 Monthly
ALMB - Single $2,989 Monthly Couple $4,043 Monthly
Brochure
Application
FAQ
However, Passive Renewals are ending. Based on current COVID-19 trends, the Department of Health and Human Services (HHS) is planning for the federal Public Health Emergency (PHE) for COVID-19, declared under Section 319 of the Public Health Service (PHS) Act, to expire at the end of the day on May 11, 2023. Therefore, passive renewals for the Medicare Savings Program will end and you will once again need to complete a Redetermination and send it in to DSS. As always, I am happy to help you with that.
Ask an Expert: Rachel Toor, Author
Don’t wait to….. Say Thank You!
Want a happiness boost? Reach out and thank someone, even if you haven’t been in touch in years.
A decade ago, I sent a gushy note to my freshman English professor. In 1982 she’d taught me to love Milton, applauded my poetry, saw in me real potential. We loved reconnecting, and have been in touch ever since. Says Yale Psychology professor Laurie Santos, “It’s a much bigger boost to our and other people’s well-being then we assume.” So give it a shot. Find them via networking, the web or social media, and shoot them a specific and heartfelt note, digital or paper. Then wait. You might get a swift, effusive response, or not. Either way, you will reap the known psychological boost of giving thanks.
Important Dates
January 1, 2023 to March 31, 2023. 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.
March 12, 2023 Daylight Savings time begins. Spring ahead 1 hour at 2 AM.
March 20, 2023 5:24 PM EDT Spring Equinox
March 31, 2023 Johnny Antonini 15th Birthday
Happy Birthday to everyone born in March!
All the Best,
Michael
