Let’s take a look at what’s changing with Medicare in 2025, what Medicare covers, when to enroll, and how to find the appropriate coverage for your needs.

A Quick Medicare Refresher

Medicare is the federal health insurance program primarily for people age 65 and older. It is also available to some people under age 65 with qualifying disabilities and people with end-stage renal disease or ALS.

There are four basic parts of Medicare, which are:

1. Part A – Hospital insurance
2. Part B – Medical insurance
3. Part C – Medicare Advantage (which is an alternative to “Original Medicare” Parts A & B)
4. Part D – Prescription drug coverage

You may choose Original Medicare (Parts A and B) with optional add-ons (like a Medigap plan and/or Part D) or go with a Medicare Advantage Plan (Part C), which bundles coverage in one plan.

What’s New for Medicare in 2025?

Several important updates are taking effect in 2025 that may impact your decisions.

1. Prescription Drug Costs Are Going Down
The Inflation Reduction Act continues to roll out improvements to Medicare’s prescription drug benefits. In 2025, the biggest change is a $2,000 cap on out-of-pocket drug costs for people with Medicare Part D plans. This might be a game-changer for anyone who relies on expensive medications.

There are some other changes as well. More drugs are being added to Medicare’s drug price negotiation list, which may lower prices. Certain insulin products remain capped at $35 per month. And any vaccines recommended by the CDC are still available at no cost.

2. Medicare Advantage Plans Are Expanding
Medicare Advantage plans continue to grow in popularity, and in 2025, more than half of Medicare beneficiaries are expected to be enrolled in one. These plans are often appealing because they offer extra benefits like dental, vision, and hearing coverage. They may also include gym memberships, wellness perks, and transportation assistance with the possibility of lower premiums or lower out-of-pocket caps.

That said, these plans usually require you to stay within a provider network. If you travel frequently or your area has a number of out-of-network providers, it’s important to compare plans carefully to make sure you have adequate coverage.

3. Telehealth Coverage Remains Strong
Medicare expanded telehealth access during the pandemic, and those changes are largely sticking around. In 2025, Medicare continues to cover some virtual visits, especially patients requiring behavioral and mental health services, rural patients, and those with chronic condition management needs.

When (and How) to Enroll in Medicare

Timing your enrollment is key to avoiding late fees and gaps in coverage.

Initial Enrollment Period (IEP)
This seven-month window starts three months before your birth month when you turn 65, includes your birth month, and ends three months after your birth month. For example, this means if you turn 65 on September 1, 2025, your IEP runs from June 1, 2025, to January 1, 2026. Enroll on time to avoid late penalties, especially for Part B and Part D1.

Still Working Past 65?
If you’re still working and have credible coverage through your employer (typically one with 20 or more employees), you may be able to delay Medicare Part B without penalty. In that case, you qualify for a Special Enrollment Period (SEP) when your employer coverage ends. But even if you delay Part B, many people still enroll in Part A (which is usually premium-free) at age 65, since this provides extra hospitalization coverage.

What Medicare Covers — and What It Doesn’t

Original Medicare (Parts A & B) covers inpatient hospital care, skilled nursing facility care, doctor visits, outpatient care, preventive services (e.g., flu shots, cancer screenings), and some home health care.

But it doesn’t cover routine dental, vision, or hearing care, long-term or custodial care, most prescription drugs (unless you enroll in Part D), eyeglasses, dentures, or hearing aids, or care received outside the U.S.

That’s why many people add a Part D plan (for prescriptions), and/or a Medigap policy (to help pay deductibles and copays), or a Medicare Advantage Plan that combines Part D and Medigap into one package.

Medigap in 2025: Should You Consider a Supplement Plan?

If you choose Original Medicare, you may want a Medigap (Medicare Supplement) plan to help cover the “gaps” in coverage, like coinsurance, deductibles, and copays.

Medigap plans are standardized and labeled by letters (Plan G, Plan N, etc.). They’re sold by private insurance companies and cannot be combined with Medicare Advantage plans.

A reasonable time to buy a Medigap policy is during your six-month Medigap Open Enrollment Period, which begins when you’re 65 and enrolled in Part B. After that window passes, you might be subject to more complex medical underwriting requirements.

What If You Travel or Split Time Between States?

If you’re a snowbird or frequent traveler, Original Medicare with a Medigap plan may offer more flexibility, since it doesn’t require staying in a specific provider network. Medicare Advantage plans, on the other hand, often have regional provider networks and may require referrals.

So if flexibility is key for your lifestyle, that’s something to factor in.

How to Think About Medicare for 2025

Here are a few questions to ask yourself that may help guide your choices:

• Do I take any expensive medications?
• Do I want dental, vision, or hearing coverage?
• Do I travel often or live in multiple states?
• Am I okay with a specific provider network, or do I want flexibility?
• What’s my monthly budget for premiums and out-of-pocket costs?

Bottom Line – Medicare in 2025 Offers More Choices Than Ever

Between expanded Medicare Advantage benefits, lower drug costs, and continued telehealth access, 2025 is shaping up to be a decent year for Medicare beneficiaries. However, more choices bring more challenges, so you need to review your options carefully.

Whether you’re enrolling for the first time or evaluating your current plan, it’s essential to look at your full financial and health circumstances before making decisions.

We would love to meet with you about your financial and health circumstances when it comes to your Medicare options.

Meet with a Choice Wealth Advisor

Important Disclosures:

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #733175

Footnotes
1 Special Enrollment Periods https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/joining-a-plan/special-enrollment-periods

2 Which path is right for me? https://www.medicare.gov/basics/get-started-with-medicare/other-paths

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How LTC Works Under Medicare

First, it’s essential to understand how LTC works under Medicare. Medicare Part A covers skilled nursing care, hospice, and home health services. However, it doesn’t cover long-term custodial care, including assistance with daily tasks like bathing, dressing, and eating. This is often the type of care most seniors require as they age, making it a crucial part of your planning process.

Ways to Pay for LTC

There are numerous ways to help pay for LTC services. With the cost of LTC rising, planning can prepare for LTC costs later. Here are some ways to pay for LTC.

Save in Tax-Advantaged Accounts

One way to plan for long-term care is to save money in dedicated tax-advantaged accounts such as Health Savings Accounts (HSAs) and 401(k) plans. These accounts have tax benefits to help you save pre-tax as you work toward accumulating funds for future LTC needs.

Purchase an LTC Insurance Policy

You can also purchase an LTC insurance policy that covers the costs of home care, assisted living, adult daycare, respite care, hospice care, nursing home, Alzheimer’s facilities, and home modification to accommodate disabilities. A financial or insurance professional can help you source LTC carriers and a comprehensive plan. Depending on your situation, LTC policy riders at additional cost may allow you to stay in your home with assistance until you, your family and your medical provider determine that an LTC facility is more suitable.

Medicare Advantage Part C plans

Understand that Medicare Advantage Plans, or Part C, may offer additional coverage for some limited LTC services. Private companies approved by Medicare offer these plans. They provide all your Part A and Part B benefits and usually offer prescription drug coverage. Specific plans may include coverage for services like personal care and help with everyday activities. Always carefully review each plan’s specifics before choosing it so that the plan fits your LTC requirements.

• Medicaid
  Another option to pay for LTC is Medicaid. In contrast to Medicare, Medicaid covers LTC costs for individuals with limited income and financial resources. However, to qualify, you must identify specific financial requirements, which vary by state. It’s essential to understand the rules and regulations in your area to determine if this may be a feasible option for your situation.
• Veteran’s Benefits
  Veteran benefits may also provide some level of LTC assistance. The Veterans Health Administration offers services such as in-home care, assisted living, and nursing home care for veterans who qualify.
• Planning for Your LTC
  As you age, making informed decisions about your living situation is another crucial aspect of LTC planning. You may want to consider options like home modifications, moving to a 55-plus community, or an assisted living community that can provide some level of care you need while allowing you to maintain independence

In conclusion, planning for LTC when you’re on Medicare involves understanding what Medicare covers, exploring other insurance options, saving and investing for future care needs, checking your eligibility for programs like Medicaid or veteran benefits, and making appropriate plans about your living situation.

Since everyone’s circumstances differ, consider working with a insurance or financial professional to help guide you through the LTC planning process. Meet with a dedicated medicare specialist so you can work toward planning for your LTC needs without overly burdening yourself or your loved ones.

Sources:

https://www.medicare.gov/coverage/long-term-care

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking #610356

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Estate Planning Basics

There are five elements to address in an estate plan:

• A living will and healthcare power of attorney (POA)
• A last will and testament
• A trust (if necessary)
• A financial power of attorney
• A list of beneficiaries

These five factors can ensure that your health-related, financial-related, and asset-related wishes are carried out, even if you’re temporarily or permanently incapacitated.

Living Will and Healthcare POA

A healthcare Power of Attorney allows a designated person to make healthcare decisions on your behalf if you’re incapacitated, whether you’re undergoing emergency surgery or suffering from dementia. A living will sets out your end-of-life wishes, whether you want all possible lifesaving measures or have a do not resuscitate (DNR) order.

Some questions to ask yourself when drafting a living will include:

• What kind of medications would you like administered? (E.g. opioids, narcotics, blood pressure medications, etc.)
• If you’re unable to eat, do you want a feeding tube?
• Do you want to be on life support? If so, how long?
• Do you want a DNR order?
• Would you like to donate your organs?
• Do you want palliative or hospice care?

Although these aren’t necessarily pleasant questions to think about, they can help keep your loved ones from having to make difficult decisions during an incredibly difficult time.

Last Will and Testament

Your will allows the transfer of assets that make up your estate to your beneficiaries—children, grandchildren, spouses, siblings, or anyone else you’d like to leave assets after your death. It should include:

• A list of your beneficiaries
• A list of your major assets (bank accounts, properties, art, vehicles, and any other physical assets)
• A list of any debts
• A person you’d like to be appointed as the executor of your estate

Financial POA

A financial POA grants someone else the same level of control over your finances as a healthcare POA does over your physical health and medical treatment. A financial POA kicks in only when you’re not able to make financial decisions for yourself, whether temporarily or permanently. Your financial POA should be someone you trust to carry out your wishes. When you select a POA, it should be someone who is willing and capable of serving in this role, who lives near you, and who is trustworthy.

Designated Beneficiaries

Your designated beneficiaries should include everyone you’d like to provide for after you pass away. Some of the most common beneficiaries include:

• Your spouse
• Your children and/or stepchildren
• Your grandchildren
• Parents
• Siblings
• Nieces and nephews
• Close friends
• Charities

Over time, you may find that your desired beneficiaries shift; it’s worth revisiting your designated beneficiaries periodically to make sure they still reflect your wishes.

Important Disclosures:

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

This article was prepared by WriterAccess.

LPL Tracking # 1-05351236.

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Despite being a widely used program, there are several misconceptions surrounding Medicare, one of the most pervasive being that it will cover all healthcare costs.

Myth or Fact: Medicare Will Cover All Health Care Costs

Medicare is a comprehensive health insurance program that covers a range of healthcare services, including hospital stays, doctor visits, preventive care, and prescription drugs. However, it does not cover all healthcare costs, and there are several out-of-pocket expenses that individuals may be responsible for.

One of the most significant gaps in Medicare coverage is the lack of coverage for long-term care. Long-term care refers to the ongoing assistance with daily activities such as eating, bathing, and dressing, which is typically provided in nursing homes or assisted living facilities. Medicare will only cover a limited amount of skilled nursing care following a hospital stay, and only under certain conditions.

Another area where Medicare coverage falls short is with dental, vision, and hearing services. While some preventive services are covered, such as glaucoma tests and hearing exams, most routine dental, vision, and hearing care is not covered by Medicare.

Furthermore, there are deductibles, copayments, and coinsurance that individuals are responsible for under Medicare. These costs can add up quickly, especially for individuals who require frequent medical care. While there are several programs available to help individuals with low incomes cover some of these costs, such as Medicaid and Medicare Savings Programs, many individuals still face significant out-of-pocket expenses.

Medicare’s Limitations

There are also limitations on the types of healthcare providers and services that are covered under Medicare. For example, individuals may be limited to seeing healthcare providers who accept Medicare and may not have access to all types of medical procedures or technologies.

Despite the limitations of Medicare coverage, it is still a critical program that provides essential healthcare services to millions of Americans. It is also important to note that there are additional insurance options available that can help fill some of the gaps in Medicare coverage.

One option is a Medicare Supplement plan, also known as Medigap. These plans are sold by private insurance companies and can help cover some of the out-of-pocket costs associated with Medicare, such as deductibles, copayments, and coinsurance.

Another option is a Medicare Advantage plan, which is an all-in-one alternative to original Medicare. These plans are also sold by private insurance companies and often include additional benefits, such as dental, vision, and hearing care, that are not covered by original Medicare. However, Medicare Advantage plans may come with certain limitations, such as a restricted network of healthcare providers.

Make Sure You Plan

Medicare is a critical program that provides essential healthcare services to millions of Americans. However, it is a myth that Medicare will cover all healthcare costs.

While there are insurance options available that can help fill some of these gaps, individuals should be aware of the limitations of Medicare coverage and plan accordingly to ensure they have adequate healthcare coverage.

The Medicare website (medicare.gov) can be a valuable resource. Every year, Medicare also mails Medicare & You to beneficiaries and makes this fact-filled publication available online. You may want to review it to make sure you have an accurate understanding of the Medicare program.

Your financial professional can help you plan appropriately for your needs.

Important Disclosures

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

This article was prepared by FMeX.

LPL Tracking #1-05361628

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Medicare

In General

Medicare is a federal health insurance program created in 1965. Medicare primarily assists those who are 65 or older, but if you are disabled or have kidney disease, you may be eligible for Medicare coverage no matter what your age. Medicare currently consists of Part A (hospital insurance), Part B (medical insurance), Part C (which allows private insurance companies to offer Medicare benefits), and Part D (which covers the costs of prescription drugs), with each part having its own eligibility requirements. You may qualify for one or more parts, or you may choose to accept or decline coverage if you are eligible. Many health policies limit coverage for Medicare-eligible individuals regardless of whether they have accepted Medicare coverage.

Medicare benefits for disabled individuals

Under certain conditions, the disabled are eligible to enroll in Medicare before age 65. If you have been receiving (or have been entitled to receive) Social Security disability benefits for at least 24 months (not necessarily consecutively), you may be eligible to enroll in Medicare. To enroll, you must be entitled to benefits in one of the following categories:

• A disabled individual of any age receiving worker’s disability benefits
• A disabled widow or widower age 50 or older
• A disabled beneficiary who is older than age 18 and receives benefits based on a disability that occurred before age 22

In addition, Medicare may be available at any age if you are disabled as a result of chronic kidney failure requiring dialysis or a kidney transplant.

Qualified Medicare Beneficiary program

If you have limited means, you may be eligible for the Qualified Medicare Beneficiary (QMB) program. Here, your state’s Medicaid program may pay for your Medicare Part B premium, Part A and Part B deductibles, and coinsurance requirements. Eligibility rules may vary from state to state, but in general, you must meet the following three criteria:

• You must be entitled to Medicare Part A
• Your income must be at or below the national poverty level
• The value of your assets must be below a certain level

There are also other related programs that have somewhat less restrictive eligibility requirements.

Medigap

In general

Medigap is supplemental insurance specifically designed to cover some of the gaps in Medicare coverage. Although the name might lead you to believe otherwise, Medigap is provided by private health insurance companies, not the government. However, Medigap is strictly regulated by the federal government.

There are 10 standard Medigap policies available (Plans E, H, I, and J are no longer available for sale, however, if you already have one of these plans you can keep that plan). All plans may not be offered in your state, yet all are standardized and certified by the U.S. Department of Health and Human Services so that each plan provides exactly the same kind of coverage no matter what state you live in (except for Massachusetts, Minnesota, and Wisconsin, which have their own standardized plans). Every Medigap policy offers certain basic core benefits, such as coverage of certain Medicare Part A and B coinsurance and co-payments. Other plans offer additional benefits, such as coverage of Medicare Part A and B deductibles, and charges that result when a provider bills more than the Medicare-approved amount for a service.

Medicaid

In general

Medicaid provides medical assistance to aged, disabled, or blind individuals, or to needy, dependent children who could not otherwise afford the necessary medical care. Medicaid pays for a number of medical costs, including hospital bills, physician services, home health care, and long-term nursing home care. Each state administers its own Medicaid programs based on broad federal guidelines and regulations. Within these guidelines, each state performs the following: (1) determines its own eligibility requirements; (2) prescribes the amount, duration, and types of services; (3) chooses the rate of reimbursement for services; and (4) oversees its own program.

Applying for benefits

To apply for Medicaid, you must use a written application on a form prescribed by your state and signed under penalties of perjury. Give the application to your state Medicaid office. Typically, you will need to provide proof of age, marital status, residence, and citizenship, along with your Social Security number, verification of receipt of government benefits, and verification of your income and assets. A responsible individual can complete the application on behalf of an incompetent or incapacitated individual.

Eligibility

To qualify for Medicaid, you must meet two basic eligibility requirements. First, you must be considered categorically needy because of blindness, disability, old age, or by virtue of being the parent of a minor child. Next, you must be financially needy, which is determined by income and asset limitation tests. States have much discretion in determining which groups their Medicaid programs will cover, but as participants in Medicaid, they must provide coverage for all residents who are considered categorically needy.

Caution: State and federal rules regarding Medicaid eligibility change frequently.

Transfer of assets

Because Medicaid eligibility is based on your income and other resources, state Medicaid authorities are interested in knowing whether you have tried to transfer assets out of your name in order to qualify for Medicaid. When you apply for Medicaid, the state has the right to examine your finances and those of your spouse as far back as 60 months from the date you are eligible for medical assistance under the State plan. Only certain transfers are prohibited. Fair market transactions will typically be considered legitimate, but if you transfer assets for less than fair market value around the time you apply for Medicaid, the state will presume that the transfer was made solely to help you qualify for Medicaid.

Planning goals and strategies

As mentioned earlier, the state has the right to look into your financial transactions to determine whether you have transferred assets solely to qualify for Medicaid. However, the state may count only the income and assets that are legally available to you for paying your bills. Consequently, several methods have been developed to help you shelter your assets from the state and facilitate Medicaid qualification. Proper planning can help you to qualify for Medicaid, shelter “countable” assets, preserve assets (including the family home) for loved ones, and protect the healthy spouse (if any).

Medicaid qualifying trusts

To qualify for Medicaid, both your income and the value of your other assets must fall below certain limits (which vary from state to state). A trust helps you to qualify for Medicaid because it can shelter your income and assets, making them unavailable to you. The state Medicaid authorities cannot consider assets that are truly inaccessible to the Medicaid applicant. Therefore, anything that stays in an irrevocable trust will lie outside of your financial picture for Medicaid eligibility purposes. If you are looking for a strategy to shelter your resources, one of the following may be appropriate: (1) an irrevocable income-only trust, (2) an irrevocable trust in which the creator of the trust is not a beneficiary, (3) a Miller trust, or (4) a special needs trust.

Protection of principal residence

In certain cases, the state may be entitled to seek reimbursement for Medicaid payments by forcing the sale of your principal residence if you are a Medicaid recipient. Medicaid planning tools have been devised to protect your home, but their effectiveness varies. Therefore, it is important to weigh the costs and benefits of each device carefully. If you are looking for a strategy to preserve your home for loved ones, one of the following four methods may be appropriate: (1) an outright transfer or gift of the home, (2) a transfer subject to life estate, (3) a transfer subject to special power of appointment, or (4) a transfer in trust.

Medicaid and long-term care insurance

Long-term care (LTC) insurance can be useful as part of your Medicaid planning strategy. Your LTC policy can subsidize your nursing home bills during the Medicaid ineligibility period caused by your transfer of assets to third parties. Thus, it may be possible for you to give your assets away to loved ones, have the security of paid nursing home bills during the ineligibility period, and qualify for Medicaid when the LTC policy runs out.

Medicaid liens and estate recoveries

Federal law requires states to seek reimbursement from Medicaid recipients for Medicaid payments made on their behalf. Cost-recovery actions against the assets of Medicaid recipients may come in two forms: (1) real or personal property liens and (2) recovery from decedents’ estates. A Medicaid lien makes it impossible for you to sell or refinance your house without the state’s knowledge and ability to collect what it is owed. As for recovery from decedents’ estates, states also can seek reimbursement from your probate estate after you die. States have the option to expand the definition of estate to include all non-probate assets as well.

Divorce and Medicaid

From a purely financial perspective, divorce can be a practical move and may actually be used as a Medicaid planning tool. When a spouse enters a nursing home and applies for Medicaid, the couple’s assets must be pooled together and totaled to determine what portion the healthy spouse may keep. After this Spousal Resource Allowance has been determined, the Medicaid applicant must transfer assets representing the amount of the allowance to the healthy spouse. The remaining assets must be spent on the institutionalized partner’s medical care. A divorce court order can supersede the normal Spousal Resource Allowance rules prescribed under state Medicaid regulations. You should consult your legal advisor for further information.

Military benefits

Disability benefits, health-care benefits, and long-term care benefits are available through various military programs sponsored by the Department of Defense and the Department of Veterans Affairs (VA), formerly known as the Veterans Administration. Health care for veterans is typically available at VA hospitals and healthcare facilities. In general, active service members, retirees, and veterans other than those who were dishonorably discharged are eligible for military benefits. Survivors of servicemembers and veterans are also generally eligible for some of the same benefits. However, the rules surrounding these benefits can be complex and may change frequently. It is best to check with your military personnel office or local VA office if you have questions about any of these benefits.

Choosing a continuing care retirement community

Continuing care retirement communities (CCRCs) are retirement facilities that offer housing, meals, activities, and health care to their residents. These communities appeal to people who are currently in good health but who worry that they may need nursing care later on. The CCRC and the resident sign a contract guaranteeing that the CCRC will provide housing and nursing home care throughout the resident’s life and that, in return, the resident pays an entrance fee and a monthly fee. In choosing a CCRC, you should consider factors such as the entrance fee and monthly fees, insurance requirements, the financial stability of the CCRC, its facilities and activities, and the quality of medical care provided to residents.

Choosing a nursing home

A nursing home is a licensed facility that provides skilled nursing care, intermediate care, and custodial care. Although you may prefer in-home care, you may have to enter a nursing home if you need round-the-clock care, especially if you can’t get help from family or an in-home caregiver. When choosing a nursing home, you should consider factors such as the cost of the home, the quality of medical care provided, the appearance and the safety of the facilities, the ratio of staff to residents, and recreational opportunities.

Paying for nursing home care

Nursing home care can be extremely expensive, and paying for this care is a problem that weighs heavily on the minds of older Americans and their families. There are several resources you can use in planning for this expense, including self-insurance, long-term care insurance, Medicare (limited benefits), Medicaid, and military benefits.

This article was prepared by Broadridge.

LPL Tracking #1-340828

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You have agency over your body and know it better than anyone else, but doctors and specialists are trained to interpret how you’re feeling into an effective treatment. Here’s how to make sure you have the confidence to speak up and receive the care you need and deserve.

What self-advocacy is and why it’s important

Self-advocacy is just like it sounds; it’s the practice of vouching for yourself. In a medical setting, this means that you communicate your symptoms, questions, concerns, and objections to any treatments to receive high-quality care. In recent years, research has shown that people are more satisfied with their overall health when they advocate for themselves. Your confidence to communicate your wants and needs in a medical setting can help you be better equipped in your professional and personal life too.

1. Find the best provider.

First and foremost, find a healthcare provider that you feel comfortable around. You can do this by searching the internet for their credentials, research publications, and reviews. When you feel you’ve found a good fit, ask to talk to them one on one as a chance to get to know them and ask questions. You may even consider discussing various health scenarios and asking them what their first choice for treatment is. Different providers practice different types of medicine. For example, there are approaches that are curative, palliative, and preventative, and they might favor the use of either Western or Eastern medicine.

2. Prepare and arrive early.

Plan your appointments during a time that you know you won’t feel rushed or stressed. If you work full-time and have children, five o’clock might not be an optimal time—rush hour traffic from work and children’s afterschool activities could distract you from devoting your attention fully to your healthcare. Instead, utilize weekend hours or evening hours that allow you to spend time preparing notes of your symptoms, questions, and concerns. Arrive early to your appointment to ensure there are no insurance or billing issues. Take a moment in the waiting room to calm your nerves, and drink water to clear your throat so you can speak clearly with the provider.

3. Communicate all questions and concerns.

Communication is key to developing a healthy relationship with your doctor. The best way to communicate is to prepare notes ahead of time. It can be easy to feel overwhelmed, misspeak, or neglect to remember important points in the heat of the moment during an appointment. Remember to take a deep breath, refer to your notes, and speak confidently. Doctors are trained to address this discourse politely and won’t judge what you’re saying. In fact, they invite it. Their oath as medical professionals is to put patient care first, and it helps them to understand how to best treat you when you speak about it. There is no such thing as a “dumb question.” It’s better to ask your provider directly during an appointment rather than wait and consult the internet, or even worse, sit and ruminate over it silently. And don’t feel rushed! Take your time. This appointment is your time, so don’t worry about taking up their time with conversation.

4. Respectfully disagree.

Now that you’ve addressed everything from your end, the provider may give answers that you aren’t satisfied with. It’s important to pause and ask yourself what you don’t like about the answer they gave. Start with “I need clarification” or “I don’t feel comfortable with” to keep composure and give them guidance on how you’re feeling. You might be confused or uncomfortable, which is okay. Whether it’s about side effects or costs of treatment, it’s best to ask questions right away. Your doctor may be able to find a better brand of medicine or adjust a timeline of treatment to suit you better. If you’re still feeling dissatisfied, ask to consult another provider in the practice. They should be more than happy to invite another doctor in to give a second opinion. Another expert’s opinions can feel reassuring or bring another option to light.

5. Confirm the next steps and persist.

At the conclusion of the appointment, confirm the next steps you both need to take. Confirm the pharmacy location, next appointment date and time, and any other specialists you need to speak to. Ask them what the best way to reach them is in case of an emergency or questions. On the flip side, repeat to your doctor what you need them to follow up on or do before you leave or before the next appointment. For example, “to confirm, I want you to call the pharmacy and ask about generic drug availability; can you follow up with me when you complete that step?” Follow-up can make a world of difference in reducing your healthcare-related stress. It’s nice to know that you can count on a follow-up call or message soon to know they haven’t forgotten anything. Be sure to give them an appropriate timeline, and if you don’t hear back by then, set a reminder on your phone to give them a call. By doing so, both you and your doctor are taking accountability in your relationship.

Your relationship with your doctor is a two-way street where you are both experts; you are the expert of your own mind and body, and they are the expert on treatment options. By practicing self-advocacy, you can reap the benefits of high-quality care.

This article was prepared by ReminderMedia.

LPL Tracking #1-05216492

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Mitigating Healthcare Costs

In most cases, those who are age 65 and older have access to Medicare Parts A and B, which provide coverage for hospitalization, doctor’s visits, and other healthcare services. If your parent has not already signed up for Medicare, it’s worth investigating this coverage. Although Medicare isn’t free, it might be cheaper than comparable private healthcare policies. Knowing that your parent has access to healthcare whenever they may need it can provide some peace of mind if you’re worried about their health or ability to live independently.

And for those with dependent adult children, the decision of when to boot them from your healthcare plan can be a complex one. In some cases, leaving your adult child on your healthcare plan won’t cost you any extra—for example, if your policy provider charges the same family rate whether you’re a family of 2 or a family of 10, it’s unlikely that your child will save much money by getting their own plan. Some healthcare plans don’t have a per-person cost, but just two broad categories: “single” and “family” (or three categories: single, family, and single + 1).

If your child is requiring you to purchase more health insurance than you need, you may want to help them investigate the cost of buying their own health insurance plan on your state’s exchange. Even if your child isn’t earning a steady income, they may be eligible for subsidies that can significantly decrease the cost of insurance, while also decreasing the mental and financial burden on you.

Don’t Forget About Self-Care

Juggling your parent’s needs with your children’s needs, a full-time job, and the other stressors that can come with middle age can leave you without much time or energy to do the activities you enjoy. During this period of life, self-care takes on a new importance. If you are feeling stressed, tired, or not like yourself, talk to your doctor to see whether they have any recommendations on managing your tension. Some other self-care activities that can be helpful include:

• Scheduling blocks of time off when you’re not “on call” for your parent or child. Knowing you have uninterrupted time to look forward to can help you manage the stress of being pulled in several directions at once.
• Talking to a therapist. If your workplace offers an Employee Assistance Program (EAP), you may have access to a handful of free visits, allowing you to “test drive” a therapist to see whether he or she is a good fit.
• Maintaining good communication with your parents, children, and any others—and not being afraid to ask for help when you need it.
• By taking care of yourself, you will be in a better position to take care of your parents, children, and any others in your life who may require a helping hand.

Important Disclosures:

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

Sources

https://www.pewresearch.org/social-trends/2013/01/30/the-sandwich-generation

https://www.medicare.gov/sign-up-change-plans/how-do-i-get-parts-a-b

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4193643/

https://www.healthcare.gov/income-and-household-information/household-size/

https://www.healthaffairs.org/do/10.1377/hblog20210316.222833/full/

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Contribute More to Your Retirement Account Contributions

A great way to limit your tax liability while also giving your retirement savings a boost is by contributing the maximum annual amount to any pre-tax retirement accounts. Whether it is a profit-sharing plan or a 401(k), you will be able to deduct the taxes on the contributions made during the calendar year. It also provides the added benefit of putting more in your retirement savings where it may grow at a high rate tax-deferred until you are ready to start making your withdrawals. The maximum amount you are allowed to contribute each year will be dictated by the IRS and may increase occasionally based on adjustments to the cost of living. The 2021 tax year will allow for contributions of up to $19,500 into 401(k) plans and a general total limit on employee contributions of $58,000. If you are over 50 you are also allowed to make an additional catch-up payment of $6,500.

Look for Tax-Efficient Investments

Another tax strategy to consider is looking at the after-tax return rates on your investments to see how tax-efficient they are. For example, municipal bonds can potentially minimize taxes in most cases. Always be aware of which investments will provide you with a greater after-tax return and work to incorporate these into your financial portfolio.

Keep Up With Tax Laws

Tax laws are constantly changing and staying on top of these changes may allow you to better take advantage of the opportunities that they may present. For example, with the recent change in itemized deductions, it may be prudent to take the standard deduction or possibly take advantage of bunching deductions. One way to bunch deduction would be through charitable giving. Instead of giving small amounts to charity each year, provide one large contribution which may put you over the threshold making itemization the more effective option during that tax year.

Consider the three tax strategies above to help you limit your tax liability and allow you to keep more of your hard-earned income. Interested to learn more about other tax strategies? Contact LPL Financial today to schedule a consultation.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply. If sold prior to maturity, capital gains tax could apply.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

Sources: https://www.physicianspractice.com/view/5-critical-tax-planning-strategies-physicians

Content Provider: WriterAccess

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Why Do Physicians’ Finances Merit Customized Treatment?

Physicians are generally high earners (what some financial planners call “whales”), but this income comes at a cost.

Many physicians are dealing with high student loan balances. Some of these loans may be eligible for forgiveness under the Public Service Loan Forgiveness (PSLF) program, while others could be repaid through an income-based payment plan that allows for greater financial flexibility early in one’s career. A financial professional needs to be well-acquainted with the terms of these loans so that their advice is tailored to each client’s situation.

The need to tackle these loans and pay them down quickly must also be balanced with the need to save. Because of the many years of higher education required to obtain a medical degree, along with years working as a low-paid resident, many physicians get a late start saving for retirement. Combining this late start with “lifestyle creep,” or the increase in spending associated with a dramatic increase in income, can mean that many physicians wind up saving far too little of their new higher salaries.

Finally, physicians need to insure their earning capacity. While many people purchase life insurance to protect their families in the event of their unexpected death, physicians are far more likely to suffer a disability that prevents them from working.¹ Losing the ability to practice medicine relatively early in one’s career can be financially devastating, and a high-quality insurance policy can help a physician maintain their income and stability no matter what happens.

What Should Physicians Look for in a Financial Professional?

As a physician, you don’t want your financial professional to be learning about these unique risks for the first time while advising you; instead, seek out someone who has helped others tackle these very issues.

There are several types of financial professionals from which to choose: a certified financial planner (CFP), Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), or a certified public accountant (CPA) who has been designated a Personal Financial Specialist (PFS). Regardless of which type of professional you select, you’ll want to ensure that they are a fiduciary, or someone who is legally obligated to put your financial interests first.

You may want to begin your search by asking fellow medical professionals or trusted industry organizations (like the American Medical Association) for their recommendations. This offers the best chance of finding someone who has helped others in your position. Once you have a shortlist of names, it can be a good idea to make a list of questions to ask each potential candidate, including questions that are based on your needs and investment goals.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Investment advice offered through GWM Advisors LLC dba Goss Advisors, a registered investment advisor and separate entity from LPL Financial. Choice Financial Group and Choice Wealth are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Choice Wealth, and may also be employees of Choice Financial Group. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Choice Financial Group or Choice Wealth. Securities and insurance offered through LPL or its affiliates are:

• Not Insured by FDIC or Any Other Government Agency

• Not Bank Guaranteed

• Not Bank Deposits or Obligations

• May Lose Value

Sources

¹ www.ama-assn.org/residents-students/career-planning-resource/understanding-disability-insurance-physicians

https://www.ama-assn.org/practice-management/career-development/5-ways-partner-physician-friendly-financial-advisor

https://www.medicaleconomics.com/view/how-physicians-can-choose-right-financial-adviser

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On an intuitive level, this makes sense. Humans evolved in an open, natural environment and removing us from this environment could have a negative effect on our health. But what does the research say? Is there actually evidence that being in natural environments can promote our well-being, prevent disease and speed recovery?

Nature and healing

Hospital gardens can help ease pain in some patients, studies suggest.

The pioneering work in this area started in the 1980s with Robert Ulrich, who was a professor at Texas A&M University. His work looked at surgery patients who had a view of trees out of their window compared to those who had the view of a wall. Those with the natural view reported less pain and spent less time in the hospital.

Since then, several studies have shown a reduction in pain both through viewing natural scenes as well looking at nature videos and pictures.

Other studies have looked at the effect of exposure to daylight on patients and found they experienced less pain, stress and use of pain medications than patients who did not have exposure to natural light. There is also preliminary evidence that hospital gardens can alleviate stress in both patients and their families.

In the area of designing health care facilities, there appears to be consistent evidence that exposures to natural environments have a positive effect on pain, stress, anxiety, blood pressure and heart rate. In the Center for Health and Nature, a joint venture between my university Texas A&M, Houston Methodist Hospital and nonprofit Texan by Nature, our new studies are assessing if these effects extend to the virtual world, including immersive VR and virtual windows.

A preventive effect?

Some doctors in Scotland are encouraging people to learn to like lichen and appreciate the simple pleasures of being outdoors.

While nature appears to be helpful in restoring health after illness, can it actually help us keep healthy? Researchers across the world have been asking this question.

From forest bathing (“shinrin-yoku”) in Japan to the 30 Days Wild campaign in the United Kingdom, which encourages people to connect to wild places, people have been examining the healing powers of nature.

While walking is well established as a health promoting behavior, studies are now examining if walking in natural environments is more beneficial than indoors or in urban environments. Results have shown positive effects for mental health, improved attention, mood, blood pressure and heart rate. Several programs across the country have been formed to expose military veterans to natural spaces to combat symptoms of PTSD. In children, playgrounds with greenspace increased vigorous physical activity and decreased sedentary time and even has led to fewer fights.

While there is growing evidence that exposure to natural environments is beneficial to health there are still many questions to be answered. What is nature? While this may seem simple at first glance, there are many differences between a national park, an urban pocket park and a picture of waves crashing on the beach. What is the dose of nature needed?

In physical activity, there is scientific consensus that people need 150 minutes a week for good health. How much and how often is exposure to nature needed for better health? How do longer doses – such as a weekend camping in a forest – and shorter doses – such as a walk through a park – affect us? What sensory part of nature is affecting us? Is it sight, sound, smell, touch or a combination of them?

A recent paper proposed enhanced immune function as the central pathway for the variety of positive health outcomes received from nature exposure. This needs to be tested.

Despite the need for more research, the need for more nature exposure is urgent. The Environmental Protection Agency estimates that Americans, on average, spend 90% of their time indoors. A study in the U.K. found that children spend only half the time outdoors than their parents used to.

There are signs that a nature movement is beginning to take hold. The 30 Days Wild program run by the Wildlife Trusts in the U.K. encouraged people to engage with nature every day for a month. In its first year, more than 18,000 people signed up. It starts again June 1, 2019.

Doctors in Scotland are now able give Nature Prescriptions to their patients. The educational leaflet they provide describes numerous monthly activities including touching the ocean, taking a dog for a walk and following a bumblebee. In the U.S., the Park Rx America program has been working to connect publicly available outdoor space to physicians to have them prescribe nature.

As spring arrives, it is time to make a commitment to spend more time in nature. Better health could literally be as easy as a walk in the park.

Author

Jay Maddock, Professor of Public Health, Texas A&M University

Dr. Maddock is a Profess or in the School of Public Health at Texas A&M University. He is internationally recognized for his research in social ecological approaches to increasing physical activity. He has served as principal investigator on over $18 million in extramural funding and authored over 100 scientific articles.

Disclosure statement:

Jay Maddock is affiliated with the Center for Heath and Nature, a joint research center between Houston Methodist Hospital, Texas A&M University and Texas by Nature.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

The article was prepared by RSW Publishing.

Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Investment advice offered through GWM Advisors LLC dba Goss Advisors, a registered investment advisor and separate entity from LPL Financial. Choice Financial Group and Choice Wealth are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Choice Wealth, and may also be employees of Choice Financial Group. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Choice Financial Group or Choice Wealth. Securities and insurance offered through LPL or its affiliates are:

• Not Insured by FDIC or Any Other Government Agency

• Not Bank Guaranteed

• Not Bank Deposits or Obligations

• May Lose Value

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