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IRA (Inflation Reduction Act of 2022)

Changes are coming to Medicare in 2025 that you won’t want to miss! Here is a brief overview to help you understand what the changes are, how they came to be and how they are going to affect you next year and beyond. The Inflation Reduction Act (IRA) of 2022 was passed by Congress to address rising healthcare costs, among other economic concerns. The act originated from long-standing efforts to reduce the financial burden on Americans by tackling inflation and lowering prescription drug costs among other things. The Medicare provisions within the Act are a direct response to increasing pressure from advocacy groups, healthcare experts, and seniors, who have been calling for reforms in drug pricing for years. The Act’s focus on limiting drug price hikes to no more than the inflation rate and introducing price negotiations represents a major shift in Medicare policy. By granting Medicare the ability to negotiate drug prices and capping out-of-pocket expenses for beneficiaries, the IRA aims to address the growing affordability crisis in healthcare. Beginning in 2025, Medicare will negotiate the prices of some of the most expensive drugs, helping to lower costs for millions of seniors. Another critical part of the Act is there will be a $2,000 annual cap on out-of-pocket prescription drug expenses. This ensures that beneficiaries won't be overwhelmed by large prescription bills providing them with financial stability. In addition, the Act introduces a payment plan option, allowing Medicare beneficiaries to spread out the costs of expensive prescriptions throughout [Read More...]

IRA (Inflation Reduction Act of 2022)2024-10-10T23:16:58-04:00

Did you know that September is Life Insurance Awareness Month?

Hello, September! As we bid farewell to the lazy, hot days of summer and welcome the cooler embrace of autumn, we find ourselves in a season of transition. Students head back to school, our favorite beverages shift from lemonade to pumpkin spice, and our closets make the switch from flip flops to cozy booties. In this changing landscape, even Mother Nature herself demonstrates the inevitability of change, a fundamental aspect of life. Yet, in the realm of financial planning and insurance, September holds special significance. It is officially recognized as "Life Insurance Awareness Month." Now, I can almost hear the collective sighs and see the eye rolls as we broach the topic of life insurance. After all, who wants to ponder subjects like sickness, mortality, financial planning, and the uncomfortable notion of preparing for the unexpected? However, it's crucial to realize that life insurance is far more than just a somber funeral plan. It is, in fact, a powerful financial tool—a means of safeguarding your family's well-being, ensuring their financial security even in your absence. Specifically, life insurance can provide crucial benefits such as income replacement and debt relief in the event of lost income. It also takes into account important considerations like education funding and fulfilling legacy needs. And the benefits don't stop there; life insurance also offers living benefits, providing funds to assist with the often steep costs of long-term care, whether in a facility or at home. Additionally, you can accumulate value within your policy, which can [Read More...]

Did you know that September is Life Insurance Awareness Month?2023-09-05T18:34:37-04:00

Life Insurance in Your Twenties

Your twenties are a decade of your life full of many important life changes and notable milestones to be reached. Things like graduating from college, starting a career, meeting the love of your life, maybe even buying a home, and starting a family. During all these moments life insurance is not front of mind. After all you are young, healthy, and looking forward to enjoying the years ahead. Why think life insurance at all? Truth is that your twenties may be the best time to consider life insurance. Life insurance is the ultimate financial tool for those big "what if" moments. Here are three reasons to consider life insurance coverage. Reason #1 You’ll lock in the lowest rates The younger you purchase life insurance, the better it will be for your pocket. The reason is that buying at a younger age entitles you to lower premiums for as long as you hold the policy. The most popular type is term life insurance which can have terms of 10, 20 or even 30 years. The terms remain the same from the time you purchase until the end of the term unless you change your coverage. This can cover all or most of your working lifetime. Reason # 2 You won’t be shut out of coverage. Getting a policy before you develop health conditions such as diabetes, high blood pressure, or high cholesterol can mean paying a significantly lower premium. The younger you are, the healthier. But suppose you have a family [Read More...]

Life Insurance in Your Twenties2022-03-25T14:52:35-04:00

Vision Care Over 60

As we move into our senior years regular eye exams with an ophthalmologist become increasingly important to preserve our sight. Presbyopia which is farsightedness caused by loss of elasticity of the lens of the eye, can begin as early as our 40’s and increase with age. Even seniors without age-related eye diseases may have vision changes that might not be obvious. For instance, it may gradually become harder to distinguish an object from its background when they are the same color (like a white coffee cup sitting on a white table). This is called loss of “contrast sensitivity.”   For seniors, the ability to see well in different lighting may also change. When going from a well-lit area to one with poor light (or the other way around), your eyes may take longer to adjust and focus, or they don’t adjust very well.   These exams are even more important if you have high blood pressure, diabetes or a family history of eye disease. Vision problems may develop with no physical symptoms until they’re quite advanced. At your yearly exam the doctor can look for signs of the following:   Cataracts: A condition that causes clouding of the eye’s lens. Cataracts can usually be corrected with surgery.   Diabetic retinopathy: A condition related to diabetes; diabetic retinopathy causes damage to the blood vessels in the back of the eye. It is the leading cause of blindness in adults. Macular degeneration: This age-related vision problem affects the light-sensitive tissue in the [Read More...]

Vision Care Over 602021-11-05T12:25:34-04:00

Young Adulthood and Financial Literacy

Young adulthood and financial literacy So, you have crossed the threshold into adult life. These years bring many first..... the first job, getting married, first home, and first child. If you don’t learn to manage your own money, other people will find ways to manage it for you. These people may be ill-intentioned or well-meaning. Either way, the best course of action is in addition to seeking advice is to learn the most you can on your own. Read books, watch videos, read financial articles online. There are many forms and outlets for getting a financial information. If you are not sure where to start consider talking to a teacher, counselor or the librarian at school.  Additionally, you can talk to a mentor, relative or someone you admire for valuable insight.  Lessons can be learned in the media as well.  You can watch CNBC or FOX business on cable. The internet also has websites like FDIC, CNN’s Money 101 and Khan Academy offers free financial online courses.  Go old school and read the Wall Street Journal or local papers like New York Times and Washington Post.  These days podcasts are becoming a prominent venue to learn.  Try listening to Freakonomics Radio podcast or Afford Anything.  The point of all these choices is to understand that information is all around us.  You need to keep your eyes open, your mind curious and a bit of skepticism too.  The more you learn the more confident you will be as you move forward [Read More...]

Young Adulthood and Financial Literacy2021-05-04T22:33:08-04:00

Life and Finances in Your 20’s and 30’s

Your first “real” job is probably an entry-level position. It may not pay very much but   your first paycheck is almost sure to be significantly larger than any you have earned    in the past for part-time or summer jobs. If you do not have one yet first thing is to open a bank account and set up direct deposit. Consider looking for free checking accounts that either don’t charge monthly maintenance fees or waive said fees when you set up recurring direct deposits or maintain minimum daily balance requirements. Another option to look at is overdraft protection. Overdraft fees often exceed $30 per item – an unwelcome hit for anyone, but especially for young workers without much financial cushioning.  In addition, don’t forget your savings need to be a priority.   Aside from your salary your first job may compensate you with benefits.  While this may be new and overwhelming it is important to review and make good choices. Health insurance is the most well-known and used benefit.  There may be options to choose from they usually include health, dental and vision plans. Company-sponsored retirement plans are also a particularly great choice, because you get to put in pretax dollars and often companies match part of your contribution, which is like getting free money. Your company may not offer this option, or you may be self-employed.  Do not worry you also have some options to set up retirement plans. You can you’re your own IRAs,  and set up an automatic withdrawal from your savings account into your [Read More...]

Life and Finances in Your 20’s and 30’s2021-05-04T22:32:33-04:00

Financial Literacy Tips from BEW

Learning to manage your financial house is an important lesson to learn.  It may seem overwhelming as you start looking at all the things you want to learn more about. To quote Confucius “A journey of a thousand miles begins with a single step” Here are some tips to get started. Review your bills Look for monthly automatic charges to your credit card or bank account that you are no longer using or getting any benefit from.  These are often overlooked as small things, but they can add up quickly. Finding little ways of saving can happen every day.  Try walking to do some your errands or monitor the thermostat at home. Window shop and then plan your purchases, no impulse buys. Finally, Look at your interest rates on your credit cards. You may have various levels of interest rates in your wallet.  Transfer high-interest credit card balances to low interest ones first.  Once you are maintaining low interest rates the next step is to commit to paying them off completely. Credit Reports A credit report is a detailed breakdown of an individual's credit history prepared by a credit bureau. Credit bureaus collect financial information about individuals and create credit reports based on that information.  Lenders also use the reports along with other details to determine your creditworthiness. The three credit reporting agencies are TransUnion, Equifax, and Experian. Because of their reporting methods, it is common to have different credit scores across all three bureaus.  All consumers should be aware of the FACT [Read More...]

Financial Literacy Tips from BEW2021-04-22T08:55:42-04:00

What Should I Know About the COVID-19 Vaccination?

So many questions are arising about the rollout of the COVID-19 vaccination. When can I get one? Where? Is it safe? Here are some answers and resources to find additional information! Who Can get the Covid-19 Vaccine? The answer to this question usually refers to phases and where you fall into them. Phases are suggested groups, loosely guided by the federal government that states use as priority guidelines for who should receive the vaccinations and when.  The aim with the phases is to control the spread of the virus while aiding in the preservation of basic function of society.  In other words, the higher-priority groups are people who are at higher risk with severe COVID-19 symptoms or death and people who are needed to continue working. As we move through the phases, the populations become less at risk or less necessary during the current crisis. The general phases and groups are: Phase 1-A Residents in Care Facilities and Health Care Personnel       Phase 1-B People 75 and up and Frontline Essential Workers                            Phase 1-C People 65-74 or 16-64 with High-Risk and Other Essential Workers  Phase 2 General Population-People 16 and up without High-risk conditions When Can I Get the COVID-19 Vaccine? Due to the decentralized approach of the current COVID-19 vaccination rollout and the supply of available vaccines it is difficult to estimate about when you will have the ability to get vaccinated.  Your doctor may also be able to help you find out when you’ll be eligible. Where Can [Read More...]

What Should I Know About the COVID-19 Vaccination?2021-02-01T18:25:19-05:00

What is BEW Doing During Covid-19?

We have been dealing with some strange times here in New Jersey since March.  We are now all familiar with a new pandemic in our midst.  Covid-19 has changed the way we live our everyday lives tremendously.  We all had to quarantined to keep safe at home. Sadly, we had many in our area deal with being sick, hospitalized or even unfortunately losing their battle to Covid-19.  We want to extend our deepest sympathy to those who have lost family and friends.  Knowing they are in our thoughts and will not be forgotten.  Businesses have been shut down and kids are unable to go to school or play in the parks. Our lives have changed but we are all strong and will get through this together. Thanks to an overwhelming effort on the part of all our fellow New Jersians we are progressing to the next phases, and we are adjusting our business practices.  During quarantine we started expanding our technological abilities and were able to service clients virtually.  As things start opening up again, we are preparing to open the office.  At this time, we will be working by appointment only.  We will be installing sneeze guards which are plastic dividers which will serve as a barrier between you and us for our mutual protection.  For our safety and that of others we are now accustomed to washing hands, wearing face masks and staying  6 feet apart.  These practices will continue in the office and we will have a [Read More...]

What is BEW Doing During Covid-19?2020-09-24T11:32:47-04:00
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