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Update December 5 2020
Hello Money Matters fans,
The resilience of Americans continues to astound me.
With the wicked arrival of CoVid-19, the market plunged from a February all-time high (Dow Jones Industrial Average- DOW) to a 38% correction in a mere three weeks.
From there, it seemed as if the CoVid event turned from imminent threat into a golden opportunity for the nimble investor. While main street reeled in a seemingly unending economic death spiral, Wall Street looked upon the threat through rose colored glasses. Investors in the right place saw their carefully selected stocks rocket upwards. Although the initial rally encompassed only a few sectors, as the months ticked by, more and more sectors caught the rally bug. Fast forward to today and it’s hard to find a stock that hasn’t blasted upwards in stunning fashion.
Indeed, the optimism, at least for some investors, is palatable.
Main Street occupants weren’t so giddy. With ongoing shutdowns and various occupancy restrictions, and only one round of stimulus, many small business owners reeled under bleeding balance sheets brought on by butt-less seats and empty store aisles.
And although the shutdowns have gone on much longer than anyone anticipated, consumers, at least some of them, exhibit an attitude than can be described in no other terms than die-hard.
Initially held at home from the lockdowns, about halfway through the calamity, necessity become the mother of invention.
Some restaurants initiated drive-through services where they once had none. Municipalities, not wanting to see their business base decimated, eased restrictions and allowed on-street dining and even alcohol to go, which had previously been a strict no-no.
Stores adapted social distancing and the sticker people ramped up on the production of the necessary labels and dots to fill the need. Plastic manufacturers worked overtime to provide the millions of shields and screens, while hand sanitizer initially in short supply, was bottled up in truck loads by the familiar disinfectant companies, joined by inventive liquor producers who cranked out what could only be called as a “Grade F” type of vodka, to fill the need while resurrecting some sort of an income stream.
Car dealers started home delivery, repair shops initiated no-touch, drive through auto services, and meal deliveries kept ride sharing companies at least somewhat busy.
Television execs initiated strict testing guidelines so at least some filming could be restarted and evening hit shows filled their audiences with zoom monitors. Even some sports arenas sat cardboard people in the end zones and filled at least some seats with faux human likenesses.
Heck, even the Macy Thanksgiving Parade took place. It was void of the crowds and human balloon anchors, but they replaced those by enhancing the TV coverage and using robotic float pullers.
A massive undertaking by the pharmaceutical giants of the world all turned their resources in concert towards one goal: Find a vaccine that works and find it as quick as possible.
Indeed, similar to the ramp up of production at the beginning of WW2, in a mere 8 months, the gears of much of our economy had been slammed in reverse by CoVid-19, only to move forward in stunning fashion as America was forced to shift gears and shift gears it did. Through calamity after calamity, from devastating wildfires, to a wave of deadly hurricanes, and the most contentious election in recent memory, America has risen up and met the challenge. Yes, there will be casualties. There always is in the midst of cataclysmic catastrophes.
But we will survive.
And like the proverb “what doesn’t kill you makes you stronger”, America has learned much, and will immerge on the other end of CoVid-19, victorious.
And be that much better for it.
Medicare time is upon me and as a licensed insurance agent I can write the policies myself. Although Medicare is part of my continuing education for my life and health certifications from the Department of Insurance, the brief material on Medicare was not enough for me to make an educated selection. I therefore joined up with an insurer who offers the supplements and I am now knee deep in materials.
Many people reach the qualifying age of 65 since I am approaching that age I ask folks what Medicare plans they have selected.
To my surprise, many don’t know what exact Medicare options they have selected. That being said, it makes me wonder why so many people don’t understand what they have.
Either they are not taking adequate time to learn Medicare or whoever they are asking for help from are not explaining the options very well. Whatever the case may be, understanding the basics and what is available is time well spent.
Medicare has gone through many changes. There are the government basic plans offered direct through the government and then the supplemental plans called Medi-Gap and Medi-Advantage. These fill in the holes not offered by Plans A and B. Different plans and options can address individual situations.
To begin with., all plans are designated by alphabetical letters.
Medicare part A and part B are the government offered coverages and everyone starts with these.
Generally speaking, A is for hospitalization needs and generally covers inpatient hospital stays, skilled nursing care, hospice care, and limited home health-care services. B is for Doctor needs and helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services. A is free for the most part but can have some payments required such as deductibles. B is not free but dependent on one’s income and like A, can also have required out of pocket expenses.
Then rest of the parts of Medicare you must procure through private insurers.
These insurers, of which there are many, must adhere to certain guidelines set by the government.
These insurers sell plans called “supplemental” plans commonly referred to as Medi-Gap plans. These gap plans cover things that Plans A and B do not. There is also is the hybrid Medicare part C, called Medi-Advantage, which stands alone on how it works.
In simple terms, once you get plans A and B, you either get a supplement plan(s), or Medi-Advantage part C, but not both.
Which plans and options one can choose is also dependent on where one lives.
If it sounds confusing, that’s what I thought. And truth be told, it’s probably why the many folks I talked to didn’t know exactly what it is they bought.
And although the government stipulated plan benefits must be identical no matter what insurer you buy it from, they authorities did not stipulate they all have to offer them to you at the same price. In other words, you could pay more for the exact same plan depending on the insurer you buy it from.
Depending upon how many ills one might have, how often you go to a doctor, how many prescriptions you may have, if you want to keep your current medical providers or not and balancing your monthly premium desires with your out of pocket expenses expectations, this will all lead you in the direction of selecting the best plan for your situation. To select the best and most affordable plan for your situation it will likely require some hours spent in front of the computerAlthough special circumstances will mean automatic enrollment and age exceptions for some, in general, there is an enrollment period that starts 3 months prior to your 65th birthday and ends 3 months after the month of that birthday.
Missing this enrollment period can lead to problems for some so don’t overlook it. You likely won’t have to be reminded as your mailbox will likely start to fill with offer after offer from Medicare providers as you approach your 65th birthday. As always watch for scams and double check everything before you buy as changing plans later can have restrictions. Newbies can start by visiting www.medicare.gov. . Finding a Medicare specialist insurance agent will also help in your final selections. I am a Medicare agent. Call, lets sort through the confusion.
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