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Medicare

This week’s money news

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This week’s top story: How to get into college without applying. In other news: Solar panels in Ohio, project 2025 calls for big changes to Medicare, Medicaid, and 5 ways to practice financial self-care.

Direct Admissions: How to Get Into College Without Applying
If your senior year of high school approaches, direct admissions can help you get into college. A growing number of states are offering this path to college, and companies like Common App and Niche also provide direct admissions to students regardless of where they live.

Solar Panels in Ohio: Costs and Incentives in 2024
Ohio solar panel costs are slightly lower than the national average.

Project 2025 Calls for Big Changes to Medicare, Medicaid
The nearly 900-page conservative policy platform proposes major overhauls for a wide range of government programs and agencies.

5 Ways to Practice Financial Self-Care
Start with reflecting on your past and goals, and then make a customized plan.

Q&A: Old inherited IRA is safe from “drain it in 10 years” requirement

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Dear Liz: You have written that non-spouse beneficiaries are now required to drain their inherited IRAs within 10 years. Is this requirement retroactive?

I inherited an IRA from my mother in 2015. I have been taking out the minimum required each year. If I must drain the account within 10 years, will the increase in yearly income affect my Social Security benefits?

Answer: The 10-year requirement applies only to accounts inherited from people who died after Dec. 31, 2019.

IRA distributions don’t affect Social Security benefits, but could affect Medicare premiums if the withdrawal is large enough. Taxable income above certain limits triggers a Medicare surcharge known as an income-related monthly adjustment amount, or IRMAA.

Q&A: How capital gains boost Medicare premiums

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Dear Liz: We are retired and living mainly on a pension, which covers our month-to-month needs. We own our house outright and are considering downsizing. When we do that, will the capital gain cause our Medicare premiums to go up two years later? If so, will it automatically go down again after one year?

Answer: A big-enough capital gain can trigger Medicare’s income-related adjustment amount, which are surcharges on your Part B and Part D premiums. As you note, there’s a two-year delay between the higher income on your tax returns and higher premiums.

If you’ve had a life-changing event — marriage, divorce, a spouse’s death or loss of income, for example — you can appeal the increase by filing form SSA-44. Otherwise, consider saving some of the home sale profits to cover your higher premiums for that one-year period.

This week’s money news

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This week’s top story: When you want to leave your medicare advantage plan but feel stuck. In other news: How the SVB collapse still ripples through banking, 5 financial mistakes to avoid when you are self-employed, and what small-business owners need to know about NIL sponsorships.

When You Want to Leave Your Medicare Advantage Plan — But Feel Stuck
How to get out of your Medicare Advantage plan if it’s not right for you — and what to do if there are no good alternatives.

How the SVB Collapse Still Ripples Through Banking, 1 Year Later
Five banks failed last year, including Silicon Valley Bank. Keeping your money FDIC-insured goes a long way to prepare you for any future bank collapse.

5 Financial Mistakes to Avoid When You Are Self-Employed
Self-employment can be rewarding, but it can also be expensive when you make certain financial mistakes.

What Small-Business Owners Need to Know About NIL Sponsorships
Small-business owners can use name, image, likeness sponsorships, but should be intentional and avoid investing simply as fans.

This week’s money news

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This week’s top story: Watch for these 3 Medigap shopping surprises to avoid overpaying. In other news: What home buyers should know as mortgage rates top 8%, cut EV costs with electric company incentives, and what to buy on Black Friday and Cyber Monday 2023.

Watch for These 3 Medigap Shopping Surprises to Avoid Overpaying
Medicare beneficiaries should watch for shopping surprises when choosing a Medigap plan to avoid paying too much for coverage.

As Mortgage Rates Top 8%, What Home Buyers Should Know
Interest rates on 30-year fixed-rate home loans have reached a milestone not seen for over two decades. What does that mean for this housing market?

Cut EV Costs With Electric Company Incentives
Electricity providers offer a range of EV rebates, from vehicle purchase to charging station installation.

What to Buy (and Skip) on Black Friday and Cyber Monday 2023
Retailers like Amazon, Target and Walmart pushed October sales as an early start to the holiday shopping season again this year.

This week’s money news

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This week’s top story: Smart Money podcast on making your big money reset. In other news: what do financial experts say about investing in AI stocks, if COVID costs will be covered when the health emergency is ended, and what to do when Medicare doesn’t cover your prescription drug.

Smart Money Podcast: Making Your Big Money Reset, With Jill Schlesinger
This week’s episode is dedicated to a conversation with Jill Schlesinger, CBS business analyst, host of the “Jill on Money” podcast and author of “The Great Money Reset.”

What Do Financial Experts Say About Investing in AI Stocks?
Several publicly traded companies have links to artificial intelligence. But do AI stocks have a place in investors’ portfolios? Here’s what the experts say.

The Health Emergency Is Ending. Will COVID Costs Be Covered?
The health emergency expires May 11, with different impacts for those with private insurance, Medicare and Medicaid.

What to Do When Medicare Doesn’t Cover Your Prescription Drug
You may need to request a formulary exception or switch plans during an enrollment period.