Pharmaceutical company Eli Lilly recently warned that some Medicare drug plans may charge more than the expected $50 monthly cap for certain weight-loss medications. The issue highlights the complexity of how new drug pricing policies interact with Medicare prescription drug coverage. While reforms aim to reduce costs for seniors, experts say the rollout may vary depending on how insurers structure their formularies.
Introduction
If you’re a Texan approaching 65 or already on Medicare, understanding your options for 2025 is key. Texas offers a wide range of Medicare Advantage, Supplement, and Prescription Drug Plans — but not all are created equal.
Key Changes for 2025
Enrollment Tips
Working with a financial advisor can be a beneficial decision, but that doesn’t mean that you want to spend the money on one. Today, a good financial advisor can cost as much as $400 per hour. While there are times when consulting a financial advisor is best, improving your own financial understanding can help you to make better decisions and save a lot more money in the long run. Let’s explore the tips that every person should know to find financial freedom.
In the modern world, retirement is something that every single one of us needs to plan for. Having a retirement plan is a crucial part of preparing for the future, but you also need to understand what kind of plan you have and what your limitations are. Too often, people invest in plans with no idea how they work. These plans can act as a tax break annually, but those gains can easily be lost if you try to pull out your money early. Be aware of how much you can contribute, what kind of plan you have, and when you will be able to access it.
Budgeting is an essential skill that everyone must master, but it becomes even more of a consideration when it comes to retirement. The data on people of retirement age shows that they average about $46,000 a year in overall budget, which means your plans need to be able to support that. Your budget must consider living expenses, medical expenses, and any extras that you want to include. Make a plan to start saving for the retirement that you want to enjoy down the line.
One of the biggest pills to swallow for modern generations is the fact that Social Security is not something to look forward to. People think that they can count on Social Security, but this really isn’t the case. The average estimated benefit from Social Security is less than $1,500, and this is barely enough to cover rent for most people.
The hard truth is that the life that you live today will impact the life that you live tomorrow. While certain investments can be beneficial when you are actively making money, this can change significantly when you retire. Retired individuals or couples should be prepared to downsize and live on a set budget. When your income is fixed, you won’t have a choice.
Having a better financial understanding can help you to make good decisions that will set you up for the future. Before you trust your future to work itself out, take the time to learn more about retirement and the future of the economy. Good decisions today can be life-saving decisions tomorrow.
The human body is a complicated construct, and it is known to change throughout the years. While most of us are well-acquainted with the expected ways that our bodies can change—with pain, medical concerns, and new limitations appearing—people have a tendency to get confused when it comes down to their body’s overall nutrition needs. These needs do change as we get older and must be considered. In this article, we will explore why this happens and what it means for your health.
Nutrition and Overall Health
It is often said that the majority of our health begins in the kitchen, and there is a lot of truth to this sentiment. We all have different nutritional needs that can change in response to a variety of factors. For most of us, it makes sense that someone might eat differently if they’re working out a lot more, but have you ever considered the ways that these needs change simply because our bodies do?
How Our Health Needs Change with Time
As the human body ages, it can go through some very noticeable changes. When we got older, it is common to find ourselves faced with new needs or preferences. Some of these might be related to taste, but the more important considerations often come down to health. The passage of time can influence the ways that our organ’s function, how comfortable we are after eating a certain kind of meal, or even how much we weigh. Being aware of this and accommodating these changes is a crucial part of aging gracefully.
Our nutritional needs are a direct response to our body and lifestyle. These needs might change when you find yourself diagnosed with a new medical condition, like diabetes, or they might change when you find yourself spending less time moving and more time sitting. Your lifestyle and overall health can influence what vitamins you need, and making the right nutritional choices can help you to thrive. Most aging adults need more calcium, Vitamin D, iron, and Vitamin B12 during their later years.
Nourishing Your Body to Suit Your Needs
Growing older isn’t always easy, but it is easier when we nourish our bodies the right way. For those who find themselves struggling with blood sugar changes, it might mean cutting out sweets. For someone who is losing bone density, it might mean changing how much calcium is in your diet. Age brings changes to every system in the body, so it is natural that your nutritional needs will change with it. Above all else, the best nutritional choices as you age will be the ones focused on health: fruits and vegetables, proteins, and plenty of energizing carbs.
The Takeaway
Getting older is inevitable, but the way that we age can be optional. Being aware of how your body’s needs can change, and making dietary changes to accommodate these new needs, can keep you healthy and comfortable in the years to come. To make the best choices, consult a medical professional about your blood work and your body’s individual needs.
Hardworking citizens deserve to retire in comfort, but that isn’t always a guarantee in the real world. All around the United States, state-sponsored retirement plans are an option for employees working for companies of a certain size that don’t offer their own retirement plans. Many people see it as a good opportunity to build a retirement, but there is more to consider with these plans and their limitations. In this article, we will explore what these retirement plans offer—and whether or not they are worth the investment.
A state-sponsored retirement plan is a retirement option that companies have to offer their employees once the company reaches a certain size if they don’t have their own employer-sponsored plans available. These individual plans can operate in different ways, offering an investment option with a firm that is chosen by the state. State plans can offer a traditional IRA, Roth IRA, or pre-tax for employee investment.
These retirement plans are an opportunity for employees to put aside money for retirement. They require employers to put aside a set percentage, with the standard being 3% of an individual’s salary, for their employees. Employees can contribute between $5,500 and $1,000 annually depending on their circumstances. This money builds over time and can be accessed for tax-free withdrawal once the employee hits the designated age. For most plans, the age is 59 ½.
People often consider a retirement plan to be something that will build itself in the background over time, but this isn’t always true. Relying on state programs or programs like Social Security can actually offer an unpleasant experience down the line. Recently, reports revealed that $1,657 was the average monthly payout for Social Security in 2022—an amount that will cover very little compared to the cost of living in most states.
Preparing for the future takes active steps, and it must be done with a keen focus on understanding. Prioritizing your own private retirement investments is a wonderful way to set yourself up for the future without forcing you to rely on the potentially unreliable services offered by others. As much as we want to believe that the states will work these things out, there really isn’t a guarantee at this point.
To take active steps to secure your financial future, it is beneficial to start retirement planning as early as possible. Contribute as much as you can to an individual retirement if you have the option to, and be realistic about how you can alter your budget to support your future. When in doubt, working with a financial planner can help you to build a more reliable retirement.
Your financial future is in your hands, even if others say that they can help. State-run programs can be a great benefit when you retire, but they simply cannot be your only option in this day and age. Taking steps to prioritize saving money in advance is an excellent step forward. Don’t hesitate to learn more about retirement so you can take better control of your financial future and retire in comfort.
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Original Medicare does not provide any benefits for fitness. Many, but not all, Medicare Advantage Plans and a few Medigap plans include some fitness benefits such as free or reduced-price classes, gym memberships, supplements, etc. If this kind of benefit is important to you, examine the plan brochure carefully.
The more interesting question is, should they be important to you? There is a lot of research that demonstrates that even mild to moderate aerobic and strength training exercise is enormously beneficial to seniors and the disabled. Even a little exercise will help and the more the better.
Exercise improves and maintains functioning, fights depression, reduces pain, increases mobility – the benefits are unlimited! So, in general, having an Advantage or Medigap plan that offers fitness benefits is a good thing.
But is it a good thing for you? If you are a self-starter and self-organizer who can Google a fitness routine and start and keep to it without encouragement, you probably don’t need a fitness benefit.
Buying a pair of two-pound dumbbells or a membership at a local gym, you can benefit greatly from any type of fitness regime.
Many Advantage and Medigap Plans offer the “Silver Sneakers” program of in-person and online exercise classes as a fitness benefit. The classes are worth taking, particularly if you enjoy group activities. Introverts may prefer the online version.
If your plan offers fitness activities, there is usually no cost or obligation to try them, so give them a whirl!
“Social Security and Medicare are going to go bankrupt.” This has been a mantra on the American right since the two programs were founded, in 1935 and 1965 respectively. How true is it? If we define “bankrupt” as “unable to pay all promised benefits out of current revenues”, if nothing changes from the arrangements at present, that point will arrive for Medicare in 2026. At that point, the Hospital Trust Fund, which pays for Part A services, will be able to pay only 90% of its expenses.
The key idea to concentrate on is “…if nothing changes from the arrangements at present.” Those arrangements are taxation of 2.9% of wages in covered employment, with half paid by the employer and half paid by the employees. (The self-employed pay the full 2.9% themselves. Part B is funded by a combination of taxes, general revenues, co-payments from beneficiaries, and premiums from beneficiaries; the premium is $170.10 per month in 2022, except for some higher-income taxpayers.
The solution is simple. More tax revenue, less expenses, or some combination of the two. This would mean reducing payments to providers, raising taxes, increasing payments from general revenues, or some combination of the above. Arithmetically, it’s simple: just put more money in or take less out. Politically, it is not simple at all. There is a lot of ideological baggage attached to any possible solution, and the fight will be fierce. The one thing that one can be certain of is that 63 million Medicare beneficiaries will not be happy if they have to pay more in taxes or receive less in benefits.
A persistent theme on the right in the U.S. is that all of the Medicare and Social Security Trust Fund money has been “borrowed” to pay for other programs, so it really doesn’t exist. It is absolutely true that the law requires that Social Security and Medicare funds collected from taxes and premiums be invested only in U.S. Treasury securities. It is absolutely true that U.S. Treasury securities are government borrowing – a bond is an instrument that pays interest on a capital amount that is loaned to the bond issuer. It is also absolutely true that if the U.S. government runs a deficit, it has spent more than it has taken in – that’s just what a deficit means. But this does not mean that the money is “gone.” The U.S. government still has it on its books as an obligation that has to be paid, and it will be.
Social Security is in the same boat as Medicare: there is a projected point in the future, at which, if nothing changes from president arrangements, Social Security will be unable to pay the full amount of benefits promised. That point is currently projected to be sometime in 2033, at which point the Old Age, Survivors, and Disability Insurance Trust Fund will be able to pay on 76% of promised benefits.
As with Medicare, that is true only if the present arrangements are unchanged. As with Medicare, paying out less, collecting more in taxes, or some combination of the two is the starting point for a solution.
For both programs, however, “paying less” and “taxing more” demonstrates a woeful lack of imagination. Options such as a wealth (as opposed to income) tax, a value-added tax, investments in the private sector as well as government securities, exist. We just have to hope that our politicians will be thinking creatively before the crunches come.
There are times in life when things don’t quite go accordingly to plan, and sometimes these instances can influence our health for better or worse. Chronic disease is a concept that has been around for ages, but it is taking on more meaning as we learn more about what it is and how it impacts people. In this article, we will explore chronic disease in general and the ways that it might influence your overall wellness.
What is Chronic Disease?
Chronic disease is any kind of disease that is around for the long haul. These diseases can last a few months—or a lifetime. Presented in many different forms, chronic disease can impact our health immediately, and have long-lasting impacts as well. Since chronic disease is an active part of an individual’s life for a long amount of time, the impacts on overall health and wellness can be significant.
How Chronic Disease Influences Wellness
Anyone that has ever been diagnosed with a chronic disease will tell you that it changes the way that you live. Some of these diseases are present at birth, but chronic diseases can also show up later in life. Regardless of their duration, they can influence your wellness in some substantial ways.
Mental and Emotional Fatigue
Chronic disease is known to come with its fair share of mental and emotional fatigue. It can place limitations on the way that you live, forcing you to miss out on big events or even just causing you to wear down with time. Having a chronic disease can be a heavy weight on your life, particularly if it is left unmanaged. Many people struggle to balance chronic disease with maintaining their own mental health.
Physical Fatigue
With any chronic disease, there is generally a degree of physical fatigue. It might be the sapping exhaustion of living with chronic pain, or the drain on your body’s power and resources as your body responds to the disease. For some people, this fatigue can get worse at certain stages of the disease cycle, or it can just get worse with time.
Medication Stresses
Medication can have a big impact on your wellness, and most people with chronic diseases take one or several kinds of medication. It is common for medication to have side effects, and this can put added stress on your body and mind. These stressors can be frustrating, and sometimes they bring worse pain or discomfort.
The Takeaway
Everyone responds to chronic disease differently, and the disease that you have will come with its own hardships. It is clear why disease would impact us, but sometimes it is important to consider how they can impact us as well. To find comfort while living with chronic disease, we must address just how much it really affects us and find the support that we need to keep pushing through.
With each new year, we all get a little bit older, and the years can certainly change our bodies. As we slowly gain more knowledge and a better understanding of what the aging process really looks like, there is more of a focus on what we can do to support our bodies later in life. Let’s explore the best exercises to embrace during your Golden Years so that you can age with grace and comfort!
Walking
There are few exercises more simple or enjoyable than walking, and it is also an excellent opportunity to get plenty of exercise. When we walk, we get our blood pumping and help our muscles to shake out any lingering tension. This low-impact exercise makes it easy for us to increase overall health, particularly in the heart and lungs!
Swimming
You would be hard-pressed to find a doctor that doesn’t believe that swimming is one of the best exercises that seniors can do. As far as exercise methods go, swimming is as low-impact as you can get. It allows us to get plenty of healthy exercise without putting the amount of strain that can come with other forms of exercise. As an added bonus, it is also quite a bit of fun! Whether you are swimming laps or doing water aerobics, you will find that the pool is a great space to promote your wellness, particularly if you have chronic pain or arthritis.
Yoga
With every passing year, more people are developing an interest in yoga, and it is fairly easy to see what is driving this interest. Overall, yoga is a form of exercise that really does cater to the needs of the individual. It can be as simple or as difficult as you make it, allowing you to grow along with it as you explore your practice. Like the other exercises on this list, yoga is low-impact, but it also does wonders for stretching out the muscles and increasing comfort in the joints.
Strength Training
In recent years, a surprising number of seniors are turning to strength training in order to support their health and wellness. Strength training can help us to retain our muscular strength, support our bone density, and increase our mobility. Some people use it to maintain their independence as they age, but others use it to manage pain levels that are associated with chronic disease.
Aerobics
Aerobic exercise has been one of the most popular forms of exercise for seniors who are looking to age with an added bit of grace and style. This heart-friendly exercise option is a great way to remain active and improve your overall mobility. Though levels can vary, this is a good exercise option that should be discussed with a doctor depending on your unique needs.
The Takeaway
Your Golden Years can be some of the best years of your life, and it all gets a lot easier when you pair them with the right exercise. Choosing a good way to stay healthy and active can help you to enjoy the years even more by giving you the power to maintain your comfort and independence, even as the decades pass by!
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The Size of Medicare (Nationally) in the U.S.
For the whole US, Medicare enrolls 64 million people. Of those, 9.1 million are on Medicare due to a disability, 16% of the Medicare population. Another 500,000 are on Medicare due to End-Stage Renal Disease (ESRD). Medicare accounts for 4% of the US Gross Domestic Product (GDP), or around $780 billion dollars, making it the second most expensive Federal program. (Social Security, at about one trillion ($1,000,000,000,000) per year.
The average total cost per Medicare beneficiary is $12,187 per year. Of that, beneficiaries pay an average of $170.10 per month, or $2041,20, for Part B in 2022 and pay an additional average of ca. $6,000 out of pocket, for a total of around $8100. A very good private insurance plan, in contrast, would cost around $26,000 per year.
Medicare accounted for 20 percent of total national health spending, 30 percent of spending on retail sales of prescription drugs, 25 percent of spending on hospital care, and 23 percent of spending on physician services in 2017.