Take This Step Now to Lower Your Medication Costs

No images? Click here   By Elizabeth O'Brien | November 19, 2023 It happens every year: Older adults get a cost-of-living boost to their Social Security benefits, and rising healthcare costs gobble much of the raise. This year could be worse than usual, since Part D drug premiums are set to soar for 2024. A new study finds that Part D premiums are up between 42% to 57% for next year in the five states with the highest percentage of seniors. These increases will eat into the Social Security COLA, which is 3.2% for next year.  Fortunately, there are steps Medicare recipients can take to lower your overall drug costs. Take a moment this open enrollment period to review your Part D coverage. If you’re unhappy with premium increases or changes to covered drugs, there’s probably an alternative that will save you money. Compare your choices using Medicare’s plan finder tool, and don’t delay. Open enrollment ends on Dec. 7. P.S. Remember that in some cases, you may get a better deal by bypassing your insurance altogether (this goes for people of any age). Ask your pharmacist the cheapest way to fill your prescription, and check out some competitive online options. Wishing everyone a happy Thanksgiving!  Medicare Part D Premiums Could Spike in 2024     Want to Make Your 401(k) More Like a Pension? Buy an Annuity. The Secure 1.0 law made it easier for 401(k)s to offer guaranteed income options. Shoppers Are Rescuing the Economy How long can it last? Don't Assume Your Doctor Still Takes Medicare Advantage Some major health systems are canceling their contracts. These Are the New Tax Brackets and Standard Deductions The IRS announced inflation adjustments for a host of tax provisions this past week.  IRS Lifts 401(k) Contribution Limits for 2024 The income phase out for Roth contributions also rose.   More Barron's Retirement Coverage       How to Prepare for the 'Survivor's Penalty' Before A Spouse Passes  (CNBC) When Happens to Your Social Security When Your Spouse Dies? (The Motley Fool)   *** Stay on top of the tech trade with a daily rundown of top-performing tech stocks and the big names making news. Sign up for the Tech Report newsletter by Investor's Business Daily here.      Social Security   Medicare   Required Minimum Distribution calculator   Getting Ready to Retire? Here's a Planning Guide for the 5 Years Before Your Last Day.   Finra's Guide to Social Isolation and the Risk of Investment Fraud   The SEC's Guide to Identity Theft, Data Breaches, and Your Investment Accounts           This mailing was sent to aymentanaze.news@blogger.com,  because you signed up to be a Barron's newsletter subscriber. Manage Email Preferences | Privacy Notice | Cookie Notice | Contact Us Barron's | 1211 Avenue of the Americas | New York, NY 10036 ©2023 Dow Jones & Company, Inc. All Rights Reserved .         Unsubscribe