Is It Too Late To Quit Smoking?

Many people, especially older people think to themselves “why should I stop smoking? It has already been so long, why quit now.” A lot of times, seniors will think that it is too late to quit smoking, but it is actually the opposite. There are many benefits and reasons to stop smoking, even in your 60’s. Research has shown that seniors who quit smoking lowered their chances of dying.

It is never too late to quit smoking.
Seniors are known to smoke more cigarettes with a higher nicotine content than newer smokers.

Cigarette smoking leads to about 30% of cancer deaths in the U.S. According to the CDC, more than 16 million Americans have a disease caused by smoking, and that smokers die on average 10 years earlier than nonsmokers.

Did you know that people who quit smoking get colds and flus less than those who still smoke? You also reduce your risk of a heart attack, stroke, chronic lung disease, and cancer when you quit smoking. Smoking has been linked as a major risk factor in 6 out of 14 causes of death.

Research shows that older smokers tend to smoke more than younger ones, and the cigarettes they do smoke contain higher nicotine. The studies also show that people who quit within their 60’s reduced their risk of death by 23%. This may not seem like a lot, but as we age and get older, the more susceptible we are to getting sick, hurt, or dying. A 23% chance to continue living is better than nothing.

While the best solution is to never begin smoking, there are just as many benefits to stopping. It only takes 20 minutes from the moment you decide to stop smoking, to feel better because your blood pressure immediately starts to drop. Within 12 hours, you will feel as if you can breathe a little better since the carbon monoxide levels in your body drop back to normal. The health benefits and good feelings only intensify within the next few weeks when your levels return to near pre-smoking levels.

The number of cigarettes the average smokers smokes increases as they age.
It is never too late to quit smoking.

Quitting smoking can be hard at times, and many smokers have tried to quit multiple times in their life. There is no doubt that there will be challenges, but there are some things you can do to quit. Voice your decision to your doctor and they can suggest the different options that can help you to quit. There are local programs you can go to for support, and you can seek nicotine replacement packs or medication.

Some people smoke out of habit, while others do it to destress. Take up a hobby or new activity to replace smoking and relieve stress. Yoga and other forms of exercise may help you find peace and take your mind off what is going on, plus you get the added benefits of exercising!

We all have our flaws where we say we will start to do better for ourselves tomorrow, or next week, or the beginning of the month. But there is not better moment than right now to quit smoking.

 

New Medicare Open Enrollment Dates

The Centers for Medicare and Medicaid Services, CMS, has announced that beginning in 2019, there will be a continuous Medicare Open Enrollment Period which will now be January 1- March 31st. During this time, Medicare beneficiaries will be able to to make a one time change of plans.

In 2011, the Affordable Care Act changed the Annual Election Period (AEP) to October 15 through December 7 every year and changed the Open Enrollment Period (OEP) into a Medicare Advantage Disenrollment Period (MADP) which was January 1-February 14. During the Disenrollment Period, you can drop your current Medicare Advantage plan and can return to Medicare and purchase Medicare Supplement. You can purchase Part D plan but only if you drop your Medicare Advantage Prescription Drug Plan, MAPD.

 

The 21st Century Cure Act that just passed and signed into law is bringing back the Open Enrollment Period dates. During the AEP, beneficiaries can change switch as much as they want but a final decision will be by December 7.  The AEP will still during October 15- December 7 every year where beneficiaries can:

  • Switch from Original Medicare to Medicare Advantage Plan
  • Switch from Medicare Advantage Plan back to Original Medicare
  • Change Medicare Advantage Plans
  • Enroll in a Part D plan
  • Drop prescription drug coverage
  • Switch or purchase Medicare Supplement Plan

 

During the 2019 OEP, January 1-March 31st, beneficiaries can make a one time change to:

  • Medicare Advantage Prescription Drug Plan to another MAPD
  • Switch a MAPD to Original Medicare and a Part D
  • Switch Original Medicare and Part D to a MAPD.
  • Change Medicare Advantage Plans
  • Switch from Original Medicare to Medicare Advantage Plan
  • Switch Medicare Advantage Plan to Original Medicare
  • Purchase Medicare Supplement Plan when switching to Original Medicare*

*When purchasing a Medicare Supplement Plan during OEP, you will not have guaranteed issue and subject to underwriting.

The AEP can be a hectic time for many Medicare beneficiaries because it falls during the holidays. Some people will wait until the holidays are over to try and change plans and find out they cannot do it until the next AEP in a year. Now, with this new OEP, from January 1-March 31st, beneficiaries can help those that missed the deadline to have another chance to make changes.

 

Basic Health Plans Threatened By Federal Cuts

Since President Trump and the Department of Health and Human Services cut cost-sharing reductions in October, some states have brought a lawsuit against the government. The lawsuit centers on the loss of federal funding, which jeopardizes basic health programs.

The Basic Health Program offers an alternative coverage plan for people with household incomes between 133 and 200 percent of the federal poverty level. The ACA included this as an option to make coverage more affordable. New York and Minnesota were the two states in which these programs were offered in order to provide a “standard plan” for those who didn’t qualify for employer coverage or other government programs. It is estimated that they offer comprehensive coverage for more than 800,000 low-income people.

The attorneys general of New York and Minnesota filed the suit against the government for over $1 billion a year lost from funding the basic health programs. The two states estimate that New York will get about $1 billion less funding in 2018 to run its Essential Plan, and Minnesota will get about $130 million less to run MinnesotaCare.

“The abrupt decision to cut these vital funds is a cruel and reckless assault on New York’s families — and we will not allow it,” state Attorney General Eric Schneiderman said in a statement trumpeting the suit. “I won’t stand by as the federal government continues to renege on its most basic obligations in a transparent attempt to dismantle the Affordable Care Act.”

“For each dollar Minnesota sends to Washington, D.C., we get just 53 cents back,” Minnesota Attorney General Lori Swanson said in a statement. “This lawsuit seeks to avoid Minnesota losing hundreds of millions of dollars of payments in the coming years.”

The administration told the states it would stop paying the “cost-sharing reductions component” of the basic health program funding, but continue to pay premium tax credits.

The two states have submitted proposals to restore the funding, but the Department of Health and Human Services failed to answer, and never considered the proposals. Because of this, the two states are asking a judge to intervene in order to force the government to pay the full federal funding.

The fear amongst the two states is that if the federal funding is not restored, and then costs will rise and coverage will shrink. “It could trigger major changes to the eligibility structure, the benefits or increases in premiums,” says Maureen O’Connell, president of Health Access MN, which helps people enroll in marketplace coverage.

Double Check Your 2018 Information Now!

When enrolled in a Marketplace Insurance plan, it is important to make sure your household information is up to date every year. There may be benefits you are missing out on and possible consequences if you do not update.

What Changes To Report

  •         Changes to your income for the year, whether a raise or demotion
  •         Changes in health coverage: Whether someone in the household is getting job-based insurance, and/or receiving public coverage such as Medicaid, CHIP, or Medicare. Also, if someone is losing coverage that is job-based or public.
  •         Changes to your household or individual members:  If there is a birth or adoption, placement of a child for adoption or foster care. If someone becomes pregnant, and/or getting married or divorced. Child turning 26 years old. If there is a death, gaining or losing a dependent, and if you are moving to a permanent address.
  •         Make sure names, date of births, and Social Security numbers are correct
  •         Changes in status: Such as disability status, tax filing status, change in citizenship, whether there is American Indian member, and/or incarceration or released from incarceration.

Why You Should Report The Changes

If your income goes down or you gain a household member, then you may qualify for more saving than you are currently receiving. This can lower your monthly premium payments.

The flip side is if your income goes up or you lose a household member, then you could qualify for fewer savings. If you do not report this change, it will result in owing money when you file your federal tax return.

How To Update

Who you will contact for help is dependent on whether you got your plan from the Marketplace, or from a provider such as EZ.Insure. If you got a plan from one of our agents, you can always call 855-220-1144, or email us at [email protected] to speak to your agent and update your information.

  •         You can report any change by updating your application online after logging into your account on Healthcare.gov. Click on your application, choose “report a life change,” and then save it when done.
  •         Contact a representative at the Marketplace Call Center at 1-800-318-2596. Or call your advisor at EZ.Insure.
  •         If you move to a different state, log onto your account in HealthCare.gov, select a new application; select the year for coverage, and the new state. Finally, choose “apply or renew” to start a new application.
  •         If you are switching to a job-based insurance plan, or to Medicare, make sure to cancel your current plan.

Do not forget to update your 2018 information, because it can cost you in the end when you file your federal tax return. And more importantly, you can possibly lose out on extra savings you should be receiving!

If you are looking for a new plan or have questions regarding your coverage, EZ.Insure can help. Our agents specialize in short term plans in your area and can answer any questions you have to find out if it is right for you. You will be given your own advisor who will go over different plans, and help sign you up free of charge. To start saving, enter your zip code in the bar above to get instant quotes, email us at [email protected], or call 855-220-1144. We guarantee we will be able to find you a plan that is affordable and meets your needs.

Trump Takes Action on Lowering Medicare Drug Prices

Medicare drug prices continue to increase making it harder for seniors to afford, President Trump decided to take action. Trump proposed a plan to bring down the prices of Medicare drugs by giving back to customers and focusing on raising foreign drug prices.

The federal government is not allowed to negotiate Medicare drug prices, so Trump said his plan will work without needing Congress’ approval. Insurers get discounts for the expensive name brand drugs, which are negotiated by pharmacy managers. Trump wants these rebates and discount distributed to the customers, which would help lower the prices. President Trump’s plan is to give at least one-third of the rebates to beneficiaries.

Seema Verma, the administrator of the Centers for Medicare & Medicaid Services, stated that the rebates are a “convoluted system,” because they allow manufacturers to raise list prices. This, in turn, increases the amount of money that insurers and pharmacy benefit managers collect in rebates, giving them no incentive to keep prices down.

“When prices go up, patient cost-sharing also goes up,” she said in a speech before the American Hospital Association earlier this week. “We’ve all noticed the increase in the amount we have to pay at the pharmacy counter. For seniors who are sometimes on fixed incomes, the pain is real. This is not acceptable.”

The Trump administration wants to raise the prices of foreign drugs in order to reduce the drug prices at home. The reasoning for this is because foreign places keep their prices low while Americans continue to pay highly for their drugs. The foreign countries benefit from America paying high prices for these drugs and essentially their development. “The United States both conducts and finances much of the biopharmaceutical innovation that the world depends on, allowing foreign governments to enjoy bargain prices for such innovations,” the council’s report said. “Simply put, other nations are free-riding, or taking unfair advantage of the United States’ progress in this area.”

The Food & Drug Administration is focusing on trying to introduce more generic drugs that are identical to name brand drugs. This way customers can opt to buy the generic brand and save some money. The agency is hoping that by producing more generic drugs will increase competition and eventually bring down the pricing of brand-name drugs.

Seniors have been struggling to obtain the medications they need due to how expensive they are. Some have to make drastic changes in order to get these medications because they can die without them. There are still talks amongst the Trump administration about reducing Medicare drug prices and they are hoping to make some positive changes in 2019.

Higher Minimum Wage Could Lead To A SMALLER Check

Americans have been striking and pushing for a higher minimum wage from $7.25 to $15 an hour. Higher minimum wage would have many unforeseen negative effects, especially on taxes and health insurance benefits.  With a higher wage for their employees business owners would be less likely to offer benefit packages. The employee would also end up paying more in taxes, adding that to the fact that they would also have to pay for their own insurance and benefits, it might cost more than you think to get that raise.

Saving could become even harder with a higher minimum wage due to an increase in out of pocket expenses!

The problem with raising the minimum wage so much is the funnel of confusion that it creates for already established businesses. Raising the minimum wage means a business would also have to raise the hourly wages for the employees who have been with the company for several years. If they leave their wages the same someone who has been with the company for five years could end up making less than, or the same as someone who just started. This means the business would have to lower their profit margins and take a cut in order to account for paying everyone. For larger businesses this is no problem, but when you look at small business it could be detrimental. For a business that already has slim profit margins they could end up losing money just to pay their employees. This limits the number of employees a business will take on, puts more stress on employees because they can end up understaffed, and prevents any growth in the business. If they also have to take away benefit packages offered to employees because of their new wages this also decreases the likelihood of an employee staying. This in turn could push out unhappy employees creating a higher turnover rate, which costs businesses even more money to interview, hire, and train the right people.

Companies would not only have to limit how many people they hire, they would have to cut back on the healthcare they once offered. According to research, if the minimum wage was increased by $1, then 9-50 percent of the employees wages were offset by a decline in the employer’s health insurance coverage. Employer-provided health insurance would begin to diminish in order to save money. A 2014 study of 400 US Chief Financial Officers (CFOs) by Campbell Harvey, Ph.D., J. Paul Sticht Professor of International Business at Duke University, found that 40% of CFOs would reduce employee benefits if the minimum wage were raised to $10 an hour.

If employers are be less likely to offer health insurance coverage, employees are left to cover their own insurance and studies show employees are less likely to go and get their own coverage through the ACA, even if they were entitled to subsidies. Employees would rather go without coverage than seek insurance from the exchange.

Increasing wages also affects the amount of government assistance people recieve. If someone is working a minimum wage job and is offsetting their income with government programs, tax refunds, and assistance than this wage increase could actually end up costing them more. <You needed an introduction for this. You never mention these affects and just jump into an example about them.  For example, a single mother making $7.25 an hour would receive more of her pay than those who made $10 an hour. Raising wages results in that mother losing about $70 in earned income tax credit refunds, and $528 in child care subsidies. She then ends up paying $37 more in payroll taxes and $45 more in state income taxes. This happens because the more an employee makes, the more they pay into benefits and increases their tax payments, and decreases their eligibility for government programs .

While raising the minimum wage sounds like the perfect solution to raising everyone’s quality of life it actually creates a whirlwind of new problems. People could lose their jobs, their health insurance, and their tax credits which would in turn cause them to take home even less than they had with the current minimum wage. On top of affecting the individual it will make it nearly impossible for small businesses to thrive next to larger corporations and will put many smaller companies out of business. Instead of simply raising the wages the economy has to find a better solution, one that allows people to not ‘make more’ but to take home more.

 

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