Insights
At Peapack Private, we consider education to be an important part of what we do, both for our clients and for the public overall. That's why we regularly speak to local and national media, and why we contribute articles to leading publications, and our time to professional organizations.
MEDICARE NOTIFICATION
Fall Open Enrollment for Medicare is around the corner. Every year, from October 15 to December 7, Medicare beneficiaries may make changes to their existing Medicare coverage in a variety of ways.
During the open enrollment period, you may switch from Original Medicare (Part A and Part B) to Medicare Advantage (or vice-versa), switch from one Medicare Advantage plan to another and join or change a prescription drug plan (Medicare Part D).
Prescription Drug plans often make changes to the list of covered drugs for the upcoming year, so it is important to review your existing drug plan to be sure your medications will be covered going forward.
If you are already enrolled in a Medicare Part D prescription plan or a Medicare Advantage Plan and you don’t want to make changes to your coverage for the coming year, you typically do not need to do anything during open enrollment, assuming your current plan will continue to be available. If your plan is being discontinued and isn’t eligible for renewal, you should receive a non-renewal notice from your carrier prior to open enrollment.
Effective in 2019, between January 1 and March 31 each year, if you are enrolled in a Medicare Advantage plan, you can elect to leave your plan and return to Original Medicare, and buy a Part D prescription drug plan to supplement your Original Medicare. You also have the option to switch to a different Medicare Advantage plan during this time. From 2011 through 2018, there was not an option to switch to a different Medicare Advantage plan outside of the fall open enrollment period unless you had a circumstance that allowed you a Special Enrollment Period.
NOTE: If you have purchased a Medigap plan (issued by a private insurance company), the Fall Open Enrollment does not apply to you. There are 10 types of Medigap plans available (A-N) and each plan corresponds with a certain level of benefits. Medigap Plans have a six-month Open Enrollment window immediately after you turn 65 or upon your enrollment in Part B, whichever comes later. However, if you are past your six-month window and want to change plans, you are encouraged to check your state rules regarding timing and requirements for Medigap plan changes.
Questions about Open Enrollment or your Medicare coverage? Contact us today.
Featured ARTICLES
U.S. GDP growth has been on a downward trend thus far in 2019 shrinking from 3.1% in the first quarter to 1.9% in the third quarter. The main tools that are used to combat slowing economic growth are monetary and fiscal policies. In terms of monetary policy, the Fed has embarked on a mid-cycle adjustment and lowered interest rates 75 basis points (bps) since July of this year.
Investment Outlook THIRD QUARTER 2019: PATIENCE AND FORTITUDE
This summer, the New York Public Library announced that the two marble lion statues that flank the entrance of its
magnificent Carrère & Hastings building would receive a much-needed restoration. The sculptures have stood guard
there since 1911. But they are exposed to the elements, and to the eroding effects of urban pollution, and so they
require repairs and cleaning every 10 years or so.
magnificent Carrère & Hastings building would receive a much-needed restoration. The sculptures have stood guard
there since 1911. But they are exposed to the elements, and to the eroding effects of urban pollution, and so they
require repairs and cleaning every 10 years or so.
Alternative Energy
Demand for energy is only expected to increase over time, and although energy stocks have long provided a stable return for investors, the sector is changing and will likely be going through transition for the foreseeable future. Due to concerns about meeting steadily increasing demand, as well as the negative impact fossil fuel companies have on the environment, the renewable energy sector is expected to grow rapidly over the next 20 years.
The transition looks both to reduce reliance on the current use of fossil fuel, and to meet higher demand in the future with alternative sources. As a result, renewable energy sources are expected to see much faster growth rates than oil or coal.
Will the irs audit our family limited partnership?
A family limited partnership (FLP) is a sophisticated wealth transfer and management technique that allows for the division of illiquid, indivisible assets, such as real estate, into units available for gifting, said Jodi Cirignano, a certified financial planner and certified public accountant with Lassus Wherley, a subsidiary of Peapack-Gladstone Bank, in New Providence.
She said FLPs often serve the dual purpose of transferring wealth to family members - the limited partners - in a tax-efficient manner while enabling the creator, called the general partner, to retain some control over the assets.
Archived Posts
November 2019
October 2019
September 2019
August 2019
July 2019
JUNE 2019
May 2019
APRIL 2019
March 2019
FEBRUARY 2019
JANUARY 2019
Website is intended to provide general information pertaining to its Peapack Private services, which may include access to additional investment-related information, publications, and links. Any information contained in this website should not be deemed to be an offer to conduct business, effect securities transactions or attempt to effect securities transactions, or render personalized investment advice for compensation over the Internet. Any follow-up individualized communication with a prospective client shall be conducted by a representative who is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. The information contained in this website is not investment or securities advice nor does it constitute an offer.