The Medicare Open Enrollment is once again upon us. As it pertains to prescription drug coverage this means good news for some, with “not so good news” for others.
In 2024, the maximum out-of-pocket expense for an individual was $8,000. This meant that a person could be responsible for up to $8,000 towards the cost of their medicines during the course of the year. The Prescription Drug Plan would pick up the cost of the rest of the medicines at 100%.
For 2025, the Inflation Reduction Act, which was passed by Congress, mandated that the Part D maximum for which a person could be responsible has been reduced to $2,000, after which the insurance company would then pick up the balance.
Unfortunately, to offset their potential increase in financial responsibility, the insurance companies have not taken this quietly. Many of you will see large increases in your premiums or higher co-pays toward the cost of your medicines than you experienced in 2024. For those with significant drug costs the difference between the $8,000 and the $2,000 maximum out-of-pocket could result in a significant savings in 2025. By the same token, individuals who take very few medications (if any) will probably not be happy with the increase in premiums. You can see why Medicare beneficiaries would have differing opinions regarding this change.
One other piece of information is that the dreaded “donut hole” will no longer be in existence. Once you’ve reached the $2,000 level, everything will be covered at 100%. It is that simple. My recommendation is that you shop around until you find the plan most suitable for your needs.
We have some exciting news to share: God has provided a way to relaunch the Perspectives Class in Bloomington-Normal! Starting on Tuesday evening, January 21, 2025, and continuing for 15 weeks, Perspectives is an interactive study program rooted in Scripture clarifying each believer's remarkable opportunity to co-labor with God in his global purpose.
Connie and Darrell were fortunate to be a part of this life-changing class in the Spring of 2023 in Peoria and are so excited to see what God is ready to do in the lives of others in the Bloomington-Normal area. Leveraging a diverse mix of well-respected national and local teachers, weekly readings and impactful group experiences, Perspectives becomes a launching pad for participants to further explore God's calling in their lives as it relates to reaching others.
Connie and Darrell are overseeing recruitment and would love to give you (or your church) more information…just let us know if you have interest. And here is the place you can go to easily sign up or get online information: https://perspectives.org/courses/normal-il-s25/
Looking for something fun to add to the calendar this Fall and Winter? Look no further! We’ve gathered a few highlights:
BLOOMINGTON
Treat Fest in Uptown Normal | Thursday, October 24 5:00-6:30pm
Downtown Bloomington Farmers' Market | Saturday, October 26 7:30am-12:00pm| Downtown Bloomington
November First Friday | Friday, November 1 5:00pm- 8:00pm | Downtown Bloomington
Holiday Makers Market | Sunday, November 10 10:00am-2:30pm | Destihl Brewery
46th Annual Turkey Trot | Thursday, November 28 9:00am-11:00am | Miller Park
December First Friday | Friday, December 6 5:00pm- 8:00pm | Downtown Bloomington
Women's Christmas Celebration | Saturday, December 7 8:00-11:00am | DoubleTree Hotel
Wild Lights at the Zoo | Saturday, December 7 5:00-8:00pm| Miller Park Zoo
PONTIAC
2024 Family Fall Festival | Saturday, October 26 3:00-6:00pm | Oaks at Rivers Edge Golf Course
Happy Fall Ya'll Street Festival | Saturday, October 26 3:00-6:00pm | Downtown Pontiac
Hometown Holiday Tree Lighting Ceremony and Parade | Friday, November 29 | Downtown Pontiac
We know that many of you have been watching the current election cycle and are curious (to say the least) about how the results may impact the economy and, thus, the markets and your investments. We too have been watching and listening in an effort to make sure we are cognizant of both real and perceived potential impacts. Just recently, we received this Global Market Update from one of our managers, Russell Investments. It gives a really good perspective on the current market environment, and this paragraph in particular lays out how we are feeling right now about the impact of the election:
"The U.S. elections are also nearing, with very competitive races for the presidency and control of Congress. It’s important to note that the democratic system of government in the U.S. features checks and balances across the executive, legislative, and judicial branches, which makes it hard for individuals and parties to enact sweeping change. As a result, the impact of politics on U.S. markets is typically limited."
In many recent client discussions, we have noted that history tells us that the markets tend to disconnect themselves from election turmoil, and strangely enough, the periods after elections tend to be very favorable regardless of how things turn out. We attribute that to markets always preferring the known to the unknown, and thus while we may get near-term volatility given how fast information flows, over longer periods of time markets will begin to weigh the actual probability of various policy and economic shifts and respond accordingly. In our minds, that will present both opportunity and continued vigilance.
We encourage everyone to stay engaged, to vote and to encourage others around you to do the same.
Please let us know if you have any concerns or questions that we can address as we move further into the election season...we are hear to help in whatever way we can.
In today’s age there always seems to be the newest and greatest things. This is no less true when it comes to technology in this online world we live in. With things always changing around us, it is important to protect yourself and your online presence. Here are a few tips and tricks to keep in mind as you navigate your many online accounts and software.
Don't have the same password for all your accounts. To help keep your devices secure, make sure you keep them up to date (e.g. do updates).
If you get an email from someone you don't recognize, it is okay not to open the email and it is actually suggested.
Lots of websites that have sensitive information now offer 2-factor authentication; this is a good practice to use.
If you are on a website that you are not familiar with, do not provide any personal information.
These are just a few tips that can be implemented to help keep you safe online, however the best guard you have is you. If you do not understand something or you don’t trust something, it is okay to avoid that and keep yourself safe!