Jugging: The New Crime Trend

March 20, 2023

Everyone knows what it’s like to have your hands full. It takes special skills to juggle bags, briefcases, electronics, and to-go coffee containers all while trying to unlock your car door. It feels like a badge of honor is earned when you lug all those grocery bags inside in one trip. But all of these distractions can put you at risk of being the victim of a scary new crime trend called “jugging,” and gas station and c-store owners need to be aware of its dangers.

Jugging refers to a robbery that happens after a victim has withdrawn cash from a financial institution or ATM, and then is followed to a second location. It is a relatively new term that hasn’t caught on everywhere yet, but police departments across the United States, from Alabama to Hawaii, have started warning folks about the uptick in cases. Suspects tend to target certain demographics before choosing someone to follow. Women, the elderly, or people who seem to have their hands full are sought out for this type of crime.

“You go to a bank, you conduct business, you’re followed, and then you’re assaulted, or you lock your car and go into another business after the bank errand, and your car is broken into,” said Detective Matthew Judd, a detective in the robbery unit of the Austin Police Department (APD), in a recent press conference.

Avoid Becoming a Stat

On Saturday, Dec. 12, 2022, APD officers responded to a jugging case at a gas station located on East William Cannon Drive. The victim of the jugging had visited a bank and withdrawn cash before pulling over to refuel and purchase items inside. Three suspects followed him from the bank to the gas station, and violently robbed him while he was inside the store. They also assaulted the man who was working behind the counter when he tried to intervene and help the victim.

On Dec. 28, 2022, four people were arrested after a jugging incident at a Texaco on Cluck Creek Trail in Cedar Park. The victim had just withdrawn cash before stopping at the gas station, where they were attacked and robbed. Thanks to the victim’s descriptions of the attackers and their vehicles, police spotted them in Fayette County, where they were pulled over and arrested. Police believe these four suspects are connected to several other jugging incidents around Austin.

But it’s not just customers who are targeted. Gas station and c-store owners have been victims of juggings as well.

In 2018, a woman whose family owns a gas station and check cashing business in Houston was the victim of a violent jugging after she withdrew $75,000 in cash and took it back to her workplace. She was followed from the bank by two vehicles who were both monitoring her financial institution and working as a team. The men in the vehicles ambushed her once she was walking through the gas station parking lot. Her husband ran out to help her, but the assailants beat both victims and ran over the woman with their car. Both victims were hospitalized, and the suspects were arrested shortly after the robbery and charged with felony aggravated robbery with a deadly weapon.

The idea of jugging is scary, but officials have suggested many tips to keep it from happening to you:

Be aware of your surroundings

Police officers stress that simply being aware of your surroundings is the most important step you can take to preventing being the victim of a crime. If you see someone acting suspicious in or around a financial institution, either leave and come back at a later time, or tell a security guard. Make a mental note of anyone loitering near your bank or where you parked your car, as they may be scouting for potential victims. For example, if you enter a bank and see someone sitting in their car and they are still there when you exit and then follow you out of the parking lot, that’s a red flag.

If you think you’re being followed, get help

If a car pulls out of a parking lot after you, and you think they’re still trailing you after a while, drive to the nearest police or fire station or call 911. Do not drive home or stop anywhere. Try to get a good description of the vehicle and the person driving it, if you can.

“If they think you have cash, they’re going to follow you wherever you go,” said Sgt. Jennifer Taylor, who works in the APD robbery unit. “Our dispatch has been advised about the jugging problem. They are aware, and they should send an officer.”

Don’t be distracted

While you’re in the bank lobby or parking lot, stay off your phone and ditch your ear buds. Juggers tend to look for people they can take by surprise. Walk with your head up and make it obvious you are aware of your surroundings. Try to have your keys ready to unlock your car so you’re not digging through a bag or pockets looking for them – those few seconds are long enough for a jugger to catch you off guard.

Disguise your cash

Don’t make it obvious that you’re leaving the bank with cash. If you have a cash bag, put it in a different bag, like a briefcase or backpack. Even if you just have an envelope with bills in it, be sneaky. Slip it in an interior jacket pocket. Just make sure you do this before leaving the bank lobby.

Security is your friend

If you are withdrawing a large amount of money, ask your bank if they have a security guard who can safely escort you back to your car, or at least give the parking lot a once over. This should make anyone scouting out the parking lot nervous. Once you do pull out of the parking lot, keep glancing in your rearview mirror to ensure no one is following you.

Lock your doors as soon as you get back into the car

Press that lock button the second you’re sitting. Don’t wait to buckle your seatbelt or find what playlist you want to listen to – those are distractions, and a jugger just needs you to be distracted for a second to make their move. Your car door being locked will buy you time to drive off if someone tries opening it from the outside.

“Sometimes in these juggings, the suspect will just run up, open the passenger door, grab the bag, and leave,” says Taylor. “Lock your doors all the time, even if you’re inside.”

Don’t leave money unattended

Taylor says to not make any stops in between withdrawing cash and your last destination, as that’s usually when juggings occur. If you do need to make a stop after withdrawing cash, do not leave the money in your car unattended, even if your car doors are locked. Windows can be broken, and the center console is not a secret hiding spot.

Taylor encouraged people to follow these tips to stay safe.

“No amount of cash is worth your safety or enduring an assault,” she says.

InsureYouKnow.org

As you start thinking of safer banking practices, consider using less cash and use online baking more. Use InsureYouKnow.org – an online information-safe, as a place to safely store details of your bank. This product gives you the ability to access documents, and files remotely – or from the comforts of your own home.

Meal Planning on a Budget Without Compromising Ingredients

March 1, 2023

Grocery prices are up 11.8% as of December 2022, while certain items, like eggs are up 138% according to the most recent Bureau of Labor Statistics data. With grocery prices soaring, many of us find ourselves pausing in the aisles, debating about whether or not we actually need something. “Meal planning is one way to edit down your shopping list to weekly essentials and save money,” said certified financial planner Ted Jenkin.

Here are five tips to keep your ingredients healthy, and your bottom line low:

1. Know your prices. Though making more than one stop can be more time consuming, it can save you a ton of money. Margaux Laskey of the NYT suggests visiting a couple of different stores to take advantage of sales. When you begin keeping track of prices, you may start by taking notes on your phone, but eventually, you’ll memorize them, knowing where to get your regular items at the best price. When in doubt, a quick internet search will tell you whether or not you’re being gouged; coffee is an excellent example of this.
2. Take an inventory of what you already have. Frozen meat, perishables, and pantry items are the first three things to check when making your list. For instance, if you already have a jar of marinara and a box of pasta, then you may only need to get ground beef for a fun spaghetti night.   
3. Always shop what’s on sale. BOGO (buy one get one) sales are great for pricier things like cheese and staples like cereal. “If you spot a good sale on your favorite, stock up!” emphasizes Laskey. She adds that cereal can also be used in cereal bars, pie crusts, and even as bread crumbs. Next, the produce and meat that’s on sale should be the items that help you decide what’s for dinner. Vegetables on sale will make excellent side dishes to almost any meat that’s also on sale.
4. Keep breakfast simple, and use last night’s leftovers for lunch the next day. Food will never go to waste if you plan on eating leftovers the next day for lunch. Plus, if you have some leftovers piling up in the fridge, plan on a leftover dinner night. For breakfast, stick to a simple rotation; cereal, oatmeal, and yogurt are all inexpensive and pair well with fresh fruit.
5. Give the pantry some love. You don’t need to buy fresh to incorporate produce into your diet. Salsa, marinara, canned veggies, apple sauce, fruit cups, and jams are examples of working produce into your diet without having to buy fresh. Dietitian Mike Gorski points out that with these items “you aren’t sacrificing nutritional value for convenience and reduced costs.” Canned seafood is another way to save; tuna (tuna salad), salmon (salmon cakes), and clams (linguini and clams) will almost always be less expensive than their fresh counterparts.

When in a Pinch, be Realistic

You may find that the store is out of something you need or it’s just really priced too high for your budget; let it go, and be flexible. Some nights, you may not feel well or just be too tired to cook, so have a pre-allocated takeout budget ready. Keep a drawer full of menus and coupons, and know your specials. Many locations have kids-eat-free nights, while grocery stores offer weekday specials too, such as $5 rotisserie chicken days. “Never underestimate the power of a rotisserie chicken,” said Vaughn Vreeland of NYT Cooking, who eats some for dinner, then shreds the remaining meat and uses it later in chicken salad and soup.

InsureYouKnow.org

If you are one of the 64% of Americans living paycheck to paycheck, creating a budget is imperative. There are several free resources online to help you plan and budget your monthly expenses as well as devise a meal plan for the week. At insureyouknow.org, we recommend that you track your monthly expenses at the grocery store and file receipts, important documents, and all of your family records.

Retiring Early: A Long Vacation or a Trap?

February 14, 2023

They say retirement is the start of your new life. No more 9 to 5 workdays, late nights, and missed holidays––retirement is just one never-ending vacation that you get to enjoy. However, there are certain obstacles a person may face if they decide to go down the road of early retirement.

The Covid-19 pandemic pushed many Americans to retire early as much of the job market closed down, causing individuals to lose their jobs. According to Bloomberg, more than 3 million Americans retired early because of the pandemic. This amount equals more than half the workers that are still missing from the labor force from before the pandemic.

This public-health crisis has caused many Americans to re-evaluate their life priorities, pushing them toward the solution of retirement. The Economist explains that 49.9% of Americans now expect to retire before the age of 62.

Many of these people are deciding to retire before accumulating the earnings they would need to live a comfortable life. “Almost two-thirds of people — between ages 57 and 66 — choose to retire early out of their own volition, despite having saved next to nothing,” said Laurence Kotlikoff, a contributor for CNBC. “And most of them are able-bodied, without disabilities that would prevent them from staying on the job.”

This growing trend towards early retirement has pros and several cons that will continue to affect these individuals throughout their lives.

What are the Pros?

After retiring, many people are given more freedom to explore new opportunities. These benefits can have a lasting effect on the body and mind of a person. They include the following:

An Increase in Health and Well-Being

Without a job to do every day, you are granted more time to improve your health through exercise, eating healthier foods, and taking time to work on your mental health without the constant stress of work. You can get more sleep and focus on improving the quality of your life while adopting healthier habits.

New Career Potential

Moving away from a high-stress job can allow you more part-time opportunities. Some people embark on new career ventures, try out a new job field, or work on a passion project, all on their own schedule.

More Time to Travel and Pursue New Passions

Without set timings, you can take spontaneous trips and visit new places. Many people take this additional time to enjoy new hobbies, volunteer in the community, and spend more time with their family and friends.

What are the Cons?

Despite the pros mentioned above, the current economy has caused several hurdles for those that decide to retire at a younger age. They include the following:

Smaller Social Security Benefits

If you decide to take Social Security earlier, you will have fewer benefits than you would at a later age. “If you were born in 1960 or later, for example, and you start taking benefits at age 62, the earliest age at which you’re eligible, your monthly benefits will be 30% less than if you wait until age 67,” said Greg Daugherty, a writer for Investopedia. This means losing potential benefits on a monthly basis.

Health Insurance

You become eligible for receiving Medicare at the age of 65, but until then, you have to find your own source of health insurance. With high premiums, this can be a difficult task compared to the benefits you received with your workplace plan.

Lack of Income

Leaving the job at an earlier age means spending more years without a constant source of income. If plans change or you run out of savings, then it won’t be as easy to enter back into the job market after being out of it for so long. Furthermore, the U.S. News states that potential tax penalties can occur if a person takes money out of their retirement account before 59 ½ years old.

Housing Expenses

Mortgage expenses, home maintenance costs, and property taxes pile up after retiring early. In fact, “44% percent of retired homeowners between ages 60 and 70 still carry a mortgage,” said John Waggoner from the AARP while crediting an American Financing survey. These extra charges can take up a huge chunk of your savings.

InsureYouKnow.org

It is important to weigh all the pros and cons of early retirement before you make a decision. It is essential to come up with a plan that allows you to retire at a time that is right for you while having enough savings to ensure you live a satisfied life. At insureyouknow.org, you can track your accumulated savings and create the most ideal retirement plan.

Turning 18: Planning Ahead

January 30, 2023

Turning 18 is a momentous occasion, accompanied by many new freedoms and opportunities along with increased responsibilities and most notably, the official recognition of an individual as a legal adult in the eyes of the law.

While your child will enjoy the many exciting perks that accompany their newfound adulthood such as staying out without a curfew and gaining the right to vote and make their voice heard they’ll also reap the more exciting benefits like accessing financial accounts in their name that they previously may not have had access to and entering legally-binding contracts. Hence, there is much accountability to be taken and responsibility to operate with as one navigates through these new freedoms.

Sign a Medical Power of Attorney

You will find that upon waking up the night after your child turns 18, that they are no longer under your guardianship on healthcare portals where you could initiate care and treatment on their behalf. Arguably one of the most important measures a parent can take upon the commencement of their child’s adulthood to guarantee their ongoing support and involvement in their lives is a Medical Power of Attorney (MPOA). It grants a select individual the ability to make healthcare decisions on one’s behalf in the event that they’re unable to as a result of injury or illness. Without completing this task ahead of time, parents face the risk of time-consuming guardianship battles in court that could hinder them from making medical decisions for their child (such as in the event of a car accident or incapacitating illness) in a timely manner, leaving the ultimate outcome in the hands of the court.

Durable Power of Attorney

While your child may enjoy the many highly-anticipated freedoms that come with adulthood, they are likely still financially dependent on you as their parents. This includes coverage under a parent’s auto and health insurance. Creating a Durable Power of Attorney (DPOA) allows parents to assist in the management of their child’s finances and enables parents the ability to access bank accounts, sign tax returns, and complete other transactions as well as the ability to act on behalf of the child if they are a different part of the world, are incapacitated, or are otherwise unable to.

HIPAA Waiver

Under the Health Insurance Portability and Accountability Act (HIPAA), an individual’s personal health information is protected. Once a child turns 18, healthcare providers can no longer legally disclose information regarding their patient records or treatment plans to their parents, even if they happen to be on their insurance plan. This can prove an impediment for parents seeking to know the status of their child’s health or make necessary medical decisions for them. Having the necessary medical records and information regarding your child’s health is especially essential in the case a parent needs to exercise their Medical Power of Attorney. A signed HIPAA release form by your child grants parents and guardians the ability to access their medical records and speak with their healthcare providers.

FERPA Waiver

The Family Educational Rights and Privacy Act (FERPA), in a manner similar to HIPAA, protects the privacy of educational records including report cards, test scores, and disciplinary records. When a child turns 18, their educational record becomes their own and cannot be released to their parents without their consent, despite the fact that their parents may be funding their tuition. A FERPA waiver permits parents of adult children to maintain access to these records and continue to be able to request amendments to them as needed.

Insureyouknow.org

Though your child may always remain your child in your eyes, the reality is at 18 they will earn the status of a legal adult, coinciding with the expansion of many of their freedoms, while simultaneously, many will be relinquished from you as the parent. Despite this abrupt shift, it is likely your child will still be largely dependent on you, as such, there are important steps you will want to take to ensure you can best support your child. Planning ahead by filling out the necessary documentation can provide a great sense of relief and guarantee that you can continue to support them. Keep a record of the documents you fill out at insureyouknow.org to easily keep track of them and access them. 

The Steep Reality of College Costs

January 13, 2023

There’s a saying that college costs an arm and a leg. However, this is far from true. In reality, it may cost as much as a starter house in a decent neighborhood plus a car or two.

The cost of college has been on the rise over the past two decades. According to the U.S. News recent data, tuition and fees at private national universities have increased by 134%. Out-of-state tuition and fees at public national universities have surged by 141%. Above all, in-state tuition and fees have risen by 175%.

The National Center for Education Statistics claims that in 1980, the cost for attending a four-year institution was $10,231 annually. However, between 2019-2020, the annual price soared to $28,775, indicating a 180% increase. According to Forbes, this reason behind this drastic increase includes recent changes in state and local funding due to shifts in market conditions and tax revenues, more maintenance costs for college-provided services, and the expansion of student-support resources.

What is Included in College Costs?

There are several expenses included in total college cost. Besides the initial tuition that institutions require for enrollment, many miscellaneous fees are required over the course of a college education.

Some of the main items included in the cost of college are below::

1. Tuition
2. Room and board
3. Books and school supplies
4. Equipment and room materials
5. Travel and expenses

The Dos for Affording College

Before you consider selling your home or taking out a hefty loan, there are several methods that families employ in order to better afford the rising cost of college. These methods include both long-term and short-term plans. They include the following:

Scholarships

Various organizations provide scholarships asfree aid for students. These scholarships can be offered at both the local and national level, ranging from small to large sums of money to help pay for tuition costs and fees.

These can be merit-based, academic, or athletic scholarships granted based on a student’s performance. The U.S. Department of Education awards close to $46 billion in scholarship money annually to help students cover costs.

Federal Grants

Yes, the government can give you money! The U.S. Department of Education awards federal grants to students based on their financial status. In order to qualify for these grants, students submit their Free Application for Federal Student Aid (FAFSA) to determine how much money is allotted for their college costs.

Federal Loans

The federal government distributes fixed interest rate loans to the public that are either subsidized or unsubsidized. Subsidized loans are permitted based on financial need where the government covers the interest acquired by a loan during the time a student is in school to six months after graduation. On the other hand, unsubsidized loans require a student to pay the gathered interest on a loan.

Work-Study

The Federal Work-Study Program offers part-time jobs to students to earn money towards their college expenses. These jobs can be either off-campus or on-campus and are required to pay students the federal minimum wage.

Advanced Placement and Dual-Enrollment Credits

Throughout high school, many students enroll in Advanced Placement (AP) or Dual-Enrollment classes to receive college credit. They may require many sleepless nights and endless amounts of homework, but earning prior credit for these courses helps students save college tuition costs.

College Savings

The most important method for reducing costs is creating a plan ahead of time to allocate money for college. A 529 college savings account, which is an investment account that provides tax benefits, can help cover educational expenses. Designing a plan ahead of time will help make college more affordable for students across the nation.

InsureYouKnow.org

As a parent, it is important to start coming up with solutions to make college more inexpensive for your children. Consider applying for federal loans and grants, having your student apply for scholarships and work-studies, and most importantly, have a plan ready for college savings and payments. At insureyouknow.org, you can track college costs and plan out potential methods for saving money on educational expenses.

Medicare Will Cover Shingles Vaccine in 2023

December 27, 2022

Starting in January 2023, Medicare will cover the cost of the shingles vaccine, Shingrix.

The Centers for Disease Control and Prevention (CDC) recommends adults 50 years and older get two doses of Shingrix two to six months apart to prevent complications from the disease shingles. Shingrix is more than 90 percent effective in preventing illness, according to the CDC. But for many people on Medicare, it had been unaffordable at more than $200 for the shot regimen.

The Inflation Reduction Act of 2022 aims to reduce the cost of some drugs and close this barrier to good healthcare. As of January 2023, all vaccinations covered under Medicare part D that are approved and recommended by the Centers for Medicare and Medicaid and the CDC will be covered without a copay. So, no cost-sharing will be associated with the administration of Shingrix, as well as flu shots; tetanus, diphtheria, and pertussis vaccines; and COVID-19 vaccines.

What is “shingles”?

Shingles is an invasive, painful outbreak of rash or blisters on the skin that can damage your vision or hearing, make you lose hair, and cause long-term nerve pain. It is caused by the varicella-zoster virus—the same virus that erupts in chickenpox. After you have chickenpox, the virus stays in your body. It may not result in problems for many years, but as you get older, the virus may reappear as shingles.

Is shingles contagious?

Shingles is not contagious. But you can catch chickenpox from someone with shingles. If you’ve never had chickenpox or the chickenpox vaccine, try to stay away from anyone who has shingles. If you have shingles, try to stay away from anyone who has not had chickenpox or the chickenpox vaccine, or anyone who might have a weak immune system.

Who is at risk for shingles?

Anyone who has had chickenpox is at risk of getting shingles. More than 99 percent of Americans born before 1980 have had chickenpox, even if they don’t remember it. The risk of contracting shingles increases as you get older; shingles is most common in people over 50. People with weakened immune systems are at higher risk of getting shingles. About one out of every three people in the United States will develop shingles during their lifetime. It is rare, but possible, to get shingles more than once.

What are the symptoms of shingles?

Early signs of shingles include burning or shooting pain and tingling or itching. It is usually on one side of the body or face. The pain can be mild to severe.

One to 14 days later, you will get a rash. It consists of blisters that typically scab over in 7 to 10 days. The rash is usually a single stripe around either the left or the right side of the body. In other cases, the rash occurs on one side of the face. In rare cases (usually among people with weakened immune systems), the rash may be more widespread and look like a chickenpox rash. Some people may also have other symptoms, including fever, headache, chills, and an upset stomach.

What are some complications caused by shingles?

• Postherpetic neuralgia (PHN) is the most common complication of shingles. It causes severe pain in the areas where you had the shingles rash. It usually gets better in a few weeks or months, but some people can have pain from PHN for many years, and it can interfere with daily life.
• Temporary or permanent vision loss can happen if shingles affects your eye.
• Hearing or balance problems are possible if you have shingles within or near your ear. You may also have temporary or permanent weakness in the muscles on that side of your face.
• Very rarely, shingles can also lead to pneumonia, brain inflammation (encephalitis), or death.

How is shingles diagnosed?

Usually, your healthcare provider can diagnose shingles by taking your medical history, looking at your rash, and after scraping off tissue from the rash or swabbing some fluid from the blisters, sending the sample to a lab for testing.

How can shingles be treated?

There is no cure for shingles. Antiviral medicines may help make the attack shorter and less severe. They may also help prevent PHN. Recommended medicines are most effective if you can take them within three days after the rash appears. Pain relievers may also help with the pain. A cool washcloth, calamine lotion, and oatmeal baths may help relieve some of the itching associated with shingles.

InsureYouKnow.org

If you are at risk of getting shingles, contact your healthcare provider or pharmacist to schedule a Shingrix shot early in 2023, even if you are not covered by Medicare. Shingrix is also covered by most health insurance plans so check with your insurance provider to see if the vaccine is included in your plan.

At insureyouknow.org, record the date of your first shot and set a reminder for your second shot two to six months later. You’ll be off to a great start in preventing the pain and possible side effects of shingles in 2023.

Drug Shortages Amid the “Tripledemic”

December 14, 2022

‘Tis the season to be jolly, but your cheerfulness may be challenged by drug shortages across parts of the country, with the “tripledemic”—cases of flu, respiratory syncytial virus (RSV), and COVID-19—driving high demand for medications. These seasonal respiratory illnesses have emerged earlier than usual and have spread quickly and simultaneously across the country.

Healthcare Concerns

Record levels of illnesses have caused a spike in the demand for amoxicillin, resulting in an acute shortage of the antibiotic, which is widely used for the treatment of bacterial widespread upper and lower respiratory infections.

Physicians are facing shortages of critical drugs used during surgery. Shortages of key anesthesia medications used for most procedures and surgeries, and critical pain medications such as fentanyl are forcing doctors to use alternatives that may not be first-line or the optimal treatment for conditions or scenarios, or in the best interests of patients.

FDA and Pharma Companies’ Responses

According to the Federal Drug Administration (FDA), 123 of 184 listed drugs are currently in shortage. Officials say one of the reasons for the shortages is that drugs are manufactured based on orders from the previous year, meaning pharmaceutical companies don’t keep an inventory on hand year after year. Some manufacturers report that this year’s orders didn’t anticipate the heavy season for respiratory illnesses.

The FDA is working closely with numerous manufacturers and others in the supply chain to understand, mitigate, and prevent or reduce the impact of intermittent or reduced availability of certain products, including several over-the-counter (OTC) medicines used for symptomatic relief, such as the children’s medications liquid acetaminophen and ibuprofen. The FDA also has taken steps to help relieve the shortage by putting out guidance to pharmacists to make liquid amoxicillin for children from pill versions. (Amoxicillin pills for adults are not in short supply.)

Drug Manufacturing Problems

Drug manufacturers are having problems keeping up with their needs, including manufacturing and quality problems, delays, and discontinuations. Additional factors causing drug shortages are difficulties in acquiring raw materials, manufacturing problems, regulatory issues, business decisions, and disturbances within the supply chain.

Patients’ Actions

Throughout the country, shortages of certain medications and over-the-counter (OTC) pain relievers are leaving people on the hunt for a pharmacy or a grocery store to fill prescriptions and OTC products. Tamiflu, Adderall, and as already mentioned, even the standard antibiotic amoxicillin in liquid form, is getting hard to find.

If you can’t find a recommended medication readily available, you may need to call multiple pharmacies, look for a generic version, ask your doctor for an alternative prescription, or ask your pharmacist how to use an adult version of a medication for a child.

Brigid Groves, a pharmacist and the senior director for practice and professional affairs at the American Pharmacists Association, says, “The most important thing families can do for a sick loved one is to get them tested. Most doctor’s offices and some pharmacy clinics can do rapid tests to help determine whether your symptoms are coming from a viral or bacterial illness.”

InsureYouKnow.org

If you face challenges finding medications during the tripledemic, persevere in your hunt to fill a prescription or to find a substitute recommended by your healthcare professional. Document your health insurance and flexible spending account activities, lists of prescribed and OTC medications, where you found them, and when you’ll need to find and fill them again at insureyouknow.org

Kick Your Health Benefits into High Gear

December 1, 2022

As open enrollment season kicks into high gear, millions of people will have an opportunity to choose their 2023 health benefits.

Employers’ Healthcare Costs

Employers’ healthcare costs are rising, with large companies forecasting up to an 8 percent increase for 2023. The main difference with previous years will be higher prescription drug costs, which will jump 10 percent, the highest in the past decade.

Many companies will try to limit the share they pass along to their workers, as benefits are seen as a key attraction and retention tool in a tight job market. 

Employees’ Healthcare Costs

For 2022, annual family premiums for employer-sponsored health insurance averaged $22,463, up slightly from $22,221 in 2021, according to the 2022 benchmark KFF Employer Health Benefits Survey. On average, workers contributed $6,106 toward the cost of family premiums, with employers paying the rest. The average premium for single coverage was $7,911 (up from $7,739 in 2021), with employees paying $1,327 annually, according to the survey. Nine percent of covered workers, including 21 percent of covered workers at small firms, are in a plan with a worker contribution of $12,000 or more for family coverage.

While premium data for 2023 generally won’t be available until after the new year begins, workers may see larger increases than in recent years.

Triple-Tax Advantaged HSAs

Some tools can help you manage your healthcare costs. More than three-quarters of large employers offer Health Savings Accounts (HSAs) that offer triple tax advantages: money contributed is pre-tax, it grows on a tax-free basis, and then can be withdrawn tax-free to pay for qualifying medical expenses now or in the future, all the way through retirement.

You can contribute to an HSA only if you’re enrolled in a qualifying high-deductible health plan. Average annual premiums for workers enrolled in HSA plans are lower than the overall average, but workers shoulder higher costs until they meet their deductible. 

Employees can contribute up to $3,850 to their HSA for individual coverage for 2023, up from $3,650 this year; for family coverage, workers can contribute up to $7,750, up from $7,300 this year, per an announcement by the Internal Revenue Service. Catch-up contributions for those 55 and over remain $1,000.    

Many HSAs give account holders the option to invest a portion of their money in the stock market. But fewer than 10 percent do so, as opposed to leaving their money just sitting in cash. If you can afford to pay your medical bills through your regular cash flow, your HSA funds will likely grow over time in the market and can be used in retirement to pay for a range of qualifying medical expenses.

HSAs  are portable and remain with the owner through plan and job changes. If you are no longer enrolled in a qualifying high-deductible health plan, you can no longer contribute to your account, but you can still tap it to pay qualifying medical costs. Flexible-spending accounts (FSAs), by contrast, are linked to a particular employer; unlike HSA funds, money in an FSA must be spent down or forfeited within a certain period.

Health Insurance Plans under the Affordable Care Act

Outside of the employer market, open enrollment began on November 1 on Healthcare.gov for individual and family health insurance plans under the Affordable Care Act. In most states, open enrollment ends on January 15, although you must enroll by December 15 if you want coverage to begin on January 1. The Inflation Reduction Act extended the enhanced premium subsidies for ACA enrollees through 2025; for many, that may offset the moderate average increases expected to premiums.

Impact of Rising Drug Costs

There are two main reasons drug costs are rising: First, pharmaceutical companies are introducing better, but more expensive drugs for several important conditions. In most years, total drug cost would be tempered by other brand name drugs that were being replaced by generics, but in 2023, there will be fewer of these than usual.

Second, pharmaceutical companies are raising the prices they charge to private health insurance plans because they anticipate having to lower the prices they charge to Medicare. The recent Inflation Reduction Act allows Medicare to negotiate drug prices for the first time. Currently, only 10 drugs are on the negotiation list, but these are widely used. The list will rise to 20 drugs in the future.

The “No Surprises” Act

The “No Surprises” Act that went into effect in January 2022 is having its intended effect of lowering surprise out-of-network charges to patients who get emergency care, non-emergency care from out-of-network providers at in-network facilities, and air ambulance services from out-of-network providers.

InsureYouKnow.org

After you determine your healthcare insurance coverage for 2023, file your decisions at insureyouknow.org. Keep aware of government mandates that can affect your healthcare expenses for prescription drugs, out-of-network charges, changes in Medicare, increases in premiums, and your HSA and FSA contributions and withdrawals.

The Everything Kids’ Money Book

November 15, 2022

You want your children to become financially stable adults. But how can you interest them in this important topic, and make it easy to learn about and fun, when they are in their formative years? Your answer is The Everything Kids’ Money Book by Brette Sember that visually depicts boys and girls undertaking some enterprise having to do with money such as having a lemonade stand, saving for a new bike, or collecting coins. Written with kids ages 7 to 11 in mind, the author promises to teach them about money—“Earn it, save it, and watch it grow.”

Hands-On Activities Covered

Would your child like to . . .

• Learn how to make money at jobs appropriate for their age?
• Track where a dollar bill has been before they got it? There’s a simple way to find out. 
• Learn how to make all their pennies shiny? It’s easy.
• Design their own dollar with someone’s face they like—Batman? Spiderman? The Incredibles?
• Do a magic trick with a dollar bill to impress their friends?
• Find out what fun things they can do for free? Grandpa and Grandma might know.
• Make a pizza garden?

Fun Money Facts Revealed

Would they like to know . . .

• Why they are called Piggy Banks, not Doggy banks, or something else?
• What is the name of the buffalo on the nickel and where did it live?
• What are dead dollars?
• What are some things money has been made from in the past?

Difficult Concepts Explained

As a New York Law Guardian, Brette Sember has many years of experience working with children. She has written more than 40 books on a variety of topics, such as law, health, food, travel, education, business, finance, parenting, adoption, and seniors. In The Everything Kids’ Money Book, she tackles subjects such as:

• Investments
• Budgets
• Saving money
• The cost of living
• Credit cards and debit cards
• Income tax
• Why borrowing money can lead to trouble
• Why lottery tickets are not a good investment
• Investments
• Budgets
• Saving money
• The cost of living
• Credit cards and debit cards
• Income tax
• Why borrowing money can lead to trouble
• Why lottery tickets are not a good investment

All these topics are covered in easy-to-understand language and unfamiliar terms are defined in the glossary. Answers to some of the questions posed and a page of resources are included at the back of the book. This section features books and websites with ideas kids will enjoy, more magic tricks to perform with money, how to start a small business, a website with money games, and how to collect coins.

Kids’ Money Book Promoted

MyBankTracker.com which “tracks thousands of banks to help you find the perfect match for your banking needs,” says this book is “more than simply a manual; The Everything Kids’ Money Book is a well-organized workbook that covers everything from money printing to compound interest.”

Investopedia.com which calls itself “The world’s leading source of financial content on the web,” echoes this opinion by saying the book, “Not only teaches kids how to save and earn their own money but also how to invest and earn interest.”

InsureYouKnow.org

If you decide to spend some bonding time discussing money concepts with your daughter or son, you may learn or relearn some basic financial truths. Keep a list of your kids’ moneymaking, spending, and savings plans at insureyouknow.org. You can measure their financial success on this portal and watch with them the ebb and flow of their profits and expenses.

Look Forward to Increases in Your 401(k) Limits

October 31, 2022

The amount you can contribute to your 401(k) plan in 2023 has increased to $22,500, up from $20,500 for 2022. The Internal Revenue Service (IRS) announced this change and issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2023 in Notice 2022-55 posted on IRS.gov.

Highlights of changes for 2023

This contribution limit applies to employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan.

The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $7,500, up from $6,500. Participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023.

The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE (Savings Incentive Match PLan for Employees) plans has increased to $3,500, up from $3,000. (This plan allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.)

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2023.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)

Phase-out ranges

In a traditional IRA deduction phase-out, taxpayers can deduct contributions if they meet certain conditions. If during the year either they or their spouse was covered by a retirement plan at work, the deduction may be phased out until it is eliminated, depending on filing status, and adjusted gross income (AGI):

• For single people covered by a workplace retirement plan, the IRA phase-out range is $73,000 to $83,000, up from $68,000 to $78,000.
• For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $116,000 to $136,000, up from $109,000 to $129,000.
• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $218,000 and $228,000, up from $204,000 and $214,000.
• For married individuals filing a separate return who are covered by a workplace retirement plan, if they lived with their spouse at any time during the year, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

For a Roth IRA income phase-out, AGI ranges for taxpayers include the following provisions:

• The income phase-out range for singles and heads of household is $138,000 to $153,000, up from $129,000 to $144,000.
• The income phase-out range for married couples filing jointly is $218,000 to $228,000, up from $204,000 to $214,000.
• For married individuals filing a separate return, if they lived with their spouse at any time during the year, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The 2023 income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers has increased to:

• $73,000 for married couples filing jointly, up from $68,000.
• $54,750 for heads of household, up from $51,000.
• $36,500 for singles and married individuals filing separately, up from $34,000.
• For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The amount individuals can contribute to their SIMPLE retirement accounts has increased to $15,500, up from $14,000.

InsureYouKnow.org

After you review the IRS retirement plan changes for 2023, keep a record at insureyouknow.org of your retirement accounts so you’ll be able to take advantage of the new limits for your contributions and deductions.