NEWSLETTER
2022 • Quarter 1 • Issue 1
Robert Dumais
FROM BOB DUMAIS' DESK
Friends,

You are reading the first ever quarterly
newsletter from Legacy Benefit Advisors, or what
some refer to us as…… Labor’s Benefit Advisors.
It is a very exciting time for our team. We celebrate
6 years in business, and we are thankful and humbled to be aligned with most of the State’s Labor Community.

At LBA, we say that retirement is not an “event”,
it is a “process”, which involves:

  • Sorting through the complexities of Medicare
  • Figuring out the most effective Social Security strategy
  • Analyzing and maximizing income streams
  • Implementing a master plan to grow your nest egg without risk
  • Building your personal legacy
  • Developing back-up plans to care for partners and dependents, just in case!

For anything to do with retirement, we suggest
that you make LBA your first stop not your last.

“The secret of getting ahead is getting started.”
– Mark Twain

Be well,

Bob & The LBA Team
P.S. Add me to your contacts so we can continue to keep you in the "know" and don't hesitate to hit "reply" to contact us.
TABLE OF CONTENTS
Now That's Funny • P. 2
LBA 911 • P. 2
Good To Know • P. 3
What's Uncle Sam Up To • P. 3
It's Your Money • P. 4
1
NOW THAT'S FUNNY
Three old guys out walking. The first one says, “Windy isn’t it?”. The second one responds, “No it’s Thursday!” The third one says, “So am I, let’s go get a beer.”
Some Medicare options provide great coverage for hearing aids.
2
LBA 911
Early in December we met a lovely lady who told us she had just switched from a Medicare Supplement plan to a Medicare Advantage plan (MA). She was excited and surprised that the new plan had a $0 premium. She went on to say that she had an elective surgical procedure planned in January at a Boston Hospital. When we dug a bit deeper, we found out that her surgeon and the hospital were both out of network with the MA plan she selected. Thankfully we were able to switch her to another $0 premium MA plan where the providers were in network. We found out that the surgery went well and she is recovering nicely.
MEDICARE IS COMPLICATED, AND THERE IS NO COST FOR A CONSULT WITH AN LBA ADVISOR. THE STAKES ARE HIGH, DON’T GO IT ALONE.

GOOD TO KNOW
MEDICARE OPEN ENROLLMENT, RULES WITH EXCEPTIONS!
Besides the October 15 through December 7 Medicare Annual Open Enrollment, there are other enrollment periods that Medicare allows for throughout the year. These enrollment periods known as Special Election Periods (SEP), are available to Medicare beneficiaries in certain circumstances.

  • January 1 – March 31 Medicare Advantage open enrollment.
  • A SEP allows one to make changes to their prescription drug (Part D) plan or their Medicare Advantage (Part C) plan.
  • If you have a Medigap policy, you are able to shop that plan month-to-month for a better rate.
  • When you delay Part B of Medicare when first eligible, your SEP is created when the beneficiary holding the employer coverage drops that insurance.
  • If Medicare has awarded a Part C or Part D plan five-stars, Medicare beneficiaries have the option to change to that plan.
  • Financial assistance from Social Security or your state’s pharmaceutical program will likely qualify you for a SEP. Furthermore, if you have Medicaid along with Medicare you are eligible for a SEP.
  • Relocation could be a triggering event.
  • If you move into or out of an assisted living facility or nursing home.
  • A diagnosed chronic condition could qualify you for a SEP.
IF YOU HAVE QUESTIONS ABOUT SEPS OR GENERAL QUESTIONS ABOUT MEDICARE, THE ADVISORS AT LEGACY BENEFIT ADVISORS ARE ALWAYS AVAILABLE TO HELP.
‌
WHAT'S UNCLE SAM UP TO
UNCLE SAM GIVETH AND TAKETH AWAY
If you hadn’t noticed, some good news for 2022 is that Social Security checks are up 5.9%, which on average is $92. The last time there was an increase over 5% was in 2008, and before that, 1990. Unfortunately, the standard monthly premium for Part B of Medicare is also up a bit, from $148.50 in 2021, to $170.10 in 2022. That’s actually a net positive of $70.40 per month.
3
IT'S YOUR MONEY
AGE APPROPRIATE INVESTING
Have you ever sat back and thought about some of the things you did when you were younger and said to yourself that you’re amazed that you’re still alive? We’re guessing that 90% of you are nodding your heads, yes. We don’t just get older, we also get smarter, and we realize that some things including our behaviors need to change.

At LBA we coined the phrase “Age-Appropriate Investing”. It means that as we get older our tolerance for risk with our investments also changes. We find that after working for 30, 40, or 50 years, most folks don’t want to have to go back to work because their nest egg was wiped out with a stock market “correction”.

If worrying about your life savings is keeping you up at night, we can help. Options exist that will keep up with inflation without putting your life-savings at risk. Let’s talk.
LBA consultants are members of OPEIU Local
4
Robert Dumais, Principal

275 West Natick Road
Suite 450
Warwick, RI 02886

401-868-1400 (O)
774-991-3369 (M)
401-737-0330 (F)