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2023 • Quarter 2 • Issue 6 |
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Robert Dumais
Principal, LBA
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Friends in Labor,
At a recent in-person workshop, someone asked the question, "So why should I work with LBA, and not another company?"
It’s a great question, and one that I personally ask any organization I consider working with. Here are my thoughts:
- I have been working with the RI Labor Community for over 30 years so I understand and appreciate the role of organized Labor in RI.
- Our experienced team has been helping retirees for over 7 years.
- We are RI based, with an office in Warwick.
- We are aligned with most RI Labor Unions.
- We are independent Medicare brokers without any bias to Medicare carriers or plans. We comb the marketplace for the best fit for each client.
- We are income/investment advisors with a focus on safe, “age-appropriate investments”.
- We are union members too! OPEIU Local 25.
- We are partners with the RI AFL/CIO and the RI Institute for Labor Studies and Research.
- And possibly the most compelling reason? It costs nothing to meet with an LBA advisor… ever!
The guidance and advice that we share with retirees everyday is of the same quality and attention to detail as the advice we give our own family and friends. The advisors on our team are passionate about the work they do and share the same values as myself, believing that every client is unique and deserves the best we can offer. In our eyes, there is no acceptable margin for error.
We are proud to share our testimonials of how we help retirees everyday, linked below. Thank you for considering LBA.
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Free Retirement Planning Workshops |
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“My husband asked if he had any annoying habits, and then got all offended during the PowerPoint presentation.” |
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Lots of things are different when you retire and you’re spending 24/7/365 with your spouse/partner.
Maybe a topic to discuss BEFORE you retire!
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LBA 911
Testimonial Highlight
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"Dear LBA,
I am writing this letter to your staff to express my deepest thanks for your invaluable assistance as my financial advisor during the past months. With your guidance, I have been able to successfully transition my full time 45-year career and savings into a solid retirement plan. The products you helped me choose allow me to comfortably sleep at night without worrying about funding my next life chapter.
I have been anxious about having my savings in the market for years. The volatility of the market has always been a source of stress for me. I am not a risk taker and have been with many different financial advisors through the years. Each of these advisors charged me a heavy fee to oversee my accounts yet did not always have my best interest in mind. I am especially grateful for the time LBA took to truly understand my needs, goals and personal circumstances. Your tailored approach to financial planning has enabled me to achieve a level of financial security at this time in my life. The fixed index annuity you helped me to select allows me to participate in the market yet not experience the losses; when the market goes up, I receive the benefit, yet when the market goes down, I do not experience any loss.
I scheduled one meeting with your staff and immediately felt comfortable. I appreciate your patient approach to meeting and your ability to listen. I felt that my concerns were addressed with integrity and expertise. Your attention to detail and willingness to explain complex financial concepts in layman’s terms has been particularly valuable to me.
Please pass my sincere thanks to your entire staff. It is important to know that the work you do every day for your clients provides peace of mind for their financial future.
Sincerely,
Stella"
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NAVIGATING THE HEALTH CARE SYSTEM:
TIPS FOR SENIORS
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As we age, our health needs usually become more complex, and navigating the healthcare system can become overwhelming. Whether it’s understanding your health insurance coverage or finding the right doctor, it’s important for seniors to take an active role in managing their healthcare. Here are some tips to help them become their own advocates:
1. Understand your health insurance coverage:
Before seeking healthcare services, it’s important to understand what your health insurance plan covers. This may include deductibles, copays and provider network limitations. You can review your health insurance plan documents or talk to an expert to clarify any confusion.
2. Find a trusted primary care provider:
A primary care provider (PCP) is a doctor who is responsible for managing your overall health and coordinating any necessary specialist care. It’s important to find a PCP you trust and feel comfortable with. Ask friends and family for recommendations or research providers online.
3. Keep track of your medications:
Seniors often take multiple medications - which can be confusing to manage - and increases the risk of adverse drug interactions. Keep a list of all the medications you take, including dosages and schedules. Share it with your healthcare providers, close family and friends in case you are incapacitated and can’t speak for yourself.
4. Ask questions:
Don’t be afraid to ask your provider questions about your health and treatment options. Make a list of questions before your appointments, and don’t hesitate to speak up if you don’t understand something. You have every right to question what you’re told, and even ask for a referral for a second opinion. Sometimes it may be best to bring someone else to medical appointments with you to hear information you may miss, or to advocate on your behalf. Your body, your life!
5. Use preventative care services:
Medicare and many other insurance plans cover a range of preventative care services, such as flu shots, cancer screenings, and wellness exams. Take advantage of these services to stay healthy and ideally catch any potential issues early.
6. Keep track of your healthcare documents:
Keep important healthcare documents, such as insurance cards and medical records, in a safe place where you can easily access them when needed.
7. Periodic review of your Medicare selection:
Health, lifestyle, and budget are important factors which may change periodically. Stay in touch with an advisor to ensure you are up to date with marketplace changes and plans, products, and benefit designs.
By taking an active role in managing either your own healthcare, a friend or family member's, seniors can stay informed and receive the best possible medical care. Don’t hesitate to reach out to healthcare providers or trusted family members for help navigating the healthcare system.
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Legacy Benefit Advisors can untangle the complexity, and is always available as a consultative partner. |
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Importing Prescription Drugs:
A Politically Complex Cost Solution
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If you’ve been to the pharmacy lately, you won’t be surprised when we say that prescription drug costs are rising rapidly. And if you’re taking any medications that you might see advertised on television or in magazines, the prices of those medications are truly staggering. |
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Granted, the drug manufacturers are trying to recover research and development costs, but it seems that those costs are being recovered on the backs of US citizens and not so much the rest of the world. Just over the border in Canada, where the government controls prescription drug prices, costs are significantly lower.
In December of 2022, Colorado became the fourth state looking for federal permission to begin importing prescription drugs from Canada. Other states on the list include Florida, New Hampshire, and New Mexico.
These states claim that their research shows an average of 65% could be saved on the cost of dozens of medications if those drugs were imported from Canada.
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The list of drugs include treatments for diabetes, asthma, and cancer. While the President has endorsed the idea, his administration, and more specifically the FDA, has yet to approve, and will not likely render any decision in 2023.
The four states driving this initiative are getting restless, and one has sued the federal government, accusing them of slow-walking their review.
On the other side of the aisle, the pharmaceutical researchers and manufacturers of America, the drug industry lobby known as PhRMA, sued the federal government just a couple of years ago to block drug importation. That suit is still pending.
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While we are not expecting any quick resolution to the prescription drug cost issue, the team at LBA can certainly help by guiding you to the best Part D or Medicare Advantage plan to meet your current prescription drug requirements. |
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ANNUITIES MAY BE THE FIT
YOU WERE LOOKING FOR
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Fixed annuities and fixed indexed annuities are two types of annuities that can be used as investment tools in retirement. They are ideal for asset growth and/or income generation. Considered among the safest investment vehicles, they are offered by insurance companies and can be customized in many ways to meet specific needs. |
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Fixed annuities provide a guaranteed interest rate over a specific period of time. This means that the money invested will grow at a fixed rate, which can be appealing to those looking for a CD-type investment. Typically yielding higher interest rates than CDs, they are sometimes referred to as “CDs on steroids." Fixed annuities can also be used to generate a guaranteed income stream during retirement, which can provide security and stability.
Fixed-indexed annuities, on the other hand, are a type of annuity that offers the potential for higher returns by linking the interest rate to a market index, such as the S&P 500. Dollars are not actually invested in the stock market, but the annuity's interest rate is tied to the performance of the index. They can potentially provide a higher return than a fixed annuity; however, the return has a ceiling, which means the investor may
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not fully benefit from the index's growth. But if the index goes down, your investment will NOT go down.
Both types of annuities can offer a guaranteed income stream during retirement. This can provide a source of income that is not subject to market fluctuations, and can be especially valuable for retirees who are concerned about running out of money.
Some investment advisors overlook annuities since they don’t offer the advisor the perpetual income stream offered by other products. It is important to carefully consider the terms and conditions of each option work with an LBA advisor to determine which is best suited for your individual retirement goals and circumstances.
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Free Retirement Planning Workshops |
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Each month we offer virtual and in-person workshops for anyone thinking about retirement and wondering where to start, as well as those who may be semi- or fully-retired.
LBA will help you:
- Select the best Medicare plan
- Decide your Social Security strategy
- Consolidate your "nest egg" and provide investment growth without risk
- Generate a steady, lasting income stream
- Provide a safety net for loved ones
Click on our LBA Workshop Calendar below to sign up for one of our upcoming workshops and feel free to bring a friend!
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Click on the date and time you're interested in, and then click the Eventbrite link to head over to the registration page. |
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If you'd like to learn more about the important considerations you should be making to ensure an enjoyable and stable retirement, we're here to help. |
Don't see a time that works for you? Contact us to meet with an LBA advisor today!
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LBA consultants are members of OPEIU Local |
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Robert Dumais, Principal
275 West Natick Road
Suite 450
Warwick, RI 02886
401-868-1400 (O)
774-991-3369 (M)
401-737-0330 (F)
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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. |
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