Litchfield Insurance Associates
March 2023 Newsletter
Daylight Savings Time Has Arrive!
*(other than AZ and Hawaii)
This month we cover insulin prices (coming down!), taxes on retirement, a great salmon and potato recipe, and the use of A.I. (Artificial Intelligence)
for cancer diagnosis.
Let's get to the news!
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Insulin Prices are Coming Down for Seniors
Millions of Medicare beneficiaries have diabetes. High insulin prices and related out-of-pocket costs have prevented many from accessing the insulin needed. More than 1 in 10 older adults either skip, delay, or use less insulin than needed in order to save money. Under a new law, which started on January 1, 2023.
Medicare prescription drug plans must now limit copayments to $35 per month for the insulins that they cover. A similar copay cap will take effect under Medicare Part B - which covers insulin for beneficiaries who use an insulin pump - starting July 1, 2023. Starting in 2026, the maximum copay will be the lesser of $35 or 25 percent of the Medicare negotiated price.
In 2022, over half eligible Medicare prescription drug plans participated.
There is no question the insulin provision in the new law represents meaningful progress. Prior to its passage, many Medicare prescription drug plan enrollees faced significant costs for their insulin. These new protections will give improved access to insulin for millions of Medicare beneficiaries.
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FAQ: Which States Do Not Tax
Retirement Distributions?
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Using Artificial Intelligence (A.I.).
to Detect Breast Cancer That Doctors Miss
Advancements in A.I. are beginning to deliver breakthroughs in breast cancer screening by detecting the signs that doctors miss.
A.I. usage is growing as the technology has become the center of a boom in Silicon Valley; with the release of chatbots, like ChatGPT, showing how A.I. has a remarkable ability to communicate in humanlike composition. Built off a similar form used by chatbots that is modeled on the human brain, the breast cancer screening technology shows other ways that A.I. is seeping into everyday life.
Doctors and A.I. developers have confessed that widespread use of the cancer detection technology still faces many hurdles. Additional clinical trials are needed before the systems can be more widely adopted as an automated second or third reader of breast cancer screens, beyond the limited number of places now using the technology.
Radiologists have said the tool must also show it can produce accurate results on women of all ages, ethnicities, and body types. A.I. must also prove it can recognize more complex forms of breast cancer and cut down on false-positives that are not cancerous.
The A.I. tools have also prompted a growing debate about whether they will replace human radiologists, subjecting makers of the technology to face regulatory scrutiny and resistance from some doctors and health institutions. For now, those fears appear overblown, with many experts saying the technology will be effective and trusted by patients only if it is used in partnership with trained doctors.
Ultimately, A.I. could be lifesaving, said Dr. László Tabár, a leading mammography educator who said he was won over by the technology after reviewing its performance in breast cancer screening from several vendors. He is quoted as saying “I’m dreaming about the day when women are going to a breast cancer center and they are asking, ‘Do you have A.I. or not?’ ”
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There has been a lot of discussion on
who pays for the cost of Medicare?
The graph (from the Kaiser Family Foundation) below
provides a current breakdown by Medicare Parts A,B,and D:
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Questions and concerns you hear most often are concerning market losses, retirement funds at risk, and what do experts really think of Annuities?
These last 2 years, with the Stock Market experiencing heavy volatility and rising inflation, retirement funds need to be safe, growing, and something we can count on for income we can’t outlive - or a Legacy we leave our beneficiaries. Like our kids!
Is your 401k fee heavy and not doing much? Is your stock account keeping you up at night with no protection from the next crash? Do you have an old Annuity just growing cobwebs?
Let’s get together to have a no-obligation conversation about what Annuities can and cannot do.
You may be surprised that Annuities are the most popular financial asset that seniors buy. This year’s Annuity sales will exceed $95 Billion, setting an increase record over last year of 18%.
Find out why today’s Annuities are so popular with our Medicare clients. Give us a call to meet with our Retirement Specialist, John Roberts.
Remember, no fees. Ever!
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A Quick (but Elegant) Salmon Dinner
with Tasty Potatoes
Springtime fish supper Salmon (or Arctic char) and potatoes drizzled with a tangy herb sauce is the perfect weeknight supper. The process of steaming the delicate fillets makes for an easy cooking procedure, so you can nail this dish with little effort. Salmon is always in my rotation because it is quick, delicious, and readily available.
Ingredients
- 4 (5-ounce) Salmon or Artic Char fillets
- Kosher salt and freshly ground black pepper
- 6 tablespoons olive oil, plus extra for drizzling
- 3½ lemons
- 1½ pounds Yukon Gold potatoes, peeled
- 4 cloves garlic, 2 smashed and 2 grated
- 4 sprigs thyme
- 6 scallions, white and light green portions, thinly sliced
- ½ cup chopped dill fronds
- ½ cup chopped parsley leaves
- 2 tablespoons capers, rinsed and roughly chopped
- 1 teaspoon honey
Directions
- Preheat the oven to 325 degrees. Arrange four 6-by-6-inch squares of foil on a work surface. Pat fillets dry and place one, skin-side down, in the center of each square. Season with salt and pepper and drizzle with olive oil. Zest 2 lemons, setting zest aside, then slice zested lemons into paper-thin rounds. Shingle lemon slices over fillets. Fold foil up over fillets, seal into parcels, and set on a baking sheet. Roast on center rack until fish is just cooked through, 15-20 minutes.
- Meanwhile, cut potatoes into a large dice. Place in a small pot with smashed garlic and thyme. Add cold, salted water just to cover. Bring to a simmer over medium heat. Cook potatoes until fork-tender, 13-15 minutes. Drain and discard thyme and garlic. Return potatoes to the dry pot and stir in juice of 1½ lemons, scallions, 2 tablespoons olive oil, and salt and pepper.
- Make a tasty sauce. In a small bowl, mix grated garlic with dill, parsley, and honey and lemon zest. Whisk in 4 tablespoons of olive oil. Season and salt to taste. Spoon sauce over salmon, serve on top of the potatoes.
Enjoy!
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