
<p>Retirement insights from a Colorado PERA perspective</p>



<p></p>


A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.


<p>Navigating the world of retiree health care can be a challenge with countless carriers and plans available. Carriers can differ widely, not just in the kinds of benefits they offer, but also how they operate and process claims.</p>



<p>Recently, there has been news coverage of Medicare Advantage plans—comprehensive plans from private insurers that combine Medicare Part A and Part B with Part D prescription coverage—and their use of prior authorization to approve or deny certain types of care.</p>



<p>Insurance companies sometimes require prior authorization before a doctor can provide treatment to a patient, often for very expensive or complicated procedures. A common complaint about the prior authorization process is that it can lead to delays in care. Insurance carriers, on the other hand, argue it’s an important part of making sure patients are receiving appropriate treatment.</p>



<p>In a <a href="https://www.kff.org/medicare/issue-brief/nearly-50-million-prior-authorization-requests-were-sent-to-medicare-advantage-insurers-in-2023/" target="_blank" rel="noreferrer noopener">recently released report</a>, KFF (formerly the Kaiser Family Foundation) analyzed Medicare Advantage data from the Centers for Medicare &amp; Medicaid Services for the year 2023 and compared insurance carriers on their use of prior authorizations. That analysis included UnitedHealthcare and Kaiser Permanente, both of which provide <a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener">PERACare</a> Medicare Advantage plans.</p>



<p>The KFF analysis found that while UnitedHealthcare’s prior authorization denial rate was in the middle of the pack (9.1%), the company averaged just one prior authorization request per member for the year, which was the second-lowest among all carriers. Kaiser Permanente had a denial rate of 10% and averaged 0.5 prior authorization requests per member.</p>



<p>It’s important to note that medical providers initiate prior authorization requests, not patients. Patients with questions about prior authorizations should first reach out to their doctor and then the insurance carrier if any questions remain. For PERACare questions that remain unanswered, PERA may be able to further research the issue with the carrier.</p>



<p>Selecting a health care plan is a complex decision with many important factors to consider, including provider networks, premiums, deductibles, out-of-pocket maximums, and more. At Colorado PERA, we strive to select PERACare carriers that provide a high level of coverage and large provider networks while balancing cost. We encourage our members to examine all options available to them before choosing a plan that fits their needs.</p>



<p>Learn more about PERACare plans at <a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener">copera.org/peracare</a>.</p>



<p>Learn more about prior authorization on <a href="https://www.uhc.com/news-articles/newsroom/a-message-to-our-members" target="_blank" rel="noreferrer noopener">UnitedHealthcare’s website</a> or <a href="https://choiceproducts-colorado.kaiserpermanente.org/3-tier-point-of-service-plan/member-information/prior-approval/" target="_blank" rel="noreferrer noopener">Kaiser Permanente’s website</a>.</p>


Comparing UnitedHealthcare, Other Medicare Advantage Carriers


<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/new-congress-new-president-now-what/?utm_source=Next+Avenue+Email+Newsletter&amp;utm_campaign=5d5d6cc4e9-EMAIL_CAMPAIGN_2024_08_09_05_41_COPY_01&amp;utm_medium=email&amp;utm_term=0_-c30ea2364e-166628362&amp;mc_cid=5d5d6cc4e9&amp;mc_eid=d064809590" target="_blank" rel="noreferrer noopener"><strong>New Congress, New President: Now What for Older Americans?</strong></a></h4>



<p>A new Congress and a new presidential administration are underway, bringing with them the potential for a slew of potential policy changes at the federal level. Here’s a look at some of what we can expect on topics such as Social Security and Medicare.</p>



<h4 class="wp-block-heading"><a href="https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers" target="_blank" rel="noreferrer noopener"><strong>IRS Announces Jan. 27 Start to 2025 Tax Filing Season | Internal Revenue Service</strong></a></h4>



<p>Ready or not, tax season is upon us. The Internal Revenue Service says it will begin accepting tax returns on Monday, Jan. 27. The IRS also announced its Direct File pilot program has been expanded to include more states (though taxpayers in Colorado are not yet eligible to participate). PERA retirees can access tax forms in their <a href="https://secure.copera.org/secure/User/SignIn.jsp">secure member account</a> and paper forms will be mailed at the end of January.</p>



<h4 class="wp-block-heading"><a href="https://www.aarp.org/pri/topics/health/prescription-drugs/prices-top-medicare-part-d-drugs-entering-market/" target="_blank" rel="noreferrer noopener"><strong>Prices for Top Medicare Part D Drugs Have Nearly Doubled Since Entering the Market | AARP</strong></a></h4>



<p>A new analysis by AARP found that prices for the prescription medications that account for the most spending in Medicare Part D have risen by an average of 98 percent since entering the market. Note that PERACare plans protect against drug price increases by offering no deductibles for prescriptions, flat copays, and a cap on out-of-pocket costs.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/retirement/more-secure-2-act-retirement-enhancements-kick-in-this-year" target="_blank" rel="noreferrer noopener"><strong>More SECURE 2.0 Retirement Enhancements Kick in This Year | Kiplinger</strong></a></h4>



<p>Congress passed the large package of retirement-related provisions known as the SECURE Act 2.0 several years ago, but many aspects of the bill are still going into effect. This year, changes taking effect include automatic enrollment in 401(k) and 403(b) plans, expanded access for part-time workers, and a retirement savings lost and found.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: What a New Administration, Congress Mean for Older Americans


<p>As 2024 comes to a close, we’re taking a look back at the articles that resonated most with <em>PERA On The Issues </em>readers. Here are our most-read articles of the year.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/2024-proposed-legislation-status"><strong>2024 Proposed Legislation Status</strong></a></h4>



<p>Legislation is always a popular topic on <em>PERA On The Issues</em>, and 2024 was no exception—our article tracking PERA-related bills throughout the session was our most-visited page of the year. State lawmakers introduced nine PERA-related bills during the legislative session, ultimately passing six of them, though one was amended to remove the provision related to PERA.</p>



<p>Continue reading to find out what we expect to see in the 2025 legislative session.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/what-to-expect-for-medicare-advantage-in-2025-blog"><strong>What to Expect for Medicare Advantage in 2025</strong></a></h4>



<p>The open enrollment period for PERACare—PERA’s health benefits program—happens every fall for coverage beginning the following January. While premiums for PERACare’s Medicare Advantage plans had been stable for three years, that rate freeze expired and various regulatory changes led to carriers announcing this fall that Medicare Advantage premiums would be higher for plan year 2025.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/updated-tax-brackets-contribution-limits-and-more-to-know-for-2025"><strong>Updated Tax Brackets, Contribution Limits and More to Know for 2025</strong></a></h4>



<p>If you’re already thinking about your tax situation for 2025, you’re not alone. Our roundup of various tax-related inflation adjustments was one of our most-read articles of the year. The article includes details on updated retirement plan contribution limits, HSA/FSA contribution limits, new marginal tax brackets, and more.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/u-s-house-passes-wep-gpo-repeal-bill-heads-to-senate" target="_blank" rel="noreferrer noopener"><strong>U.S. House Passes WEP/GPO Bill, Heads to Senate</strong></a></h4>



<p>We frequently hear from PERA members who are frustrated with the way the Windfall Elimination Provision (WEP) and/or Government Pension Offset (GPO) reduce their Social Security benefit, so it was no surprise to see a high level of interest in the topic again this year.</p>



<p>Lawmakers have been introducing bills to modify or repeal WEP and/or GPO for years, and in 2024 the House of Representatives brought one such bill, the Social Security Fairness Act, up for a vote and passed it. With the bill awaiting action in the Senate, PERA and the Fire &amp; Police Pension Association of Colorado teamed up to <a href="https://content.copera.org/wp-content/uploads/2024/12/COPERA-and-FPPA_Please-Support-Repeal-of-Provisions-in-Social-Security-WEP-and-GPO_12.13.24.pdf">send a letter to Colorado’s senators</a> encouraging them to support the bill. The bill has since passed the Senate and is awaiting President Biden&#8217;s signature.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/state-lawmakers-pursuing-two-pera-related-bills-in-2025" target="_blank" rel="noreferrer noopener"><strong>State Lawmakers Pursuing Two PERA-Related Bills in 2025</strong></a></h4>



<p>Back here in Colorado, state lawmakers are getting ready for the start of another legislative session in January. We expect to see some PERA-related legislation introduced in the new session, including two bills that lawmakers on the Pension Review Commission drafted during this year’s interim period between sessions.</p>



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<p>We want to thank everyone who subscribes and reads <em>PERA On The Issues</em>. We appreciate your readership and we look forward to helping you stay informed in the new year.</p>



<p>Make sure you’re <a href="https://www.copera.org/pera-on-the-issues/subscribe">subscribed to our biweekly newsletter</a> to stay up-to-date on all the latest news, and join the conversation on <a href="https://www.facebook.com/ColoradoPERA/" class="broken_link">Facebook</a> and <a href="https://www.linkedin.com/company/colorado-pera">LinkedIn</a>.</p>


Year in Review: Our Top Articles of 2024


<h4 class="wp-block-heading"><a href="https://finance.yahoo.com/news/fed-schmid-says-uncertain-far-183000678.html" target="_blank" rel="noreferrer noopener" class="broken_link"><strong>Fed Officials Fret Over How Far They Can Lower Interest Rates | Bloomberg via Yahoo! Finance</strong></a></h4>



<p>What will the Federal Reserve do next? It appears even Fed officials aren’t sure, given their comments at a recent conference. While it’s likely we’ll see additional interest rate cuts in the future, it’s unclear how low they’ll go, as officials have suggested the rate needed to keep inflation in check may be higher than in the pre-pandemic years.</p>



<h4 class="wp-block-heading"><a href="https://www.planadviser.com/retirement-benefits-valued-workers-last-year/" target="_blank" rel="noreferrer noopener"><strong>Retirement Benefits Valued by More Workers Than Last Year | PlanAdviser</strong></a></h4>



<p>Retirement benefits have grown in importance to workers, according to a recent survey. That survey found 62% of respondents said retirement plans contributed most to their financial security, up from 56% the year before. Other priorities included health insurance and paid time off.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2024/11/11/credit-card-debt-among-retirees-jumps-significantly.html" target="_blank" rel="noreferrer noopener"><strong>Credit Card Debt Among Retirees Jumps | CNBC</strong></a></h4>



<p>New poll data shows just how much retirees’ credit card debt has grown in recent years. According to the Employee Benefit Research Institute, 68% of retirees had outstanding credit card debt in 2024, up from 40% just two years ago. In general, EBRI says retirees and those approaching retirement today are much more likely to have debt—and more of it—than in the past.</p>



<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/guide-model-for-dementia-caregivers/" target="_blank" rel="noreferrer noopener"><strong>GUIDE Model Offers Hope, Support for Dementia Caregivers | Next Avenue</strong></a></h4>



<p>The Centers for Medicare and Medicaid Services is rolling out a major initiative known as Guiding an Improved Dementia Experience (GUIDE). The new framework aims to fill existing gaps in dementia care and support for caregivers—including training and education, financial assistance for caregiver breaks, and better access to around-the-clock virtual care.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: Fed Charting Uncertain Course with Interest Rates


<h4 class="wp-block-heading"><a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025" target="_blank" rel="noreferrer noopener"><strong>IRS Releases Tax Inflation Adjustments for Tax Year 2025 | Internal Revenue Service</strong></a></h4>



<p>The new year is just two months away, and the Internal Revenue Service has announced some important tax-related updates. For tax year 2025, the IRS is making adjustments to various tax provisions based on inflation, including the standard deduction, marginal tax rates, earned income tax credits, and more.</p>



<h4 class="wp-block-heading"><a href="https://qz.com/medicare-2-drug-list-medicaid-1851668732" target="_blank" rel="noreferrer noopener"><strong>Medicare Wants to Make These Generic Drugs Available for Just $2 | Quartz</strong></a></h4>



<p>The Centers for Medicare and Medicaid Services released a list of dozens of prescription medications that may be included in a pilot program to provide low-cost generic versions of drugs. The drugs—which include popular medications such as inhalers, antibiotics, blood thinners, and cholesterol pills—would be available for $2 beginning in 2027.</p>



<h4 class="wp-block-heading"><a href="https://www.uchealth.org/today/new-blood-tests-for-alzheimers-may-allow-for-earlier-detection/" target="_blank" rel="noreferrer noopener"><strong>New Blood Tests for Alzheimer’s May Allow for Earlier Detection | UCHealth Today</strong></a></h4>



<p>Multiple companies have been rolling out new blood tests to help screen for Alzheimer’s disease, aiming to someday replace expensive and invasive procedures like spinal taps and imaging scans. Experts at UCHealth say that while the new tests are promising, there’s still more research that needs to be done before they can be made widely available, and the tests are not yet FDA-approved or covered by insurance or Medicare.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/retirement/how-to-step-confidently-into-your-life-after-retirement" target="_blank" rel="noreferrer noopener"><strong>How to Step Confidently Into Your Life After Retirement | Kiplinger</strong></a></h4>



<p>Retiring is a major life change that goes beyond a change in employment status, and that move often involves a shift in identity. Here are some tips for handling the transition and embracing a new phase of life.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: IRS Releases Tax Adjustments for 2025


<h4 class="wp-block-heading"><strong><a href="https://civicscience.com/retirement-redefined-how-the-pandemic-and-economic-factors-are-shaping-retirement-plans-among-older-americans/" target="_blank" rel="noreferrer noopener">Retirement Redefined: How the Pandemic and Economic Factors Are Shaping Retirement Plans Among Older Americans | CivicScience</a></strong></h4>



<p>More than four years after the start of the COVID-19 pandemic, we’re still seeing some of the effects of the public health crisis and new data attempt to shed some light on how the pandemic affected retirement planning. Survey data from CivicScience found most adults at or near retirement age said they did not leave the workforce during the pandemic, but older workers (65+) were more likely to say they left work and didn’t return. Of those who left the workforce and returned, more than half expect to work past the age of 65.</p>



<h4 class="wp-block-heading"><a href="https://www.investopedia.com/people-want-congress-to-fix-social-security-s-shortfall-8722073" target="_blank" rel="noreferrer noopener"><strong>Most Americans Want Congress To Fix Social Security and Medicare Shortfalls ASAP | Investopedia</strong></a></h4>



<p>In a recent survey, respondents made it clear that shoring up Social Security and Medicare are top priorities for ensuring retirement security. The survey from the Transamerica Institute for Retirement Studies found over 60 percent of people think the government needs to prioritize filling Social Security’s funding shortfall and over 50 percent think Medicare’s funding should be a priority.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/investing/farewell-paper-i-bonds-savings-bonds-going-online-only" target="_blank" rel="noreferrer noopener"><strong>Farewell Paper I-Bonds: Savings Bonds Are Going Online Only | Kiplinger</strong></a></h4>



<p>The last remaining paper savings bond is about to go all digital. The U.S. Treasury announced taxpayers will no longer be able to buy paper Series I bonds with their tax returns starting January 1, 2025. Electronic versions of I and EE bonds have been available for purchase online through TreasuryDirect for about two decades, and banks stopped selling paper savings bonds in 2012.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.thetravel.com/beautiful-towns-in-colorado-that-are-great-for-retirement/" target="_blank" rel="noreferrer noopener">Beautiful Towns In Colorado That Are Great For Retirement | The Travel</a></strong></h4>



<p>While many people like to stay put in retirement and age at home, many others like to pack up in search of a change in scenery or a better way of life. This list aims to identify the best towns in Colorado for retirees with a focus on crime and cost of living.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: How the Pandemic Affected Retirement Planning


<p>Recent changes to Medicare Advantage (MA) and Medicare Part D prescription drug coverage will affect the cost of <a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener">PERACare health benefits</a> in 2025.</p>



<h4 class="wp-block-heading"><strong>What’s changing</strong></h4>



<p>The Centers for Medicare &amp; Medicaid Services (CMS) pays MA insurers a base payment for every enrollee in their plan, as well as additional money for enrollees that have more health issues. CMS will be reducing the base payment amount for 2025. In addition, in 2024 CMS started phasing in changes to how it calculates the additional health status payments. These actions are expected to reduce the amount CMS reimburses insurers.</p>



<p>For 2025, the Inflation Reduction Act adds an out-of-pocket maximum of $2,000 to costs MA enrollees pay for their Part D prescriptions. This means after that first $2,000, enrollees will not have to pay anything for their prescriptions. While this is a positive change for those who take multiple medications, this means more costs for the insurance companies.</p>



<p>While final rates and plan benefits for 2025 are not yet available, MA and Part D carriers have already noted that in response to these changes they are likely to increase MA premiums more significantly than in recent years and may also make benefit reductions. This will impact individual Medicare Advantage plans, individual Medicare Part D plans, and the Medicare plans offered by PERACare.</p>



<h4 class="wp-block-heading"><strong>Other factors affecting cost</strong></h4>



<p>PERA’s insurance team uses a competitive bid process to identify carriers and plans that provide valuable health benefits to PERA retirees, and we negotiate the best rates we can. PERACare was able to negotiate a rate guarantee keeping MA premiums unchanged for several years, but that guarantee is now expiring.</p>



<p>PERACare plans offer generous benefits and broad networks of providers across the United States. The plans also cover only retirees, who tend to have more medical needs and use more services than the general population, resulting in higher plan costs. PERA offers a subsidy, based on years of service, to help offset some of the cost of PERACare premiums.</p>



<p>Everyone’s health care needs are different, and we encourage retirees to take a look at all their health insurance options to choose a plan that best fits their budget and needs.</p>



<h4 class="wp-block-heading"><strong>What to know about open enrollment</strong></h4>



<p>PERACare staff are working to finalize plans and premiums for 2025, and we’ll be mailing information out in the coming months.</p>



<p>Here are some important dates to keep in mind:</p>



<ul>
<li><strong>October 1:</strong> 2025 PERACare information available online</li>



<li><strong>Mid-October:</strong> PERACare open enrollment materials mailed to current PERACare enrollees</li>



<li><strong>October 21</strong> <strong>to November 21</strong>: PERACare open enrollment</li>



<li><strong>October 15 to December 7</strong>: Medicare open enrollment</li>



<li><strong>December 15</strong>: Last day for PERA to receive cancellation requests for January 1</li>
</ul>



<p></p>



<p><strong>For more information, visit </strong><a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener"><strong>copera.org/peracare</strong></a><strong>.</strong></p>


What to Expect for Medicare Advantage in 2025


<h4 class="wp-block-heading"><a href="https://www.npr.org/sections/shots-health-news/2024/08/15/nx-s1-5075659/medicare-negotiated-drug-prices-for-the-first-time-heres-what-it-got" target="_blank" rel="noreferrer noopener">Medicare Negotiated Drug Prices for the First Time. Here’s What It Got. | NPR</a></h4>



<p>Medicare has revealed the results of its first-ever negotiated drug prices. Officials have been negotiating with pharmaceutical companies for months, and that process just wrapped up, resulting in discounts on popular drugs for diabetes, cancer, arthritis, and other ailments. The new lower prices for the first batch of 10 prescription medications will take effect in 2026.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/08/15/colorado-special-session-property-taxes-election-2024/" target="_blank" rel="noreferrer noopener">Colorado Governor Calls Special Session on Property Taxes to Avoid Ballot Measure Fight in November</a></h4>



<p>Gov. Jared Polis called for a special legislative session to tackle the issue of property taxes in Colorado. Various advocacy groups had been calling on the legislature to take action and pass a bill to lower taxes rather than allow two tax-related initiatives to appear on the November ballot.</p>



<h4 class="wp-block-heading"><a href="https://www.reuters.com/markets/rates-bonds/size-looming-fed-rate-cuts-may-hinge-job-market-2024-08-02/" target="_blank" rel="noreferrer noopener"><strong>Fed Rate Cuts Loom Large as US Job Market Slows Sharply | Reuters</strong></a></h4>



<p>Prior to early August’s monthly jobs report, many analysts said the Federal Reserve would be likely to start lowering interest rates in September. That jobs report showed a noticeable increase in unemployment, signaling a weakening job market and all but guaranteeing a rate cut in the very near future.</p>



<h4 class="wp-block-heading"><a href="https://www.plansponsor.com/milliman-reveals-health-care-costs-for-65-year-olds-retiring-in-2024/" target="_blank" rel="noreferrer noopener"><strong>Milliman Reveals Health Care Costs for 65-Year-Olds Retiring in 2024 | PLANSPONSOR</strong></a></h4>



<p>A new report highlights the rising cost of retiree health care. According to the Milliman Retiree Health Cost Index, the amount of savings needed to cover health care costs for a couple retiring in 2024 has increased by $7,000 in the past year if that couple is enrolled in original Medicare with supplemental coverage. On the other hand, retirees with Medicare Advantage plans need less money saved up in order to pay for care.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: Medicare Wraps Up Drug Price Negotiations


<h4 class="wp-block-heading"><a href="https://www.fiercehealthcare.com/payers/hhs-lowers-64-prescription-drug-prices-under-medicare-rebate-program" target="_blank" rel="noreferrer noopener"><strong>HHS Lowers Prescription Drug Prices Under IRA Medicare Rebates | Fierce Healthcare</strong></a></h4>



<p>The federal government released the latest list of prescription medications that will be discounted under Medicare because their prices rose faster than inflation. The list includes 64 drugs that will be available for lower coinsurance percentages as of July 1.</p>



<h4 class="wp-block-heading"><a href="https://www.marketplace.org/2024/06/28/lawmakers-managed-to-fix-social-security-in-the-1980s-but-those-fixes-wont-work-a-second-time/" target="_blank" rel="noreferrer noopener"><strong>Reagan-Era Social Security Fixes Won&#8217;t Work This Time | Marketplace</strong></a></h4>



<p>There have been plenty of headlines about Social Security’s dwindling cash reserves—the latest projections show the program is likely to run out of cash in about a decade. But the question of what, if anything, lawmakers intend to do about it remains. While past reforms may provide some insight, lawmakers will likely have to come up with some new solutions this time around.</p>



<h4 class="wp-block-heading"><a href="https://www.reuters.com/markets/us/us-banks-suffer-steeper-losses-retain-large-cushions-annual-fed-health-check-2024-06-26/" target="_blank" rel="noreferrer noopener"><strong>US Banks Suffer Steeper Losses, But Retain Large Cushions in Annual Fed Health Check | Reuters</strong></a></h4>



<p>Every year, the Federal Reserve conducts a “stress test” to assess the financial resilience of the country’s biggest banks. This year’s test found the banks would be able to withstand severe market volatility and other economic factors while still keeping enough money on hand to lend.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.nytimes.com/2024/06/20/business/retirement/retire-advice-life-tips.html?unlocked_article_code=1.6E0.G3Q9.aN7ecjCdCYnK&amp;smid=url-share" target="_blank" rel="noreferrer noopener">Stories About What Retirement Really Means | The New York Times</a></strong></h4>



<p>The New York Times asked its readers to send in their perspectives, experiences, and advice on retirement. Almost 1,500 people responded, and their views on retirement show a wide breadth of sentiments—positive, negative, and in between.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: Dozens of Drugs to Be Discounted Under Medicare


<h4 class="wp-block-heading"><a href="https://www.healthcaredive.com/news/medicare-advantage-final-rates-2025-modest-cut/711927/" target="_blank" rel="noreferrer noopener"><strong>Federal Government Finalizes Modest Cut to 2025 Medicare Advantage Rates | Healthcare Dive</strong></a></h4>



<p>The Centers for Medicare and Medicaid Services (CMS) finalized the rates it will pay to insurers who run Medicare Advantage plans in 2025, and it’s a slight decrease from the current base rate. The federal government insists insurers will still come out ahead under the new rates, but insurance companies say lower rates could force them to cut benefits and raise premiums.</p>



<h4 class="wp-block-heading"><a href="https://www.plansponsor.com/vermont-plans-to-partner-with-colorado-on-state-auto-ira-retirement-plan/" target="_blank" rel="noreferrer noopener"><strong>Vermont Plans to Partner with Colorado on State Auto-IRA Retirement Plan | PLANSPONSOR</strong></a></h4>



<p>Vermont is the latest state to team up with Colorado to administer its new state-run automatic individual retirement account (IRA) program for people who don’t have access to a retirement plan at work. Colorado’s plan, known as SecureSavings, has also helped auto-IRA programs in Maine and Delaware get off the ground.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.cnbc.com/2024/04/15/americans-think-they-need-1point46-million-to-retire-what-experts-say.html" target="_blank" rel="noreferrer noopener">Americans Think They Need Almost $1.5 Million to Retire. Experts Say to Focus on Another Number Instead | CNBC</a></strong></h4>



<p>For workers who rely on&nbsp;defined contribution&nbsp;accounts like 401(k)s for retirement, knowing how much to save can be a challenge. According to a recent survey, people think they’ll need about $1.46 million to retire comfortably. But experts say workers should be more focused on saving for their individual needs and goals rather than any particular dollar amount.</p>



<h4 class="wp-block-heading"><a href="https://www.usatoday.com/story/money/2024/04/03/fewer-americans-writing-a-will/73170465007/" target="_blank" rel="noreferrer noopener"><strong>Writing a Will is Becoming Less Popular. Why Americans are Opting Out | USA Today</strong></a></h4>



<p>At the height of the COVID-19 pandemic, people saw the need to have a will on file, and estate planners saw a spike in people needing their services. Since then, the percentage of Americans adult who say they have a will had been steadily increasing. The most recent survey, conducted at the end of 2023, showed a reversal in that trend and marked the first decrease since 2020.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


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