February....the month of LOVE
How has your 2021 started? Last month I talked about a few checkpoints everyone should assess to start the year off right. Haven't gotten to them yet? No worries, you can always start now! February comes with it's own set of "to-do's" and reminders, so let's kick it off.
The Medicare Advantage Open Enrollment Period continues through March 31st. What does that mean for you? Well if you have a Medicare Advantage plan, you have another opportunity (besides the Annual Election Period, which ended Dec. 7th) to make changes. You can switch to a different Medicare Advantage plan or revert back to Original Medicare and enroll in a Medicare Supplement and standalone Part D (Prescription Drug Plan). Need some help making sense of the ABC's of Medicare? I'm happy to help!
This year Feb. 1 is the deadline for issuing W2s, 1099s, etc. Keep an eye on your mail or check online if you have options to receive digitally and download/print. Feb. 12th is when tax returns will be transmitted to IRS, but you can start filing once you have all your necessary documents. Don't forget to consult your tax professional to see if you are eligible for any Covid-related tax incentives/benefits and to discuss any changes/updates for the 2020 tax year.
This month's checklist item!
February is the month of LOVE and our thoughts go to hearts and flowers as Valentine's Day approaches. February is also Insure Your Love Month and it's a good time to talk with your loved ones about the financial aspects of your relationship. Not a sexy topic, but a necessary one. The primary purpose of life insurance is simple: to provide for those you love if you are no longer there. Another way to think of it is to be able to replace your economic value, whether that's an earned income that provides for your family or the value that a stay-at-home spouse/partner provides. Whether you already have life insurance or just getting started, an annual review with your financial professional will keep you up-to-date on changes in your life that affect those you love. Not sure how much you should have, or if you have the right amount? Check out the handy dandy calculator below.
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