Healthy Risks | Medicare Updates & Family Conversations

Healthy Risk

By Matthew Kane | President

I like to say that in the early days, my wife and I didn’t have enough money to avoid risks. I’m so thankful we couldn’t. So much of the good we experience today comes directly from the risks we took early on.

Once we have the financial means, we can be tempted to pursue a risk-free life for ourselves and our families. I firmly believe that healthy risk is one of the greatest formative influences we can experience, and it’s one our children need to experience. We lose this when we solve for the complete elimination of danger and the possibility of failure–the white-padded wall approach to life.

I would encourage you to reflect with a few questions:

What risks have I taken that I am still thankful for?
Are there risks I’m avoiding that are actually healthy?
How can I help teach my children or grandchildren healthy levels of risk?
Who in my life helps me discern when risk is wise and necessary?

Medicare Updates: The 2025 Medicare health insurance coverage enrollment period began last week. Insurers have taken the opportunity to trim popular offerings like dental coverage and increasing charges such as deductibles. Categories to be aware of:

Nonpremium costs increasing. Watch out for maximum out-of-pocket costs. It’s estimated that the overall average cost will increase by a little over $450.
Prescription drug benefits could change. Many plans are raising drug deductibles, which will result in increased out-of-pocket costs.
Hospitals are leaving networks. Be sure to check your preferred providers to ensure they are still part of the Medicare Advantage Network.

You can check specific adjustments on their website.

Family Conversations: If you’ve been around for any length of time, you know that we’re big fans of normalizing conversations about money. How can you help your kids & grandkids be wise with money? Talk more about money. Tell stories of your hard work and sacrifice, but don’t forget to share the hardships. Here are some possible conversations:

What is your first memory of money?
What is a money habit you wish you started 10+ years ago?
How do you decide what to say yes/no to?
Did you have an allowance or chores when you were a child?
What summer jobs did you have in high school and college? How much did you get paid? What did you learn from those jobs? Who was your favorite boss? Why?

A recent study revealed that 40% of parents surveyed shared concerns their kids will “outgrow” the advice they are equipped to give. Of those surveyed (72%) want to further their financial knowledge.

In addition, nearly three-quarters (74%) of respondents believe it’s become more complicated to manage finances since they were a child. When asked why they believe financial management has become more complicated, 48% of these respondents noted the internet makes it easy to search for financial information, but it’s hard to know what to trust.

The vast majority (79%) of parents said they’re open to new tools and resources to help them improve their financial knowledge, and nearly a quarter (22%) actively look for new services to use. The Talker Research study shared these statistics:

HOW CONFIDENT ARE PARENTS HELPING THEIR CHILD IN 14 FINANCIAL AREAS?

Budgeting — 55%
Savings options — 52%
Credit cards — 41%
Managing debt — 32%
Managing credit score — 32%
Insurance — 29%
Financing a car — 29%
Investments — 21%
Mortgages — 16%
Retirement planning (Roth vs. traditional IRAs, etc.) — 16%
High-yield savings accounts — 15%
Sending money abroad (i.e., sending money to friends or family internationally) — 14%
Taking out/refinancing loans — 13%
Currency conversions (i.e., exchanging money when traveling) — 11%

We’re here to help and be a part of the conversation. We’d love to help however you see fit.

*The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. Past performance is not a guarantee of future results.