Tax Considerations for Year-End 2024

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Beacon Pointe Advisors

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Mar 21, 2025

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Florida - Southwest

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In preparation for the end of the year and the upcoming tax season, we summarized a few key year-end tax planning tips for individuals.

Capital Gains Planning

Harvest Losses from Your Taxable Accounts – Selling securities for a loss (harvesting losses) may help reduce your tax bill now and in the future. Even if you held the securities for less than a year, losses from the sale of securities could shelter short-term and long-term capital gains realized this year from income tax. Keep in mind that capital losses are netted against all capital gains, including those from the sale of a business and real estate. Any unused losses can reduce up to $3,000 of ordinary income, and you can carry forward any remaining unused losses to help reduce future tax bills. Note that you cannot deduct a loss on a security when a virtually identical one is purchased 30 days before or after the original sale, as this is considered a wash sale. Also, if you had significant losses in 2023 or any other prior year, you may have tax-loss carryforwards that can be applied to your 2024 taxes. Your Beacon Pointe advisor is working to realize any available capital losses on your behalf before year-end.

Harvesting Gains from Your Taxable Accounts – In contrast, if you find yourself in a low tax bracket for 2024, you may wish to take advantage of the lower tax rates on capital gain income. It may benefit you to realize gains from a concentrated stock position to diversify your asset allocation further and increase the cost basis in your overall portfolio. This strategy may also benefit pass-through business owners with an expected net operating loss from your business in 2024.

Track Cryptocurrency – As more investors explore the world of cryptocurrency, it is necessary to understand the taxation of sales, transfers, and purchases. The online cryptocurrency exchanges do not report on transactions like other investment brokerage firms. This puts the responsibility on the taxpayer to track and report all transactions. If you are an active trader or miner of cryptocurrencies, it is important to track the cost basis of purchases to calculate future gains and losses when the cryptocurrency is later sold. Exchanging one cryptocurrency for another and utilizing cryptocurrencies to purchase goods should be reported as sales. Currently, cryptocurrency losses are not subject to the wash sale rules, which means you could sell a position to realize a loss, then repurchase it immediately, and still be able to recognize the loss. Be sure to let your tax advisor know if you have any cryptocurrency holdings so they can help you track and report it properly.

Consider Investing in a Qualified Opportunity Zone (QOZ) – Current law allows (1) federal tax deferral of capital gain invested in a QOZ until the earlier of when the fund is sold or December 31, 2026, and (2) federal tax avoidance on investment gain on the initial QOZ investment if held for at least ten years. The capital gain deferred or avoided might still be taxable at the state level, and the federal income taxes will be due with the filing of the 2026 tax return. You must reinvest capital gains realized within 180 days after the gain was realized. The investment does not have to occur in the same calendar year to qualify for deferral. Be sure to confirm timing deadlines with your tax advisor.

Retirement Planning

Maximize IRA and Retirement Plan Contributions – Be sure to fund your retirement account(s) to the applicable limit. The IRA funding limit for 2024 is $7,000 ($8,000 if over age 50), and the elective salary deferral limit to 401(k), 403(b), and 457 plans is $23,000 ($30,500 if over age 50). Starting in January 1, 2025, participants in qualified employer retirement plans such as 401(k) plans aged 60 to 63 can increase their “catch-up contributions” by 150% of the regular catch-up contribution of $7,500, for a total catch-up allowed of $11,250.

If your employer-sponsored plan allows post-tax contributions and in-plan Roth conversions, you can defer up to $69,000 in 2024 (including all company matches and forfeitures). The post-tax contributions effectively create a “mega-backdoor Roth IRA,” which means these contributions grow tax-deferred and can later be rolled into a tax-free Roth IRA.

Note that the deadline for making IRA and Roth IRA contributions for the tax year 2024 is April 15, 2025. If your spouse actively participates in their employer’s retirement plan, be aware that spousal IRA contributions are subject to income limits. Please discuss deductibility with your tax advisor to determine your contribution amounts.

If you are a business owner, consider contributing to a SEP IRA or establishing and contributing to a Solo 401(k) by year-end. Contributions to a SIMPLE IRA are capped at $16,000 per year, with an additional catch-up option of $3,500 if you are 50 or older. The contribution limit for SEP IRAs and profit-sharing/401(k) plans for business owners is 20% or 25% of compensation (depending on the business entity) up to a maximum of $69,000 for 2024. If you are a high-income taxpayer, deferring income could allow the 20% qualified business income (QBI) deduction on business income. The QBI deduction may apply if the deferment of income brings your income below the top income and capital gains brackets.

Convert Your Traditional IRA to a Roth IRA – If you believe your tax rate might be higher in the future because of greater expected income or higher tax rates, consider converting a portion of your traditional IRA (or other qualified retirement accounts) to a Roth IRA. A Roth IRA is attractive to those expecting higher taxes in the future because, unlike distributions from a traditional IRA, qualified withdrawals from a Roth IRA are income tax-free. If market volatility has impacted the value of your IRA, you can convert it in-kind to a Roth IRA. You will pay income tax on today’s value and experience the recovery tax-free in your Roth IRA. Additionally, reducing the value of your traditional IRA will reduce future RMDs, which might result in a lower tax rate in the future. Other factors to consider are that your income determines Medicare premiums and Social Security taxation; higher RMDs could result in higher taxes and Medicare surcharges. Of course, there is no free lunch, as you will have to pay income tax on the amount you convert.

The conversion typically makes sense if one or more of the following apply: (1) you have monies outside of your IRA to pay the income tax on the conversion, (2) you believe you will be in a higher income tax bracket later, (3) you are not planning on using the converted funds for several years to allow for tax-free compounding, or (4) you plan on leaving your IRA or Roth IRA to your heirs. Note that if you decide to convert to a Roth, you cannot undo it later, so be sure to check with your tax professional before converting.

Take Minimum Distributions from Retirement Plans – If you haven’t already, make sure to take your required minimum distributions (RMD) from your IRA(s) or qualified plan(s) before December 31, 2024. Keep in mind that the RMD age was changed with the passing of the SECURE Act 2.0 from age 72 to 73 and is set to change in 2033 to age 75. It is important to take at least your full RMD amount before year-end; the penalty for not distributing the minimum required amount is 25% of the amount required to be distributed but not withdrawn. RMDs are not required for Roth IRAs. If you were born in 1951, you reached age 73 in 2024 and must take your first RMD. You can delay your first RMD until April 2025, but you will have to take two RMDs in 2025. This may make sense if you have higher income for 2024 and project you might have less in 2025. Work with your tax advisor to determine the best strategy for you.

RMDs may also apply to certain inherited retirement accounts. The primary factors that determine whether an RMD must be taken from an inherited retirement account, as well as the timing and requirements, are as follows: (1) the date the account holder passed away, (2) the beneficiary’s relationship to the deceased account owner, and (3) the type of retirement account inherited. Working with your tax advisor is required to determine the amount of your RMD and the appropriate amount of income tax to withhold from your RMDs.

Convert Unused Education Funds to Roth IRAs – Consider rolling over unused 529 plan funds into a Roth IRA for the beneficiary, up to $7,000 this year. Keep in mind there is a lifetime limit of $35,000, and the 529 plan must have been open for at least 15 years. The contribution is subject to the beneficiary’s annual Roth IRA contribution limits ($7,000, reduced by other contributions to a Roth IRA or traditional IRA during the same calendar year) and may also be limited by earned income. Speak with your tax advisor for more details.

Charitable Planning

Consider a Qualified Charitable Distribution (QCD) – If you are charitably inclined and over age 70½, you can donate up to $105,000 (2024) from an IRA directly to a qualified public charity (not a private foundation, donor-advised fund, or supporting organization) to satisfy your charitable goals and prevent the distribution from being included in your taxable income. Making a direct donation from your IRA might lower your income and allow you to qualify for lower Medicare premiums and other income tax breaks. Note that contributing to an IRA after age 70 ½ reduces the amount transferable to a charity as a QCD. A QCD also counts toward your annual RMD. As a reminder, a QCD would not be taken as a charitable deduction on Schedule A (itemized deductions) as the amount is not included in your gross income like an RMD would have been.

Additionally, individuals may apply a portion of their annual limit for QCDs towards establishing a charitable remainder trust (CRT) or a charitable gift annuity (CGA) of up to $53,000 (2024).  For example, an individual can transfer up to $53,000 from their IRA to one or more CRTs or CGAs and donate up to $52,000 from their IRAs to public charities for a total of $105,000 in Qualified Charitable Distributions.

Donate Appreciated Securities or Cash to Charity – If you plan to donate to charity this year, consider donating with appreciated stock or mutual funds you have held for more than one year. If you itemize your deductions, you can deduct the full fair market value of the securities (limited to 30% of adjusted gross income for public charities and 20% for private charities, with the excess carried forward for five years). You will also avoid the capital gains tax you would otherwise pay on the sale of those securities. If you do not think you will itemize every year, consider combining several years of charitable donations into one year using a donor-advised fund. A donor-advised fund allows you to take the income tax deduction this year but direct the fund to make donations to your chosen charities over many years. Please let your advisor know if you would like to gift securities from your accounts, as it takes some time to facilitate the transfer. Be sure to obtain a receipt and a written acknowledgment from the charity describing the donation and anything you received in exchange for it. For more information, read our piece on Thoughtful Charitable Giving.

Gift Planning

Make Annual Exclusion Gifts to Family – For those who want to help family members, the 2024 annual exclusion allows you to make tax-free transfers of $18,000 (or $36,000 for married couples) per recipient in cash or property without reducing your lifetime estate and gift tax exclusion amount. These tax-free transfers do not require filing a gift tax return (unless you split gifts with your spouse). If gifting cash, be sure checks are deposited before year-end to count for your 2024 annual exclusion. Consider creative ways to give to your children, grandchildren, and loved ones:

  • Gifting shares of stock or other investments can get them interested in learning about investing.
  • Fund a tax-advantaged Section 529 college savings plan. You can supercharge your gift by giving up to five years’ worth of annual exclusion gifts immediately (gift tax return required). This strategy allows gifts up to $90,000 ($180,000 if married) into a 529 plan (2024). Qualified higher education expenses include apprenticeship programs, elementary and secondary schools ($10,000 annually), and student loan payments (up to $10,000 for the account holder’s lifetime).
  • If your children or grandchildren are working, your gift of cash might fund a Roth IRA to kick-start their retirement savings, compounding growth over a long period and creating tax-free income in retirement. In 2024, your loved ones can use up to $7,000 of your gift to fund a Roth IRA ($8,000 if 50 or older), reduced by any other contributions to an IRA. To be eligible, your loved ones must have earned income of not more than $146,000 (single taxpayer) in 2024.

Planning for Itemized Deductions

2024 Key Federal Itemized and Standard Deductions – The standard deduction is $14,600 for single filers and $29,200 for joint filers. If your itemized deductions exceed the standard deduction, you should itemize. Key itemized deductions:

  • Up to $10,000 combined for state and local taxes paid (property tax, plus your choice of state income tax or sales tax);
  • Mortgage interest on primary and secondary home loans up to $750,000; loans taken before 12/14/2017 up to $1,000,000;
  • Unreimbursed qualified medical expenses over 7.5% of adjusted gross income; and
  • Charitable
  • While investment advisory fees are no longer tax deductible as part of your itemized deductions, such fees are deductible when calculating the 3.8% net investment income tax on investment income.[1]

Pass-Through Entity Tax (PTET) – Currently, 36 states have enacted a PTET since the Tax Cuts and Jobs Act (TCJA) limited the deductibility of state and local income taxes after 2017. The PTET allows taxpayers of pass-through entities to opt into paying state income tax on net income at the entity level, which reduces income for federal income tax purposes. For most taxpayers, this will reduce federal income taxes, similar to when state income taxes were fully deductible before the TCJA. However, there are a few caveats, so opting in does not always make sense. A call with your tax advisor is required to determine if this is right for you. The election must be made, and state income taxes must be paid before December 31, 2024, to benefit from the deduction this year.

Maximize contributions to HSA plans – You can contribute $4,150 for individuals and $8,300 for families ($1,000 catch-up for those age 55 and over). You have until April 15, 2025, to deduct contributions to an HSA plan for the 2024 tax year. Also, be sure to submit all HSA and FSA receipts for reimbursement. If you have already met your health insurance deductible for the year, consider completing any additional medical procedures before the end of the year.

Important Year-End Planning Consideration – The Corporate Transparency Act

Due to the Corporate Transparency Act (CTA) passed in 2021, beginning January 1, 2024, most small business entities, including LLCs and corporations, must report the beneficial owners (i.e., those who own 25% or more). This includes entities that may have been structured for estate planning purposes. The Beneficial Ownership Information (BOI) report must be submitted to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) before January 1, 2025. There are a few exemptions and many nuances, so work with your tax and legal advisors (depending on complexity) as soon as possible to ensure this information is filed timely, as there are hefty fines for failure to file (up to $500 per day until the violation is corrected). Although there are challenges to the fate of the CTA, filing is still required.

Final Thoughts into 2025

Much of the current tax policy set under the 2017 Tax Cuts and Jobs Act expires at the end of 2025. However, given the recent election results, we anticipate tax legislation in 2025. Many expect that most of the provisions under the TCJA will be modified or extended. This could be favorable for taxpayers, most notably as such changes may relate to extending the current lower individual income tax rates and the higher estate and gift tax exclusion amounts.

 

If you could benefit from a conversation with our advisory team, we would be happy to provide a complimentary consultation.

 

[1] Check with your tax advisor whether your state has conformed to the 2017 CJA. For example, California and New York have not conformed to Federal law for itemized deductions and still allow a deduction on state tax returns for property taxes, miscellaneous itemized deductions, including investment advisory fees, and mortgage interest on new loans up to $1,000,000.

Important Disclosure: This report is for informational purposes only. Opinions expressed herein are subject to change without notice. Beacon Pointe has exercised all reasonable professional care in preparing this information. The information has been obtained from sources we believe to be reliable; however, Beacon Pointe has not independently verified, or attested to, the accuracy or authenticity of the information. Nothing contained herein should be construed or relied upon as investment, legal, or tax advice. All investments involve risks, including the loss of principal. Investors should consult with their financial professionals before making any investment decisions. Past performance is not a guarantee of future results.

Copyright © 2024 Beacon Pointe Advisors, LLC®. No part of this document may be reproduced. 

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If youre wondering if Medicaid covers therapy, the short answer is yes. However, theres more to it than just a simple yes or no answer. While its true that a Medicaid plan offers benefits for certain mental health services like counseling, you must meet the criteria to be eligible. Further, the exact coverage for Medicaid services youll have will vary depending on factors like what state you live in.Learning whats covered as part of Medicaid mental health benefits and what isnt covered can save you time, reduce your stress level, and, ultimately, save you money.Read on to learn more about affordable mental health treatment options you can access if you have Medicaid coverage. Were discussing everything from how many therapy sessions Medicaid covers to Medicaid therapy limitations and more.Does Medicaid Cover Therapy & Mental Health Care Services?Yes, you can gain access to mental health services, including therapy, with Medicaids mental health coverage, but there are some things to consider.State-specific variationsThe federal government sets baseline requirements for Medicaid services, but states can shape and design individual mental health service programs as they see fit, as long as theyre within federal guidelines and parameters. This means that different states can have different Medicaid plan variations that offer different behavioral health benefits.Some states may offer broader coverage for behavioral health services, such as unlimited therapy sessions or comprehensive treatments for substance use disorder, while others may impose stricter limitations on the number of therapy sessions or types of mental healthcare covered. For example, specific treatment and counseling services covered in California, may not be accessible under a plan in Florida. Its important to review your specific health plan and ask questions about what mental health services Medicaid covers in your state.Provider variationsAnother important factor to consider is provider availability, and the types of behavioral health professionals Medicaid covers. NetworkMedicaid programs may have different networks of approved providers, meaning that not every mental healthcare provider will accept Medicaid. This could limit your options when seeking a therapist, psychiatrist, or counselor for your care. For example, some Medicaid services may only be available through a federally qualified health center (FQHC), while others allow for more flexibility in choosing private providers who accept Medicaid. Type of providerAdditionally, Medicaid coverage may vary by the type of provider you need. For instance, some Medicaid plans may fully cover cognitive behavioral therapy (CBT) or behavioral therapy provided by licensed social workers, but not by psychologists or certain specialists. In other cases, certain mental health conditions like severe substance abuse or obsessive-compulsive disorder (OCD) may require specialized care, and the availability of these specialists within the Medicaid network can differ.Its always a good idea to verify whether your preferred mental health care provider is part of the Medicaid network and to explore the options available to you for getting mental health support. Learn how to find a therapist covered by your insurance to ensure you have access to the mental health care you need without unexpected costs.Mental Health Services Covered by MedicaidMedicaid provides healthcare benefits to millions of Americans. It offers essential physical and mental health coverage to eligible low-income adults, pregnant women, elderly adults, children, and people living with disabilities. While therapy covered by Medicaid is virtually a given for anyone with a diagnosed mental health condition, the scope of coverage varies, and not all services are allowed.Mental health services that Medicaid typically covers include:Outpatient psychotherapy also known as talk therapySessions with psychologists, counselors, therapists, psychiatrists, and clinical social workersBehavioral therapyMedication managementPsychiatric medicationsCommunity-based services such as case management and support groups for recovery ( available in some states )Some in-patient services for children and adults 21 years and youngerSubstance use disorder treatmentLimitations in Medicaid Mental Health CoverageLike any healthcare plan, there are limitations to Medicaid therapy coverage. Understanding coverage limits and exclusions is crucial so you can be prepared for any therapy costs you might be financially responsible for as a Medicaid recipient.Number of therapy sessions coveredThe number of therapy sessions covered by Medicaid per year is one aspect that varies widely from state to state. In some states, Medicaid recipients have comprehensive benefits that will pay for an extensive number of sessions annually. Other states cap benefits after a certain number of visits.Types of treatments not coveredSome mental health services fall outside the scope of what Medicaid offers and, thus, arent covered at all. Examples generally include anything considered experimental or not widely recognized by medical standards and treatments that arent heavily research-based.Most of the following services arent covered in the majority of states:Holistic therapy and treatmentsMarriage counselingCouples counseling servicesSessions with a life coachMassage therapyExperimental therapiesAromatherapyState program differencesThe differences between state programs range from the maximum number of sessions to the types of treatment that will be covered.Covered services: Factors like local regulations or budget constraints within state-specific Medicaid programs can mean something that might be commonly covered in one state but is a no-go in another.Cost: Nearly all states have Medicaid programs that offer mental health services at no cost. States that do require a copay typically make the rates very affordable in some cases, as low as $2 $4 per visit.Number of visits allowed: As noted, some states cap how many therapy session visits a Medicaid recipient can have in a year. Others set no limits and will enable you to have as many as you want or need. If you live in a state that only lets you have a set number of therapy visits, the cost of any sessions beyond that limit will be your financial responsibility.How to Check Your Medicaid Mental Health CoverageUnderstanding the benefits and services you have under Medicaid starts with looking at the guidelines and provisions of your states program. 1. Identify your states Medicaid programWhile a seemingly straightforward step, identifying your states Medicaid program is critical because each state can have slight nuances that are important to be aware of. Not only can benefits vary, but eligibility for coverage and the enrollment process can also be different.To find this information, you can visit the official Medicaid website for your state or contact your states Department of Health and Human Services. You can get comprehensive details on Medicaid coverage, including how to apply, eligibility criteria, and the specific mental health services covered.2. Access your Medicaid account onlineOnce you know your states program and where to find resources and support, you can create and access a personal account online (in most states). This is a simple way to review plan specifics without sitting on hold or waiting for return calls, emails, or mailed information or documents.3. Review your Medicaid plan detailsThe most essential part of checking Medicaid therapy coverage is assessing your programs plan details. You should fully understand what mental health services are covered and available to you, including things like:Therapy sessionsCounseling availabilityMedication and prescriptions4. Utilize tools and resources provided by your stateTake advantage of tools like plan comparison charts and benefit summaries on your states website. These resources are designed to simplify complex details and make them more digestible.5. Understand service limits and requirementsTo get a comprehensive understanding of service limits and requirements, take note of things like caps on the number of sessions and any mandated requirements. You should also find out if prior authorizations are necessary or if youll need a primary care referral before seeking treatment.6. Contact your states Medicaid office for personalized assistanceIf youre feeling overwhelmed or still have questions, contact your local Medicaid office directly. Its a smart way to get the answers you need. Youll find personalized assistance and support to navigate the program.Get Affordable Online Mental Health TreatmentFinding the right mental health services can be challenging, especially when cost is a concern but its important to know that options do exist via Medicaid therapy coverage. For many people, the perception that therapy is too expensive can be a barrier, but using Medicaid insurance can significantly reduce the cost and make mental health care more accessible. If youre unsure how to pay for therapy with insurance, you can get one step ahead when you understand that mental health services and therapy covered by Medicaid can differ by state. Now, you can explore the avenues available for cost-effective or no-cost treatment for your mental health condition. Note that Medicaid doesnt currently cover Talkspace online therapy. Check what forms of payment Talkspace accepts at this time.Online therapy platforms like Talkspace are taking the concept of affordable mental healthcare even further. Not only is the out-of-pocket expense for online therapy often less than traditional therapy, but Talkspace has also partnered with most major health insurance providers to ensure effective mental healthcare is within reach for everyone.Learn more about how to get therapy by contacting Talkspace today.Sources:Medicaid & Chip How To Information: Beneficiary resources. Medicaid. Accessed January 20, 2024. https://www.medicaid.gov/about-us/beneficiary-resources/index.html#statemenuTalkspace articles are written by experienced mental health-wellness contributors; they are grounded in scientific research and evidence-based practices. Articles are extensively reviewed by our team of clinical experts (therapists and psychiatrists of various specialties) to ensure content is accurate and on par with current industry standards.Our goal at Talkspace is to provide the most up-to-date, valuable, and objective information on mental health-related topics in order to help readers make informed decisions.Articles contain trusted third-party sources that are either directly linked to in the text or listed at the bottom to take readers directly to the source.

Medicare Mental Health Coverage

Research shows those who enroll in government-funded plans are more likely to have mental health needs. Thankfully, Medicares role in covering therapy offers a path for many people to access the critical care they need. That said, navigating Medicares coverage for mental health care services and its limitations can prove difficult. If youre wondering if Medicare covers mental health, youre in the right place.Medicare offers various coverage options to address widespread mental health needs. While the programs complexity can be daunting initially, getting the most out of this resource means learning what services are available and what restrictions you should be aware of as a Medicare beneficiary.Keep reading to learn everything you need to know about Medicare coverage for therapy and other mental health services.Note: Medicare covers Talkspace online therapy in select states, with more states to come soon.Does Medicare Cover Therapy & Mental Health Care Services?The short answer is yes. Medicare offers coverage for therapy and a variety of other mental health services. Depending on which part you use, some benefits of Medicare coverage include counseling or therapy, in-patient care, outpatient care, medication management, and certain preventive services.Who Qualifies for Medicare Mental Health Coverage?Medicare mental health coverage is only available for those who meet specific eligibility criteria. To qualify for mental health coverage under Medicare, you must meet one of the following conditions:Be 65 years of age or older.Have a qualifying disability (younger than 65).Have End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS)If you fall into one of these categories, you may be eligible for Medicare benefits for mental health services including therapy services, counseling, and psychiatric care like prescription drugs for a mental health condition. Mental Health Coverage Under MedicareMedicare therapy coverage and benefits will vary depending on which part of the program youre using. Original Medicare Parts A and B is the foundation.Medicare Part A: In-patient mental health careYou can think of Medicare Part A as hospital insurance. It helps pay for in-patient (meaning youre admitted to the hospital) mental healthcare and covers things like your hospital room, meals, and nursing care. It also covers related services and supplies that might be necessary during your stay.Part A can cover mental health needs like:In-patient room costsMealsNursing careLabsSome medicationsTherapyMedicare part B: Outpatient mental health servicesMedicare Part B can be thought of as medical insurance. It helps pay for outpatient services related to mental health, including visits to mental health professionals like psychiatrists, doctors, clinical psychologists, or social workers. Treatments such as individual or group therapy sessions are covered under Part B.Part B can cover mental health needs like:Wellness visitsIndividual therapyGroup therapyAnnual screenings for depressionPsych evaluationsAppointments with a clinical social workerDiagnostic labs and testsSome medicationsMedicare Advantage Part CMedicare Advantage Part C provides coverage on top of the benefits Parts A and B offer.Medicare Advantage Part C can cover things like:Grief counselingMore telehealth optionsMedicare Part D: Prescription drug coverageMedicare Part D is used to offset the costs of prescription drugs that are useful in managing mental health. For example, Part D of Medicare coverage helps you afford things like mood stabilizers and antidepressants.MedigapWhile not technically part of Medicare, Medigap is sold to help supplement gaps in coverage in the Original Medicare plan. Medigap policies help with mental healthcare costs like copayments, deductibles, or coinsurance.Limitations in Medicare Mental Health CoverageMedicare is a lifeline for many people seeking mental healthcare, but like most things, it does have some limitations. While it generally helps with the cost of the most common mental health treatments, not everything is paid for. Several factors are used to determine what will be covered.Number of therapy sessions coveredWhile therapy is likely a benefit under your Medicare plan, there can be limitations to the number of sessions covered annually by the mental health care provider.Types of treatments not coveredThe type of treatment you receive is another area that can impact coverage and cost as a Medicare beneficiary. While some approaches to mental health like holistic or experimental therapies have gained popularity in recent years, they arent always covered by Medicare. Youll likely be responsible for out-of-pocket costs if you use specific treatments. As an example, Original Medicare therapy coverage doesnt include the cost of pastoral counseling or hemodialysis for schizophrenia. Other areas of care Medicare doesnt cover might include:Private duty nursingToiletries during in-patient staysAdult day healthTransportationPrivate room costs (if not medically necessary)Outpatient mealsData interpretationReport preparationRecreational activitiesHow to Check Your Medicare Mental Health CoverageTo fully understand what Medicare will cover, review your current plan in detail. You can do so by accessing your online account.1. Log in to your Medicare accountLog into your online Medicare account. The secure portal provides specific details about your plan and coverage. The information you find here will help you make healthcare decisions to avoid unexpected costs in the future. Youll get a summary of your coverage and be able to add medication and pharmacies to compare costs for drugs.If you havent created your account yet, the 3-step process is simple make sure you have your Medicare card and then go to the Medicare website:Click the button or link to Create AccountEnter your Medicare numberEnter your Part A coverage start date (just month and year); if you dont have Part A, you can also enter Part B or immunosuppressive drug coverage informationEnter your informationEnter your last name, date of birth, zip code, and email address (if you dont have email, information can be mailed to the address on file; just click the box I dont have an email addressClick the box agreeing to the statementSet up your accountCreate your usernameCreate a passwordSelect and answer a Secret QuestionClick the green Create Account button2. Review your current plan detailsCheck whats covered under your plans mental health benefits. Look for the limitations of each plan type Original Medicare, Medicare Advantage, etc. so youre prepared for any financial responsibility. If youre looking for guidance on how to find a therapist covered by insurance, its important to check with your current healthcare provider to understand which mental health professionals and services are included in your plan. 3. Use the Medicare plan finder toolDont be afraid to leverage the portals Medicare plan finder tool. This resource helps you compare different plans and understand your coverage options thoroughly to know which option caters best to your needs and financial situation.4. Check annual notices for changesMedicare benefits can change. Its vital to review essential documents like the Annual Notice of Change (ANOC) and the Evidence of Coverage (EOC) you receive.Read these documents thoroughly every year youre enrolled in any Medicare plan. Stay informed about significant changes that may affect the type of coverage you have or what mental health services will cost you.5. Contact Medicare for personalized assistanceNavigating any insurance coverage can be a complex and confusing journey. If youre seeking answers to specific questions, dont hesitate to reach out directly. Preparing your questions in advance is a good idea so the process is as efficient and effective as possible.The Medicare website has valuable resources and contact information to help you connect with a customer service representative trained to answer your questions about plan benefits. You can reach someone by calling 1-800-MEDICARE or using the sites convenient online live chat feature. Chat is available 24 hours a day, 7 days a week (except for certain holidays). Get Affordable Online Mental Health TreatmentFinding solutions for mental health treatment that you can afford might seem overwhelming, but online therapy  like Talkspace is an accessible, convenient, and affordable option that makes therapy readily available, regardless of financial constraints. Talkspace has partnered with most major insurance providers to ensure affordable care options outside of Medicares current scope are also available to members.Talkspace online therapy accepts Medicare in specific states (with more added continually) to bridge the gap between vital mental healthcare and affordable treatment. Medicare Advantage is not covered at this time, but should be coming soon. Other options include online therapy covered by various insurance providers. Reach out today to learn more about getting mental health assistance from licensed professionals at Talkspace.Sources:Guth M. State policies expanding access to behavioral health care in Medicaid. KFF. December 9, 2021. Accessed January 20, 2024. https://www.kff.org/medicaid/issue-brief/state-policies-expanding-access-to-behavioral-health-care-in-medicaid/Cox ER, Marwick KF, Hunter RW, Priller J, Lawrie SM. Dialysis and plasmapheresis for schizophrenia: A systematic review. Psychological Medicine. 2020;50(8):1233-1240. doi:10.1017/s0033291720001324. Cox ER, Marwick KF, Hunter RW, Priller J, Lawrie SM. Dialysis and plasmapheresis for schizophrenia: A systematic review. Psychological Medicine. 2020;50(8):1233-1240. doi:10.1017/s0033291720001324. https://www.cambridge.org/core/journals/psychological-medicine/article/abs/dialysis-and-plasmapheresis-for-schizophrenia-a-systematic-review/7C67B61C3AB146EF41A0D2609ED2845A . Accessed January 20, 2024.Welcome to Medicare. Medicare. Accessed January 20, 2024. https://www.medicare.gov/Talkspace articles are written by experienced mental health-wellness contributors; they are grounded in scientific research and evidence-based practices. Articles are extensively reviewed by our team of clinical experts (therapists and psychiatrists of various specialties) to ensure content is accurate and on par with current industry standards.Our goal at Talkspace is to provide the most up-to-date, valuable, and objective information on mental health-related topics in order to help readers make informed decisions.Articles contain trusted third-party sources that are either directly linked to in the text or listed at the bottom to take readers directly to the source.

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Beacon Pointe Advisors

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Beacon Pointe is one of the nations largest Registered Investment Advisory (RIA) firms, providing comprehensive financial solutions for institutions, defined contribution plans, high-net-worth individuals, and families. Our success is driven by our peoplea team of talented, diverse, and passionate professionals committed to fostering an uplifting company culture and delivering premier service experiences to our clients.Our ServicesPrivate Wealth ServicesOur Private Wealth Management services offer comprehensive wealth planning and customized investment strategies, empowering clients to make well-informed financial decisions that align with their life goals.Institutional ConsultingWe provide objective and transparent investment solutions, offering long-term strategic planning tailored to the unique portfolio goals and mission of each institutional client.Retirement Plan ServicesOur team delivers expert investment guidance and comprehensive service solutions for 401(k)s, 403(b)s, and non-qualified deferred compensation plans, ensuring clients receive the highest level of fiduciary support.Advisor PartnershipsBeacon Pointe collaborates with successful RIAs and wealth advisors nationwide, fostering synergistic partnerships focused on enhancing efficiencies, value, and long-term growth.With a client-centric, fiduciary-first approach, Beacon Pointe is dedicated to providing strategic financial guidance that helps individuals, families, and institutions achieve lasting financial success.

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