Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We will send you a code to validate your phone number.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

If you have a valid account with us, you will receive an email with instructions to reset your password.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Please enter the 6-digit code sent to your email. If you have not received a code, you may not have a registered account.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

In order to change your password, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We will send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. We are unable to log you out of all the application Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Portfolio Intelligence podcast

The Portfolio Intelligence podcast features interviews with asset allocation experts, portfolio construction specialists, and investment veterans from across John Hancock’s multimanager network. Hosted by John Bryson, head of investment consulting at John Hancock Investment Management, the dynamic discussion explores ideas advisors can use today to build their business while helping their clients pursue better investment outcomes.

Latest episodes

Market outlook: what’s changed since the election?

December 6, 2024 | 17:41 | Ep. 87

After an initial burst of euphoria following the election, investors appear to have adopted a more cautious mood as they assess how the incoming administration might shape financial markets. Our Co-Chief Investment Strategists Emily R. Roland, CIMA, and Matthew D. Miskin, CFA, share their views.

John P. Bryson

Hello and welcome to the Portfolio Intelligence podcast. I'm your host, John Bryson, head of investment consulting and education savings here at John Hancock Investment Management. I can't believe it. But today is November 15th, 2024. The year’s flown by and I have invited back Emily Roland and Matt Miskin, our Co-Chief investment strategies here at John Hancock Investment Management, to talk about what is happening in economies and markets around the world. Emily. Matt, welcome.

Emily R. Roland

Hey, John. Great to be here.

Matthew D. Miskin

Thanks for having us.

John P. Bryson

All right. Hey, Emily, I'm going to start with you. Walk us through what has happened in the markets since November 5th.

Emily R. Roland

So I'd actually even extended John to prior to the election because, as the new administration or as Trump's odds of winning the election increased, we did start to see a rotation in markets, as investors started to … to price those potential political scenarios in. So we saw it across both stocks and bonds. You know, some of the areas that have outperformed, have been U.S. equities.

We've seen credit do well. The idea being there's potential … “potential” for lower, corporate taxes, with this Republican sweep. We've also seen riskier areas like regional banks outperforming on the thought that there could be potential for deregulation, some pro-cyclical policies coming onto the horizon here. Regional banks have a large allocation and small-cap stocks … so that was, a relative winner.

Areas even like lower quality and more speculative companies also saw a bid, I think notably cryptocurrency reaching new all-time highs. There's been an element of sort of animal spirits or positive sentiment kind of taking hold here. And then the dollar, we've seen the dollar rise. A lot of that has been due to the backup and Treasury bond yields.

So we do have higher relative rates here in the United States versus other areas across the globe which are seeing some weaker growth. So some of the areas that have struggled, high-quality bonds, most notably, there have been investors who were … expressed concerns around potential deficit spending, the potential for tighter immigration policy to potentially push up wages.

Pro-cyclical policies also hurting high-quality bonds in a relative basis. And then non-U.S. stocks, investors pricing in potential for, you know, more tariffs. The stronger dollar has also had a negative impact on non-U.S. stocks. There have been some proposals … the potential proposals from the administration, around “America first” that have also … hit non-U.S. stocks on a relative basis.

So a lot of politically-driven sentiment moves. I want to be really careful to say that … sentiment and I know we'll get into this … It isn't the best way to … to think about positioning portfolio. So we are looking past a lot of this noise and focused on the economic data and the fundamental backdrop to make cross-asset decisions.

But to answer your question, these are some of the big moves that we've seen across markets. I will say they've taken a bit of a breather here over the last couple of days after some really sharp moves in either direction. So we'll have to see if some of these trends continue or we start to see a fade of this initial, pre- and post-election response across markets.

John P. Bryson

Thanks, Emily. You've set up a number of things that I want to get into. Matt, I'm going to pivot to you. Emily mentioned animal spirits. I kind of want to talk about U.S. equities right now and to Emily's comment like we've run a lot. Have we gone too far and too fast? And then I want to hear your thoughts on the bond market.

Matthew D. Miskin

Yeah John, the price-to-earnings ratio on the S&P 500 has pushed up to about 22 times. This is about how high we got in 2000 and in 2021—other periods that were, in essence, overvalued markets. The trailing price-to-earnings ratio is 27 times. That again, is really … only times in history … were 2021 and 2000. So the valuation of U.S. equities has increased.

There hasn't been any change in earnings as of late. Earning, for Q3 are coming in at about a 3% growth rate but really haven't grown since 2022. So it's … it's really sentiment. It's, you know, investors just, pushing into equities more. And what we saw actually, which is kind of a good sign … is that, the diversification between stocks and bonds has increased.

So bonds have become more negatively correlated to stocks, which is also in essence, showing investors selling hedges, selling more defensive things, and going into higher risk things. One of the best probably indicators of this are measurement sticks, if you will, is high-yield spreads. So this is the high-yield bond … junk-bond yield versus the Treasury bond yield.

And that is now 2.5%. That's the lowest in 17 years. So the amount of return compensation from yield that you get for taking the additional risk is the least since 2007. And this is another sign of the times … in times like this, when everywhere is, you know, more risk-on positioning and valuations of riskier markets get more elevated.

We tend to think about pruning risk and redeploying capital in higher-quality parts of the market. So that's really what a lot of what Emily and I and a lot of the portfolio managers we're talking to right now are looking at, just after the … the recent move in markets.

John P. Bryson

All right. Perfect. Matt, digging a little bit more on the bond market though. Help me understand the dynamics going there. You mentioned correlations are coming down and differences in how the markets are reacting. How … how is the bond market, in line with the stock market … how is it acting differently?

Matthew D. Miskin

The bond market has repriced really to show a lot of growth into next year and so the bond market has been pricing in a good amount of cuts into 2025. You know, frankly, another 100 basis points was originally the thought, you know, just at the September Fed meeting. And now in the November meeting, you know, Powell kind of pushed back and said, you know, we might be close to done cutting rates for the time being.

We'll just have to see. And then he had an interview yesterday where he continued to say that that, you know, we're kind of closer to where we thought we'd be. The economic data has been on fire. We've gotten better employment data. The initial jobless claims dropped to 217,000. That's a really good level. We've gotten a bit firmer inflation in terms of CPI and PPI.

The retail sales report just beat. So, as the economy continues to do really well, bonds are seeing higher yields. It's less so about inflation. We are seeing still some disinflationary forces we think are going to play out in the next year. Oil prices are dropping. That's usually a good sign for bonds but what we think is the case is that we're getting kind of a pull forward in impulsive growth.

Again, a lot of it probably being sentiment driven. And it's in the price, you know, so bond prices are back down to about $0.90 on the dollar. Yields on high-quality bonds are back over 5%. And we're saying, hey, if we can do 5% in high-quality bonds over the next 5, I don't know … 3, 5, 7 years, we think that's pretty attractive.

Matthew D. Miskin

Returns stream with pretty low risk. So again, the highest quality parts of the markets are on sale. That's where we're doing the most look … most work looking for opportunities. And I … and that's really bringing us to kind of intermediate core and core-plus fixed income okay.

John P. Bryson

Excellent. Emily, I'm going to come back to you. You mentioned the stronger dollar, the risk on here in the United States. Let's talk a little bit more about international markets. How are they reacting?

Emily R. Roland

Yeah, international equities have underperformed, you know, meaningfully since the election and really over the past month and quarter to date broadly. You know outside of the election, the way that we look at this is … we want to find where the best relative economic growth and where the best relative earnings growth is. We still have allocations to international equities, but we're finding that emphasizing the U.S. has … has made more sense, given the fact that we've got better relative earnings growth trends here.

One reason for that is we have more of high-quality stocks here. So we do have a preference for quality companies with great balance sheets, good return on equity, ability to maintain margins in an environment where margins are likely to … to narrow from here. So we're simply finding more of that in the U.S. And then from an economic growth perspective, you know, Matt just hit on the fact that we have seen upside surprises to economic growth here in the U.S. and meanwhile we're seeing not terrible results. But, you know, more of a decelerating pattern in economies overseas … Europe, particularly in China. So, those trends are leading us to a preference for the U.S. as well as the dollar. That's sort of been the cherry on top of our analysis. It's really tough to make calls on, on currency markets.

But our base case has been that because there's better growth here, because our rates are higher than other developed markets across the globe. That should lead, to a strengthening dollar, more capital flowing on to our shores in the United States. So there may be, an election element to this, here based on sentiment. We're looking past that.

And fundamentally, we're … we're having, an overweight to the U.S.  Again internationally, we’re there, we have invest … we have recommended continuing to have diversification, with an allocation to international stocks. We're emphasizing growth over value given better relative earnings trends on the growth side internationally.

John P. Bryson

Okay. Thanks, Emily. Hey Matt, I want to dig on this. One of the one of the popular words we're hearing more and more is tariffs. I want to understand your take on the impact on our economy, our market, and then around the world. What do people need to be thinking about?

Matthew D. Miskin

Yeah. So this isn't necessarily a new policy that we're looking at, you know, in 2016, these … there was tariffs introduced post the 2016 election. You know, we went back and we looked at the data and frankly, the inflation rate under the Trump administration of 2016 … but this was before COVID. So this is just through 2019—inflation averaged 1.6%, and I'm talking core PCE. So really inflation did not come up as much as you might think based on … tariffs. Now it really depends, right? So we are looking at a lot of different things. There's a lot of different … you know … that's one kind of sample of … of tariffs being introduced.

There's a lot … you know … you could see more tariffs, you could see broader tariffs, you could see less tariffs. There's so many unknowns. And I think Powell … you know, Chair Powell had a … a meeting yesterday and he was asked the same thing. And he said, until we know the policy we're not going to speculate because you're just wasting your time. Because you could just think through all these different “what ifs.”

And the other thing that he said, too, which I thought was great, was it is a massive, nearly $30 trillion economy. There's a lot going on. What we saw last time was the dollar strengthened. I mean, he was just talking about the dollar strengthening. The dollar strengthening is disinflationary. If the dollar goes up, we buy foreign goods and we're a huge net importer.

So we're buying stuff all over the world with a stronger currency that makes that stuff cheaper on a relative basis. Now with the tariffs often comes a stronger dollar. So you know, it's … it's massively complex. And in our view, you want to not overreact or not kind of have knee jerk reactions because of hearing of a potential policy.

You got to first see what the policy is. Then you got to see how does it actually implement … impact the economy. And again, there might be so many other crosscurrents that it might not even create the outcome that you're expecting. That's why, again, we're focusing on the earnings. We're focusing on the economy. And valuations frankly valuations right now are getting really stretched and they’re in essence an outlier.

And so that's a big input too. But it is something we're watching. But we wouldn't overreact in the short term until we see what actually is produced and how it impacts everything else.

John P. Bryson

Really helpful. That's why we have you and Emily on the podcast, is to really help us separate the noise from the important information out there. So we'll continue to have that conversation with you all. Emily, I want to pivot back real quick. We've talked, excuse me, all year around. What's the Fed going to do? Where is inflation going?

It's kind of gotten a little bit quiet now, but we've got a December meeting coming up. What are you hearing that we haven't covered yet around the Fed, the economy, and the chances of another rate cut in December.

Emily R. Roland

Yeah, it's certainly … the Fed meeting in December is a little bit more up in the air now than it was prior to…  to recent data that's come in as Matt talked about the strength of the U.S. economy. You know, we look back again at the, you know, sort of examples in which, you know, back in 2016 where, you know, Powell sort of, you know, took a break given potential, you know, accelerating growth potential inflation here.

You know, we've seen this big back up in rates. You know, the bond market is still placing odds on… on a 25-basis-point cut in December. But you know there's going to be some more data certainly between now and then. And … and we'll be watching the incoming data just as the Fed has suggested. But you know Powell has not committed.

It's all about will he commit, or will he not commit? And we just haven't gotten that commitment to a December cut. So we'll be watching closely on the incoming data, as I said. And you know, but there's a potential that maybe we'll have to wait until 2025 to see more … more cuts.

John P. Bryson

Okay. All right. Last question, Matt, to you. Let's pull this all together. How are you advising investors to position their portfolio for the rest of 2024 and then beyond?

Matthew D. Miskin

Yeah. So this is a great time to look at some of the winners that you've seen as of late, that it might be lower quality or don't necessarily have the fundamental strength of other parts of the portfolio and to trim into some strength. We are seeing in our yields really rise on … on higher quality bonds. You know, there was … you rewind three months ago and one of the biggest questions we got was “did we miss the bond rally?” Did we miss it? And we are getting a second chance. It's been a pretty big turn. Yields have gone from about 4% on the U.S. aggregate bond index to now nearly 5%. Investment-grade corporates over 5%. MBS is over 5%. And so I would, you know, take a look at, some high-quality bonds. And again, even if the Fed skips the December meeting and pauses, they stop …  they still can cut into next year and the years after that.

We still think that's likely the scenario. But you got to take a look at, you know, the … what's gotten cheaper, as of late? It’s high-quality bonds. So, taking a look at, you know, dollar-cost averaging or taking part of a portfolio and allocating additionally to there would be something we would consider.

John P. Bryson

Excellent! It's always great to talk to both of you. You give us great insight to what's going on. Even in volatile markets, you're really helping us separate the important information. So hopefully we'll have you back on one more time this year. But I want to thank you for joining us. Folks, if you want to hear more, please subscribe to the Portfolio Intelligence podcast on iTunes.

John P. Bryson

Or you can visit our website JH investments.com. You can get the podcast, you can read our viewpoints, on all things investing. You can get updates from Matt and Emily on where they see markets going. And you can get some great business-building ideas. As always, thanks so much for listening to the show. Have a great day!

Medicare decisions for today's retirees

November 26, 2024 | 29:51 | Ep. 86

Danielle K. Roberts, co-founding partner of the insurance agency Boomer Benefits, joins podcast host John P. Bryson to discuss what today’s retirees and near-retirees need to know about Medicare and how to factor healthcare costs into their overall financial plans and decision-making. Danielle, author of the book 10 Costly Medicare Mistakes You Can’t Afford to Make, outlines the different parts of Medicare coverage and explores key considerations in choosing between Medicare Advantage and Medigap coverage. She also offers advice to help investment professionals assist clients who are trying to adapt to recent and pending changes to the federal program.

John P. Bryson

Hello and welcome to the Portfolio Intelligence Podcast. I'm your host, John Bryson, head of investment consulting and education savings here at John Hancock Investment Management. Today is November 11, 2024. And I'd like to start by saying thank you for your service and sacrifices to all the veterans out there. We are extremely proud of you and appreciate you. Now onto the content.

In 2024, approximately 1.4 million Americans are poised to turn 65, and this will continue every year through 2027. Dubbed by many as the Silver Tsunami, the figure represents the largest surge of retirement age Americans in history. With this wave of retirement, many will shift their healthcare coverage from their employer-sponsored plans to Medicare. Financial professionals can play a key role in helping individuals understand the options and complexities of choosing or delaying their Medicare choices.

 

To discuss this topic, I've invited Danielle Roberts to the portfolio Intelligence podcast. Danielle is a founding partner at Boomer Benefits and is the author of the bestselling book, 10 Costly Medicare Mistakes You Can't Afford to Make. A recognized Medicare insurance expert. Danielle is a frequent speaker for both agent and consumer groups. She has appeared on more than 200 podcasts, radio shows, and television programs to discuss Medicare.

She writes for several major publications and has conducted hundreds of seminars and webinars about Medicare that have educated hundreds of thousands of people. Danielle is also the exclusive provider of Medicare educational webinars for us here at John Hancock Investment Management. Danielle, welcome to the podcast.

 

Danielle K. Roberts

Well, thank you very much for having me. I’m excited for our conversation today.

 

John P. Bryson

Excellent. So, for our listeners that don't know a lot about Medicare, can you just give us a brief overview of things they should know?

 

Danielle K. Roberts

Sure. So Medicare is the health insurance provided by the federal government for people who are aged 65 or older, and also people with certain disabilities under age 65. It is separate and distinct from Medicaid, which is insurance for people who have low income. So it's actually possible that you could have both Medicare and Medicaid. Medicare was created in the 60s.

It was signed into law by, President Lyndon Johnson. And at that time, they modeled Medicare after the old Blue Cross and Blue Shield style of insurance, where you have hospital on one side and outpatient on the other. And so original Medicare or traditional Medicare includes both hospital and outpatient insurance. And then, of course, the program has evolved over the years.

So today we have a Medicare Part C and D as well. Part C is the Medicare Advantage program, which I'm sure we'll talk about. It’s an optional way to get your Medicare benefits through the insurance company instead of from the federal government. And then Medicare Part D is the newest part of Medicare rolled out in 2006. And this is coverage for outpatient prescriptions.

So once you’ve signed up for Medicare and you have your A and B in place, you can choose whether or not you would like to enroll in a part C advantage plan, or if you wanted to enroll into outpatient coverage for prescriptions. And people will make separate and distinct decisions about this because everyone's situation will be different. So, I'm sure we'll talk today a little bit more about how to make those choices and when you can make them. Knowing that Medicare has election periods, one of which we’re in right now.

 

John P. Bryson

Excellent. Great set up for the conversation. So you mentioned election period. That's something we're hearing a lot about right now. So why are we hearing about it so much?

Danielle K. Roberts

So, once people are enrolled in Medicare, they don't have to re-enroll in Medicare itself. But there are types of coverage that are voluntary, coverage like Medicare Part C advantage plans and Medicare Part D drug plans. And because these are voluntary, they limit the times of year when you can make changes to them. So if you are in the period of October 15th to December 7th on any given year, you can use this as a time to change your enrollment in your Medicare Advantage plan to go from original Medicare to Medicare Advantage or back, and you can also enroll in or change Medicare Part D drug plans.

So these two types of products don't have any kind of underwriting. So just like with the ACA legislation, they limit this enrollment period to a certain block of time—seven weeks every fall. And this is when 67 million people are all trying to make changes to either Medicare Advantage or Part D.

John P. Bryson

That's really helpful to know. And I would say to our advisors that listen to the podcast now might be a good time to reach out to those clients, give them the reminder that the window is closing. All right. Let's get into … let's get into some more details. Talking about financial professionals. What do financial professionals need to know if their client is planning on working past age 65? Because we're hearing about this more and more, does their employer coverage coordinate with Medicare?

 

Danielle K. Roberts

Yeah. Great question. Because we have so many people out there working into their 70s and even 80s today. And so, people want to know, am I required to enroll in Medicare? How do I go about enrolling in Medicare? Do I need to decline Medicare? And so it's likely that these are the types of questions that they will bring to their financial advisors.

So whenever someone is turning age 65, if they are continuing to work past age 65, what they do with Medicare will depend on the size of the employer that that insurance is coming from. So, if an individual is still working actively for a large company, which is any company with more than 20 employees, that company health insurance is actually going to be primary and Medicare is secondary.

So in that scenario, what we often advise is that folks can enroll in just Medicare Part A, which is your hospital coverage. This coverage cost zero for most people because they've paid into the program all their working life via FICA taxes. So you can have your Medicare Part A hospital coverage, coordinate with their group health coverage, and this could greatly reduce your spending in the event of a hospital stay.

However, you don't need to enroll in Medicare Part B and D because your group health insurance from your employer already includes Medicare. Sorry, already includes outpatient coverage and drug coverage. So rather than signing up and having to pay premiums for that, a lot of people will delay that. Now, one caveat to that is because some people today have employer insurance that is a high deductible health plan that is compatible with health savings accounts.

And if you're still working for a large employer and you want to keep contributing into that, HSA plan, then you need to delay all the parts of Medicare, including part A, because the IRS says you cannot continue contributing into a HSA plan if you have any other form of insurance besides that high deductible health plan. And of course, Medicare Parts A and B, those are a form of insurance.

So assuming that the advisor is working with someone that is working for a large employer, they would advise one of those two routes either part A only or delaying all of those parts of Medicare. On the flip side, if you work for a small employer with less than 20 employees, then Medicare is primary and that group health insurance is secondary.

So you for sure want to sign up for Medicare Parts A and B right when you turn 65 so that you are not lacking your outpatient coverage that is primary. And so, we don't want to be in a scenario where someone doesn't realize this. They fail to sign up for A and B, now they need a surgery. And rather than part B paying 80% of their expenses, they have to come up with that money out of pocket.

So knowing that employer size is really important when advising people what to do on working past age 65.

John P. Bryson

Okay, so let's continue this. If a client is working for a large employer of more than 20 employees and they can delay coverage, is there anything that they need to do to refuse that?

Danielle K. Roberts

No, because if you are not taking Social Security already, then you won't be auto-enrolled into Medicare. So everyone has a seven month window when they become eligible for Medicare. And this is a seven-month window that surrounds your birthday. So, it starts with three months before it goes through that birthday month, and then it goes for three months after.

So during that window, you would go ahead and initiate your own enrollment into Medicare. However, if you started your Social Security prior to age 65, then you will actually be auto-enrolled in your Medicare card will just show up in the mailbox 1 to 2 months before you turn 65. However, people that are planning to still work generally are not signing up for Social Security.

They're delaying that. And so therefore, when they turn 65, they won't be enrolled into Medicare and they won't have to do anything to do that. And if for some reason, you’ve got a Medicare card in the mail and you didn't sign up, then you would contact Social Security to let them know that you're still working and you plan to deny that coverage for now.

John P. Bryson

Okay. So, kind of one more question around the large employer. Once the client eventually does retire, they've extended it, but they do. When and how do they go about registering for Medicare?

Danielle K. Roberts

Yeah. So they're going to enroll in Medicare in a little different process than if they were signing up at 65. There's two pieces that they will need to complete. One is an application for part B, which you can get from the Social Security website. You can complete that and upload it to them. And then the second part is an employer verification.

So you are going to need that employer that you've been working for since you turned 65 to complete a form, testifying that you have had that large employer coverage or you've had employer coverage since turning 65 so that Medicare knows not to assess any late penalties for you. And this is something that a lot of people on the back end are not aware of, that want to go online and try to sign up.

But when you're enrolling past age 65, it's best to do those two separate applications. Have your employer verification completed by that employer, and then upload those to the Social Security office. And we're lucky that we can do that today by the way. You used to have to take that paper down to the local social security office in person. But today, it's a lot easier to do so.

John P. Bryson

Wow. And that's great insight. That's why we had this podcast to kind of avoid the gotcha moments later on. So thanks for sharing that. You mentioned parts of A, B, C, and D I want to dig into D. I hear there's some changes going on to the prescription drug coverage beginning in 2025, which is right around the corner. Can you expand on what changes clients can expect? Both the pluses in the minuses?

Danielle K. Roberts

Sure. So Congress passed some legislation back in 2022 that made some changes going forward to the Medicare Part D program. And so, for many years, Medicare Part D had several different stages, one of which was a coverage gap or called the donut hole where your medications might get more expensive once you were in that window. In 2025, the gap is gone.

So now we have just three stages of Medicare Part D. There is a deductible that you pay upfront which is going to be $590 in 2025. And then after that, you will have your initial coverage level where you're paying a portion and your insurance company is paying a portion. But if you come out of pocket $2,000 on medications during the year 2025, then afterwards you reach the catastrophic coverage level of the plan, at which point the insurance company, in combination with Medicare and drug manufacturers, covers everything beyond that point.

John P. Bryson

Everything beyond that point. Okay.

Danielle K. Roberts

Yeah. And the big thing about this is that it used to be that there was an $8,000, and here in 2024, that cap is at $8,000. So just imagine how that legislation brought that down to 2000, and how beneficial that would be for people taking a lot of expensive medications to have that cap to look forward to.

I think this is a really important point to make. However, one of the negative things you asked about, “is there anything negative?” is that when all these changes were made, we saw the insurance companies come out with bids for Medicare Part D that would have been outrageously expensive. And now that insurance companies have to cover a bigger piece of that pie, these premiums could have gone up quite a bit.

And some of them did. But CMS stepped in with a premium stabilization program which basically gives those insurance company companies a subsidy to help keep that premium lower. So at least for this year and 2025, we have some very reasonably priced drug plans. I do always recommend that when you're looking at a drug plan, it's very important to determine which drug plan out there covers the medications you take at the lowest cost.

So it's not a good idea just to sign up for any part D plan that has a really low premium. We want to make sure that we're choosing one that is going to be the best needs for the specific medications that you take. It's really important to make sure to check the drug formula of any plan that you're getting ready to enroll in because an inexpensive drug plan isn't going to help you if it doesn't cover a medication that has a retail cost of $400.

So, this is something people can, search themselves on Medicare.gov. They can take a look at which drug plans out there, cover the medications they have, or they, of course, can work with agents like us here at Boomer Benefits and we can run those analysis for them. But just one really important point there that we don't want to just go with whichever coverage is cheapest. We want to make sure that coverage has the medications we need at a reasonable price we can afford.

John P. Bryson

Again, another great gotcha to avoid. We're always talking about planning as usually it's financial planning and you mentioned premium. Let's … let's talk about that. Is there a rough estimate, of overall Medicare costs? One can anticipate once they enroll, in Medicare, and at age 65?

Danielle K. Roberts

Well, their cost for Medicare will actually depend on their income. And so this is one of the best areas where financial planners can really help people to plan for those costs. So Medicare Part A, we mentioned, has a zero premium for anyone that has worked ten years in your lifetime here in the U.S. and paid five for taxes, but Medicare Part B and D, they have premiums that you pay while you're enrolled in that insurance.

So, Medicare Part B in 2024 has been $174.70 a month. That's a standard base premium that most people pay and this is going up in 2025 to $185. And that … the you will have most people paying that standard-based premium. Some people may pay less if they are very close to the federal poverty line to where they have Medicare and Medicaid … and this Medicare savings program steps in to help pay for part of those premiums.

But probably more often, folks listening to this podcast are going to be working with people in the other end of the spectrum, which is people that have higher incomes. So when someone is enrolling in Medicare for the first time, the IRS has your tax return on file for all the years that you've worked in the past and Social Security Office will go in and do a two-year look back. They're going to be looking to see what were you earning two years ago, and what did you file on either your income tax return as a single filer or a joint filer.

And if you are in a higher wage bracket, then you will actually pay more for Medicare. And this will be done by a benefit determination letter that they send you in the mail saying, “hey, we took a look at your income from two years ago, and we see that you earned higher than what we consider the basic wage.”

And so they can adjust what's called an income related, a monthly adjustment amount, or IRMAA for short. And this is an additional premium that you pay on top of the standard-base premium based on your income. So, there are several levels within that group and you could find somebody in the highest brackets that might pay $600 … around $600 a month for their Medicare Part B.

So one thing I also like to point out is sometimes when people are turning 65, they've retired. But two years ago, on that tax return that Social Security is looking at, you actually earned more because you were still working. But fortunately, there is a process that you can use to appeal that premium. So you could appeal and say I have retired or I have gone from full time to part time.

Maybe your income changed from … due to marriage, divorce, death of a spouse, or so of an income producing property. So all of those are ways that you can appeal that premium with Social Security and potentially have it lowered immediately, instead of you having to wait those two years for that to catch up with you. And this … this leads me to one really important point, which is decisions that people make with their money when they are 63 and 64 will absolutely affect their Medicare Part premiums, Part B premiums, when they are 65 and 66.

So financial planners can be really important in determining that. There are charts that they will be able to estimate with their client. So, taking a look at that income two years ago or what that person is going to be earning when they're 63. Your financial advisor could forecast the potential IRMAA, based on today's numbers at least, what that person would pay for Medicare Part B, and then also Part D. We have been using a ballpark average of $55 for a part D drug plan in 2024.

You may have a drug plan for you that works that's less expensive or more expensive, but that's a good ballpark number to just … to put on the dotted line when you're just trying to forecast your future expenses. So, a financial advisor would be able to go over with their client what Medicare Part A is for most people, which is zero.

Part B, $185 … could be more if you own IRMAA, and then Medicare Part D will have its own premiums based on whichever drug plan you choose, as well as an IRMAA that's added to Part D. And all of these working parts are just the basic foundation coverage, not even including what someone might spend to, say, add on a Medigap plan.

So you can see, of course, how that planning process with the financial advisor is just so important, so that people don't go into Medicare being unprepared for the costs.

John P. Bryson

That's really helpful. So there's a lot of moving parts. Are there any other considerations that you have a financial professional share with their clients in terms of overall monthly expenditures to … to get ready for?

Danielle K. Roberts

Yeah, for sure. So, one thing is to know is that Medicare does not cover long-term care. So although if you were in an assisted-living facility or in a nursing home, if you need medical care on an inpatient or outpatient basis, of course Medicare is still going to cover that. But it does not cover the rent to live in a facility like that.

So for sure, with their financial planner, they need to be looking at options for either long-term care insurance or, putting enough away money away for a potential long-term care … say that is one really important consideration. And then the second thing is, if someone doesn't have retiree coverage and Medicare is just their basic part A, B coverage, then they're going to either be adding on a Medigap plan or a Medicare Advantage plan to sort of fill in some of the gaps because Medicare does not cover everything just like health insurance under 65.

There are premiums that you pay and then there's deductible co-pays and co-insurance that you pay as you use those benefits. And so, assuming like, on the outpatient basis, Medicare only covers 80%, we want to have some sort of additional coverage in place to pick up that 20% and to pick up the deductibles, co-pays, and co-insurance that affects Medicare Part A as well.

So, when someone is choosing between a Medigap plan and a Medicare Advantage plan, the premiums are quite different. And something they should know if they go the Medigap route, is that those premiums that you start with, you can expect an increase on those, usually of about 13% to 15% per year. So if someone is forecasting what they're going to spend, you want to know about, rate increases that happen with Medigap plans.

And so that's something that you want to look at whether you can afford now and would you be able to afford it, say, 10 years from now, knowing the way that the rates go up.

John P. Bryson

So, I want to dig in is a little bit more the Medicare, the Medigap plan versus the Medicare Advantage plans offer. If a client goes to their financial professional, is not sure whether to get one or the other, what are some of the pros and the cons they need to consider for each of these?

 

Danielle K. Roberts

Yeah, that's a great question and it's a very common question. At Boomer Benefits we have a Facebook group for Medicare beneficiaries. We've got about 95,000 people in it. And in that Facebook group, anyone can come in and ask their Medicare questions. So we have a lot of beneficiaries in there, and that is actually the number one question that we get is what's the difference between a Medigap plan and a Medicare advantage plan.

And you know, how do I make this … this choice? Because people are afraid of making a mistake. You know, they don't want to have some … coverage that doesn't cover them when they need it. So the best way to think about Medigap plans is that you are adding that to your Medicare coverage. So you're still going to get your benefits from original Medicare.

And then you would add on a Medigap plan to help pay for those deductibles, co-pays, and co-insurance and the type of healthcare services that otherwise you would pay. So Medicare gets a bill, Medicare pays its share, sends the remainder not to you, but to that Medigap plan which will pay its share. And then you only get a bill in the mail if there's something left over.

Medigap plans are … have higher premiums upfront, but you have lower and more predictable cost sharing on the back end. And so, this is something that some people really like. And then another really important piece of the Medigap coverage is that the only question you have to ask your doctor is, do you accept original Medicare? And if the doctor says yes, it doesn't even matter which Medigap plan you enroll in, they will all be available to you.

And a lot of people like the idea of having coverage like that, where they can see any doctor in the United States, any provider that accepts Medicare. So you have access to over one million providers. You don't have to choose a primary care doctor. You don't have to get a referral to see a specialist. And so, that freedom of access is really one of the main selling points of the Medigap plan.

But as I mentioned, they have premiums upfront and then rate increases from year to year. So, back in 1997, the Balanced Budget Act was signed into law by Bill Clinton and this created the Medicare Advantage program that we know today, which is simply an option to … maybe you have someone out there that would really like a Medigap plan but they cannot afford one, or they can't qualify for one if they miss their additional open enrollment for one.

And so they created Medicare Advantage plans as an option for those folks to also get coverage but Medicare Advantage pays instead of Medicare. So instead of adding a Medigap plan to original Medicare, when you enroll and run a Medicare Advantage plan, you are actually going to get your Medicare Part A, B, and D benefits through that Medicare Advantage plan.

And this is a Medicare Advantage plan. The simplest way to put it is it's very similar to group health insurance you've had all of your life. An insurance company comes into an area, they contract with a bunch of providers, and those providers provide discounted rates to the members of the plan. So when you enroll in the Medicare Advantage plan, you're going to actually have a network that is going to be based there in your local area.

Maybe it has 10,000 to 15,000 providers as opposed to original Medicare, which would provide over a million providers. But most people are used to this. They're used to having a network close to home from all their working years, and that we see doctors and hospitals in that network to get the best pricing. So Medicare Advantage plans are actually much, much cheaper than Medigap plans because when you enroll in a Medicare Advantage plan, the original Medicare is actually paying that Advantage plan for it to take on all of your health risk.

And so the Medicare Advantage plan will offer the lowest possible premiums, often zero premiums, to attract people to the plan so that they can get paid by Medicare. And these plans, they get over $1,000 a month or more from Medicare. It's going to vary a little bit based on whether they have quality bonuses that they can qualify for.

But if a company can enroll someone in the plan and provide a network for them, have those discounted cost available, and they don't use up, say, more than $12,000 and $15,000 a year in premiums that they're getting paid by Medicare, then they would be making money on a plan like that. And so Medicare Advantage plans have really proliferated because, of course, there's always more healthy people than sick people out there.

Lots of people are interested in joining a Medicare Advantage plan that has a zero premium, and then they just pay for their services as they go. So with a Medicare advantage plan, your agent will go over a summary of benefits with you upfront. And in that summary of benefits, it will list all the different types of healthcare services and what those services will cost you.

So you might have a plan that say, has a $5 co-pay at the primary care doctor, maybe a $25 copay at the specialists. Perhaps if you were to go to get an MRI, you would pay 10% of the cost. So with Medicare Advantage, you're going to pay those healthcare services as you go because you're not getting your care directly from original Medicare anymore.

You're going to get it through that network. And Advantage plans typically have networks that most Americans are going to be really familiar with. So an HMO plan is going to be a little more restrictive. Often you are choosing your primary care doctor. You may have to get a referral to see a specialist. And typically, there is no coverage outside the network except in emergencies.

So these really work best for people that want to be in a plan that's going to be close to home. You're not planning on traveling to get your care. There are also Medicare Advantage PPO networks where you could see a doctor outside the network as long as they were willing to bill the plan, and you are just going to know that you'll pay more for out-of-network coverage, just like you're used to having done all your life, through your health insurance plans.

And of course, there's so much more I could go into with all of the pros and cons and differences, but that's just sort of a 50,000-foot view of the two types of coverage and how they work.

John P. Bryson

Great. You know, Danielle, you're doing a great job of taking a complicated subject to make it easy for us. But there's a lot. A common question we hear is, you know, is there somebody I can sit down with? Is there a Medicare broker? Is it worth the money because it costs money. Can you shed some light on that subject so our financial professionals are best equipped to answer these types of questions.

Danielle K. Roberts

Yes, you are right. It's a very common question. So, when someone is working with a Medicare broker like Boomer Benefits, our service is 100% free to your client. So we will help your client review a whole bunch of different options from, you know, 12, 15, 20 different insurance companies for whatever type of coverage they're interested in and whichever plan they ultimately choose, that carrier or plan will pay a commission to your agent.

And when you enroll this way, the great thing about working with a broker is not just that it doesn't cost the client anything, but then they have someone on the back end for the inevitable hiccups that happen with Medicare. You know, sometimes a bill will get misquoted properly and Medicare will deny all of the claims. And so your client will end up with a bunch of bills and they don't understand why they're getting them or what they should do about them.

They're not sure if they should call the insurance company or Medicare or the provider. You'll also run into things like prior authorizations and drug exceptions and late-penalty appeals. And those are all the things that a broker provides. So when you have a good broker that you have put your business with, that broker is not only going to help you sign up for your coverage initially, but is going to support you on the back end with a strong and quality, customer service line that either that broker or their team, like ours at Boomer Benefits handles, so that you are not on the back end of Medicare.

Not understanding something that happened and not knowing where to go for help, your broker would be your very first call. And of course, in … in cases like our team at Boomer Benefits, we know we have a 75-person team that deals just directly with our existing policyholders to help them through all of those ordinary questions you have on the back end.

So it's a great way to make sure that your clients are going to have really good support as opposed to if they enrolled directly with an insurance company, they don't have a broker. They would handle those things on the back end on their own.

John P. Bryson

We are big believers in expert advice on the Portfolio Intelligence podcast. We think building a partnership with experts that can really help you grow your business is critical. Danielle, I want to thank you for joining us today. Really insightful. Really appreciate your time.

If you want to hear more, please subscribe to the Portfolio Intelligence podcast on iTunes. To read our viewpoints on macro trends, portfolio construction techniques, or business building ideas like you heard today and much, much more.

As always, thanks for listening to the show.John P. Bryson

Hello and welcome to the Portfolio Intelligence Podcast. I'm your host, John Bryson, head of investment consulting and education savings here at John Hancock Investment Management. Today is November 11, 2024. And I'd like to start by saying thank you for your service and sacrifices to all the veterans out there. We are extremely proud of you and appreciate you. Now onto the content.

In 2024, approximately 1.4 million Americans are poised to turn 65, and this will continue every year through 2027. Dubbed by many as the Silver Tsunami, the figure represents the largest surge of retirement age Americans in history. With this wave of retirement, many will shift their healthcare coverage from their employer-sponsored plans to Medicare. Financial professionals can play a key role in helping individuals understand the options and complexities of choosing or delaying their Medicare choices.

 

To discuss this topic, I've invited Danielle Roberts to the portfolio Intelligence podcast. Danielle is a founding partner at Boomer Benefits and is the author of the bestselling book, 10 Costly Medicare Mistakes You Can't Afford to Make. A recognized Medicare insurance expert. Danielle is a frequent speaker for both agent and consumer groups. She has appeared on more than 200 podcasts, radio shows, and television programs to discuss Medicare.

She writes for several major publications and has conducted hundreds of seminars and webinars about Medicare that have educated hundreds of thousands of people. Danielle is also the exclusive provider of Medicare educational webinars for us here at John Hancock Investment Management. Danielle, welcome to the podcast.

 

Danielle K. Roberts

Well, thank you very much for having me. I’m excited for our conversation today.

 

John P. Bryson

Excellent. So, for our listeners that don't know a lot about Medicare, can you just give us a brief overview of things they should know?

 

Danielle K. Roberts

Sure. So Medicare is the health insurance provided by the federal government for people who are aged 65 or older, and also people with certain disabilities under age 65. It is separate and distinct from Medicaid, which is insurance for people who have low income. So it's actually possible that you could have both Medicare and Medicaid. Medicare was created in the 60s.

It was signed into law by, President Lyndon Johnson. And at that time, they modeled Medicare after the old Blue Cross and Blue Shield style of insurance, where you have hospital on one side and outpatient on the other. And so original Medicare or traditional Medicare includes both hospital and outpatient insurance. And then, of course, the program has evolved over the years.

So today we have a Medicare Part C and D as well. Part C is the Medicare Advantage program, which I'm sure we'll talk about. It’s an optional way to get your Medicare benefits through the insurance company instead of from the federal government. And then Medicare Part D is the newest part of Medicare rolled out in 2006. And this is coverage for outpatient prescriptions.

So once you’ve signed up for Medicare and you have your A and B in place, you can choose whether or not you would like to enroll in a part C advantage plan, or if you wanted to enroll into outpatient coverage for prescriptions. And people will make separate and distinct decisions about this because everyone's situation will be different. So, I'm sure we'll talk today a little bit more about how to make those choices and when you can make them. Knowing that Medicare has election periods, one of which we’re in right now.

 

John P. Bryson

Excellent. Great set up for the conversation. So you mentioned election period. That's something we're hearing a lot about right now. So why are we hearing about it so much?

Danielle K. Roberts

So, once people are enrolled in Medicare, they don't have to re-enroll in Medicare itself. But there are types of coverage that are voluntary, coverage like Medicare Part C advantage plans and Medicare Part D drug plans. And because these are voluntary, they limit the times of year when you can make changes to them. So if you are in the period of October 15th to December 7th on any given year, you can use this as a time to change your enrollment in your Medicare Advantage plan to go from original Medicare to Medicare Advantage or back, and you can also enroll in or change Medicare Part D drug plans.

So these two types of products don't have any kind of underwriting. So just like with the ACA legislation, they limit this enrollment period to a certain block of time—seven weeks every fall. And this is when 67 million people are all trying to make changes to either Medicare Advantage or Part D.

John P. Bryson

That's really helpful to know. And I would say to our advisors that listen to the podcast now might be a good time to reach out to those clients, give them the reminder that the window is closing. All right. Let's get into … let's get into some more details. Talking about financial professionals. What do financial professionals need to know if their client is planning on working past age 65? Because we're hearing about this more and more, does their employer coverage coordinate with Medicare?

 

Danielle K. Roberts

Yeah. Great question. Because we have so many people out there working into their 70s and even 80s today. And so, people want to know, am I required to enroll in Medicare? How do I go about enrolling in Medicare? Do I need to decline Medicare? And so it's likely that these are the types of questions that they will bring to their financial advisors.

So whenever someone is turning age 65, if they are continuing to work past age 65, what they do with Medicare will depend on the size of the employer that that insurance is coming from. So, if an individual is still working actively for a large company, which is any company with more than 20 employees, that company health insurance is actually going to be primary and Medicare is secondary.

So in that scenario, what we often advise is that folks can enroll in just Medicare Part A, which is your hospital coverage. This coverage cost zero for most people because they've paid into the program all their working life via FICA taxes. So you can have your Medicare Part A hospital coverage, coordinate with their group health coverage, and this could greatly reduce your spending in the event of a hospital stay.

However, you don't need to enroll in Medicare Part B and D because your group health insurance from your employer already includes Medicare. Sorry, already includes outpatient coverage and drug coverage. So rather than signing up and having to pay premiums for that, a lot of people will delay that. Now, one caveat to that is because some people today have employer insurance that is a high deductible health plan that is compatible with health savings accounts.

And if you're still working for a large employer and you want to keep contributing into that, HSA plan, then you need to delay all the parts of Medicare, including part A, because the IRS says you cannot continue contributing into a HSA plan if you have any other form of insurance besides that high deductible health plan. And of course, Medicare Parts A and B, those are a form of insurance.

So assuming that the advisor is working with someone that is working for a large employer, they would advise one of those two routes either part A only or delaying all of those parts of Medicare. On the flip side, if you work for a small employer with less than 20 employees, then Medicare is primary and that group health insurance is secondary.

So you for sure want to sign up for Medicare Parts A and B right when you turn 65 so that you are not lacking your outpatient coverage that is primary. And so, we don't want to be in a scenario where someone doesn't realize this. They fail to sign up for A and B, now they need a surgery. And rather than part B paying 80% of their expenses, they have to come up with that money out of pocket.

So knowing that employer size is really important when advising people what to do on working past age 65.

John P. Bryson

Okay, so let's continue this. If a client is working for a large employer of more than 20 employees and they can delay coverage, is there anything that they need to do to refuse that?

Danielle K. Roberts

No, because if you are not taking Social Security already, then you won't be auto-enrolled into Medicare. So everyone has a seven month window when they become eligible for Medicare. And this is a seven-month window that surrounds your birthday. So, it starts with three months before it goes through that birthday month, and then it goes for three months after.

So during that window, you would go ahead and initiate your own enrollment into Medicare. However, if you started your Social Security prior to age 65, then you will actually be auto-enrolled in your Medicare card will just show up in the mailbox 1 to 2 months before you turn 65. However, people that are planning to still work generally are not signing up for Social Security.

They're delaying that. And so therefore, when they turn 65, they won't be enrolled into Medicare and they won't have to do anything to do that. And if for some reason, you’ve got a Medicare card in the mail and you didn't sign up, then you would contact Social Security to let them know that you're still working and you plan to deny that coverage for now.

John P. Bryson

Okay. So, kind of one more question around the large employer. Once the client eventually does retire, they've extended it, but they do. When and how do they go about registering for Medicare?

Danielle K. Roberts

Yeah. So they're going to enroll in Medicare in a little different process than if they were signing up at 65. There's two pieces that they will need to complete. One is an application for part B, which you can get from the Social Security website. You can complete that and upload it to them. And then the second part is an employer verification.

So you are going to need that employer that you've been working for since you turned 65 to complete a form, testifying that you have had that large employer coverage or you've had employer coverage since turning 65 so that Medicare knows not to assess any late penalties for you. And this is something that a lot of people on the back end are not aware of, that want to go online and try to sign up.

But when you're enrolling past age 65, it's best to do those two separate applications. Have your employer verification completed by that employer, and then upload those to the Social Security office. And we're lucky that we can do that today by the way. You used to have to take that paper down to the local social security office in person. But today, it's a lot easier to do so.

John P. Bryson

Wow. And that's great insight. That's why we had this podcast to kind of avoid the gotcha moments later on. So thanks for sharing that. You mentioned parts of A, B, C, and D I want to dig into D. I hear there's some changes going on to the prescription drug coverage beginning in 2025, which is right around the corner. Can you expand on what changes clients can expect? Both the pluses in the minuses?

Danielle K. Roberts

Sure. So Congress passed some legislation back in 2022 that made some changes going forward to the Medicare Part D program. And so, for many years, Medicare Part D had several different stages, one of which was a coverage gap or called the donut hole where your medications might get more expensive once you were in that window. In 2025, the gap is gone.

So now we have just three stages of Medicare Part D. There is a deductible that you pay upfront which is going to be $590 in 2025. And then after that, you will have your initial coverage level where you're paying a portion and your insurance company is paying a portion. But if you come out of pocket $2,000 on medications during the year 2025, then afterwards you reach the catastrophic coverage level of the plan, at which point the insurance company, in combination with Medicare and drug manufacturers, covers everything beyond that point.

John P. Bryson

Everything beyond that point. Okay.

Danielle K. Roberts

Yeah. And the big thing about this is that it used to be that there was an $8,000, and here in 2024, that cap is at $8,000. So just imagine how that legislation brought that down to 2000, and how beneficial that would be for people taking a lot of expensive medications to have that cap to look forward to.

I think this is a really important point to make. However, one of the negative things you asked about, “is there anything negative?” is that when all these changes were made, we saw the insurance companies come out with bids for Medicare Part D that would have been outrageously expensive. And now that insurance companies have to cover a bigger piece of that pie, these premiums could have gone up quite a bit.

And some of them did. But CMS stepped in with a premium stabilization program which basically gives those insurance company companies a subsidy to help keep that premium lower. So at least for this year and 2025, we have some very reasonably priced drug plans. I do always recommend that when you're looking at a drug plan, it's very important to determine which drug plan out there covers the medications you take at the lowest cost.

So it's not a good idea just to sign up for any part D plan that has a really low premium. We want to make sure that we're choosing one that is going to be the best needs for the specific medications that you take. It's really important to make sure to check the drug formula of any plan that you're getting ready to enroll in because an inexpensive drug plan isn't going to help you if it doesn't cover a medication that has a retail cost of $400.

So, this is something people can, search themselves on Medicare.gov. They can take a look at which drug plans out there, cover the medications they have, or they, of course, can work with agents like us here at Boomer Benefits and we can run those analysis for them. But just one really important point there that we don't want to just go with whichever coverage is cheapest. We want to make sure that coverage has the medications we need at a reasonable price we can afford.

John P. Bryson

Again, another great gotcha to avoid. We're always talking about planning as usually it's financial planning and you mentioned premium. Let's … let's talk about that. Is there a rough estimate, of overall Medicare costs? One can anticipate once they enroll, in Medicare, and at age 65?

Danielle K. Roberts

Well, their cost for Medicare will actually depend on their income. And so this is one of the best areas where financial planners can really help people to plan for those costs. So Medicare Part A, we mentioned, has a zero premium for anyone that has worked ten years in your lifetime here in the U.S. and paid five for taxes, but Medicare Part B and D, they have premiums that you pay while you're enrolled in that insurance.

So, Medicare Part B in 2024 has been $174.70 a month. That's a standard base premium that most people pay and this is going up in 2025 to $185. And that … the you will have most people paying that standard-based premium. Some people may pay less if they are very close to the federal poverty line to where they have Medicare and Medicaid … and this Medicare savings program steps in to help pay for part of those premiums.

But probably more often, folks listening to this podcast are going to be working with people in the other end of the spectrum, which is people that have higher incomes. So when someone is enrolling in Medicare for the first time, the IRS has your tax return on file for all the years that you've worked in the past and Social Security Office will go in and do a two-year look back. They're going to be looking to see what were you earning two years ago, and what did you file on either your income tax return as a single filer or a joint filer.

And if you are in a higher wage bracket, then you will actually pay more for Medicare. And this will be done by a benefit determination letter that they send you in the mail saying, “hey, we took a look at your income from two years ago, and we see that you earned higher than what we consider the basic wage.”

And so they can adjust what's called an income related, a monthly adjustment amount, or IRMAA for short. And this is an additional premium that you pay on top of the standard-base premium based on your income. So, there are several levels within that group and you could find somebody in the highest brackets that might pay $600 … around $600 a month for their Medicare Part B.

So one thing I also like to point out is sometimes when people are turning 65, they've retired. But two years ago, on that tax return that Social Security is looking at, you actually earned more because you were still working. But fortunately, there is a process that you can use to appeal that premium. So you could appeal and say I have retired or I have gone from full time to part time.

Maybe your income changed from … due to marriage, divorce, death of a spouse, or so of an income producing property. So all of those are ways that you can appeal that premium with Social Security and potentially have it lowered immediately, instead of you having to wait those two years for that to catch up with you. And this … this leads me to one really important point, which is decisions that people make with their money when they are 63 and 64 will absolutely affect their Medicare Part premiums, Part B premiums, when they are 65 and 66.

So financial planners can be really important in determining that. There are charts that they will be able to estimate with their client. So, taking a look at that income two years ago or what that person is going to be earning when they're 63. Your financial advisor could forecast the potential IRMAA, based on today's numbers at least, what that person would pay for Medicare Part B, and then also Part D. We have been using a ballpark average of $55 for a part D drug plan in 2024.

You may have a drug plan for you that works that's less expensive or more expensive, but that's a good ballpark number to just … to put on the dotted line when you're just trying to forecast your future expenses. So, a financial advisor would be able to go over with their client what Medicare Part A is for most people, which is zero.

Part B, $185 … could be more if you own IRMAA, and then Medicare Part D will have its own premiums based on whichever drug plan you choose, as well as an IRMAA that's added to Part D. And all of these working parts are just the basic foundation coverage, not even including what someone might spend to, say, add on a Medigap plan.

So you can see, of course, how that planning process with the financial advisor is just so important, so that people don't go into Medicare being unprepared for the costs.

John P. Bryson

That's really helpful. So there's a lot of moving parts. Are there any other considerations that you have a financial professional share with their clients in terms of overall monthly expenditures to … to get ready for?

Danielle K. Roberts

Yeah, for sure. So, one thing is to know is that Medicare does not cover long-term care. So although if you were in an assisted-living facility or in a nursing home, if you need medical care on an inpatient or outpatient basis, of course Medicare is still going to cover that. But it does not cover the rent to live in a facility like that.

So for sure, with their financial planner, they need to be looking at options for either long-term care insurance or, putting enough away money away for a potential long-term care … say that is one really important consideration. And then the second thing is, if someone doesn't have retiree coverage and Medicare is just their basic part A, B coverage, then they're going to either be adding on a Medigap plan or a Medicare Advantage plan to sort of fill in some of the gaps because Medicare does not cover everything just like health insurance under 65.

There are premiums that you pay and then there's deductible co-pays and co-insurance that you pay as you use those benefits. And so, assuming like, on the outpatient basis, Medicare only covers 80%, we want to have some sort of additional coverage in place to pick up that 20% and to pick up the deductibles, co-pays, and co-insurance that affects Medicare Part A as well.

So, when someone is choosing between a Medigap plan and a Medicare Advantage plan, the premiums are quite different. And something they should know if they go the Medigap route, is that those premiums that you start with, you can expect an increase on those, usually of about 13% to 15% per year. So if someone is forecasting what they're going to spend, you want to know about, rate increases that happen with Medigap plans.

And so that's something that you want to look at whether you can afford now and would you be able to afford it, say, 10 years from now, knowing the way that the rates go up.

John P. Bryson

So, I want to dig in is a little bit more the Medicare, the Medigap plan versus the Medicare Advantage plans offer. If a client goes to their financial professional, is not sure whether to get one or the other, what are some of the pros and the cons they need to consider for each of these?

 

Danielle K. Roberts

Yeah, that's a great question and it's a very common question. At Boomer Benefits we have a Facebook group for Medicare beneficiaries. We've got about 95,000 people in it. And in that Facebook group, anyone can come in and ask their Medicare questions. So we have a lot of beneficiaries in there, and that is actually the number one question that we get is what's the difference between a Medigap plan and a Medicare advantage plan.

And you know, how do I make this … this choice? Because people are afraid of making a mistake. You know, they don't want to have some … coverage that doesn't cover them when they need it. So the best way to think about Medigap plans is that you are adding that to your Medicare coverage. So you're still going to get your benefits from original Medicare.

And then you would add on a Medigap plan to help pay for those deductibles, co-pays, and co-insurance and the type of healthcare services that otherwise you would pay. So Medicare gets a bill, Medicare pays its share, sends the remainder not to you, but to that Medigap plan which will pay its share. And then you only get a bill in the mail if there's something left over.

Medigap plans are … have higher premiums upfront, but you have lower and more predictable cost sharing on the back end. And so, this is something that some people really like. And then another really important piece of the Medigap coverage is that the only question you have to ask your doctor is, do you accept original Medicare? And if the doctor says yes, it doesn't even matter which Medigap plan you enroll in, they will all be available to you.

And a lot of people like the idea of having coverage like that, where they can see any doctor in the United States, any provider that accepts Medicare. So you have access to over one million providers. You don't have to choose a primary care doctor. You don't have to get a referral to see a specialist. And so, that freedom of access is really one of the main selling points of the Medigap plan.

But as I mentioned, they have premiums upfront and then rate increases from year to year. So, back in 1997, the Balanced Budget Act was signed into law by Bill Clinton and this created the Medicare Advantage program that we know today, which is simply an option to … maybe you have someone out there that would really like a Medigap plan but they cannot afford one, or they can't qualify for one if they miss their additional open enrollment for one.

And so they created Medicare Advantage plans as an option for those folks to also get coverage but Medicare Advantage pays instead of Medicare. So instead of adding a Medigap plan to original Medicare, when you enroll and run a Medicare Advantage plan, you are actually going to get your Medicare Part A, B, and D benefits through that Medicare Advantage plan.

And this is a Medicare Advantage plan. The simplest way to put it is it's very similar to group health insurance you've had all of your life. An insurance company comes into an area, they contract with a bunch of providers, and those providers provide discounted rates to the members of the plan. So when you enroll in the Medicare Advantage plan, you're going to actually have a network that is going to be based there in your local area.

Maybe it has 10,000 to 15,000 providers as opposed to original Medicare, which would provide over a million providers. But most people are used to this. They're used to having a network close to home from all their working years, and that we see doctors and hospitals in that network to get the best pricing. So Medicare Advantage plans are actually much, much cheaper than Medigap plans because when you enroll in a Medicare Advantage plan, the original Medicare is actually paying that Advantage plan for it to take on all of your health risk.

And so the Medicare Advantage plan will offer the lowest possible premiums, often zero premiums, to attract people to the plan so that they can get paid by Medicare. And these plans, they get over $1,000 a month or more from Medicare. It's going to vary a little bit based on whether they have quality bonuses that they can qualify for.

But if a company can enroll someone in the plan and provide a network for them, have those discounted cost available, and they don't use up, say, more than $12,000 and $15,000 a year in premiums that they're getting paid by Medicare, then they would be making money on a plan like that. And so Medicare Advantage plans have really proliferated because, of course, there's always more healthy people than sick people out there.

Lots of people are interested in joining a Medicare Advantage plan that has a zero premium, and then they just pay for their services as they go. So with a Medicare advantage plan, your agent will go over a summary of benefits with you upfront. And in that summary of benefits, it will list all the different types of healthcare services and what those services will cost you.

So you might have a plan that say, has a $5 co-pay at the primary care doctor, maybe a $25 copay at the specialists. Perhaps if you were to go to get an MRI, you would pay 10% of the cost. So with Medicare Advantage, you're going to pay those healthcare services as you go because you're not getting your care directly from original Medicare anymore.

You're going to get it through that network. And Advantage plans typically have networks that most Americans are going to be really familiar with. So an HMO plan is going to be a little more restrictive. Often you are choosing your primary care doctor. You may have to get a referral to see a specialist. And typically, there is no coverage outside the network except in emergencies.

So these really work best for people that want to be in a plan that's going to be close to home. You're not planning on traveling to get your care. There are also Medicare Advantage PPO networks where you could see a doctor outside the network as long as they were willing to bill the plan, and you are just going to know that you'll pay more for out-of-network coverage, just like you're used to having done all your life, through your health insurance plans.

And of course, there's so much more I could go into with all of the pros and cons and differences, but that's just sort of a 50,000-foot view of the two types of coverage and how they work.

John P. Bryson

Great. You know, Danielle, you're doing a great job of taking a complicated subject to make it easy for us. But there's a lot. A common question we hear is, you know, is there somebody I can sit down with? Is there a Medicare broker? Is it worth the money because it costs money. Can you shed some light on that subject so our financial professionals are best equipped to answer these types of questions.

Danielle K. Roberts

Yes, you are right. It's a very common question. So, when someone is working with a Medicare broker like Boomer Benefits, our service is 100% free to your client. So we will help your client review a whole bunch of different options from, you know, 12, 15, 20 different insurance companies for whatever type of coverage they're interested in and whichever plan they ultimately choose, that carrier or plan will pay a commission to your agent.

And when you enroll this way, the great thing about working with a broker is not just that it doesn't cost the client anything, but then they have someone on the back end for the inevitable hiccups that happen with Medicare. You know, sometimes a bill will get misquoted properly and Medicare will deny all of the claims. And so your client will end up with a bunch of bills and they don't understand why they're getting them or what they should do about them.

They're not sure if they should call the insurance company or Medicare or the provider. You'll also run into things like prior authorizations and drug exceptions and late-penalty appeals. And those are all the things that a broker provides. So when you have a good broker that you have put your business with, that broker is not only going to help you sign up for your coverage initially, but is going to support you on the back end with a strong and quality, customer service line that either that broker or their team, like ours at Boomer Benefits handles, so that you are not on the back end of Medicare.

Not understanding something that happened and not knowing where to go for help, your broker would be your very first call. And of course, in … in cases like our team at Boomer Benefits, we know we have a 75-person team that deals just directly with our existing policyholders to help them through all of those ordinary questions you have on the back end.

So it's a great way to make sure that your clients are going to have really good support as opposed to if they enrolled directly with an insurance company, they don't have a broker. They would handle those things on the back end on their own.

John P. Bryson

We are big believers in expert advice on the Portfolio Intelligence podcast. We think building a partnership with experts that can really help you grow your business is critical. Danielle, I want to thank you for joining us today. Really insightful. Really appreciate your time.

If you want to hear more, please subscribe to the Portfolio Intelligence podcast on iTunes. To read our viewpoints on macro trends, portfolio construction techniques, or business building ideas like you heard today and much, much more.

As always, thanks for listening to the show.


About our host

John P. Bryson leads the firm's investment consulting team, which is responsible for initiatives and businesses, including portfolio consulting, product channel consulting, exchange-traded fund capital markets, college savings, and stable value. He is a member of the John Hancock investment committee and the John Hancock 529 investment oversight committee, and he serves as chairman of the John Hancock pension and 401(k) investment subcommittee. Prior to joining John Hancock Investment Management in 2008, he held product management and development positions at Fidelity Investments in the intermediary and defined contribution business units. Other previous roles include client service, investment training, and product specialist positions at New England Funds and Putnam Investments. John earned a B.S. in Finance and an M.B.A. from Boston College.

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