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Women tend to put other people’s needs before their own, and that sets them back financially, said personal finance expert Suze Orman.
How prepared you are to answer five questions may serve as a financial wake-up call, Orman said.
Plus, here are the three priorities Orman said everyone should have at the top of their to-do lists.

Suze Orman speaks during AOL’s BUILD Speaker Series at AOL Studios In New York.
Jenny Anderson | WireImage | Getty Images

At the end of each episode of her long-running eponymous CNBC show, Suze Orman would close out with the phrase, “People first, then money, then things.”
Women took that to mean they should give to other people and be generous, according to Orman. Men, on the other hand, took it to mean they should put themselves first.

Years after those episodes aired, there is still a distinct difference between how women and men handle their finances, Orman told CNBC.com in an interview.
At times, women can be their own worst enemy, said Orman, who is now a co-founder of SecureSave, a start-up working with employers to provide emergency savings accounts.
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Whether or not you take control of your money will have big consequences for your future, she said.
“You will never be a woman who owns the power to control her destiny unless you have power over how you think, feel and act with your money — how you save it and how you invest it and how you spend it,” Orman said.

“And none of you should be dependent on anybody else other than yourself,” she said.
The message is one Orman has been working to get across through her “Women & Money” podcast. The tagline for the show is “and everybody smart enough to listen,” and the show has a “tremendous” male following, according to Orman.

However, many listeners are older women — ages 60 and up — who “have absolutely nobody else to go to,” she said.
A key inflection point in these women’s lives tends to be the deaths of their spouses, Orman said. At that time, many women realize just how in the dark they are about their finances because they let their significant other handle the bulk of the responsibilities, she said.
Over the years, Orman estimates, she has talked to thousands of women in that same predicament.
Savings is one of the first places where women can start to strengthen their relationship with money, a concept that helped inspire Orman to co-found SecureSave in 2020.

You will never be a woman who owns the power to control her destiny unless you have power over how you think, feel and act with your money.

Suze Orman
personal finance expert

“There has never been a time more important for an emergency savings account since 2008 as there is right now,” Orman said.
A recent survey conducted by SecureSave found just 24% of women say they can pay for an unexpected emergency expense in cash, versus 41% of men.
Meanwhile, 64% of women said their personal savings had dropped in the past year, compared with 43% of men.
The results are evidence that women do not put themselves first, Orman said.

A wake-up call for women’s finances

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Women can test just how much they know about their money by asking themselves some key questions, Orman said.
They include:

If you own your home, do you know the interest rate on your mortgage?
Do you know the current interest rate on your savings account?
Do you know whether the money you have invested at a brokerage firm is insured?
Do you know if the money in your 401(k) plan is protected?
Do you know what your 401(k) or other retirement plan is invested in?

If you can’t answer yes to all of these, consider it a financial wake-up call, Orman said.
The less you know about your finances, the more likely it is you will make a mistake, she said.
“I always say to people the biggest mistake you will make is the mistake you don’t even know that you are making,” Orman said.

3 changes women should make now

Beyond brushing up on their financial knowledge, women should also make some key changes.
On a recent “Women & Money” episode, guest Sheila Bair, chair of the Federal Deposit Insurance Corporation from 2006 to 2011, said building up your savings now is “absolutely the best thing you can do.”
The ideal places to put that money include a bank, credit union or government short-term money market fund where it can be easily accessed, Bair said.
“The worst thing that happens to people is you get into a recession, they don’t have savings, their income goes down, then they have to borrow,” Bair said. “So they’ve got a debt load, too.”

Every woman should have a savings account, whether it is through their employer or independently, Orman said. Every woman should also have a credit card exclusively in her own name, she said.
As rising interest rates make carrying credit card debt more expensive, paying down those balances, if they have them, should be toward the top of their to-do list.
“They need to make that almost a No. 1 priority, as well,” Orman said.
Join us virtually for Women and Wealth, a CNBC Your Money event, on April 11, where financial experts will share how women can increase their income, save for the future and make the most out of current opportunities. Register for free today.

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A USB-C (USB Type-C) cable is seen in front of a displayed Apple logo in this illustration taken October 27, 2022.
Dado Ruvic | Reuters

Market experts continue to look for opportunities to pick promising stocks trading at attractive levels as recession fears linger. Here are five stocks chosen by Wall Street’s top analysts, according to TipRanks, a platform that ranks analysts based on their past performance.

Apple

First on the list is innovative tech giant Apple (AAPL). The company’s performance in the December quarter was significantly hit by iPhone-related supply chain disruptions in China, currency headwinds and macro challenges. Nonetheless, several analysts, including Evercore ISI analyst Amit Daryanani, remain bullish on the stock.

In a recent research note, Daryanani addressed investor concerns about his bullishness on Apple, despite its premium valuation compared to big tech peers. The analyst contended that in the current macro environment, Apple’s premium valuation is “not only justified but could further expand,” given its superior efficiency metrics like return on invested capital (5-year average ROIC of 39% compared to the peer group average of 21%), solid free cash flow and capital return.
Further, Daryanani stated that “AAPL has typically operated with a higher degree of consistency and importantly lower volatility.” He explained that the company was “more rational” in its hiring during the pandemic, unlike several tech companies that aggressively increased their headcount. Consequently, Apple avoided excessive stock-based compensation costs or layoffs.  
Daryanani reiterated a buy rating on Apple with a price target of $190. The analyst holds the 236th position among more than 8,000 analysts on TipRanks. Additionally, 60% of his ratings have been profitable, with an average return of 11.4%. (See Apple Blogger Opinions & Sentiment on TipRanks)

Cloudflare

Next up is Cloudflare (NET), a cloud-based content distribution network and security provider. The company has an extensive global network that reaches more than 285 cities in over 100 countries and powers websites, APIs (application programming interface), and mobile applications.
TD Cowen analyst Shaul Eyal thinks that the market is “underappreciating” Cloudflare’s ability to leverage the breadth of its global presence to “efficiently deliver new applications, including advanced security, with limited incremental cost.”

Eyal, who ranks 11 out of more than 8,300 analysts tracked on TipRanks, expects Cloudflare’s revenue to grow more than 38% this year, driven by new business and expansion within the company’s existing customer base. (See Cloudflare Hedge Fund Trading Activity on TipRanks)
Eyal noted that over 40% of the company’s revenue is generated internationally, and the company is “disrupting” several market segments, including infrastructure, telecommunications, security, and edge computing. Currently, these segments represent a total addressable market of over $115 billion, which is expected to grow to $135 billion by 2024.
Eyal reaffirmed a buy rating on Cloudflare with a price target of $75. Remarkably, Eyal has a success rate of 67% and each of his ratings has returned 24.1%, on average.

Foot Locker

This week, sneaker and athletic apparel retailer Foot Locker (FL) delivered upbeat results for the fourth quarter of fiscal 2022. The company revealed its revitalized partnership with Nike and long-term growth strategy, which includes several initiatives like transforming its real-estate footprint by opening new format stores, shifting to off-mall locations, and closing underperforming stores. 
Through its long-term growth plan, under the leadership of Mary Dillon, Foot Locker is targeting sales growth of 5% to 6% and adjusted earnings per share growth in the low-to-mid twenties range for fiscal 2024 through 2026.
Guggenheim analyst Robert Drbul expects Foot Locker to benefit from CEO Dillon’s “extensive knowledge and deep understanding of off-mall and big-box retailing.” That said, he thinks that the company’s strategic plan needs time to materialize as Dillon is still building her team.
Drbul reiterated a buy rating on Foot Locker stock with a price target of $60, noting that “2023 will be a reset year as Foot Locker navigates its revitalized Nike (NKE) relationship, repositions its Champs banner, optimizes its fleet, absorbs exit costs, increases its tech investments, and continues to drive cost savings.” 
Drbul is ranked No. 440 among more than 8,000 analysts followed on TipRanks. His ratings have been profitable 61% of the time, with each rating delivering an average return of 7.5%. (See Foot Locker Stock Chart on TipRanks)

Cisco Systems

Cisco (CSCO) offers a broad range of products and solutions across networking, security, collaboration, and the cloud. Tigress Financial analyst Ivan Feinseth recently reiterated a buy rating on Cisco with a price target of $73, saying that the company continues to gain from the rising need for faster, secure networks and cloud hosting infrastructure.
Feinseth noted that the company built up a large order backlog during the pandemic when corporate customers continued to upgrade their networks, fueled by “increasing demand for information access and supporting larger networks.”
“The recovery and growth of IT spending in 2023 and beyond, along with CSCO’s ongoing shift to services and software-driven subscription revenue, will continue to drive accelerating Business Performance trends,” said Feinseth. (See Cisco Insider Trading Activity on TipRanks)
The analyst also explained that Cisco’s solid balance sheet and cash flow continue to support its growth efforts, strategic acquisitions, and enhanced shareholder returns. Feinseth holds the 164th position among more than 8,000 analysts on TipRanks. Additionally, 62% of his ratings have been profitable, with an average return of 11.8%.
Acushnet Holdings
Feinseth is also bullish about Acushnet (GOLF), a company that sells golf products and owns leading brands like Titleist and FootJoy. The analyst recently upgraded GOLF stock to buy from hold and increased the price target to $62 from $50.
Feinseth expects Acushnet’s impressive brand equity and market-leading products, coupled with new launches, to drive further gains in the stock. Feinseth emphasized that the company’s 2022 results were boosted by double-digit sales growth in the Titleist golf club, Titleist gear and FootJoy golf wear segments.
The analyst noted that Acushnet’s 2022 performance benefited from a wide range of innovative products, including new TSR models that rapidly became “the most-played model on the PGA tour.” (See Acushnet Financial Statements on TipRanks)
“GOLF is well-positioned to gain from the ongoing post-pandemic growth in golf, including rounds played and growth in player population, especially from younger and new golf players,” said Feinseth. 

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Smart Tax Planning

As high-tax states find more ways to tax the well-off, more Americans are looking to relocate to seemingly lower-tax climes.
Keep in mind, however, that in states with no or low income tax you may pay up in other ways.
In order to keep your old, high-tax state from questioning your new domicile in a low-tax one, be sure to take several recommended steps to prove you’ve truly moved.

Mireya Acierto | Photodisc | Getty Images

It’s not unusual for wealthy taxpayers to relocate from high-tax states to low-tax states. There’s evidence in population trends: Texas and Florida — neither of which have a state income tax — were the states with the biggest population increases from 2020 to 2021, according to the latest U.S. Census Bureau data. Much of that growth is coming at the expense of higher-tax states such as California, New York and Illinois.
These days, it is very common for wealthy families to own residences in more than one state, making relocation even easier. However, the reality is that any state that does have an income tax, and in which an individual owns a home, will have a vested interest in asserting that the residence in their state is that person’s domicile.

In practical terms, having domicile in a state means that state can impose its respective income tax on all the income reflected on the individual’s federal income tax return, regardless of the source of that income. This is one of the principal reasons that many people consider relocating.

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Potentially adding to the trend of such moves is a wave of states’ efforts to find new ways to tax the rich. These bills range from imposing a “wealth tax” on the intrinsic gains from stocks and securities and creating special income tax brackets targeting the rich to reducing exemptions on inheritance taxes.
But before you call the moving van, understand that state taxation, including state income tax as well as state estate and inheritance taxes and potential wealth taxes, is only one factor to consider as you assess changing your domicile.
Other areas to consider include rules that govern asset protection, trust administration, trustee selection and estate administration. Some who redomicile to a state with no income tax may find that they are paying the state in other ways, such as higher inheritance, property and/or fuel taxes.

That’s why the state you choose as your domicile is such an important decision. That decision is even more challenging considering that states often have different rules defining what they consider domicile.

Some use so-called “bright line” tests; for instance, a certain number of days in and out of the state. Others use a “preponderance of evidence” approach that considers where you vote, where your driver’s license is issued, where your advisors are located and numerous other factors.

Tips for redomiciling ‘the right way’

Since I personally redomiciled from Minnesota to Florida and have assisted many of my clients in doing the same, I am often asked about “the right way” to do it.
The most important thing is to ensure, upon inspection, that you can demonstrate that the move is real and not just on paper. Simply getting a driver’s license or registering to vote in the new state will likely not be enough. Not surprisingly, states with high income taxes do not like to lose tax revenue from wealthy families and will very often audit taxpayers who say they’ve redomiciled.

When I have a client who is serious about changing domiciles, we go through a checklist of the things they should do to prove they have severed the connection to their former state of residence. The more evidence you can produce to show that you are domiciled in, and not just a resident of, your new state, the better off you’ll be, even if it only seems to be supporting evidence. Items to consider include:

Buy or lease property. The first step in redomiciling should be to purchase or rent a residential home in the new domicile state. If the residence is a rental, the term of your lease should be for at least one year.

Log your travels. Make certain to spend at least 183 days per year outside your old home state. Limit return trips to your prior home and keep a record of where you spend your time when you are not in the new state.

Change your license and registration. Obtain a new driver’s license and register any automobiles or boats in the new state. If you keep any licenses from your prior home, make sure they reflect that you are a nonresident.

Register to vote. Register to vote in your new state. Write to the registrar of voters at your prior home, too. Mention your change of domicile and ask that you be removed from voting lists.

File a declaration of domicile. In some states, like Florida, it is possible and advisable to file a declaration of domicile in which you attest to the fact, under penalty of perjury, that your domicile is the new state.

Move bank accounts and safe deposit boxes. It’s hard to make the case for changing domiciles if all your financial holdings are in the old state.

Declare a change of address. Send notification of your change of address to family, friends, business associates, professional organizations, credit card companies, brokers, insurance companies and magazine subscription offices.

Establish a new home base. When you travel, try to return to the new state. When you make large purchases, make them in the new state. Keep your family heirlooms, furniture and keepsakes in the new state.

Change legal documents to reflect residency. Upon redomiciling, you must update your will and trust and estate documents. Make sure that these documents do not identify you as a resident of another state. Also make sure your federal tax returns indicate your new address.

Develop local affiliations. Join local organizations in the new state, such as clubs and religious groups, and participate in local charitable activities.

If it exists, apply for a homestead exemption. In some states, such as Florida, a homestead exemption will be counted against your real estate taxes.

Each person has a unique tax situation. Please consult with your financial and tax professionals when considering a change in domicile.
— By Paul J. Ayotte, founding partner and client advisor at Fidelis Capital More

A contractor operates a roller on the construction site of the HS2 Ltd. Old Oak Common super-hub railway station, in view of the Vistry Partnerships regeneration project Oaklands House, in London, U.K., on Wednesday, June 23, 2021.
Luke McGregor | Bloomberg | Getty Images

Company: Vistry Group (VTY.L)

Business: Vistry Group operates as a housebuilder in the United Kingdom and operates in both the open market and the affordable housing sector. They seek to develop sustainable new homes and communities across all sectors of the U.K. housing market. On Nov. 11, 2022, Vistry acquired Countryside Partnerships for £1.25 billion ($1.4 billion). Vistry operates through a partnership model, which is unique to the U.K., where they seek to reuse land wherever possible, focusing on mixed-tenure developments that deliver positive social impact. The partnerships business operates across 19 business units and works closely with governmental bodies, housing associations and local authorities, as well as selling homes directly to customers on the open market.
Stock market value: $3.09 billion

Activist: Inclusive Capital Partners

Percentage ownership: 5.9%
Average cost: n/a
Activist commentary: Inclusive Capital Partners is a San Francisco-based investment firm focused on increasing shareholder value and promoting sound environmental, social and governance practices. It was formed in 2020 by ValueAct founder Jeff Ubben to leverage capitalism and governance in pursuit of a healthy planet and the health of its inhabitants.
As a pioneering activist ESG investor (AESG), Inclusive seeks long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit. Their primary focus is on environmental and social value creation, which leads to shareholder value creation.

What’s happening?

On Wednesday, Vistry announced the appointment of Inclusive’s Ubben as a nonexecutive director to the board and the upcoming resignations of two incumbent directors, Katherine Innes Ker and Nigel Keen.

Behind the scenes

Vistry landed on Inclusive’s radar as a result of their engagement with another company – Countryside Partnerships. In May 2022, Inclusive had a 9.2% stake in Countryside and had made two bids to acquire the company, going as high as £1.5 billion. Both bids were rejected.
But Inclusive’s interest sparked significant shareholder pressure to sell Countryside and the following month, the company announced that it was seeking a buyer. On Sept. 5, 2022, Vistry agreed to acquire Countryside in a cash and stock deal, which closed on Nov. 11, 2022.
In the four months since the Countryside acquisition, the market has reacted favorably to the combination. Inclusive led the charge on the merger and now they are taking an active role at the combined company.
Vistry operates through a partnership model whereby the land is provided to them by governmental land authorities at no cost and they commit to build a certain amount of affordable housing. They build communities that are mixed tenure, placing affordable housing among open market homes, retail stores, etc. This model has the benefits of a secular shift to affordable housing and is capex light since they do not have to acquire the land. The company trades cheaply at 7 to 8 times earnings and has high growth prospects, complimented by their community benefits.
Inclusive said Vistry’s business model gives it the scale, operating synergies and resources to deliver societal benefits and great long-term returns.
On Wednesday, Ubben was named a director and two board members, Innes Ker and Keen, resigned. Inclusive is an amicable investor that is often invited onto boards. This situation is no exception. However, the exit of two incumbents alongside Ubben’s appointment indicates that there was a call by shareholders for a bigger board refreshment than just adding one shareholder representative. While this type of action is somewhat unusual for a European company, it is worth noting that the company’s five largest shareholders representing 40% of the stock are all North American investors who are more likely to engage with management than European investors.
This leaves a board that is undergoing a refreshment process and a CEO who is universally well liked and on the same page as shareholders opening the door for a methodology that has worked very well for Ubben going back 20+ years to ValueAct – let a good management team continue to generate cash flow and sit on the board and help advise the best way to use that cash flow.
One tactic he has used successfully in the past to grow shareholder value is to do a share repurchase at the bottom and keep cash when the company is fairly valued.
Finally, as with all Inclusive investments, this one has an impact element as well as a value element. The AESG thesis here is obvious as the core purpose of this company is to further social equality – developing affordable, sustainable housing. What is interesting about this from an ESG perspective is that it is a social ESG thesis, which is generally the most difficult type of ESG thesis to monetize. But, in this case the community benefits align so perfectly with the company growth prospects – topline company growth means more affordable housing.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.

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Three-fourths of Medicare beneficiaries are worried about affording their out-of-pocket costs, compared with 43% who say the same about their premiums, a survey shows.
Basic Medicare (Parts A and B) has no out-of-pocket maximum; nor does Part D (prescription drug coverage) under current law.
Here are some costs that can help you consider how much you may spend, depending on your coverage choices.

Andrew Bret Wallis | The Image Bank | Getty Images

For retirees, health-care costs can be among the most unpredictable expenses they face over the course of their golden years.
While many of them worry about affording their monthly Medicare premiums, their bigger concern is their out-of-pocket costs, according to a recent report from eHealth.

The report says 75% are either “very” or “somewhat” worried about affording those costs, which include deductibles, copays and coinsurance. That compares with 43% who worry about their ability to pay their premiums, according to the report, which is based on a February survey of more than 4,500 Medicare beneficiaries.
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Exactly how much you spend on Medicare depends on both your coverage choices and your use of the health-care system. However, you may be able to pinpoint a worst-case scenario to help you budget.

Beneficiaries have coverage options

Basic, or original, Medicare consists of Part A (hospital coverage) and Part B (outpatient care) and covers 65 million people — 57.3 million are age 65 or older, and the remaining 7.7 million are younger with permanent disabilities.
Many beneficiaries choose to get Parts A and B through an Advantage Plan (Part C), which also typically includes Part D (prescription drug coverage) and often other extras such as dental and vision.

These plans often have no monthly premium or a low one, and they limit how much you pay out of pocket each year for covered services. Deductibles, copays and coinsurance vary from plan to plan.

Other beneficiaries instead decide to pair Parts A and B with a standalone Part D plan and, often, a Medigap plan, which covers part of the out-of-pocket costs that come with Parts A and B. However, premiums can be pricey, depending on where you live and other factors.

Basic Medicare has no out-of-pocket limit

If you have only basic Medicare, there is no cap on what you might spend in any given year.
“With no secondary coverage, there is no out-of-pocket maximum, which leaves a beneficiary financially exposed,” said Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans.

How hospital stays are covered

Part A, which comes with no premium for most beneficiaries, has a deductible of $1,600 when you are admitted to the hospital. That covers the first 60 days of inpatient care in a benefit period.
Days 61 through 90 come with coinsurance of $400 per day, and then it’s $800 daily beyond that (so-called lifetime reserve days). And for skilled nursing facilities, a daily coinsurance of $200 kicks in for days 21 through 100.
If you have Medigap, all of those charges are either fully or partially covered under most plans. 

Out-of-pocket maximums may range up to $8,300

Nopphon Pattanasri | Istock | Getty Images

With Advantage Plans, because the cost-sharing differs from plan to plan, “they will all vary but at least their hospital spending would count toward the plan’s out-of-pocket maximum, meaning it would be capped,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits.
In 2023, those maximums can be as much as $8,300 for in-network coverage, Roberts said. 
“In most urban areas, you can find good plans with considerably lower limits,” she said. “If you can find a plan that has a lower out-of-pocket limit, such as $3,000 or $4,000, that is a benefit to you.”

‘The sky is the limit’ on Part B coinsurance with basic Medicare

Part B — which comes with a standard monthly premium of $164.90 in 2023 — has a deductible of $226. But after that, you pay a 20% coinsurance for covered services with no cap on how high that goes.
“It means the sky is the limit on the 20% coinsurance,” Roberts said. “Imagine trying to cover 20% of eight weeks of chemotherapy or for dialysis for the rest of your life or until you get a transplant.”
“In my opinion, this is the most important thing that you want to get covered,” she added. “Both Medigap and Medicare Advantage Plans do a good job of this, since most Medigap plans cover the 20% [coinsurance] and Advantage Plans have caps on Parts A and B spending.”

Part D currently has no out-of-pocket maximum

Under current law, there is no out-of-pocket limit associated with Part D, regardless of whether you get your coverage as a standalone policy or through an Advantage Plan.
A deductible for Part D, which may come with a premium, can be up to $505 in 2023, also regardless of how you get the coverage. 
Part D does come with catastrophic coverage that kicks in once out-of-pocket expenses reach $7,400 in a given year, Roberts said.

After hitting that threshold, “you pay only a small coinsurance or copayment for covered drugs for the rest of the year,” she said.
In 2025, each beneficiary’s annual out-of-pocket spending for Part D will be capped at $2,000.
Also be aware that Medigap plans do not cover any Part D costs.

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Many high school students should be getting their college acceptance letters around this time of the year.
As people weigh which school to attend, making sure they won’t need to borrow too much is key, experts say.

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Families will soon find college acceptance letters in their mailboxes. As students weigh where to attend, making sure they won’t borrow too much is key, experts say.
The consequences of taking on too much student debt can be severe.

“If you borrow too much, you will have less money available for other priorities, such as buying a home,” said higher education expert Mark Kantrowitz. “You may also have to take a job that pays better as opposed to the job that matches your career goals.”
Kantrowitz found in his research that under a third of student loan borrowers who took out $20,000 or less were stressed by their debt, compared with over 60% of those who’d taken out $100,000 or more.
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The general rule of thumb is not to borrow more than you expect to earn as a starting salary, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.
That figure will vary a bit based on what you plan to study. You can look up annual average incomes for different occupations at the U.S. Department of Labor’s website.

Kantrowitz also stands by this metric. “If your total student loan debt at graduation is less than your annual starting salary, you should be able to repay your loans in 10 years or less,” he said.

Kantrowitz recommends families consider colleges based on the “net price,” which is the amount they’ll have to pay with savings, income and loans to cover the bill, after aid that doesn’t need to be repaid, including grants and scholarships, is accounted for.
When calculating the four-year net cost, Kantrowitz said, keep in mind that different years may cost different amounts because some colleges offer grants or scholarships only for the first year or two.
After estimating the total tab, you can figure out — after any savings or income you plan to direct at the college bill — if what you’d need to borrow is reasonable.
“Often, the least expensive option will be an in-state public college,” Kantrowitz said. “They cost a quarter to a third of the cost of a private college but provide just as good a quality of education.”

If students find that all the colleges they applied to would leave them borrowing too much, they can look at others, as many schools still accept applications after May 1, Kantrowitz said. The National Association for College Admission Counseling usually publishes a list of colleges with space still available.
One more point: Incoming college freshmen should more or less tune out news about the Biden administration’s student loan forgiveness plan, experts say.
Even if the program survives the legal challenges it faces, there’s no guarantee there will be another wave of loan cancellation.
“You should only borrow as much as you can reasonably afford to repay,” Kantrowitz said.

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Each of the enrollment periods that occur every year from Jan. 1 through March 31 come with rules to be aware of.
You also may need to enroll in different parts of Medicare that come with their own rules.
Here’s what to know.

The Good Brigade | DigitalVision | Getty Images

A couple of Medicare enrollment periods are underway — and both end soon.
First, if you didn’t enroll in Medicare when you should have and you don’t qualify for a special enrollment period, you can sign up until March 31. Second, if you are already on Medicare and use an Advantage Plan but don’t think it’s a good match for you — i.e., your doctor is out of network — you can switch to another plan or drop it altogether, also until the end of the month.

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However, each of these opportunities comes with different rules to be aware of, and, possibly, the need to enroll in additional coverage and deal with other deadlines as well. Also, if you miss one of these periods but should have used it, you generally would have to wait for another enrollment window that allows you to get or change coverage.
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Here’s what to know.

1. If you missed your initial enrollment period, sign up now

You become eligible for Medicare at age 65, and you get a seven-month window to sign up. This initial enrollment period starts three months before your birthday month and ends three months after it.
If you missed that window and didn’t have qualifying coverage elsewhere — such as a plan through a large employer — you can sign up for Part A (hospital coverage) and/or Part B (outpatient care coverage) between Jan. 1 and March 31. Signing up during this so-called general enrollment period means coverage starts the month after you enroll; before 2023, the effective date was July 1.

Be aware that depending on how long you’ve gone without Part B coverage, you may face a late-enrollment penalty of 10% for each year you should have been signed up but weren’t. And that penalty, which is tacked on to your premium, is lifelong. 

You also can sign up for an Advantage Plan (Part C) once you’ve applied for Parts A and B during this general enrollment period, but it must be done before your Part B coverage starts. The Advantage Plan may or may not include Part D prescription drug coverage, but most do.
However, if you want a standalone Part D plan to pair with Parts A and B, this general enrollment period is not for that.
“They should consult an agent to see if they qualify for a special enrollment period for Part D, such as losing other creditable coverage in the last 63 days,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits.
If you don’t qualify for a special enrollment period or an exception, you’d generally have to wait until Medicare’s fall annual enrollment period to sign up for a Part D plan.

“If there isn’t a valid special enrollment period that a broker can help you with, it’s still worth a call to 1-800-MEDICARE as they have broader ability to approve unusual special enrollment periods,” Roberts said.
Be aware that Part D also comes with a lifelong late enrollment penalty if you go without qualifying coverage for 63 days or more. That fee is 1% of the national base premium ($32.74 in 2023) for each full month you didn’t have Part D or other acceptable coverage.
Also, individuals who use the general enrollment period can sign up for a Medicare supplemental plan, or “Medigap.”
“The Part B effective date would also initiate a six-month Medigap open enrollment period, if they’d rather go that route,” Roberts said.

2. If your Advantage Plan is not a good fit, change coverage

Separately, but also between Jan. 1 and March 31, Medicare allows Advantage Plan enrollees to switch to another plan or drop it altogether in favor of basic Medicare (Parts A and B). 
Unlike during the annual fall enrollment period when you can change your mind multiple times about your coverage for the following year, you can only make one switch during the current window.
“So if you choose another Medicare Advantage Plan, choose carefully,” Roberts said, adding that you’ll be locked into that coverage choice for the rest of 2023.

If you want to return to basic Medicare instead of having an Advantage Plan, be aware that the move often means losing drug coverage — which means you would have to enroll in a standalone Part D plan.
Additionally, if you drop your Advantage Plan, don’t assume that you’ll be able to get a so-called Medigap policy, which many beneficiaries pair with basic Medicare. These plans either fully or partially cover cost-sharing of some aspects of Parts A and B, including deductibles, copays and coinsurance.
However, they come with their own rules for enrolling. So depending on your state, you may need to pass medical underwriting to get approved for a Medigap policy.
There is an exception to the medical underwriting requirement: If you are within the first year of trying out an Advantage Plan, you generally can return to a Medigap policy without facing underwriting.

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In his new book, “Poverty, by America,” Matthew Desmond says that poverty persists in the U.S. because many Americans and large companies profit from it.
“I want to be clear: I’m not calling for redistribution,” Desmond said. “What I’m talking about is less rich aid and more poor aid.”
The author also has tips on how people can become “poverty abolitionists.”

Over the last 50 years, Americans have eradicated smallpox, reduced infant mortality rates and deaths from heart disease by around 70%, added a decade to the average American’s life and invented the internet.
When it comes to the national poverty rate, however, we’ve made almost no progress. In 1970, a little more than 12% of the U.S. population was considered poor. By 2019, around 11% was.

In his new book, “Poverty, by America,” sociologist Matthew Desmond proposes a reason for that stagnation: We benefit from it.
I spoke with Desmond this month about his argument that many individuals and large U.S. companies profit from tens of millions of Americans living in poverty, and how things might finally start changing.
His last book, “Evicted: Poverty and Profit in the American City,” won the 2017 Pulitzer Prize for general nonfiction. (Our interview has been edited and condensed for clarity.)
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Annie Nova: Your book starts with a quote by Tolstoy: “We imagine that their sufferings are one thing, and our life another.” How are we able to be so detached from the state in which so many others are living?

Matthew Desmond: The country is so segregated. I think many of us can go about our daily lives only confronting poverty from the car window or in the news.
AN: Many financially comfortable and well-off Americans, you write, live as “unwitting enemies of the poor.” How so? Can you give an example?
MD: Sure. We have this national entitlement program that’s just not for the poor. In 2020, the nation spent $53 billion on direct housing assistance to the needy, things like public housing or vouchers that reduced rent burden. That same year, we spent over $190 billion on homeowner tax subsidies. Those are things like the home mortgage interest deduction, which homeowners are entitled to. Protecting and fighting for those subsidies leaves less money with which to fight poverty.

Arrows pointing outwards

AN: So you think there should be fewer tax breaks like the home mortgage interest deduction and more policies to help poor Americans?
MD: I want to be clear: I’m not calling for redistribution. That entails giving up something that is mine and that I’ve earned. What I’m talking about is less rich aid and more poor aid. There was a study published recently showing that if just the top 1% of us just paid the taxes we owe — so not pay more taxes, but just stop evading tax bills — we as a nation could raise $175 billion more every year. That’s almost enough to pull everyone out of poverty.
AN: So getting the IRS to do more enforcement.
MD: Absolutely. When you are trying to fight for ambitious, bold solutions to poverty, you immediately run up against people saying, ‘Well, how will we afford it?’ And the answer is staring us right in the face. We could afford it if we allowed the IRS to do its job.

We can confront this issue in such a more robust way than we have. And it should shame us that we haven’t.

Matthew Desmond
sociologist and author

AN: Thinking that poverty in the U.S. is avoidable makes its existence feel so much worse.
MD: It makes it so much worse morally. We are such a rich country. We can confront this issue in such a more robust way than we have. And it should shame us that we haven’t. It should shame us that so many people are living with such uncertainty and agony.
AN: In what way do large companies in the U.S. profit from poverty in America?
MD: As union power started waning, wages started slagging. And then CEO compensation started growing. Corporations have used that economic power and transferred it into political power to make organizing hard and to combat unionization efforts.
AN: As a child, you blamed your father when he lost his job and the bank took your house. Why do you think that was?
MD: When you’re in the middle of something, you often grasp at the explanation that is closest to you, which is often about shame and guilt and blame. When I wrote my last book on families facing evictions, a lot of the families who lost their homes would blame themselves. But I think it’s the sociologist’s job, to quote C. Wright Mills, to turn a personal problem into a political one. Millions of people are facing this every year. This is not on you.

AN: You call on Americans to become “poverty abolitionists.” Why use the word “abolitionists”?
MD: I think that it shares with other abolitionist movements a commitment to the end of poverty. It views poverty not as something that we should get a little better at, but something we should abolish. Because it’s a sin. It’s a disgrace.
AN: What are the most impactful actions people can take to fight poverty?
MD: You can go to your Tuesday night zoning meeting in your community and you can support the affordable housing project that a lot of your neighbors are trying to kill. And you can say, “Look, I’m not going to deny other kids opportunities that my kids have had living here. I’m not going to embrace segregation. That ends with me.” You can shop at places that do right by their workers, and that don’t try to bust unions. There are also all these amazing anti-poverty movements in every state.
AN: I know you don’t have a crystal ball, but if more attention and resources aren’t directed at reducing poverty, what could the future look like for us?
MD: For folks who are struggling, it means a smaller life. It means diminished dreams. It means illnesses that don’t get solved. And for those of us who enjoy some security and prosperity, it means an affront to your sense of decency. If nothing improves, it really belies any claim to national greatness.

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