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First Time Home Buyer Incentives in Canada 2024
There are four main incentive programs for first-time home buyers in Canada: Land transfer tax rebates, which rebate some or all of your land transfer tax. Some municipalities have down payment assistance programs (DPAPs) for first-time homebuyers. The Home Buyers’ Plan which allows you to withdraw up to $60,000 (since April 16, 2024) from your Registered Retirement Savings Plan (RRSP) without…
Health | Medicare | North | Rural Health Care
Medicare 2025 plans 5 key changes to Part D, Medicare Advantage costs
Share on Pinterest Big changes to Medicare plans are in store for 2025 as open enrollment is underway. Joe Raedle/Getty Images Medicare is a federal health insurance program for older adults ages 65 and older. Open enrollment for 2025 Medicare plans runs through December 7. Some major changes in 2025 include a new $2,000 out-of-pocket max under Part D, eliminating the plan’s “donut hole” coverage gap, and fewer Medicare Advantage plans. As of January 1st, five big changes will take effect for Medicare — a federal health insurance program for adults ages 65 and older. Every year, senior adults have between October 15th through December 7th to enroll in Medicare or change plans. Part A helps to cover inpatient care in hospitals, skilled nursing facilities, and home health care. Part B is for outpatient coverage, such as diagnosing and treating an illness at the doctor’s office, as well as preventive services, such as vaccines and wellness visits. Part C —also known as the Medicare Advantage plan—is bundled coverage that includes Parts A, B, and sometimes D. Part D provides coverage for prescription medications Medical News Today spoke with three Medicare experts to learn more about the biggest changes coming in 2025 and how they may impact readers. Starting January 1st, there will be fewer Medicare Advantage plans available. “Medicare Advantage Plans are the alternative to receiving their Medicare through Original Medicare,” said Ryan Ramsey, associate director of health coverage and benefits for the National Council on Aging. “These plans are offered by Medicare-approved private companies that must follow rules set by Medicare and provide Medicare Part A (hospital insurance) and Part B (medical insurance) coverage, as well including drug coverage (Part D) in most cases, all under one plan,” Ramsey told MNT. “In most cases, you’ll need to use health care providers who participate in the plan’s network; however, some plans offer non-emergency coverage out-of-network, but typically at a higher cost,” he continued. “These plans may also offer additional extra benefits like vision, dental or fitness and wellness benefits that are not covered by Medicare.” “The number of Medicare Advantage plans that will be available to the average person is expected to decrease by 7%,” Ramsey added. “This may result in less additional benefits being offered, smaller networks within plans, and an increase in overall out-of-pocket costs. However, the number of plans available in 2025 is still in the top three largest since 2010.” Starting on January 1st, a new approach to Medicare Part D will remove the infamous “donut hole” and establish a new hard limit of $2,000 per year for out-of-pocket Part D drug spending. “The Inflation Reduction Act aims to improve Medicare benefits by reducing out-of-pocket costs for prescription drugs,” Kanwar Kelley, MD, JD, co-founder and CEO of Side Health explained to Medical News Today. “This is being done by shrinking the ‘donut hole’ for prescription drug coverage. The ‘donut hole’ refers to the gap between a plan’s initial prescription medication coverage by co-payment or coinsurance and the time when a person meets catastrophic coverage limits where Medicare resumes sharing costs. “While inside of the ‘donut hole,’ an individual must pay for their medications entirely out of pocket. Starting in 2025, the out-of-pocket costs before reaching the catastrophic stage will be capped at $2,000. Until now the limits were set at $8,000. This will mean substantial savings for patients who depend on costly prescription medications.” Another 2025 change impacting Medicare Part D is an anticipated base premium increase. “The Centers for Medicare and Medicaid Services (CMS) has now capped the amount companies are allowed to increase their annual premiums at 6%,” Ramsey noted. “The base beneficiary premium will be $36.78, which is $2.08 more than 2024 and the maximum of a 6% increase.” According to Tim Smolen, Statewide Health Insurance Benefits Advisors (SHIBA) program manager in the Consumer Protection Division of the Washington State Office of the Insurance Commissioner, said the best way to learn more about Part D base premium increases is to use the plan finder tool on the Medicare website. Smolen added: “Broad ranges and base premiums are useful guidelines, but every person’s experience is different. Each person should check their own drugs and pharmacies. It’s possible that each person in a couple might have a different Part D plan.” There will also be a reduction in the number of stand-alone Medicare Part D plans available, according to KFF, a nonprofit focused on health policy. “In 2025, 524 PDPs (Prescription Drug Plans) will be offered across the 34 PDP regions nationwide which is a 26% decrease from 2024,” Ramsey said. “This means that the average beneficiary in each state will have a choice of at least 12 stand-alone drug plans. This could mean a change in formularies, pharmacy networks on plans, and whether your plan has a deductible in 2025.” “There will be a reduction in prescription drug plans under Part D, but this reduction may streamline options in favor of more plans with the built-in price stabilization feature,” Kelley said. “So, though fewer plans will be available, they should be more cost-effective.” And the last big change affecting Medicare in 2025 is an expansion of mental health care and caregiver resources. “Elder care is a huge source of financial burden and stress on families,” Kelley said. “Additional financial support will help reduce that burden and give back time to those looking for caretakers
B.C. sets up a panel on bear deaths, will review conservation officer training
Posted September 9, 2024 3:13 pm. Last Updated September 9, 2024 7:37 pm. The British Columbia government is partnering with a bear welfare group to reduce the number of bears being euthanized in the province. Nicholas Scapillati, executive director of Grizzly Bear Foundation, said Monday that it comes after months-long discussions with the province on how to protect bears, with the goal to give the animals a “better and second chance at life in the wild.” Scapillati said what’s exciting about the project is that the government is open to working with outside experts and the public. “So, they’ll be working through Indigenous knowledge and scientific understanding, bringing in the latest techniques and training expertise from leading experts,” he said in an interview. He tells 1130 NewsRadio that this is a tremendous opportunity to advance the well-being and stewardship of bears in B.C. “It takes essential staff in addressing the calls that First Nations have made, conservation organizations and the public to address the number of bear deaths in their communities, enhance the care and handling of bears when they are (in) adverse conditions or relocated, and to deepen the public understanding of how we can support coexistence with bears,” he said. B.C. government data show conservation officers destroyed 603 black bears and 23 grizzly bears in 2023, while 154 black bears were killed by officers in the first six months of this year. Scapillati said the group will publish a report with recommendations by next spring, while an independent oversight committee will be set up to review all bear encounters with conservation officers to provide advice to the government. “We’ll be looking to bring together the bear rehab people, hunters, conservation organizations, first nations that are working with the COS,” he told 1130 NewsRadio. “We’re also going to lean on some of the World Meeting experts, not only from here, British Columbia, but across Canada, the United States, to give us advice on how we can advance our care and handling better policies and procedures, training…to improve the COS and hopefully reduce their deaths and improve the welfare of bears when they’re being handled right.” Environment Minister George Heyman said in a statement that they are looking for new ways to ensure conservation officers “have the trust of the communities they serve,” and the panel will make recommendations to enhance officer training and improve policies. Lesley Fox, with the wildlife protection group The Fur-Bearers, said they’ve been calling for such a committee for decades. “This move demonstrates the government is listening,” said Fox. “I suspect, because of the impending election, their listening skills are potentially a little sharper than they normally are.” Fox said the partnership came from “a place of long frustration” as provincial conservation officers kill more than 500 black bears every year on average, and the public is “no longer tolerating this kind of approach.” “I think that the conservation officer service and the B.C. government are aware they need to change, and certainly the public has been asking for it,” said Fox. Fox said there’s a lot of optimism about the new partnership, but, as with any government, there will likely be a lot of red tape to get through. “I think speed is going to be important, whether or not the committee has the ability to make change and make change relatively quickly without having to study an issue to death, ” said Fox.
Majority of Canadians admit to speeding, driving over the limit
Posted November 20, 2024 6:39 am. It appears Canadian drivers have no issue putting the pedal to the metal. New public opinion research from the Canadian Automobile Association (CAA) revealed some fascinating statistics regarding fast drivers. Nearly 70 per cent of Canadians admit to speeding in a residential area at least once in the last year. According to the poll, half of respondents say they routinely speed on the highway, and one in five drivers say they regularly drive well over the speed limit. It would seem that age isn’t a deterrent to speeding, as the CAA’s poll revealed that speeding isn’t limited to young people. While 50-plus drivers self-reported doing it less, all age groups admitted to persistently exceeding the speed limit in their respective regions. “Higher speeds reduce drivers’ reaction time and increase the risk to themselves and everyone else,” said Kristine D’Arbelles, senior director of public affairs at CAA National. “Speeding increases your stopping distance, making a collision more likely and severe, but it saves you only a small amount of time.” Overconfidence on the roads? According to the CAA’s public opinion poll, only 35 per cent of Canadians think they will get caught speeding, while four in 10 admitted to running a red light. Additionally, the CAA found that 68 per cent of people drove when they were too tired, and 54 per cent admitted to using their phones while driving at least once in the last year. In recent years, automated speed cameras have become more prevalent on city streets, often nabbing drivers for exceeding the speed limit. In 2023, Toronto’s city council unanimously approved a motion to increase the number of cameras from 75 to 150. According to the city, speed cameras have effectively reduced the number of people speeding and overall vehicle speeds, pointing to increased compliance and improved driver behaviour. The latest CAA findings are based on a poll of 2,880 Canadians from Sept. 13 to 21, 2024.
homes | mortgage | Real Estate
Exciting New Mortgage Rules Effective December 15th
Exciting New Mortgage Rules Effective December 15th Exciting changes to mortgage rules are here! Here’s what you need to know: Key Updates 1. 30-Year Amortizations 2. Higher Price Cap 3. Newly Built Homes Focus • Homes must be owner-occupied and not previously used for residential purposes. What This Means for You Share this page
It gets harder to predict next BoC rate decision
Economists react to the latest consumer price index print The Bank of Canada has made it clear that any changes in interest rates will be data dependent, but how is the latest consumer price index data likely to influence its decision? With the CPI print from Statistics Canada released Tuesday showing an uptick in the pace of…