From Andrew Hermsen; USA TODAY ~ Feb 25, 2017
This time of year we tend to be focused on preparing our tax paperwork and making it through the winter with our eyes on spring. I propose that you keep your focus on another very important component to greater financial security by doing a quick beneficiary review of your financial assets to confirm they are up to date and accurate.
The Jackson Sun ~ Feb 25, 2017
Starting in 2018, a major change will occur with Medicare cards.
In 2015, Congress passed the Medicare Access and CHIP Reauthorization Act. This law requires the removal of Social Security numbers from all Medicare cards by April 2019. This new initiative is referred to as the Social Security Number Removal Initiative (SSNRI). The new Medicare card will have a completely different and randomly assigned identifier that will be 11 characters long with a mix of numbers and uppercase letters.
By Robert White; FedSmith ~ Feb 24, 2017
I have a suggestion to tweak the Social Security program. This tweak will save the system enough money so starting in 2034, even if no other changes are made, Social Security will be able to pay 80% of the benefits promised instead of the current 74%.
The beauty of this tweak is that few are aware of this program windfall until contacted by Social Security. In addition, the change is simply reversing program regulations created by Social Security’s Central Office when Social Security was swimming in excess money.
From James Casey; The Hill ~ Feb 23, 2017
With a new administration in Washington, there has been a lot of talk about Medicare, Social Security, and the Affordable Care Act (ACA). One very crucial issue that has largely flown under the radar is the fact that hundreds of thousands — and potentially millions — of private sector retirees are having their earned pensions stripped away and Congress so far has done nothing about it.
By Vipal Monga & Heather Gillers; The Wall Street Journal ~ Feb 23, 2017
President Donald Trump’s promises to cut corporate taxes and ease companies’ ability to repatriate overseas cash could help corporate and public pensions close their massive deficits.
Investor enthusiasm over the president’s tax proposals is already boosting stocks, benefiting public pension plans. The S&P 500 index has jumped more than 9% since November 9, as investors anticipate more growth from Mr. Trump’s policies.
By Mark Miller; Wealth Management ~ Feb 21, 2017
The future direction of health insurance has become very cloudy. Consolidation of Republican power in Washington has put health reform on the front burner; most pressing is the repeal and replacement of the Affordable Care Act (ACA). Still, Medicare reform could be on the agenda as well. House Speaker Paul Ryan is intent on moving forward with Medicare reforms that include vouchers, higher eligibility ages and more that will add up to shifting risk and cost to seniors.
From Suzanne Robotti; The Hill ~ Feb 19, 2017
High-quality, well-made medicines are available to US citizens, predominantly from Canada at lower costs than presently available. What could be bad about that?
Despite the clear benefits drug re-importation would bring to consumers, the most recent high-profile effort hit a hurdle last month when an amendment sponsored by Sens. Amy Klobuchar (D-Minn.) and Bernie Sanders (I-Vt.) that would have allowed American consumers to import drugs from Canada.
By Shawn Jenkins; The Hill ~ Feb 18, 2017
Over the past decade, employees have seen their healthcare plans deductibles and co-pays increase six times faster than wages. Many experts agree that this cost-shifting was not a direct result of the enactment of the Affordable Care Act (ACA).
However, with the onset of the ACA’s new reforms, these same experts suggest that the ACA did not stem this trend toward increased out-of-pocket spending.
By Mark Miller; The New York Times ~ Feb 18, 2017
How long should you plan to live?
No one can really know, of course. But the answer to that question may be the most critical factor in making a successful financial plan for retirement.
Fewer baby boomer retirees — Americans born between 1946 and 1964 — have traditional pensions than their parents generation did, which means they will need to retire on income from Social Security and savings.
By Richard Cowan & David Morgan; Reuters ~ Feb 16, 2017
WASHINGTON – President Donald Trump and Republicans in Congress said on Thursday that they will soon unveil plans to repeal and replace Obamacare, providing a timeframe for a legislative goal they have struggled with for weeks.
