Senior Citizens: Economic Issues
Articles and Resources
62 Articles and Resources. Go to: [Next 12]
Date Fairness.com Resource Read it at: Sep 09, 2013 Hey, Senior Discount, You Look Pretty Youthful!
QUOTE: Welcome to the flexible and often generous world of senior discounts, where prime of life can be considered old and even the wealthy are entitled to special deals. It is a land of shifting perspectives reflecting the realities, economic and otherwise, of a graying America.
New York Times Jun 07, 2013 Fine Print and Red Tape in Long-Term Care Policies
QUOTE: Many Americans now in their 80s and 90s who are collecting benefits — or trying to — bought their policies decades ago when the policies were more restrictive than now. On top of that, many insurers have since left the business after mispricing the policies and failing to judge the economics of the industry, which has made collecting payments even more difficult.
New York Times May 27, 2011 Easing Out the Gray-Haired. Or Not.
QUOTE: Some jobs will always have age restrictions — police officers, firefighters, air traffic controllers and the like. And in corporate America, mandatory retirement ages for senior management face less resistance, thanks in part to generous incentives to leave early that are perfectly legal. What is more, federal law permits age limits for the top brass who set corporate policy. But chief executives still have a habit of hanging on...
New York Times Apr 26, 2011 House G.O.P. Members Face Voter Anger Over Budget
QUOTE: Attendees accused a Republican lawmaker of trying to dismantle Medicare while providing tax cuts to corporations and affluent Americans… An announcer says that a House-approved budget amounts to “ending Medicare so millionaires can get another tax break.”
New York Times Mar 08, 2011 AARP Sues U.S. Over Effects of Reverse Mortgages
QUOTE: AARP, the seniors’ organization, filed suit Tuesday against the Department of Housing and Urban Development, which regulates reverse mortgages. The suit asserts that policy changes by HUD are pushing older homeowners into foreclosure.
New York Times Mar 02, 2011 When Abuse of Older Patients Is Financial
QUOTE: Bilking old people is not new, said Steve Irwin, commissioner of the Pennsylvania Securities Commission, which is participating in the program. “Financial fraud is abuse, but it is less recognized and less reported.”
New York Times Mar 18, 2010 Stressful but Vital: Picking a Nursing Home (Patient Money)
QUOTE: Finding a good nursing home takes research and perseverance...Unfortunately, the typical search for a nursing home is made under duress.
New York Times Mar 12, 2010 Deciding on Care for Elderly Parents in Declining Health
QUOTE: ...I offer guidelines and considerations that can help you make an informed — if not always easy — decision about what type of housing will support your parent’s needs, without bankrupting the family in the process.
New York Times Jul 01, 2009 Tempting Targets: How Can We Protect Against Elder Abuse During a Down Economy?
QUOTE: The numbers show a spike in elder abuse nationwide, and experts say it’s driven by the economic stress of gutted investments, lost jobs, slashed salaries and foreclosed homes.
AARP Nov 20, 2008 The New Old Age: Legally Responsible for Care
QUOTE: When the elderly exhaust their assets, individually or as a couple, the government steps in and pays for their long-term care. Adult children are not part of the Medicaid eligibility equation. But Medicaid is in big trouble — cutting here, squeezing there — and will be inundated when baby boomers reach old age. The staggering cost of long-term care and the explosion in the number of people who will need it has prompted a second look at filial responsibility laws as a way to deal with the impending crisis.
New York Times Oct 13, 2008 The ins and outs of reverse mortgages
QUOTE: But before rushing out to apply for a reverse mortgage, be aware that this type of loan has several downsides. Closing costs and fees can be steep, and if you are thinking about leaving your home in two to three years, this is not a financially prudent way to extract money from your home. In that case, a home equity loan is likely a cheaper option.
Bankrate.com Sep 13, 2008 These Home Equity Loans Come With Big Risks
QUOTE: When an investor offers you $50,000 or $100,000 in exchange for 30 percent to 50 percent of your home's future appreciation, is it a good deal?
Washington Post Jun 30, 2008 Is retiring early unpatriotic?
QUOTE: "This is an intergenerational issue," says the author of "Forgive Us Our Debts: The Intergenerational Dangers of Fiscal Irresponsibility." "This idea of 'getting what's mine as soon as possible' really doesn't think about future generations." Yarrow notes that when people work longer, they not only continue to pay taxes and produce additional goods and services to spur the economy, but also slow the growth of the national debt.
Bankrate.com Mar 01, 2008 Tapping Into Homes Can Be Pitfall for the Elderly (Golden Opportunities)
QUOTE: ...hundreds of people who have sought reverse mortgages...have complained about high-pressure or unethical sales tactics they say steered them toward loans with very high fees. Some say they were tricked into putting proceeds of their loans into unprofitable investments, while sales agents pocketed rich commissions.
New York Times Dec 17, 2007 For Recipients of Medicare, the Hard Sell
QUOTE: Such experiences help explain why Ms. Barksdale and some of her neighbors here in eastern Mississippi are wary of the sales pitches they are now receiving again. Many said they had been tricked into enrolling in private Medicare plans, sometimes without realizing it.
New York Times Nov 19, 2007 Study Finds Higher Costs for Caregivers of Elderly
QUOTE: The survey was conducted by the National Alliance for Caregiving, a research and policy organization, and Evercare, a division of the UnitedHealth Group, which coordinates long-term care for 150,000 clients. The report urges government assistance for family caregivers, whether through tax deductions, tax credits or other stipends.
New York Times Oct 07, 2007 Medicare Audits Show Problems in Private Plans
QUOTE: Tens of thousands of Medicare recipients have been victims of deceptive sales tactics and had claims improperly denied by private insurers that run the system’s huge new drug benefit program and offer other private insurance options encouraged by the Bush administration...
New York Times Sep 30, 2007 Your Home as the Group's Castle
QUOTE: Buying a home is already a complex endeavor. Add in the sometimes unfathomable machinations of a homeowners' association and you enter a realm filled with the potential for misunderstandings that may have legal and financial consequences.
Wall Street Journal, The (WSJ) Sep 06, 2007 Panel Questions Financial Advisers for the Elderly
QUOTE: Christopher Cox, the chairman of the Securities and Exchange Commission, and state regulators said they expected soon to propose guidelines prohibiting sales agents from using titles that imply an expertise in financial issues for older Americans, when that designation has little or no value.
New York Times Jul 20, 2007 Senate Panel Investigates How Insurers Sell to Elderly
QUOTE: A Congressional committee has opened an investigation into companies that train sales agents to market themselves to older consumers through impressive-sounding credentials and controversial tactics.
New York Times May 20, 2007 Bilking the Elderly, With a Corporate Assist
QUOTE: Telemarketing fraud, once limited to small-time thieves, has become a global criminal enterprise preying upon millions of elderly and other Americans every year
New York Times May 16, 2007 Abuses in Enrollment Tactics Found for Private Medicare
QUOTE: Insurance agents in at least 39 states used illegal or unethical tactics to sell private Medicare plans, in some cases enrolling the dead and mentally incompetent, impersonating Medicare representatives, and using personal information stolen from federal records, according to interviews and documents released to Congress.
Washington Post May 07, 2007 Hard Sell Cited as Insurers Push Plans to Elderly
QUOTE: Proponents of private plans say they are indisputably good for many older Americans because they coordinate care and may offer extra benefits, like discounts on eyeglasses, hearing aids and dental care. But federal officials said that the fastest-growing type of Medicare Advantage plan generally does not coordinate care, does not save money for Medicare and has been at the center of marketing abuses.
New York Times May 03, 2007 Phone companies levy new fee for not making calls
QUOTE: Now some phone companies are adding a new line item to monthly bills: a charge for not making long-distance calls. The category of customers affected by the new fee is the shrinking subset of people who have no-frills home-phone service and don't pay for a long-distance-calling plan.... Verizon spokesman Jim Smith defended the decision to charge customers the $2 fee. "Because what they're helping to do is supporting the network...
News & Observer (Raleigh, North Carolina) Apr 19, 2007 Economic Scene: Matrimony Has Its Benefits, and Divorce Has a Lot to Do With That
QUOTE: Unilateral divorce shifts the bargaining power to the person who is getting less out of the marriage and thus is most likely to leave. The partner getting more from the marriage has to work harder to keep the other person around, which can be good for the marriage and good for the couple. In other words, unilateral divorce benefits victims and potential victims.
New York Times Apr 12, 2007 The High Price of Free Insurance: Deals that fund, then buy out, big life policies may shortchange seniors
QUOTE: The transactions often work like this: Insurance brokers, attorneys, and other promoters arrange for high-net-worth seniors to apply for multimillion-dollar life insurance policies paid for with loans from the promoters and other lenders. A senior isn't typically required to put up any cash or collateral aside from the policy itself. If the insured dies in the policy's first two years, the heirs are entitled to keep the death benefit so long as they repay the loan and interest. Otherwise, when the loan comes due, the policyholder must pay it off from personal funds or sell the policy to investors. If a sale generates more than what's needed to retire the loan, the senior can pocket the excess. If a sale won't cover the loan, the senior simply signs the policy over to the lender and walks away.
BusinessWeek Mar 26, 2007 Aged, Frail and Denied Care by Their Insurers
QUOTE: Tens of thousands of elderly Americans have received life-prolonging care as a result of their long-term-care policies. With more than eight million customers, such insurance is one of the many products that companies are pitching to older Americans reaching retirement. Yet thousands of policyholders say they have received only excuses about why insurers will not pay... some long-term-care insurers have developed procedures that make it difficult — if not impossible — for policyholders to get paid.
New York Times Mar 09, 2007 US heating bills up, but federal aid down: At least seven states are completely out of assistance money or will be soon.
QUOTE: What's happened is that the number of people requiring energy-bill assistance has grown at the same time that Congress and the White House have cut funding by nearly $1 billion from last year. The combination has quickly rippled to the states, and at least seven are either completely out of money or will be shortly.
Christian Science Monitor Feb 03, 2007 Financial Planning: Wills and Other Ways
QUOTE: Nowadays your will may affect only a fraction of what you own. Most of your serious property will probably pass outside your will, through joint ownership, living trusts or the beneficiary forms attached to life insurance and retirement accounts. If the forms aren't in sync (and they're often not), the wrong person might inherit or an adult child (maybe you) might get less than the parents intended.
Newsweek Jan 04, 2007 Pros and cons of reverse mortgages
QUOTE: like anything that impacts your bottom line when your earning potential is limited, taking out a reverse mortgage isn't a no-brainer. That's why candidates for these mortgages should consider both the benefits and the drawbacks before jumping in.
Bankrate.com Dec 26, 2006 A flap over recouping costs of Medicaid: States try harder to recover their losses from providing healthcare to the poor - even seizing homes.
QUOTE: In the face of soaring Medicaid costs, Tennessee and every other state are required to set up a Medicaid estate-recovery program...the varied ways in which states are going after these assets have produced confusion, anger, and even lawsuits. When a loved one dies, some families are stunned to lose the home, too, advocates say.
Christian Science Monitor Sep 18, 2006 Steps for Heirs to Take After a Death
QUOTE: after the funeral, and in the subsequent weeks and months, heirs have much to deal with in wrapping up the deceased's financial doings and settling the estate. Here are suggestions on a few important tasks and options for heirs:
Press-Republican (Plattsburgh, NY) Aug 09, 2006 Love and money and fraud: Financial exploitation of the elderly is growing – and family members are often the culprits.
QUOTE: "Financial abuse and exploitation are among the fastest growing forms of elder abuse nationally as measured by different studies and reports," says Bob Blancato, national coordinator of the Elder Justice Coalition
Christian Science Monitor Aug 08, 2006 Court Rules for I.B.M. on Pension
QUOTE: A three-judge appellate panel ruled yesterday that I.B.M. did not discriminate against its older workers when it switched retirement plans in 1999, a long-awaited decision that could help shelter hundreds of companies from possible age discrimination suits.
New York Times Jun 30, 2006 Medicaid Rule Called A Threat To Millions: Proof of Citizenship Needed for Benefits
QUOTE: A Medicaid rule takes effect tomorrow that will require more than 50 million poor Americans to prove their citizenship or lose their medical benefits or long-term care. Under the rule, intended to curb fraud by illegal immigrants...unintended consequence of harming several million U.S. citizens who, for a variety of reasons, will not be able to produce the necessary paperwork.
Washington Post Jun 12, 2006 Be alert to scams targeting the elderly
QUOTE: Each year, thousands of elderly people forfeit their money and property to scams. By striking fast, swindlers get in, grab the goods and get out before family members realize what's happening.
Bankrate.com May 13, 2006 Trying to Reverse a Raw Deal
QUOTE: Katherine Stephens, 94, received a total of $67,586.01 in monthly payments...from Wilmington Savings Fund Society (WSFS)....WSFS wants nearly half a million dollars in compensation for total loan advances of $67,586.01, dribbled out at $312 a month over 18 years.
Washington Post May 13, 2006 GOP Wavers On Penalties In Medicare Drug Plan
QUOTE: key Republicans are examining ways to remove or reduce financial penalties the Bush administration plans to charge people who try to join the program after the enrollment cutoff...
Washington Post May 01, 2006 Long-Term-Care Mistakes: Avoid these five blunders people commonly make when trying to cut premium costs.
QUOTE: 1. Relying on average benefit amounts....2. Skimping on the waiting period....3. Picking the wrong type of inflation protection....4. Assuming group coverage is the best deal...5. Working with the wrong company.
Kiplinger's Personal Finance Apr 17, 2006 Is long-term care insurance right for you?
QUOTE: Recent legislation makes it harder for Americans of limited means to depend on help from the government to pay for nursing home costs through Medicaid. The Deficit Reduction Act, signed into law in February, tightens restrictions for nursing-home eligibility to anyone who gives away assets to charities or family members for less than fair market value.
Bankrate.com Mar 26, 2006 SEC targets investment scams aimed at seniors
QUOTE: The Securities and Exchange Commission...has launched a nationwide program to work with local regulators to combat what it sees as a rising wave of fraudulent investment scams being pitched to older Americans.
USA TODAY Mar 01, 2006 The Big Freeze: As companies end their traditional pensions, workers are left out in the cold.
QUOTE: ...Verizon announced it was freezing its pension plan. As part of a move expected to save the company $3 billion over 10 years, the telecommunications giant announced that managerial workers would no longer earn pension benefits after June 30 this year. Because of the way such traditional defined benefit pensions are calculated—generally as a percentage of the salary earned during the last several years of service—the freeze will take a big bite out of Bryerton's anticipated pension.
AARP Bulletin Dec 28, 2005 Determining diminished capacity
QUOTE: A legal finding of "diminished capacity" can have financial ramifications, especially if an estate is contested....How is a finding of diminished capacity made? How can it affect wills, trusts and estate plans? And what can you do to make sure your wishes are carried out even after your mind has "left the building?"
Bankrate.com Mar 27, 2005 Grandma Bought an Annuity. Now What?
QUOTE: Act quickly. Depending on what state you live in, you have a "free-look" period of 10 to 30 days to nullify an annuity contract for any reason and reclaim your entire investment.
Wall Street Journal, The (WSJ) Feb 09, 2005 Cut My Benefits
QUOTE: Along with being safety nets, they are also increasingly exercises in reverse Robin Hood. Younger and poorer taxpayers are supporting older and wealthier retirees.
Washington Post Dec 07, 2004 Property Wrongs: When Hiring a Caregiver, Guard Against Unexpected Acts of 'Generosity'
QUOTE: The [hired health care--Ed.] relationship may be an entirely wholesome one. But it also can take a wrong turn, with the elder bestowing substantial money or property or making other decisions that extend well beyond the bounds of a professional relationship.
Washington Post Aug 26, 2004 Organizations Offer Seniors Help in Managing Finances
QUOTE: there is a growing and reasonably priced industry of financial caregivers who specialize in helping seniors manage their day-to-day personal finances. If you need this kind of help, there are two organizations you should contact -- the National Association of Professional Geriatric Care Managers (NAPGCM) and the American Association of Daily Money Managers (AADMM).
Washington Post Aug 19, 2004 Financial Planning for the Elderly Requires Hard but Necessary Choices
QUOTE: She and her 79-year-old husband have started wondering which relative to turn to for help in managing their money in the event they become incapacitated.
Washington Post Jul 01, 2004 Tossing Good Money After Bad Advice: Retirees can be easy marks for fast-talking brokers
QUOTE: "Retirement seminars are not meant to educate but to sell."
AARP Bulletin Apr 17, 2004 Sellers' Markets: Care to Pare Your Wares? Options Abound
QUOTE: But there are ways to get rid of most of the contents of a house -- and maybe make more money than you thought possible.
62 Articles and Resources. Go to: [Next 12]
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