CLIENT UPDATE – OCTOBER, 2008

Medicare will no longer reimburse hospitals for additional costs caused by preventable infections. This will encourage hospitals to develop better practices. The L.A. Times reports that an investment scammer who preyed on the elderly (taking $190 million from them), was recently sentenced to spend the rest of his life in prison. Part of the marketing program included free lunches. Be careful of those who offer you a free lunch. Sometimes they just want to win your confidence so they can sell you something you don’t need. The premium for Medicare Part D is going up $3 per month, according to Medical News Today. The insurable limits vary from bank to bank, and now the FDIC is making various promises, but I still advise you to keep less than $100,000 in any one bank unless you are advised otherwise by your accountant or financial adviser. According to the Chicago Sun Times, annual long term care premiums are going up by as much as 18%. The American Academy of Actuaries is calling for an increase in the Social Security retirement age, which is currently 67. It used to be 65. Governor Schwarzenegger has signed 4 new laws protecting the elderly into effect. One increases the penalties on those who violate restraining orders, another mandates that persons convicted of elder abuse cannot own a gun for 10 years. What is really needed, in my opinion, is better enforcement of the current financial abuse laws by the District Attorney (but of course, that means more money, which is not going to happen for awhile). If you are a veteran, you might get your vehicle...