CLIENT UPDATE – OCTOBER, 2010

The NAELA Bulletin (9-21-10), reports that some are advocating for a separate poverty index for seniors. While at first blush this might seem like a good idea (for example, seniors have more medical expense), this could also lead to every other group (minorities, people living in poor neighborhoods, handicapped people, etc.), also wanting their “own” index, not to mention an index for different classes of seniors (healthy, minority, cancer survivors, etc). The NAELA Bulletin (9-21-10), also reports that the administration is proposing a crackdown on fraudulent claims for medicare reimbursement by providers who bill for services that were never provided in the first place. Medicare fraud is estimated to costs taxpayers $55 billion per year, and has also been a feature story on 60 Minutes. Parts of the new health care law have already gone into effect. Parents can now keep adult children on their policies until the child reaches 26, tax credits are given to small employers who provide health care benefits to their employees and Medicare will provide a $250 rebate to seniors who reach the Part D coverage gap. A better and more effective health care system is necessary because a) nearly 50% of all adults have a chronic health conditions (AARP, 1-2010), and b) health care expenses are currently projected to consume 20% of the economy by 2019. Medical News Today reported in 2005 that obesity at midlife increases the risk of Alzheimer’s later in life. The Veteran’s Administration is easing rules regarding Post-Traumatic Stress Disorder, according to the New York Times (7-7-2010). As always, I remind you that if I have done a trust...