New Medicare Cards

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The Centers for Medicare and Medicaid Services (CMS) announced last week that Medicare Cards will no longer contain Social Security numbers. The new cards will use a randomly assigned “Medicare Beneficiary Identifier” (MBI) to replace the Social Security based Health Insurance Claim Number.  CMS will begin mailing new Medicare cards in April 2018.  [Read more…]

New Rules Regarding the Financial Exploitation of Seniors

46129011 - senior man giving credit card details on the phoneThe Financial Industry Regulatory Authority (FINRA) has announced that the SEC has approved new rules that are specific to customers who are elders.  Here is the FINRA summary:

“SEC approved: (1) the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit members to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation of these customers; and [Read more…]

How Medicare Could be Impacted by the GOP House Plan

35442709 - female caretaker helping senior man in using zimmer frameThe House Republicans’ proposed legislation to replace Obamacare is less than a week old and many are already making predictions including that “people will die” without Obamacare.  Like me, you may have difficulty recalling people dying due to lack of health insurance before Obamacare.  It’s also important to keep in mind that this is only proposed legislation and will likely be modified in the Senate.  Nonetheless, let’s look at how the proposed legislation could impact Medicare.  [Read more…]

Michigan’s New Asset Protection Law

18736195 - multi generation family enjoying meal at homeIf you are a real estate investor, physician or other entrepreneur who was interested in protecting your assets and limiting your risk to potential lawsuits, as a Michigan resident, your only option was to look to other states such as Delaware or Alaska for such planning options. This was a legally questionable strategy if you did not reside in one of those states.  Now, Michigan residents will no longer need to look elsewhere.  On December 8, 2016, Governor Snyder signed a new law called the “Qualified Dispositions in Trust Act” which permits Michigan asset protection trusts. On March 8, 2017 – the effective date of the law – Michigan became one of only 17 states that permit these types of trusts.

The new law is a game changer in this state for asset protection planning.  Not only can a Michigan resident now legally create his or her own trust to shield assets from creditors, but he or she can also maintain a beneficial interest in the trust property.  Here are just a few advantages of the new law: [Read more…]

Alzheimer’s Treatment Could Bankrupt Medicare

35442709 - female caretaker helping senior man in using zimmer frameAlzheimer’s is one of the most expensive health conditions in the U.S.  More than 5.4 million Americans currently suffer from the disease and the cost of caring for those Alzheimer’s patients will exceed a quarter trillion dollars this year alone.  According to a recent article in the Huffington Post: “Rising Numbers of Alzheimer’s Patients Could Bankrupt Medicare”, total costs in the last five years of life for people with Alzheimer’s and other forms of dementia amount to approximately $341,000 – 57% higher that the costs for those without the disease.  [Read more…]