The Medicare Medical Savings Account (MSA) is possibly one of Medicare’s best kept secrets. According to a recent CNBC article, if you are 65 or older, relatively healthy, and have a high-deductible Medicare Advantage plan, you may qualify for an MSA. Funds in an MSA account accrue interest and grow tax-free. Funds can then be withdrawn for qualified medical expenses. More
A new regulation from the Financial Industry Regulatory Authority (FINRA) went into effect earlier this month, as reported by Investment News. It requires that brokers attempt to find a trusted contact person if they fear a client is suffering from mental incapacity or is the victim of a scam. This regulation is meant to target elder abuse. A trusted contact person should be listed at the time an account is opened or during account updates with existing clients.
The FINRA rule protects brokers from liability if they stop disbursements from a client’s account. The hold can last an initial 15 days and then be extended another 10. More
A recent Bloomberg View article explores the implications of General Electric’s multi-billion dollar losses from its long term care insurance unit and the challenge of caring for an aging population. In “What’s Bad for GE Will Be Worse for America”, the article opines: More
According to a recent New York Times article: “You may not need another reason to retire early, but I’ll give you one anyway: It could lengthen your life.” That’s the conclusion of the article based on various research regarding the relationship between early retirement and longevity. In “The Connection Between Retiring Early and Living Longer”, the author, Austin Frakt examines a number of studies which explore this issue. The article notes however that retiring early is not the only issue, but also what you do in retirement. More
No one wants to face the prospect of being diagnosed with Alzheimer’s. Yet ignoring potential warning signs is a serious mistake. The Alzheimer’s Association has released the “10 Warning Signs of Alzheimer’s” which can help a person determine whether a he or she should be examined by a physician or stop being a worry wart. Here are the warning signs: More