Do Seniors Care About the Future?
Planning for our future incapacity is something no one wants to do. Yet new research, found that avoiding planning ahead is an especially serious problem in the elderly. Olivia S Mitchell, a professor of insurance/risk management and business economics/policy at the Wharton School of the University of Pennsylvania described her research findings in the Wall Street Journal. Mitchell found that one reason seniors avoid planning ahead is because they become increasingly impatien
Medicare Medical Savings Accounts
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 Funds can then be withdrawn for qualified medical expenses. Despite all the benefits of an MSA, there are currently only 5,000 participants—out of the approximately 19 m
New Regulation to Target Elder Abuse
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 rul
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