The Long Term Care Challenge

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: “General Electric’s multi-billion-dollar loss in a unit that sold long-term-care insurance is a blow from which the iconic company is still reeling. But it’s also a harbinger of a much greater challenge for society at large: paying to care for the growing number of Americans who can’t look after themselves.” As noted in previous blogs, the long term care insurance industry is in financial tatters and as a result, most compani

Health Care Costs on the Rise

Despite the use of health care services remaining constant or even declining, spending on health care by Americans who get insurance through work accelerated in 2016. According to the Wall Street Journal, this increase is likely due to rising prices. Research conducted by the Health Care Cost Institute found that there was a 4.6% increase in spending per person in 2016. This is in comparison to a 4.1% increase in 2015 and less than 3% increase in 2014 and 2013. Niall Brennan, President of the Health Care Cost Institute summarized the problem: “Working Americans are using less care and paying significantly more. That has huge implications for the health-care system, for the overall stability

Top 10 Elder Scams

Scam artists never stop trying to think of ways to take advantage of others. Unfortunately, because the elderly tend to be more trusting, they often are a prime target. To help protect seniors, The Senate Committee on Aging has released its report identifying the 10 scams targeting seniors: IRS Impersonation Scams. Robocalls and Unsolicited Phone Calls. Sweepstakes Scams/Jamaican Lottery Scams. “Can You Hear Me?” Scams. Grandparent Scams. Computer Tech Support Scam. Romance Scams. Elder Financial Abuse. Identity Theft. Government Grant Scams. Here is a link to the report: https://www.aging.senate.gov/imo/media/doc/2018%20Fraud%20Book.pdf

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