CHICAGO (Reuters) – Premiums for many popular Medicare prescription drug plans will soar next year – but seniors don’t have to take the rate hikes lying down.
The annual plan enrollment period for Medicare Part D starts October 15 and runs through December 7, so seniors have time to shop around. Seven of the top 10 plans will have double-digit percentage increases next year, according to Avalere Health, a healthcare consulting and research company. More than 80 percent of Part D beneficiaries are in these plans; Avalere data shows that 5.9 million will pay double-digit increases next year if they don’t switch. That’s a whopping 29 percent of all Part D enrollees.
CHICAGO, Sept 14 (Reuters) – Is California about to set the
country’s retirement saving system on its ear?
The state has often set trends for the country in areas
ranging from the environment to food and popular culture. Now,
California is moving toward launching an innovative new approach
to retirement saving that addresses two key problems facing
Americans: the lack of workplace pension programs among small
businesses and the structural shortcomings of 401(k) plans.
CHICAGO, Sept 12 (Reuters) – Possible changes to Medicare
and Social Security have become the top political concern for
older U.S. voters this year – and not just because of the
effect on their own pocketbooks.
This is national Grandparents Week, a good time to ask how
the presidential candidates’ reform plans would affect not just
today’s older people but also their children and grandchildren.
CHICAGO, Sept 6 (Reuters) – Here’s the $64,000 question on
the Republican plan to voucherize Medicare: Can consumer choice
and market competition drive down Medicare costs?
The Romney-Ryan presidential campaign ticket thinks so. If
they are right, seniors might not have to pony up thousands of
additional dollars per year for the cost of Medicare beyond the
voucher’s value. If wrong, there will be a massive cost shift to
seniors to make up for the market’s failure.
CHICAGO (Reuters) – Prior to 2008, many baby boomers assumed they were set for retirement. They would fund those golden years by tapping into their homes if they hadn’t saved enough in their 401(k) plans.
But home equity no longer looks like a safe Plan B for a fast-growing group of pre-retirees and seniors.
CHICAGO (Reuters) – Now that the U.S. Supreme Court has ruled on healthcare reform, the front line of the battle moves to the states. Some are vowing to resist implementation of the Affordable Care Act (ACA), while others are moving full speed ahead. And the stakes for uninsured Americans are enormous.
In states that do not implement their own public insurance exchanges, the federal government will step in. Federally sponsored exchanges will provide access to insurance for middle-income residents without employer-provided health insurance to buy policies with costs offset by subsidies.
CHICAGO, July 6 (Reuters) – Consumer advocates, government
regulators and watchdogs have been warning seniors for several
years about the risks associated with reverse mortgages. Now,
the red flags are being hoisted significantly higher.
The new federal Consumer Financial Protection Bureau (CFPB)
has issued a report signaling a likely tightening of regulations
for reverse loans. Regulation of all mortgages was transferred
to the CFPB under the Dodd-Frank reform law. Congress also
instructed the agency to produce a detailed study on the reverse
loan market – and to issue new regulations if its research
uncovered unfair, deceptive or abusive practices.
CHICAGO, June 28 (Reuters) – The Supreme Court’s decision to
uphold Obamacare is great news for everyone over age 50. If
you’re over age 65 and on Medicare, the Affordable Care Act
(ACA) improves your benefits. If you’re over 50 and don’t have
insurance through an employer, your options for health coverage
will be improved greatly starting in 2014, when the new state
health exchanges are launched.
Yet polling data says older Americans oppose the ACA by much
wider margins than younger people. Forty-four percent of baby
boomers and 46 percent of seniors favor repeal of the law,
according to a Pew Research Center survey last November. By
contrast, just 27 percent of millennials – and 37 percent of
GenXers – favored repeal, the survey found.
CHICAGO, June 26 (Reuters) – Mutual fund costs will be Topic
A this fall around many kitchen tables when workplace retirement
savers start receiving the new government-mandated quarterly
statements spelling out exactly what they are paying for their
401(k)s. But a kitchen table chat is also in order for retirees.
After all, smart portfolio management is important in
retirement, too. Retirees draw down assets to pay living
expenses. Fees are still being levied on those accounts – and
they can have a much larger impact on retirement lifestyles and
portfolio longevity than most people understand.
CHICAGO (Reuters) – June is Gay Pride Month in the United States. And you can tell the times they are a changing when U.S. Secretary of Defense Leon Panetta salutes the event by taping a video personally thanking gay members of the military for their service.
But when it comes to retirement security, LGBT Americans still have a long way to go. The federal Defense of Marriage Act (DOMA) is a core obstacle to equality for a range of important benefits and legal protections, because it defines the word “spouse” as applying only to different-sex married couples for any purpose involving interpretation of federal law.