The Social Security Administration has announced that payments to retired and disabled beneficiaries will increase by 1.6% in 2020. This inflation adjustment is intended to offset the higher costs-of-living encountered by beneficiaries. The increase is effective for payments received in January 2020 for retirement benefits. Social Security is a major source of income and financial […]
Three Ways to Protect Yourself from the Cost of Nursing Home Care
As we age, we have to face an unpleasant reality of life – we are likely to need long-term care services before we die. “Long- term care” means the type of care you need if you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease) that keeps you from living […]
Reducing Medicare Fraud
Medicare fraud costs American taxpayers billions of dollars each year. Last year Medicare removed Social Security numbers from Medicare ID cards and issued new Identification numbers to all beneficiaries as a way of reducing the amount of fraud. (See my prior article: Social Security Numbers to be Removed from Medicare ID Cards). According to CMS […]
Why Can’t we Lower Prescription Drug Prices?
Donald Trump promised to do it. Hillary Clinton promised to do it. Almost all Congressional candidates promise to do it. So, why can’t we pass legislation to lower prescription drug prices? Why do Americans pay so much more for pharmaceuticals than consumers in the rest of the world? One reason may be the tremendous influence […]
Crucial Issues to Cover in your Power of Attorney
Someday we may become unable to manage our finances or make health and personal care decisions for ourselves. Incapacity can strike at any age, but the risk increases as we grow older. If we become incapacitated who will make decisions for us? Will it be the right person? Will they understand and follow our wishes? […]
New Rule on Nursing Home Arbitration Agreements
The Federal Government has issued a final rule that limits the use of pre-dispute arbitration agreements between nursing facilities and their residents. The final rule was published on July 16, 2019 by the Centers for Medicare and Medicaid Services (CMS) the government agency that regulates Medicare and Medicaid program providers. When someone is admitted to […]
PA Eliminates Tax on Some Parent to Child Inheritances
Pennsylvania has now eliminated state inheritance tax on transfers from a parent to or for the use of a child age 21 or younger upon the death of the parent. This includes transfers from a natural parent, adoptive parent or stepparent. Pennsylvania inheritance tax is imposed as a percentage of the value of most property […]