LifeLock tops the list of companies that seized the marketing opportunity to exploit our justifiable concerns about identity theft. Its aggressive advertising made it seem that LifeLock provided the answer to stop data breaches and protect Social Security numbers. Well, turns out the company did something else.
The Federal Trade Commission (FTC) alleged that from October 2012 through March 2014, “LifeLock failed to establish and maintain a comprehensive information security program to protect users’ sensitive personal information including their Social Security, credit card and bank account numbers.”
LifeLock violated an 2010 FTC agreement in which the company promised to protect private information. Consequently, in a record settlement, Lifelock will pay $100 million to consumers who signed on with the company expecting protection.
“This settlement demonstrates the Commission’s commitment to enforcing the orders it has in place against companies, including orders requiring reasonable security for consumer data. The fact that consumers paid LifeLock for help in protecting their sensitive personal information makes the charges in this case particularly troubling,” FTC Chairwoman Edith Ramirez said.
The FTC alleged that Lifelock:
Failed to maintain a comprehensive information security program to protect users’ sensitive personal information including their Social Security, credit card and bank account numbers.
Falsely advertised that it protected consumers’ sensitive data with the same high-level safeguards used by financial institutions.
Falsely advertised that it would send alerts “as soon as” it received any indication that a consumer may be a victim of identity theft. Finally, the FTC alleged that the company failed to abide by the order’s record keeping requirements.
LifeLock must deposit $100 million into the registry of the U.S. District Court for the District of Arizona. The FTC says, “Of that $100 million, $68 million may be used to redress fees paid to LifeLock by class action consumers who were allegedly injured by the same behavior alleged by the FTC. These funds, however, must be paid directly to and received by consumers, and may not be used for any administrative or legal costs associated with the class action.”
Connecticut Governor Dannel P. Malloy plans to make his state the first in the nation to prevent people on terrorists watch lists from buying guns. We applaud him and hope that other governors follow his lead.
Here’s what Malloy said when he announced he would sign an executive order to make a common sense idea law.
“Like all Americans, I have been horrified by the recent terrorist attacks in San Bernardino and Paris. They have been and should be a wake-up call to our nation. I am taking this common sense step with this executive order simply because it’s the right thing to do. It’s the smart thing to do. If you can’t fly without clearing government watch lists, you shouldn’t be able to buy a gun. Why anyone would stand idly by and knowingly allow those on government watch lists to purchase guns is truly unbelievable. Since Congress so far has failed to act, we will,”
A news release from Governor Malloy’s office details his plan.
“Pending federal approval, Governor intends to sign an executive order mandating that Connecticut State Police be required to cross-reference the names of those who wish to obtain a permit to own a firearm with the government watch lists. Those with existing permits who are found to be on those watch list would have their permits revoked, and if a new match is found, the permit would be denied and the purchaser would be unable to purchase handguns, shotguns, rifles and ammunition. Assault weapons are already outlawed in Connecticut.
The Governor is working directly with federal officials to use government watch lists for this purpose and, upon approval, will sign the executive order. He urged the U.S. Congress and other states to take action with similar commonsense steps. The Governor will work with the federal government to determine the specific lists – be it the “no-fly” list, terrorism watchlist, or some combination – used in this regard.
Among the many provisions in Governor Malloy’s 2013 gun safety legislation, the law outlaws the sale and possession of assault weapons and large capacity magazines and requires a clean record, safety training and a permit to buy rifles, shotguns and ammunition, whether from a gun store or private sale. Additionally, background checks and training are required for the purchase of all categories of guns.
The New York Attorney General warns that phone scammers haven’t let up. He suggests that we need to take extra care and hang up on callers who threaten or bully.
Scammers frequently pretend they represent the attorney general, the IRS or the police and demand that you pay money, wire it or give bank account information immediately.
“The last thing families need is to be scammed out of their hard-earned money, Attorney General Eric Schneiderman said as his office issued the alert.
It’s bigger than a New York problem and every scam that we talk about here plays out in communities all across the U.S.
The IRS Scam tops the list.
IRS SCAM
Callers claim they work for the IRS, the attorney general’s office or the police. They say you owe back tax money and demand payment via a credit card, debit or pre-paid card. If you hesitate, the caller threatens to revoke your driver’s license, deport or arrest you unless the debt is paid.
They may even use something called “telephone spoofing” so that the “IRS” pops up on your caller ID.
Often a second person may call to verify that the first call is from an IRS worker. They tell you to wire money to pay the debt or use the prepaid
All phony.
Windfall
As part of the IRS scam, they may tell you that you will receive a big tax refund windfall. But first you must put up money via a prepaid card.If one call doesn’t get you to act immediately scammers often call again and continue to threaten and harass.
THINGS TO KNOW TO AVOID THE SCAM
1. Scammers use fake badge numbers and pretend to be IRS or government officials.
2. They may be able to recite the last 4 digits of your Social Security number.
3. The IRS does not call to threaten or demand money.
4. State tax departments don’t call to threaten or demand money.
5. You may hear noises in the background that make it seem as though it’s a call from an official center.
6. The IRS sends all requests by mail, not email.
7. State tax departments send all request by mail, not email.
GRANDPARENT SCAM
You’re likely to get an urgent phone call. And the caller claims he’s “your favorite grandson” or just says, “It’s me.”
Then, you may use your grandson’s name and say, “Jared?”
Or, often scammers pick up names from social media and target you that way. The pitch may vary.
But it basically goes like this: the “grandson” is out of town and needs money fast to pay for a plane ticket, to make bail, or pay for automobile repairs or medical expenses.The caller begs you not to tell his parents and asks you to wire the money immediately.
JURY DUTY SCAM
Someone calls and claims to be a court officer. He says that you failed to appear for jury duty and now there’s a warrant for your arrest.To avoid arrest you have to pay a fee immediately and you must wire the money.
New York City Police detectives tell ConsumerMojo that scammers urge people to pay with a prepaid Green Dot card.CONTINUE →or go to page 1 23
Someone calls and says you won a foreign lottery and requests that you, as the “winner,” send a check or wire money to cover taxes and fees.This is completely bogus.
If you win something you shouldn’t have to pay fees.The caller may ask for your banking information so money can be deposited electronically into your account. That’s the strategy to steal your identity and wipe out your bank account.Sometimes they use names that sound like a government agency or an official institution.
The bottom line: it’s a scam. Don’t give out any information over the phone.
UTILITY SCAM
Someone calls and pretends that he or she is from your local utility and says you owe money. If you don’t pay immediately, they say they will cut your service.Again, they ask you to wire money or use a prepaid Green Dot card.CONTINUE → or go to page 1 2 3
1. Don’t give out personal information on the phone. Banks, the IRS and utility companies don’t ask for personal information this way. So be very wary of someone who calls and seems to know a lot about you. They may have gotten the information from Facebook or some other social media site.
2. Hang up if you feel uncomfortable.
3. It’s okay to let the phone ring without answering.
4. If someone asks you to keep the call a secret or “confidential,” it’s a tip-off that he or she is a scammer.
5. Don’t bother to be polite. These are bad people who don’t deserve your courtesy. Don’t engage in conversation with them.
If someone attempts to scam you this way, file a complaint with the Federal Trade Commission at FTC.gov.If you live in New York State, the attorney general wants to hear from you at the Office’s website or by calling 1-800-771-7755.Go to page 12 3
Another mass shooting and we and our elected officials in the United States need to get serious about taking guns out of the hands of unstable people.
Details of the shooting in San Bernardino, California continue to emerge. We know that Syad Rizwan Farook, a 28-year-old county restaurant inspector and Tashfeen Malik, his 27-year-old Pakistani-born wife, armed with assault rifles, walked into a center for the disabled and opened fire.
Dressed in black paramilitary gear, they blasted as many as 75 rounds into a group of his county colleagues who had gathered in a big room for a holiday party. Farook had apparently been at the party, but left and returned suited up to kill.
Investigators told reporters the couple had enough bullets and bombs to kill hundreds more people. They left behind three pipe bombs with remote-control devices, but the bombs malfunctioned.
Four hours after the slaughter, police caught up with the couple two miles away and began a furious shoot-out. Farook and his wife fired 76 rounds and law enforcement officers blasted 380 rounds killing the couple.
The AP quoted an unnamed intelligence source who said Syed Rizwan Farook used social media to get in touch with extremists who were under FBI watch.
Los Angeles FBI Assistant Director David Bowdich told the AP, “There was obviously a mission here. We know that. We don’t know why. We don’t know if this was the intended target or if there was something that triggered him to do this immediately.”
Two days after the couple’s rampage, the FBI began to investigate this as a terrorist attack.
The couple dropped off their 6-month-old daughter with relatives before they went on the rampage.
Beyond the still emerging details, we grieve for the 14 dead and our hearts go out to their families and the injured.
President Obama continued his call for sensible gun reform. He told CBS News, in a previously scheduled interview, “….obviously our hearts go out to the victims and the families. The one thing we do know is that we have a pattern now of mass shootings in this country that has no parallel anywhere else in the world. And there are some steps we could take not to eliminate every one of these mass shootings, but to improve the odds that they don’t happen as frequently: common-sense gun safety laws, stronger background checks.”
The much-admired novelist writes bravely, fearlessly about sex and women, but here in this pale, monochromatic living room overlooking Fifth Avenue and the Metropolitan Museum of Art, she seemed to shrink from the wealthy art patrons standing in small clusters around her sipping white wine. She leaned in to us and whispered, “We live in terrible times.”
The terrorist attacks in Paris shook her as they did us all. But instead of getting angry, she got scared. “I keep wondering if I should grab my granddaughter and take her to the country,” she said.
My husband Nick looked perplexed. We had ridden the subway, walked in crowds, driven on the FDR under the U.N. right after the attack. “We can’t worry all of the time,” he said. I smiled and said, “Anything could happen anywhere. We can’t flee.” She considered us. Finally, she sighed and said, “I suppose I’ll write about it.”
And of course, that’s the thing.
The video and photos from Paris show Parisians at sidewalk cafes. They’re mourning, yes. But they’re also living as they say, “No!” to the terrorists.
Here in the U.S., we can’t escape the drum rolls of panic played by Donald Trump, Marco Rubio, Ben Carson, Ted Cruz and others who would have us close our borders, batten down the hatches and live in a heightened state of isolated hysteria. They continue stoking fear of terrorists and it keeps us in a heightened state of tension.
They pluck the chords of our very real concerns about personal safety, our children and everyone we love. But their appalling cynicism aims to control us, to steer us with demagoguery to the conclusion that we can’t be safe unless they take charge.
Isn’t that a fascist call to arms?
Surely we do have reason to worry. On Sunday, Belgian Prime Minister Charles Michel said a state of high alert would continue in Brussels because intelligence indicated terrorists plan to carry out attacks like those in Paris. A suspect in the Paris attacks, Saleh Abdeslam, is thought to have crossed from France into Belgium
The Daily Telegraph reports that the government sealed off downtown Brussels. And the Prime Minister urged people to stay inside and said schools, universities and public transportation in the city will remain closed as the hunt for the terrorists continue.
Intelligence, not irrational fear, provoked the warnings. At least three of the Paris attackers, including the man who planned the attacks, 27-year-old Abdelhamid Abaaoud, were from Molenbeek, a Brussels neighborhood.
Here in the U.S., despite the political rhetoric, the story appears different. U.S. Secretary of Homeland Security Jeh Johnson urged Americans to remain calm and continue with their plans for the Thanksgiving weekend.
On “Meet the Press” he said, “We have no specific credible intelligence about a threat of the Paris type directed at the homeland here.”
In New York, three million will gather at the annual Macy’s Thanksgiving Day parade and NYPD Police Commissioner William Bratton continues to describe the city as safe and prepared.
Also on “Meet the Press,” Bratton called upon Congress to block people who are on the terrorist watchlist from buying guns. “If Congress really wants to do something instead of just talking about something, help us out with that terrorist watchlist–those thousands of people that can purchase firearms in this country, ” he said.
Courtesy NYPD
On Sunday, the NYPD conducted what it calls an active terrorist drill in a subway in lower Manhattan. Police, firefighters and other first responders participated in a simulated shootout and one involved a fake suspected terrorist wearing a suicide vest.
The police officers used new equipment including GoPro cameras to coordinate with others. Mayor Bill de Blasio praised the drill, saying, “This was an impressive display of the capacity of this city to respond to an incident.”
Courtesy NYPD
But none of this seems to matter to the demagogues running for President who, to make themselves stand out, use the power of the spotlight to continue to scare us all and shout about the need to halt legal immigration into the U.S.
They echo the angry and ugly rhetoric of their ideological antecedent Father Charles Coughlin. In the 1930s during the Great Depression, when people were down, millions listened to his radio shows, read his sermons and newspaper Social Justice. His attacks on the rich appealed to them. (An irony here for Trump). But things changed as he became virulently anti-Semitic. He claimed the Jews started World War II and expressed his support and admiration for Mussolini and Hitler.
In the 1940’s, the Catholic church finally pulled the plug on him and threatened to defrock him if he didn’t stop his political activities.
Wow. If only someone could control the Trumps, Rubios, Cruzes, Carsons and all the same way.
Here’s what we say about the Paris attacks. We stand with the French against terrorism.
From President Obama:
We stand prepared and ready to provide whatever assistance that the government and the people of France need to respond. France is our oldest ally. The French people have stood shoulder to shoulder with the United States time and again. And we want to be very clear that we stand together with them in the fight against terrorism and extremism.
Paris itself represents the timeless values of human progress. Those who think that they can terrorize the people of France or the values that they stand for are wrong. The American people draw strength from the French people’s commitment to life, liberty, the pursuit of happiness. We are reminded in this time of tragedy that the bonds of liberté and égalité and fraternité are not only values that the French people care so deeply about, but they are values that we share. And those values are going to endure far beyond any act of terrorism or the hateful vision of those who perpetrated the crimes this evening.
We’re going to do whatever it takes to work with the French people and with nations around the world to bring these terrorists to justice, and to go after any terrorist networks that go after our people.
We don’t yet know all the details of what has happened. We have been in contact with French officials to communicate our deepest condolences to the families of those who have been killed, to offer our prayers and thoughts to those who have been wounded. We have offered our full support to them. The situation is still unfolding. I’ve chosen not to call President Hollande at this time, because my expectation is that he’s very busy at the moment. I actually, by coincidence, was talking to him earlier today in preparation for the G20 meeting. But I am confident that I’ll be in direct communications with him in the next few days, and we’ll be coordinating in any ways that they think are helpful in the investigation of what’s happened.
This is a heartbreaking situation. And obviously those of us here in the United States know what it’s like. We’ve gone through these kinds of episodes ourselves. And whenever these kinds of attacks happened, we’ve always been able to count on the French people to stand with us. They have been an extraordinary counterterrorism partner, and we intend to be there with them in that same fashion.
Fay Radding of the MetLilfe Mature Market Institute says, “We think of retirement as a three-legged stool. We know that basically it’s built on the idea of having a pension, which many people don’t have, although many people have a 401 K, personal savings and Social Security.
Social Security is our basic benefit.
Although you qualify at 62, it’s suggested you wait until you’re at least 66 to claim the monthly payments.
Every year that you wait, you get an extra 8% up until 70 years old. For example: If you start to collect at: 62 you qualify for $650 a month 66 you’d get $1,000 a month 70 you’d get $1320. After you’re 66 you can work, earn an unlimited amount, and still collect Social Security without deductions from your monthly benefit.
Tip 7 – THINK ABOUT HOW YOU’LL USE YOUR HOME
Our homes are usually are biggest assets and as with everything else, it’s important to think about how you will use this asset and the money that it has made for you over the years.
Tax attorney Robert Barnett says, “The IRS code allows special exemptions for the sale of your house. They will allow a single person to say $250,000 will be exempt, and a married couple will double that to $500,000. So people who bought their homes years ago and have seen a large fluctuation in value need to protect the ability to maintain those exemptions.”
Lawyers suggest putting your home, stocks and other assets into a trust to avoid probate court fees after you die. A trust allows you to live in the home. But the house and assets go to your heirs. A trust also gives you the opportunity to lay out instructions about what to do with the money in the trust.
You can choose a revocable trust, which can be changed or an irrevocable trust, which can’t be changed.
Tip 8- PROTECT YOUR ASSETS CONSIDER SETTING UP A TRUST Protecting the assets become an issue if you become very ill, or go into a nursing home and need to use Medicaid to supplement Medicare.
In addition, putting assets in a trust early may help you qualify for what’s called “Community Medicaid.” That allows you to stay at home and get Medicaid help for care. Medicaid is primarily funded by the federal government, but administered by the states.
And each state has different income and asset requirements. In New York State, for example, the income limit for one person is $14,250. In New Jersey it’s about $5,000. It’s difficult to hide your money. Medicaid in every state does a five-year review for eligibility. Attorney Stuart Schoenfeld explains, “If you’ve transferred assets to a trust or children within five years, you’ll be disqualified from Medicaid for a period of time.
FIGURING IT OUT
Planning for your financial future involves making complicated, well-thought out choices and decisions, but it is not rocket science and you can conquer the information to take control of your destiny and your money.
Legal help is important, and a good geriatric care manager can be invaluable.
New York City-based geriatric care manager Joanne Lehman says, ”We come in and do an assessment of your needs and create a plan. We help you investigate all of the options, fill out the paperwork, work with attorneys and follow up to make sure that you have what you need.”
Many of us live pretty firmly in the now when it comes thinking about finances for the future. Retirement planning often seems like a good idea at a point way down the line. How many times have you told yourself or a friend, “I’m not ready to think about that yet.”
But optimism about the future needs a practical boost from a plan that you make now. And if you hate the word retirement, call it a plan for tomorrow, or a plan for the future. You make up your own labels.
A MetLife Mature Market Institute study found that a 65-year-old man today has a 41% chance of living to 85 and a woman has a 63% chance. With long lives ahead of us, we need to think about how we will support ourselves, protect ourselves and maintain control over our lives and assets.
Remember the saying, “Necessity is the mother of invention?” While no one is sure who said it, maybe Plato, necessity in this case means creating a blueprint for the way that you want to live the important years of your life.
We need to treat the inevitability of getting older the way we’d approach our business or professional lives.
Attorney Stuart Schoenfeld says, “The sooner you start to plan the more choices have. The longer you wait the more likely it is that you lose your independence and control.” You want to put your ideas about your future, and what comes later, on paper.
Here are the first steps to take:
Tip 1 – YOU NEED A WILL. Your will should clearly spell out how you would like to leave your assets to your heirs or others. Planning saves heartache and headaches for you, and eliminates any questions people may have later. It’s a good idea to consult a lawyer. If you can’t afford to do that ask your local bar association for a referral to a lawyer who may do this for free.
Tip 2 – YOU NEED A HEALTH CARE YPROXY. A health care proxy is extremely important. This document legally designates someone to help with doctors and hospitals if you get sick. Experts advisee it, and I know it it’s true because of my personal experiences caring for my mother, my husband’s parents and elderly relatives. If you don’t have a health care proxy, the current laws prevent medical professionals from discussing your case with anyone but you. And that’s okay to a point. But it’s imperative to have an advocate when you deal with doctors especially in an emergency setting. So a health care proxy designates the person you want to help you get the best care possible
Tip 3 – YOU NEED A LIVING WILL. This makes your wishes crystal clear about how you want medical personnel to treat you in extreme situations. You can choose to say that you want to be resuscitated and kept on life support, or say that you do not want extreme measures used to keep you alive. This is all up to you, and your wishes should be recorded in a legal document.
Tip 4 – YOU NEED A POWER OF ATTORNEY This designates someone to handle your personal and business affairs while you’re alive, if you cannot do things yourself. Even if you can do things, it’s always a good idea to have a trusted person assist. It’s smart to get a qualified estate lawyer to help make these plans and put them on paper. If you can’t afford a lawyer, some states and local bar associations offer online forms. But be careful. The American Bar Association, www.aba.org offers a state-by-state list of clinics and not-for-profits that offer affordable and even free legal help.
Tip 5- YOU NEED TO REVIEW YOUR MONEY AND SAVINGS Studies also indicate we don’t start thinking about saving money for retirement early enough. Many wait until their fifties, or later.
And more than 36% of Americans are not saving for retirement according to a recent Capital One Sharebuilder survey. It’s important to calculate what your benefits might be: Even if you are just starting out experts advise that you take advantage of every opportunity to save.
Your company 401 K.
A 401K is set up by your employer. It allows you to invest money regularly. This money is not subject to taxes, if you keep it in the plan until retirement. If you withdraw money before you are 59 ½ there’s a 10% penalty. The downside is that your company decides where the money should be invested.
Creating an IRA.
An IRA (Individual Retirement Account) allows you to put money, before it’s taxed, into an investment plan. You can choose how the money is invested, but if you withdraw it early there is a 10% penalty. You do pay taxes on your profits when you withdraw from an IRA at retirement. And you have to begin withdrawing money when you are 70 ½.
Roth IRA
A Roth IRA differs from a traditional IRA in that you pay taxes on the money before you invest in the plan and your contributions are not tax deductible. The upside is that your earnings are tax-free once you start to withdraw money. And the IRS says money from a Roth account does not have to be withdrawn until after the death of the owner.
Savings
Socking money away in a savings account is still a solid way to save. But when interest rates are low you won’t make much money by allowing a bank to hold it.
For more on the tax consequences of investing plans visit www.irs.gov
The Obama administration issued new rules to curb high fees and sneaky practices in the student loan prepaid and debit card world. The cards may seem like an easy way to deal with student loans, but other choices may cost you less.
The U.S. Department of Education (DOE) estimates that about 40 percent of all college students use these cards and nearly $25 billion in Pell Grant and Direct Loans get released to students through them.
The GAO found unreasonably high fees caused some to lose student aid. It also discovered that schools and financial institutions steered students into accounts that might not be in their best interests and it uncovered cozy relationships between schools and financial institutions, again not always in students’ best interests.
Education Secretary Arne Duncan said, “These regulations will help make sure student loan debt is affordable for all borrowers and bring overdue reforms to campus cards, a sector that too often puts taxpayer dollars and student consumers at risk.”
NEW RULES WILL:
Require institutions to give students a greater choice about how to receive their financial aid.
Prohibit schools from requiring students or parents to open accounts through specific institutions or banks.
Require the financial institution to clarify fees and make sure that students don’t face excessive charges.
Require schools and financial institutions to offer students a range of options about how they can get their money.
Require institutions to point out that students and parents can use existing accounts to receive deposits.
Lauren Saunders, Associate Director of the National Consumer Law Center (NCLC), said, “These new rules will stop schools and prepaid card companies from using unfair and deceptive tactics to push students into using cards that are heavy on fees.”
While the new rules cover a lot, they don’t include prepaid and debit programs linked to students’ ID cards. The NCLC’s Saunders says, “Some campus card programs charge high overdraft fees on electronic transactions, unlike most prepaid card or checkless checking accounts.”
That problem may get solved by new rules under consideration by the Consumer Financial Protection Bureau (CFPB). Stay tuned.
The Consumer Financial Protection Bureau stepped in on Friday to help people who have prepaid Visa RushCards and can’t get their money. Earlier in October, hundreds of thousands of cardholders discovered that although they knew they had money in their accounts, they couldn’t use it.
The CFPB says it plans to “get to the bottom of this situation that may have harmed thousands of innocent consumers already.”
On Instagram, RushCard apologized to cardholders and explained that the company switched to a new processing system that caused the problems. It also promised to eliminate fees during the upcoming holiday season.
But that does little for the people who need their money now. A woman on Facebook said, “I have missed a day of work due to this and have had lots of stress.” Another asked, “Where is my direct deposit? I’m a single mom and need the money.”
The Consumer Financial Protection Bureau says promises of RushCard officials fall short.
CFPB Director Richard Cordray said he spoke with UniRush CEO Rick Savard to make sure they “address harm that has occurred, the harm that may still be occurring, and the cascading financial effects of consumers not having access to their funds for more than a week.
The CFPB insisted that consumers need to have access to their money and told the company that it will use “all the appropriate tools at our disposal to help ensure that consumers obtain the relief that they deserve.
The CFPB will work with other government agencies, including the Comptroller of the Currency and the Federal Trade Commission, to try to make sure people are held accountable and cardholders are compensated for losses.
If you have a problem or continue to have a problem with the RushCard, file a complaint directly with UniRush and for backup with the Consumer Financial Protection Bureau (CFPB), or you can call the CFPB directly, toll-free at 855-411-2372.
Suspicions confirmed. And yes, sometimes you can justify a little healthy paranoia especially when it comes to big banks and even your local credit union. If you ever had trouble opening an account at a bank or credit union and thought the deck was stacked against you, you might have been right.
Researchers learned that financial institutions originally hired the screening agencies to pinpoint customers who might commit fraud. But now, with about 80 percent of the banks using the screening services, the agencies check your history of bounced checks and overdrafts and make recommendations based perhaps on your mistakes. That’s a far cry from fraud or abuse.
Chi Chi Wu, an attorney with the National Consumer Law Center, said, “To accuse a consumer of committing account abuse by overdrawing her account is bad, given how bank practices have exacerbated overdrafts. But then to shut a consumer out of the banking system for years afterwards is unfair and egregious.”
The report raised concerns about how the agencies approach screening and it suggests:
Screening fails to take identity theft into account.
The screeners don’t have standard definitions of what constitutes abuse, or guidelines about the size or frequency of overdrafts.
Financial institutions don’t make it clear how they use the information they receive from the screeners.
The Cities For Financial Empowerment Fund and the National Consumer Law Center want the screening agencies to create uniform standards for the way they collect and interpret information. They also want the screeners to take identity theft and other types of fraud into consideration.
They also call upon regulators like the Consumer Financial Protection Bureau to step in and provide oversight.
Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, says, “…millions of consumers are excluded…not because of a lack of financial education, but because of the little-known and deeply flawed account screening agencies.”
In the bewildering array of Medicare choices, Medicare Advantage stands out and seems to work well for the nearly 30 million Americans who chose to sign on to one of these plans. But plans vary, and change from year to year, and it pays to shop around. The Open Enrollment period in the fall gives you the chance to do just that.
Mitchell Clark of the Medicare Rights Center says, “If there’s one mantra for the open enrollment season, it’s “review your options.” We advise people with Medicare to carefully consider how they get their Medicare benefits.”
From October 15 to December 7, 2015 you can switch your 2016 coverage in a Medicare Advantage plan also known as Medicare Part C. Keep in mind, loyalty doesn’t pay off in the medical insurance world. Insurers change-up their offerings every year and that’s why it pays to compare plans every year even though you wish you didn’t have to do it.
The booklet called “Annual Notice of Changes,” you should have received from your insurer will tell you what the insurer will charge for co-pays, fees and which prescription medication(s) it will include.
You have the chance to pick a cheaper plan, one that more of your medical providers accept, or one that offers the medication(s) you need and more benefits.
WHAT MEDICARE ADVANTAGE OFFERS
Medicare Advantage typically includes a lot of extras including vision, dental, and wellness programs including gym memberships and some include prescription drugs.
You pay the regular Part B premium of $104.90 a month and then you want to compare prices. Insurers have different requirements. Some may charge a monthly premium and others may charge different fees.
You do want to make sure that you pick a plan that works for you. Medicare Advantage comes in several forms with different options. You can choose:
A Health Maintenance Organization, or HMO – It will require you to choose doctors and providers from a specific network and you must get a referral to see a specialist.
A Preferred Provider Organization,or PPO – You pay less if you use doctors and hospitals in the insurers network. And you pay more for those you use out of network.
A Private-Fee-For-Service plan, or PFFS – You can go to any doctor or hospital as long as they accept the plan’s fees and the plan determines how much it will pay.
WHO SHOULD USE MEDICARE ADVANTAGE
Experts say a Medicare Advantage program can work for you if the doctors, hospitals and medical providers accept the insurance, and if you don’t travel often. Generally, the plans do not cover doctors out-of-state or out of the country.
HOW TO FIND A PLAN
Medicare.gov offers a tool that will help you compare the plans available to you. It also provides ratings for plans and gives a plan one to five stars based on what it offers and how it actually works for consumers.
You can also call Medicare directly at 1-800-633-4227 and say “agent” if you need additional help.
Insurers also compete for your business and offer seminars and community meetings where you get to ask questions.
Medicare Rights Center‘s Mitchell Clark offers this last bit of important advice: “If you decide to enroll in a new plan, we advise you to do so by calling 1-800-MEDICARE rather than the plan itself.” That way you can get additional information you may need.
Loyalty. Those of us old enough to use Medicare tend to share an ingrained sense of loyalty about brands and the companies that serve us. But this is 2015 going on 2016 and it turns out that loyalty to insurance companies doesn’t pay. That’s why you might consider how changing Medicare plans can save you money.
And with open enrollment starting on October 15 and running through December 7, 2015 for insurance for 2016, this is the time for a serious review and maybe a change.
“Health needs can change in a year, so it’s important for people with Medicare to check to see if they are getting the best price and the best plan available,” suggests Andy Slavitt, Acting Administrator for the Center for Medicare and Medicaid Services (CMS).
During the open enrollment period, you can change insurers for your Part D prescription drug plan and your Medicare Advantage plan. More about that here.
Almost 40 million of us get prescription drugs through Medicare Part D. But how many of us get the most for our money?
Turns out seven out of ten of us ignore our best interests and spend more than we need to because we don’t switch plans, according to analysis by the Henry J. Kaiser Family Foundation of the data from 2006 to 2010.
By this time, you should have received a booklet called something like, “2016 Annual Notice of Changes.” Within the first few pages it tells you what your Part D insurance costs this year, and what it will cost next year. My monthly Part D premium of $52.10 will go up to $64.70 in 2016.
About 4.4 million will face at at least a $10 a month increase if you don’t shop around, according to the Kaiser Foundation.
That’s why Mitchel Clark of the Medicare Rights Center says, “It is very important that you read your ANOC (Annual Notice of Changes) and consider all of your options, since many plans make changes every year, and your current plan may not be your best choice for 2016.”
We’ll explain how to shop for a new insurer in just a second.
The Annual Notice of Changes also includes a section called, “Formulary,” and includes the list of covered medications. If you don’t find the medication(s) you use on this list, you really might want to find another insurer that covers your prescription drug(s).
SHOP AROUND
The Medicare.gov website offers an extremely useful tool. Follow the prompts and you can find out which companies offer the medication(s) that you need and then compare which offers the lowest monthly premium, copay and the overall best deal.
TIP:
The steps on the website may seem daunting at first. But if you go through the instructions, or prompts, slowly,you can get every bit of accurate information that you need.
If it all seems too confusing for you to sort out, check with one of the Medicare advocacy groups like Medicare Rights Center – 1-800-333-4114. Real people answer the phone and work hard to get the information that you need.
And the Medicare Rights Center’s Mitchell Clark says,”If you decide to enroll in a new plan, we advise you to do so by calling 1-800-MEDICARE rather than the plan itself.”
I admit it. I have spent a lot of money on expensive facial moisturizers and tried the most expensive brands. Sometimes I even liked them. But about six months ago, I tried something new and relatively inexpensive and found myself blown away by how well it works.
During the winter of 2015, nothing helped my skin. Dry and lusterless, it seemed to shout my age. (It’s a secret.)
So one day, I stopped in to see Yana Yusupidi, a facialist who works out of a small shop in my neighborhood. She recommended Hydro Cream, something her mother developed in Soviet Georgia in the 1940s. At $35 it seemed like a bargain, certainly far cheaper than anything that I usually bought.
I began to use the cream regularly and the skin softened and seemed less flaky. I also use RetinA several times a week, so my skin tends to get very dry. But the Hydro Cream with SPF 15 kept me moist. I bought it again, and again and I still like it.
My skin certainly looks just as good as it did when I used the most expensive creams. I’m not on the payroll and get nothing for the recommendation, but the Hydro Cream does work as a great moisturizer for over-fifty faces. And I’m told younger women like it too.
And as you might guess, there’s a charming backstory of invention and immigration.
Yana’s mother Emma Glaustova trained as a pharmacist in Tbilisi, Georgia. And as Yana tells it, “My mother was very beautiful and very vain. She wanted to protect and improve her own skin and that led her to make her own creams and lotions.”
Emma began to experiment on herself and her friends. She combined natural ingredients that many top brand products contain today, like honey, pressed sweet almond oil, cold pressed peach oil, tea tree oil and rosemary oil.
She also reached out to a chemist in Latvia and he helped her refine her formulas to develop products that she could sell. The chemist disappeared during World War II, a victim of the Nazis or the Soviets, Yana’s mother never learned which. “My mother even went to Latvia to look for him after the war. But there wasn’t a trace. She was always was grateful and talked about him often.”
Initially, Emma focused on two types of face creams: one for dry skin and one for combination and oily skin that tends to break out. She learned how to give European style facials and opened a shop in the Georgian capital where she also sold her products.
Eventually, Yana also studied European skin care and began to work with her mom. But in 1991, war and political conflict forced Emma, Yana, and Yana’s husband Igor Narimanidze and their two daughters, to flee Georgia. Yana’s brother Vladimir had settled in the U.S. in 1975. As a U.S. citizen he helped them immigrate to the states.
Once the family settled in, Emma handed the commercial baton to Yana and Igor. They opened a small spa in the Village and Yana began to offer her European facials with the special products that her mother created and expanded on over the years.
Yana says that she consulted with her mother to update the products and include sun protection and other important ingredients. Emma died in 2013 but her formulas live on.
