Financial Conversations with Fitz #69 -Conversation on the Donut Hole Supplement Checks for $250 - 06/15/2010
A wet morning….. The soil temperatures back to 70 in Kanawha. It looks like the grains will open up this morning with the wet week predicted and strong exports. What a crazy week last week. The DOW open will probably be flat to higher. There are so many variables affecting the arrows up or down. Had lots of fun with our Pedal, Pedal and Picnic day yesterday on the Winnebago River. Lots of family activities with horseshoe, croquet, canoeing, biking and picnicking. Had over 40 canoers. A ribbon cutting on a river - Never was to one of those before.
Today we are going to visit about donuts. Not the kind you eat but still cost seniors lots of money. 84,000 checks will be going out to Medicare Part D enrollees that pay for their prescription drugs thru June. You have all heard by now about the doughnut hole in the Part D. It is nice to get $250 but the cost is $1,720 for the people affected the hole. The difference between $4,550 and $2,830. It is a gov’t generated problem I won’t go into all the ramifications of the problem but want to talk about the $250 coming in. This process is in the process of being corrected but it will take a total of 10 more years. Be sure to mention this concern the next time you are asked by a representative of our congress about it.
Of course our capitalist system does allow unique ways to raise money as long as they are legal. Well this latest scam is not legal - a new scam aimed at our seniors. The new people that are preying on these checks. They are calling our seniors under the false pretenses that the caller wants for information for them to be able to cash their checks. If you get any of these calls DO NOT GIVE THEM any information. One thing the gov’t doesn’t do is call their clients that are on medicare or social security. This would also be for any government checks. If you have any questions on phone calls having to do with your checking account be sure to drop the phone and call your local branch of TSB and report the call and your concern. We are here to help protect your account.
Lots of things coming up this week for our citizens in North Iowa with activities involving picnic or salad luncheons.
Remember that you should deal with people in community banks and organizations that when they put something together for you that they will be sitting with them at ball games, church or community events. So, if in doubt give us a call.