More senior citizens may face mounting medical debt as monthly premiums rise on popular Medicare Advantage plans with drug benefits. Senior citizens enrolled in Medicare Advantage plans with drug benefits will see an increase of 14.2 percent for their monthly premiums this year as opposed to the 5.2 percent increase they experienced from 2008 to 2009.

The health insurance industry blames the …

Tags: financial distress Healthcare Medicare Senior Citizens

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… very popular method for seniors to get cash out of their home during this recession.  But what do senior citizens need to know about reverse mortgages before they commit?

 While reverse mortgages are a “no recourse” loan, the heirs of the debtor may still lose the property (to foreclosure ) if the loan is not repaid after the debtor’s death or move.

Reverse mortgages do not offer as much money as some seniors hope and need to fund their retirement years.  These mortgages are …

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According to an article in CNN, America’s senior citizens are racking up credit card debt at a rate that outpaces other groups.

The article said:

“People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That’s an increase of 26% since the organization’s last survey of low- and middle-income borrowers in 2005. The average debt …

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Even those born during the depression are finding this economy ’s downturn hard to bear. According to an article in the Associated Press the elderly are succumbing to bankruptcies as they face a rapidly rising cost of living.

The AP says: "Older Americans are hit by a one-two punch of jobs and medical problems and the two are often intertwined," said Elizabeth Warren, a …

Tags: Bankruptcy economy downturn Senior Citizens

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… Morning News, Texas legislators have created stiffer criminal penalties for those who defraud senior citizens.  The influential group, the Texas Silver-Haired Legislature urged that decisive action be taken against criminals who target senior citizens for foreclosure scams, credit card scams, identify theft and other types of financial abuse.

The article said:

“It is a fairly widespread problem, which is being made worse by the increasing number of seniors and the tight economy …

According to an article in the Herald Tribune, the number of senior citizen bankruptcies is on the rise due to uninsured medical costs and rising debts amongst seniors.

The article said:

Bankruptcies are increasing faster among Americans 55 and over than in any other age group, according to a recent study. And people 65 and over accounted for nearly 5 percent of bankruptcy filings in 2002 — nearly double the 2.5 percent figure from 1994, the …

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… the best interests of the average American working stiff, the small mom and pop shops and the senior citizens who depend on the stability of our markets in their golden years, are selling us up the river. Those at the helm are ready to hand out a no-strings attached blank check to a bunch of jet-setting CEOs who gambled with America’s hard-earned dollars and lost. They want to "rescue" the big banksters while letting the little guy drown. Millions of Americans have faced …

… the issue has remained in the news.  But how does Chapter 9 bankruptcy impact ordinary citizens?

 A city that files Chapter 9 bankruptcy may face spending/budgetary restrictions that will impact the type and quality of services being offered.  But over the long run, Chapter 9 bankruptcy could free up income by reducing debt and improve citizens quality of life.

Right before a city files Chapter 9 bankruptcy, it is usually suffering a serious budget deficit, mounting debts …

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… unemployment during recessions such as the one we’re experiencing now.  Being an unemployed senior citizen can be more challenging especially during a recession. Many employers hesitate to hire seniors because of health care costs and the belief that they will be retiring soon. So what should a senior citizen do if they find they are facing retirement with lots of debts and little income?  Consider bankruptcy.

Bankruptcy can help senior citizens reduce their debt obligations and free …

… free.

AARP Tax-Aide – Despite what the name may suggest, this program is not just for senior citizens.  AARP Tax-Aide is available for all taxpayers of all ages and income levels. Local volunteers who are trained in tax preparation and certified by the IRS will file your taxes for free.  Call 888-227-7669 to find locations and make an appointment.  Or, you can visit www.aarp.org/money/taxaide and submit a tax question online.

VITA is a tax …

Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles.  More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living.  The result is that many more are deciding to file bankruptcy so that they can survive and thrive in their golden years.  According to the AARP, senior citizens 65 and over who filed bankruptcy is now the fastest …

… companies will choose to abandon their healthcare obligations to retirees?  Already, millions of senior citizens are drowning in medical debt as healthcare costs rise and many insurers charge astronomical rates for anyone who has pre-existing conditions. Even with insurance and Medicare, some seniors are saddled with unmanageable medical debt because they need expensive procedures, medication or health regimens that are not covered or only partially covered by their health insurance.  …