Medicare
The main trust fund behind Medicare, the U.S. health-care program for the elderly and disabled, will be exhausted in 2026, three years earlier than was projected a year ago. Medicare’s Board of Trustees blamed the earlier depletion forecast on expectations of lower payroll taxes and less revenue from taxing Social Security benefits, both the result of the tax overhaul signed by President Donald Trump last year. Medicare is also expected to spend more than projected last year, the report said. “As in past years, the Trustees have determined that the fund is not adequately financed over the next 10 years”. Each year, the trustees project the long-term finances of Medicare, which covers about 58 million Americans. Medicare spent $710 billion in 2017, making it the single biggest purchaser of health services in the U.S. The long-term solvency is also affected by lawmakers’ repeal in February of a controversial Obamacare effort … Read More
Medicare and Social Security Update
Medicare
The main trust fund behind Medicare, the U.S. health-care program for the elderly and disabled, will be exhausted in 2026, three years earlier than was projected a year ago. Medicare’s Board of Trustees blamed the earlier depletion forecast on expectations of lower payroll taxes and less revenue from taxing Social Security benefits, both the result of the tax overhaul signed by President Donald Trump last year. Medicare is also expected to spend more than projected last year, the report said. “As in past years, the Trustees have determined that the fund is not adequately financed over the next 10 years”. Each year, the trustees project the long-term finances of Medicare, which covers about 58 million Americans. Medicare spent $710 billion in 2017, making it the single biggest purchaser of health services in the U.S. The long-term solvency is also affected by lawmakers’ repeal in February of a controversial Obamacare effort … Read More
Disasters and Financial Planning
The AICPA Disaters and Financial Planning Guide
DisastersandFinancialPlanningGuide… Read More
Private Mortgage Insurance
How long will I have to pay for private mortgage insurance?
It depends. There are generally two ways that private mortgage insurance (PMI) can be removed from your mortgage loan. The first is if you request PMI cancellation directly from your lender. The second is through termination by your lender.
You can request PMI cancellation directly from your lender once you have reached the date when the principal balance of your mortgage is scheduled to fall to 80% of the original value of your home. You can find this date on the PMI disclosure form that was given to you when you first obtained your mortgage. The cancellation request can be made earlier if you have made additional mortgage payments that have reduced your principal balance to 80% at an earlier date. Your lender may also require you to meet certain other criteria in order to cancel your PMI, such as … Read More