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Subject: persfin-digest V4 #26
Date: Tue, 22 Apr 1997 11:08:30 -0400 (EDT)
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persfin-digest Tuesday, April 22 1997 Volume 04 : Number 026
IN THIS ISSUE:
Many Doctors Prefer Capitation to Fee For Service [Harry Matthews <matthe]
Re: Setting Inheritance Question Straight ["L. Chen" <am302@FreeNet.Buffa]
McDRIP - Thumbs Down [Timothy.E.Zickus/IT/VGI]
How and where to get the best currency exchange rate? [H Chang <hchang@ti]
Re: National Teleservice - Do They Have Web Site? [theraven@juno.com (Joh]
Re: Rights to retirement account in divorce - Do Prenups Help? [Stephan I]
What Should Retired Couple Invest IRA In? [Fred Schiff <f.schiff@ieee.org]
Re: Accounting Software, How To Become A Good Bank Customer ["Peter Diamo]
HMO's for Seniors - A Vote For Kaiser [BobWo@aol.com]
How To Fight Your HMO [strayKat@erie.net (Mario K. M.)]
CCCS Experiences ["Louis J. Schwarz, CFP, RFC" <sfc@clark.net>]
Re: a Legal Claim on His Wife's Pension in a Divorce ["Louis J. Schwarz]
Re: Paying off Credit Card or Keep Savings Intact? ["Louis J. Schwarz, C]
Re: Pay off Credit Card or Keep Savings Intact? [David Martin <dmartin@se]
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL [Oppenheimer Software <Connect-Sa]
Private Mortgage Insurance question ["James B. Bartley" <bbart@erols.com>]
Calif. prop 13 Question [eric <73354.3477@CompuServe.COM>]
Re: freedom star bank [David Peterson - FDC <peterson@pcocd2.intel.com>]
Books as tax deductions [tcruz@calicotech.com (Tito Cruz)]
Eternal IRA Article In Newsweek [Broutek@worldnet.att.net]
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Date: Tue, 22 Apr 1997 10:38:24 -0400 (EDT)
From: Harry Matthews <matthews@panix.com>
Subject: Many Doctors Prefer Capitation to Fee For Service
> (argument: capitation is incentive to withhold treatment.)
I am not an unconditional admirer of HMO's, but I have serious problems
with this line of argument.
A candid discussion with a physician (or even more tellingly, with a
physician's business manager, to cite my source) will reveal that
capitation is, from the doctor's point of view, often superior to
traditional fee-for-service payments. The capitation check appears
automatically each month: no delays, no billing expenses, no bad
debts. True, the doctor is likely to give short shrift to patients who
appear frequently with minor complaints, but doesn't it make social and
economic sense to discourage unreasonable demands on a limited
resource? People who seek medical aid only when it is genuinely needed,
yet receive shoddy treatment, have the option of switching to another
doctor. Traditional forces of competition still apply; all it takes is
a toll-free phone call to deny money to an inadequate physician.
Similarly, specialists who agree to accept drastically reduced fees from
HMO's do so primarily because they know they will get swift and sure
payment. Given the appalling sums spent on administration and
bookkeeping in our health care system, this alternative strikes me as an
excellent way to shed unnecessary costs.
HMO's are also especially well equipped to help people with common
chronic conditions, like diabetes or heart disease. The companies use
their bargaining leverage to drive down the costs of medications and
medical equipment, often including the medication in their basic fees.
Anyone who takes a prescription drug regularly may well be able to save
money by switching to an HMO.
At the same time, I readily concede that HMO's seize every opportunity
to shave costs. In an age of "downsizing" and cost-cutting, however,
this trend seems inevitable and irresistable. All it takes is a quick
look at the costs and availability of "old-style" insurance to see what
I am talking about. The best defense against this trend is not a
romantic evocation of the horse-and-buggy era but a vigorous application
of modern consumerism.
Patients can no longer afford to sit in the office and meekly assent to
whatever the doctor says. They must become actively involved in their
health care, gain a general understanding of the recommended tests and
therapies, and knowledgeably consent to it all. They will then be
prepared to argue with the HMO about any questioned or denied payments;
as always, it's the squeaky wheel that gets oiled. (In my experience,
one or two firm complaints by phone can almost always solve a problem.)
Most significantly, they will take charge of their own bodies and their
own futures, and force the medical prfoession to give us all better
treatment.
------------------------------
Date: Tue, 22 Apr 1997 10:38:49 -0400 (EDT)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: Re: Setting Inheritance Question Straight
> (Editor's Question - Why not use a CPA instead? Might be better because
> not all lawyers know the tax issues. What are the fee comparisons? -IK)
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Agree. That's why one should consult a lawyer that specialize in Trust &
Estate. And for that matter, NOT ALL CPA are conversant in estate taxes.
In most (if not all) professions, there are specializations within the
profession.
Lily Chen
am302@freenet.buffalo.edu
------------------------------
Date: Tue, 22 Apr 1997 10:39:37 -0400 (EDT)
From: Timothy.E.Zickus/IT/VGI
Subject: McDRIP - Thumbs Down
I just recieved information in the mail about the McDonald's
DRIP and it didn't seem like that great of a deal.
You need to own at least $1000 worth of the stock before you
can participate in the DRIP *or* you need to set up a $100/month
automatic investment from one of your bank accounts.
Plus the transaction fees and a yearly maintenance fee...
- - Tim Zickus
------------------------------
Date: Tue, 22 Apr 1997 10:40:14 -0400 (EDT)
From: H Chang <hchang@ti.com>
Subject: How and where to get the best currency exchange rate?
I'm planning a trip to Canada and Taipei in a few months. Does anyone
know the best place, or method to get the most favorable exchange
rate?
Thanks,
Helen
hchang@ti.com
------------------------------
Date: Tue, 22 Apr 1997 10:42:18 -0400 (EDT)
From: theraven@juno.com (John l Barreras)
Subject: Re: National Teleservice - Do They Have Web Site?
Do they have a web site so we can check out their rates?
Thanks.
>Subject: Re: Calling card - Try National TeleService
>
>A gentleman asked about telephone calling cards. I have been very
>pleased with National TeleService, 800 657-4444. Much cheaper than
>phone cards sold at grocery stores, etc.
>
>Bill Woody
------------------------------
Date: Tue, 22 Apr 1997 10:45:43 -0400 (EDT)
From: Stephan Iscoe <siscoe@worldnet.att.net>
Subject: Re: Rights to retirement account in divorce - Do Prenups Help?
Not a lawyer but have paid enough in two states to be able to say what
Avrum and Bob both alluded to: The rights to specific proceeds from a
divorce in either joint/common or proprietary states is determined by
what is mutually agreed to in binding arbitration and settlement
agreement provided that the presiding judge does not modify the agreement;
it is important to demonstrate that the agreement is fair and acceptable
to both parties.
Caveat: "binding" is a relative term; one party can always go back to
court and try to have the settlement modified based on substantive changes
in either ex-spouses' status (re-married a billionaire, etc)-
modifications can be awarded based on judges' opinion.
Sidebar: Can anyone attest to the value of prenuptual agreements to
smooth out potential fiancial risks; how much weight do they carry in a
divorce settlement?
Stephan
Ann Arbor, MI
------------------------------
Date: Tue, 22 Apr 1997 10:45:52 -0400 (EDT)
From: Fred Schiff <f.schiff@ieee.org>
Subject: What Should Retired Couple Invest IRA In?
I was talking with the parents of a friend of mine's at a family gathering.
The situation is that my friend's father is retired and has a very good
pension. (In fact they have more of a salary now then when he was working!)
My friend's mother is slightly younger, still working for a place that has
no pension plan. She found out about IRA's two years ago, and put the
money into CDs she bought at the bank. She did this it seems through
a bit of ignorance and the conveniance of the bank. I pointed out that
she could get no-load mutual funds, and she wouldn't have to pay a fee.
She has five more years that she expects to work. Their house is paid off.
My question is: what kind of investment should she put her IRA in? And
should they put any of their other money into some other kind of Mutual
Fund. I got the impression that there was also some sort of bond income
coming in from US gov't bonds.
Fred
Fred Schiff (f.schiff@ieee.org)
------------------------------
Date: Tue, 22 Apr 1997 10:46:03 -0400 (EDT)
From: "Peter Diamond" <diamond@vsi.net>
Subject: Re: Accounting Software, How To Become A Good Bank Customer
Hello,
Two follow ups:
1) There was a discussion of Quicken and Quickbooks for small
businesses. The latest issue of "PC Magazine" (May 6, 1997 Vol. 16, No.
9) has a review of small business accounting software. They like
QuickBooks and Peachtree.
2) A while back someone asked, "How much money do you have to have in
the bank to be a 'good' customer?" In my recent experience it may be
quite small. We have to keep $4000 in the bank among all accounts to
avoid all fees, but the interest rate is only 2%. When I told a customer
service rep I was considering taking my $4000 and putting it into my
money market mutual fund where it would earn enough interest to offset
the fees, he was visibly concerned and set me up with a 1 yr CD at 5.65%.
Now we are earning much more interest, still pay no fees at all, and he
didn't lose any money. Maybe banks are becoming more responsive???
Peter
(Editor's Comment - Would the rep have done that without your threat? -IK)
------------------------------
Date: Tue, 22 Apr 1997 10:46:35 -0400 (EDT)
From: BobWo@aol.com
Subject: HMO's for Seniors - A Vote For Kaiser
>I'm getting close to needing to decide about Medicare- parts A,B and sup.
>Anyone had any experience with Blue Cross HMO? Will appreciate feedback,
>good or bad experiences.
We turned 65 last October and chose Kaiser Plan's Senior Advantage. We have
been Kaiser members for the past 5 years so this isn't much of a change for
us. We pay nothing, but have assigned Kaiser our Medicare part A and B
benefits,
Last month I a had coronary arteriography at the Kaiser facility in San
Francisco. The cardiologist that did the arteriogram determined that I
needed immediate coronary artery bypass surgery. The Kaiser cardiologist
set up (contracted for) the surgery two days later at St. Mary's Medical
Center in San Francisco.
I'm now well on the road to recovery. I know Kaiser paid St. Mary's, one of
the most respected Northern California hospitals for this type of surgery,
over $89,000 I paid nothing. St. Mary's does over 1,000 coronary bypass
operations a year; I felt I was at the right place.
Needless to say I'm very pleased with my Kaiser Senior Advantage Plan.
Bob
P.S. We are off to Maui for 6 weeks on Saturday.
(Editor's Comment - I had the same positive experience with Tufts HMO and
the Miami Heart Institute. Tufts was very accommodating to me and my
family. The Miami Heart Institute, I thought, overcharged. Tufts
negotiated a discount from MHI. My only out of pocket expense was the
deductible. In this case, the HMO helped to reduce health care costs
without sacrificing quality. -IK)
------------------------------
Date: Tue, 22 Apr 1997 10:47:24 -0400 (EDT)
From: strayKat@erie.net (Mario K. M.)
Subject: How To Fight Your HMO
(Bob Ford's reply about HMOs)
I have to agree with Bob Ford, HMOs profit from giving you less service.
But there is a way to fight back.
First of all, my HMO pays my Primary Care Physcian (PCP) a flat fee per
month per patient (like IK mentioned). When I began my HMO, I selected my
PCP in Aug 96 and called him up to schedule for a regular check-up... well,
the closest appointment he could give me was June 97!!! So I got me a new
PCP fairly quickly (I had to wait for one whole month to switch). I also
got a little wiser (so I thought).. I called my new PCP and told her I was
feeling ill and had a cough... the best she could do for me is Apr 97 (I
told her that I'd be dead by then but my sacrastic remarks didn't move
her). Then, I really got sick... fever, cough, the works, over the
weekend... I was feeling a little better by Monday (just in time for work)
and called my PCP to see if she could see me sooner. Well, she called the
pharmacy, perscribed a cough medicine so she didn't have to see me (she
actually perscribed an antihistamine thinking that it was my allergy acting
up... duh)... like Bob Ford said... they profit by not seeing you and
seeing a regular paying customer.
On the good side, the HMOs also get you medicine (cheap substitutes) for a
low price (I figure.. if it is minor illness like a cold, cough or fever,
who cares if the medicine is a substitute) and you also get eye glasses and
other stuff really cheap. (I don't know if the pros outweigh the cons
though.)
Now, another thing HMOs do is require you to get a referral to see any
specialist (like a foot doctor, etc.) Since, you have to wait like a
ga-billion years (actually more like 6 months, but it feels like a
ga-billion years) to see the PCP the best thing to do is call on the phone
and ask for a referral. But you must be stern and determined (not to be
confused with rude)... if you want to see a foot specialist for example
because your feet hurt... when you ask for a referral, your PCP will ask
you why... you then have to exagerate your condition and remind the PCP
that you can't wait until your appointment with him/her to get a referral
(I know that sounds bad but that's the only way).
If anyone has had any experience dealing with HMOs let us know. (sorry
about the typos, my spell checker crashed ;-( )
------------------------------
Date: Tue, 22 Apr 1997 10:48:25 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: CCCS Experiences
Rather than charging some clients for my service with their "hard to
pay" debts off, I referred them to CCCS. The comments I got from some
of them are:
The CCCS helped them avoid paying finance charges by asking the
creditors to waive finance charges in order for them to pay off rather
than for them to file for bankruptcy. It works well so far.
The CCCS helped them restructuring their cashflow managements and paying
off their debts sooner than they expected (probably via paycheck
deductions directly to one consolidated loan at lower rate).
The creditors, after contacted by the CCCS, usually do not report
demerits to their card holders.
Overall, the services provided by the CCCS are very cheap, very helpful
and cost effective.
Also, there is a web page, dealing with credit card problems, by looking
up http://www.ncfe.org and look for several credit card related topics.
- --
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
------------------------------
Date: Tue, 22 Apr 1997 10:49:32 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: a Legal Claim on His Wife's Pension in a Divorce
Sometimes the clients look at me as a marriage or divorce counselor
instead of the financial planner.
Generally, the judge will accept whatever the agreement was made between
the seperated couple and their lawyers. In any case, if there is no
agreement, the judge's decision prevails.
So anyone has the right to claim the portion of other seperated spouse's
assets. My job was to prepare the future projection of those assets,
including retirement plans, so both couple will understand the
consequences of taking either whole or part of the specific asset, being
responsible of facing the income tax costs, estate tax costs, and
maintenance costs - ie., if one wants to keep the house while other one
wants the liquid assets, the new homeowner may not be able to face cost
of maintenance and property taxes. There are many unique issues I made
my clients aware of and helped them avoid future bad consequences.
However, all states do have different laws regarding fairness of
distributing assets and debts among divorcing couples, especially for
those who do not agree mutually. Therefore a divorce is quite
expensive! A properly-done prenupital agreement is the most effective
documentation.
- --
Louis J. Schwarz, CFP, RFC
------------------------------
Date: Tue, 22 Apr 1997 10:50:20 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: Paying off Credit Card or Keep Savings Intact?
I encourage my clients to pay off their credit cards' balance by using
liquid assets as much as possible for two simple reasons:
It is cost effective to pay off debts and to make profits by saving
those higher interest rates' finance charges sooner and quickly.
Secondly, those finance charges are not tax-deductible while savings and
investment income are taxable.
In any case of emergency, you can borrow cash from the credit card
temporarily - however, if not, you still profit at first place.
- --
Louis J. Schwarz, CFP, RFC
------------------------------
Date: Tue, 22 Apr 1997 10:51:33 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Re: Pay off Credit Card or Keep Savings Intact?
>I know it's often recommend that one keep 3-6 months' worth of living
>expenses saved in cash (or some other easily accessible place). But what
>if I have a large credit card debt (all @ 12% interest or less)? If I
>left the savings intact (currently earning 4-6%), I could pay off the CCs
>in about 33 months. If I kept, oh, $1000 or something for quick cash
>emergencies and applied the rest of the savings toward the CC debt right
>now, I would be paid off in 27 mths, and would save about $1100 in
>interest. In this case, were a serious emergency to occur, I could always
>get the cash back off of the credit cards.
Two comments:
1) If it is going to take 27 months to pay off your credit card bills
even if you put all of your emergency money into the payments, then
you have a serious financial problem. I don't know all of the details
of your personal financial life, but I would strongly suggest cutting
out most of your luxuries and putting all of your available cash flow
into the credit card payments.
2) You mentioned that you can always use your credit cards for
emergency expenses rather than using cash. Some of my friends have
tried this strategy, and there is a problem. Suppose an emergency
occurs. You spend all of your cash, and then you get an advance from
your credit card. Next month, you get a bill for the first paymnet on
that credit card. How do you make the payment without any cash left?
You now have no cash cushion, and you have debt payments to make. If
you can't make them, you will find that your credit cards are
canceled, and you can't get cash advances anymore. This is what
happened with several friends of mine. Remember, it is easy to get
credit when you don't need it. When you need it, it is often hard to
get.
>(Editor's Comment - I like your idea. Your best "investment" is paying
>down your credit card ASAP. -IK)
The most important aspect of an emergency fund is that it is
safe, liquid, and always available. The ability to get cash advances
from a credit card does not fulfill these requirements. It is better
to make minimum monthly payments for a credit card for months on end
than to have no cash, mounting debts, and creditors knocking on your
door. As long as you can make the minimum payments, you can always
transfer money to a card with a lower rate, get more credit, etc. If
you miss a payment, all of that can stop real fast.
-David Martin
------------------------------
Date: Tue, 22 Apr 1997 10:51:29 -0400 (EDT)
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------------------------------
Date: Tue, 22 Apr 1997 10:57:32 -0400 (EDT)
From: "James B. Bartley" <bbart@erols.com>
Subject: Private Mortgage Insurance question
The balance to loan ratio on my mortgage has fallen below 80%, which is the
level at which the mortgage company should be willing to stop charging PMI.
However, when I contacted my mortgage company they informed me (with no
previous warning) that they would not stop charging PMI because I had been
late on two payments to the company.
I was told that one payment was 1day late being posted and the other 2 days
late, though both payments had been mailed early enough to ensure by First
Class Postage that they would arrive in plenty of time; and when I checked
with my bank, both checks had cleared Nationsbank on the same day that the
mortgage company said they had posted the credit to my account.
I asked my bank representative about the check clearing process and they
said that the checks had to make it from Minnesota to Richmond, VA in one
day in order to get the stamp shown on the back of the cancelled checks.
Two questions: what rights do I have to get PMI withdrawn?
Is there a regulatory agency available to assist me in getting PMI
removed?
Barry Bartley
------------------------------
Date: Tue, 22 Apr 1997 10:57:59 -0400 (EDT)
From: eric <73354.3477@CompuServe.COM>
Subject: Calif. prop 13 Question
I just found that LA and San Diego counties have reciprocal agreements wherein
homeowners can buy/sell, move counties and keep their (original) prop 13 (tax
reduced) assessment- if the homes are bought/sold within 2 yrs. If true, we
have lost quite a bundle by not knowing about this during the past 10 yrs. Any
remedies? Can we "reach out and sue someone?"
------------------------------
Date: Tue, 22 Apr 1997 10:59:16 -0400 (EDT)
From: David Peterson - FDC <peterson@pcocd2.intel.com>
Subject: Re: freedom star bank
> From: Scribler <scribler@erols.com>
>
> I got and email today describing great returns on CD's from
> FREEDOM STAR BANK -- P.O. Box 66781 -- Phoenix, AZ 85082
> They claim to offer only CD's, i.e., Certificates of Deposit.
> The contact person's name is Mr. Jon L. Boulet at 1-602-267-9688
>
> Has anyone had any experience with these people?
> is it real or is it a scam?
>
I could not find this bank on the fdic web page
(http://192.147.69.47/drs/) so if they are real, it doesn't
sound like they are insured by the fdic. I don't think that
I would trust a bank with a P.O. Box for an address anyway.
I am currently taking a business class that deals with the
banking industry and it is not uncommon for banks that are
on shaky ground to offer high yields to lure in depositors.
I would be careful about chasing the highest yield.
Just my opinion.
Dave
------------------------------
Date: Tue, 22 Apr 1997 11:04:10 -0400 (EDT)
From: tcruz@calicotech.com (Tito Cruz)
Subject: Books as tax deductions
I am employed as a software developer and I have a question regarding the
deductability of the books and magazines I need to buy to keep on top of
things. Employers do not provide these and I believe it is typical for
programmers to keep their own libraries. I was recently told I could
take this as an itemized deduction, but I don't itemize (no mortgage,
dependents, etc.). Is this then lost to me? Someone else sugested
setting up a business, write a few "silly" controls, advertise them on
the web and I could then take the books, etc. as part of my business
expenses -- this sounds like alot of hassle, but I might consider this if
it seems to an economical way to keep sharp and not fall behind (which
could be career endangering). Any opinions?
------------------------------
Date: Tue, 22 Apr 1997 11:04:50 -0400 (EDT)
From: Broutek@worldnet.att.net
Subject: Eternal IRA Article In Newsweek
Hello everyone - About a year or so ago I was sitting down having breakfast
and overheard a conversation about IRA'S. I made note of part of it. It was
about and article in Newsweek Magazine about and **Eternal IRA **.
It was something about - if you have and IRA, before you reach the age of
70 1/2, you make someone your co-dependent, then withdraw money without
paying taxes.
Can anyone solve this problem for me? Thank you so much. Joseph
------------------------------
End of persfin-digest V4 #26
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