Though we welcome the arrival of spring, lingering cold weather can be a burden for those unable to afford rising home heating costs.  I am pleased to announce the Senate passed a bill providing additional fuel benefits for hundreds of Massachusetts veterans.  The bill earmarks $3.9 million to ensure for the first time that fuel benefits for veterans and their dependents have a statutory minimum level instead of a discretionary annual review.  This change will help keep benefit payments on pace with rising home heating costs. 

The Low Income Home Energy Assistance Program (LIHEAP) is available to low-income persons and households with annual incomes up to 200% of the federal poverty level, not to exceed 60% of the state median income.  The Weatherization Assistance Program and Heating Emergency Assistance Retrofit Task Weatherization Assistance Program (HEARTWAP) are also designed to assist low-income persons and families with heating assistance.  Should you need more information on heating assistance, contact the Department of Housing and Community Development at 1-800-632-8175 or www.mass.gov/dhcd.

If you are in need of fuel assistance, please contact Self Help Inc. at 1-800-225-0875, the Citizens Energy Oil Heat Program at 1-877-563-4645, or the Massachusetts Winter Heating Helpline at 1-866-ENERGY-7.

Housing Worries: Coping Through Tough Times

If you are concerned about the housing market downturn and its affect on your overall financial security, you are not alone.  Since 2006, home prices have fallen nearly 7% nationwide, extracting a heavy toll on those counting on their home equity for greater financial independence.

Most seniors count their homes as their most valuable financial asset.  Unfortunately, the downturn has likely decreased your home’s value.  This can limit refinancing, reverse mortgage, and home equity loan opportunities.  If you are considering borrowing against the equity in your home, be sure to speak with a qualified and reputable lender about changes in lending practices. 

The turbulence in the housing market may also affect renters as the market for affordable apartments contracts in light of higher foreclosure rates.  Renters may also be impacted when rental properties face foreclosure.  In some instances, tenants may be able to negotiate continued occupancy by contacting the foreclosing financial institution directly.

Where to get More Information: 

For information about assistance in your town, www.mass.gov/foreclosure

Other Information and Assistance:

Homeownership Preservation Foundation:  www.995hope.org or 888-995-HOPE

www.TheInformedHomebuyer.org

www.MortgageReliefFund.org

Legislative Updates  

There are a number of bills I have cosponsored which may be of interest to you:

An Act Relative to the Calculation of Retiree COLAs: This bill increases the base on which a retired public employee’s annual 3% cost of living adjustment (COLA) is computed from $12,000 to $25,000, a figure that approximates what Social Security uses for its base when calculating an annual COLA.

An Act Relative to Senior Tax Relief: This bill would change many parts of the Senior Circuit Breaker to allow for the deduction of capital losses from income calculation, reduce income eligibility from 10% to 8% (currently only seniors whose property tax payments exceed 10% of their annual income are eligible), increase the assessed valuation of the residence to $750,000, provide for cost of living adjustments and establish a tax relief outreach program.

An Act Further Regulating Parking for Handicapped Persons:  This bill changes the language of an existing statute to stipulate the cross-hatched access aisle be considered part of the adjacent handicapped parking space rather than as a separate handicapped parking space.  It also prohibits parking in the cross-hatched access aisle. 

An Act to Protect Assets of the Spouse of a Nursing Home Resident:  This bill allows spouses of nursing home residents to keep the maximum amount of assets allowed under federal law (Re-file of S.703)

In Other News:

Lower Medicare RX Premiums for Medicare Beneficiaries:

I am happy to inform you that more than 90% of Medicare beneficiaries in stand-alone Part D prescription drug plans will have access to at least one plan next year with premiums lower than premiums they are paying this year.  According to the U.S. Department of Health and Human Services, the open enrollment period begins November 15, 2008 and ends December 31, 2008.  Beneficiaries in every state will have access to at least one prescription drug plan with premiums of less than $20 per month, and a choice of at least five plans with premiums less than $25 per month.

Beneficiaries who qualify for extra help through Medicare’s Low-Income Subsidy (LIS) will also have a range of options available for comprehensive coverage.  Those who qualify for the full Medicare subsidy will pay no premiums or deductibles in these plans.

Toll free information is available 24/7 at 1-800-MEDICARE (1-800-633-4227).

The list of national stand-alone prescription drug plans and state specific fact sheets can be found at:  www.cms.hhs.gov/center/openenrollment.asp

Lottery Scams

My office has learned about an especially insidious telephone scam targeting senior citizens.  Victims were contacted by individuals claiming to represent international lottery clubs and told they had won a large cash prize requiring up front tax payments.  Once tax payments were sent, victims were contacted again and told they were in line for an even larger prize requiring an additional tax payment.  After sending a second tax payment, victims often receive a third phone call from someone claiming to be a border agent.  The phony border agent informs the victim he or she needs to pay a "duty tax" on the prize money before it can pass through U.S. customs.  Only after sending this third payment, without ever receiving their “winnings,” do victims realize they have been swindled out of their money.  Please be aware of any telephone offers which seem to good to be true and report any suspected fraud to your local police department.

IRS Scams

Beware of any phone calls or emails from individuals requesting your personal bank account information or Social Security number.  IRS Scams are on the rise this tax season, and tax refund thieves are getting more creative.  Never give your personal bank account or Social Security information over the phone.  If you receive an email or call you believe to be fraudulent, report it immediately to your local police department. 

 Credit Card Theft

As you may know, TJX, Inc. recently announced that credit card information of thousands of its customers was illegally obtained from the company’s computer system.  Marshall’s, TJ Maxx, Home Goods, or AJ Wright shoppers who used their credit cards at those stores between May and December 2006 should be aware of this breach.  If you think your account information may have been compromised, call one of the three major credit reporting agencies to  request a fraud alert and free copy of your credit report.  Call Equifax at 1-800-525-6285, Experian at 1-888-397-3742, or TransUnion at 1-800-680-7298. 

Fraud alerts last at least 90 days and require that creditors contact you before opening any new accounts or increasing credit limits on your existing accounts.  It is important to protect yourself from identity theft at all costs.  If there are any signs of unexplained activity, I urge you to place an extended fraud alert on your accounts as well as contact your local police department immediately.

Bank Fees Exemption for Seniors

I was pleased to vote for legislation providing financial relief for seniors applying for MassHealth.  When applying for MassHealth benefits, seniors must obtain past bank statements at a cost which can exceed $500.  These fees burden senior citizens unnecessarily and force some to forgo purchasing their prescription medications.  This bill would eliminate such fees for senior citizens as long as they present a letter to their bank from MassHealth requesting the statements. 

Questions or concerns?  Please contact me at my office (617) 722-1643, my home (617) 696-0200, by email at brian.a.joyce@senate.state.ma.us, or visit my web site at  

www.BrianAJoyce.com

Thank you for allowing me to work for you.