• It's Tax Season
• Higher FDIC Coverage for Retirement Accounts
• Medicare Beneficiaries Urged To Be On the Look-Out for Phone Scams
• You've Got Mail (Or Is It A Hoax?)
• A Special Free Offer for FEDINFO Subscribers

HIGHER FDIC COVERAGE FOR RETIREMENT ACCOUNTS

Americans work hard and save money in hopes of having a comfortable retirement. But as people live longer and spend more years in retirement than ever before, preparing financially can be complicated. Here's good news that may help families saving for their retirement.

For the first time in more than 25 years, Congress has raised the limit on federal deposit insurance coverage, which protects against loss if a banking institution fails. However, the higher insurance limit only applies to certain kinds of retirement accounts that people may have at banks and savings associations insured by the Federal Deposit Insurance Corporation (FDIC) and at credit unions insured by the National Credit Union Administration (NCUA).

The FDIC wants you to be clear about what has changed…and what hasn't. Check out “What You Should Know About Higher FDIC Coverage for Retirement Accounts.”

MEDICARE BENEFICIARIES URGED TO BE ON THE LOOK-OUT FOR PHONE SCAMS

The Centers for Medicare & Medicaid Services (CMS) warns seniors and people with disabilities to be aware of a scheme that asks Medicare beneficiaries for money and checking account information to help them enroll in a Medicare Prescription Drug Plan.

This scheme is called the "$299 Ring." It's named for the typical amount of money Medicare beneficiaries are talked into withdrawing from their checking accounts to pay for a non-existent prescription drug plan. Consumers can report these cases to their local law enforcement agencies or 1-877-7SAFERX (1-877-772-3379).

No Medicare drug plan can ask a person with Medicare for bank account or other personal information over the telephone. No beneficiary should ever provide that kind of information to a caller. They should contact their local police department if they believe someone is trying to take money or information from them illegally.

Click here to get more information to help protect yourself when dealing with plans and others about Medicare prescription drug coverage.

Visit FCIC’s Scams and Fraud page to learn more about some of the latest scams, frauds, and consumer abuse items in the news.

YOU'VE GOT MAIL (OR IS IT A HOAX?)

You've just received an e-mail from a friend about the story of a woman who dialed #77 or *677 on her cell phone to avoid a rapist posing as a police officer. Before you hit that "forward" button, consider the possibility that this is a hoax and check it out at the Urban Legends Reference Pages.

You can search by hoax category (for example: rumors of war, radio and television, business, and much more) or use the search engine. The pages list claims and tell you which are true, false or unverified. You will be surprised!

A SPECIAL FREE OFFER FOR FEDINFO SUBSCRIBERS

FCIC is the help desk for everyday life--and we'd like to help you! Here's your chance to get a FREE package of great information about Medicare, disability rights, and being a savvy consumer. The package includes publications on Medicare and its new prescription drug plan, disability rights laws, and the newly revised Consumer Action Handbook.

To get your FREE package and a FREE Consumer Information Catalog listing more than 200 valuable consumer publications, just fill in your name and address on our special order form.

Many consumers are now using SPAM-blocking software or junk-mail filters offered by their e-mail providers. These filters may also prevent you from receiving e-letters that you have subscribed to like FEDINFO. If you are using these filters, you may want to consider adding the following e-mail address to your "safe list": cic.info@gsa.gov.

Click here for previous issues of the FEDINFO E-newsletter.

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Issue 2006-2