With last week’s Federal Open Market Committee meeting minutes behind us, investors will be looking ahead to the next meeting on September 18—the date more and more people are expecting some kind of tapering to the bond purchasing program. We are not yet convinced this will occur, but bond markets seem to be expecting such a move. Read more now in our Weekly Market Summary.
Offices Closed for Memorial Service
Our Rockland, Camden and Belfast offices will be closing Thursday, Aug. 22 at 2 p.m. so we may attend a memorial service for Sara Montgomery, our executive vice president who recently lost her battle with cancer. The service begins at 3 p.m. at the Camden Snow Bowl.
These three offices will reopen, as usual, at 8 a.m. on Friday, Aug. 23. Hours at our Southwest Harbor office are not affected.
Weekly Market Summary
Speculation that the Federal Reserve (Fed) will taper its level of bond purchasing has pushed Treasury rates to their highest levels since 2010. The 10-year Treasury yield was as high as 2.87 percent early Monday morning.
The S&P 500 dropped a little more than 2 percent on the week. Correlations were relatively high, with most of the major
domestic indices reporting similar losses. The Nasdaq was an outlier on the positive side, losing just 1.51 percent on strength in
technology stocks.
Healthcare Fraud is on the Rise
Healthcare fraud is likely to increase through October, when the healthcare exchanges created under the Affordable Care Act open to the public. Many of these scammers are using phone calls or email to conduct their fraudulent activities.
Some things to keep in mind:
- There is no such thing as an Obamacare Card.
- The Affordable Care Act does not involve any fees up front.
- You should never give your Social Security number or date of birth to someone who has solicited you in a phone call you were not expecting to receive.
- The Affordable Care Act does not threaten Medicare benefits. If you are asked to verify your Medicare information by phone, there’s a good chance it’s a scam.
- When in doubt, don’t click on the link in the email or hang up the phone.
- You should never hesitate to call your local insurance agency or Medicare representatives to ask questions.
We’re here to answer your questions and point you in the right direction.
Weekly Market Update – 8/5/2013
The S&P 500 Index broke above the important 1,700 level last week, closing at 1,706. In the second quarter, gross domestic
product (GDP) grew 1.7 percent, rising above analyst expectations. Read more in this Weekly Market Update.
Sara Montgomery
Along with her many friends and colleagues in Camden and around the state, we are mourning the passing Saturday, Aug. 3, of Sara Montgomery after her lengthy battle with cancer.
Sara was a colleague, leader and friend, and more, to so many.
A native of Camden and a graduate of Camden-Rockport High School and the University of New Hampshire, Sara followed her father, David Montgomery, into the insurance field, starting her career in 1978 with Hartford Insurance. Five years later, Sara came home to Camden to work with her dad at Allen.
As she honed her expertise and the company grew, Sara rose to the post of executive vice president, earning the respect of her colleagues and clients for her smart, friendly-yet-direct way of doing business. Sara was known for going out of her way to get a challenging job done right (and always with a smile).
Sara supervised the human resource, accounting, property, marketing and information technology aspects of our company. She also served the insurance needs of a large number of business clients.
Sara was a Camden Rotarian and a Paul Harris Fellow. She was involved in many charitable efforts in our community, most notably the American Cancer Society’s Relay for Life, the Ragged Mountain Recreation Area Redevelopment, the Pen Bay Healthcare Foundation and United Mid-Coast Charities.
There is so much more to Sara than her list of accomplishments — she was about the people and places she loved, always making sure to express her love and appreciation for them.
A celebration of life is scheduled for Thursday, Aug. 22 at 3 p.m. at the Camden Snow Bowl.
Memorial gifts in her memory may be made to the Ragged Mountain Recreation Area Foundation, P.O. Box 438, Camden, ME 04843. Condolences and memories may be shared with the Montgomery family by visting their book of memories at longfuneralhomecamden.com.
Weekly Market Update – 7/29/2013
The 10-year Treasury yield was down to 1.62 percent late last week before moving back to 2.55 percent, which was closer to where it had started the week. We expect a quiet start to this week as we wait for remarks from this Wednesday’s Federal Open Market Committee (FOMC) meeting. Read more in this PDF.
Weekly Market Update – 7/22/2013
Treasury yields trended slightly lower last week, as investors digested more commentary from Federal Reserve (Fed) Chairman Bernanke and other Fed speakers. Bernanke reiterated the Fed’s commitment to purchasing bonds as necessary moving forward.
Jo-Ann Neal Joins Our Group Benefits Division
Jo-Ann Neal has joined Allen Insurance and Financial as an employee benefits account manager. She will be based in the company’s offices on Chestnut Street in Camden.
Jo-Ann Neal
Jo-Ann brings 10 years of human resources and benefit administration experience to Allen; valuable experience as the company’s benefits department works with businesses all over Maine at a time of great change for the way businesses administer health insurance for their employees.
“I’m happy to be part of the Allen team,” said Jo-Ann. “Especially as the start of the Affordable Care Act moves closer, I’m learning new things and working to be a valued resource for Allen’s clients when they need it most.”
Jo-Ann and her husband Kelley, a contractor, live in Nobleboro. They have two grown daughters. Outside of work, Jo-Ann enjoys camping with her husband as well as reading, quilting and making stained glass.
Affordable Care Act: Fact Sheet for Workers
As of Jan. 1, 2014, the Affordable Care Act requires that most individuals have minimum essential health coverage or pay a tax penalty. This fact sheet (PDF, click here) from the International Foundation of Employee Benefit Plans can provide some basic additional information.
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