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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Friday, July 11, 2008
Pennsylvania Seniors' Medicare Advantage Benefits at Risk
Comtex
WASHINGTON, July 11, 2008 /PRNewswire-USNewswire via COMTEX/ ----Pennsylvania to see approximately $850 million in cuts
Hundreds of thousands of Pennsylvania seniors could lose important benefits and pay more out of pocket for health care, while thousands more could lose their Medicare Advantage plan altogether under legislation approved this week by the U.S. Congress.
The legislation (H.R. 6331) would cut nearly $14 billion from the Medicare Advantage program over a five year period, including cutting an estimated $850 million in Pennsylvania alone and severely cut back the areas where Medicare private fee-for-service plans can operate, adversely impacting more than 100,000 Pennsylvania seniors enrolled in these plans.
"It's unfortunate that Congress chose to cut the Medicare Advantage program that so many seniors rely on," said Karen Ignagni, President and CEO of AHIP. "Seniors enrolled in Medicare Advantage could face limited choices, reduced benefits, and higher out-of-pocket costs if these cuts became law."
The Congressional Budget Office estimates that H.R. 6331 would decrease enrollment in Medicare Advantage across the country by about 2.3 million individuals over the next five years. The full report is available here: http://www.cbo.gov/ftpdocs/95xx/doc9550/hr6331GreggLtr.pdf.
Following passage of the legislation, seniors across the country have been voicing their strong opposition to the proposed reduction in funding for Medicare Advantage. White House officials have stated that the president intends to veto the bill and send it back to Congress. Two-thirds super-majorities are required in both the U.S. Senate and House of Representatives to overturn a veto.
More than 800,000 Medicare beneficiaries in Pennsylvania currently rely on Medicare Advantage to meet their health care needs. These plans offer additional benefits and services that are not available in traditional Medicare, including reduced out-of-pocket costs; $0-premium comprehensive drug coverage; vision, hearing, and dental coverage; wellness programs; and disease management and care coordination programs. Medicare Advantage enrollees save an average of $90 per month -- through improved benefits and lower out-of-pocket costs -- compared to what they would pay in traditional Medicare.
A recent survey found that most seniors, including those in traditional Medicare, oppose cutting Medicare Advantage to fund the physician fix and believe these cuts would have a negative impact on Medicare Advantage beneficiaries. Click here to learn more about this survey: http://www.ahip.org/content/pressrelease.aspx?docid=23678.
America's Health Insurance Plans - Providing Health Benefits to More Than 200 Million Americans
SOURCE America's Health Insurance Plans
http://www.ahip.org
Copyright (C) 2008 PR Newswire. All rights reserved
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