Medigap Plans Improving

By RICARDO ALONSO-ZALDIVAR, Associated Press Writer – 1 hr 16 mins ago

WASHINGTON – Seniors with high drug costs will soon have more options to help them cope with Medicare's prescription coveragegap.

Reversing a steady decline, the number of prescription plans covering at least some brand-name drugs in the "doughnut hole" coverage gap will triple next year, from 35 to 106. That's according to an analysis of Medicare data to be released Wednesday by Avalere Health, a private research firm.

At least two plans covering some brand-name drugs in the gap will be available in every region of the country.

The enhanced coverage carries a higher monthly premium. And the plans offer only a limited range of medications in the gap, most often drugs to treat chronic illnesses.

Nonetheless, some seniors may be willing to pay more for greater peace of mind. Some of the most widely used medications, including Lipitor for high cholesterol, are not available as generics.

"The coverage of generics in the gap has been fairly stable, but there has been very little coverage of brand-name drugs," said Bonnie Washington, an Avalere researcher who worked on the study. "This is the first year we have really seen it come back."

The coverage expansion is partly the result of prodding by Medicare officials to get private insurers to offer more robust plans, Washington said.

Medicare's drug coverage gap is a cost-control idea that has never been popular.

In 2011, the gap will start after Medicare beneficiaries and their insurance plan have spent $2,840 on medications.

After that, seniors are responsible for roughly the next $3,600. That's the "doughnut hole."

Once total spending reaches about $6,440, Medicare's catastrophic coverage kicks in and beneficiaries pay only a small amount.

President Barack Obama's new health care law closes the gap by 2020 through a series of discounts. Next year, seniors get 50 percent off brand-name drugs in the gap and a smaller break on generics.

But Medicare will continue to count the full retail price of medications in computing the coverage gap. So that means seniors will pay a lot less to get through the doughnut hole.

About 4 million people now face the gap largely on their own.

The Avalere study also found benefits will improve for low-income people whose premiums and co-payments are covered by taxpayers. For the first time since the drug benefit was offered in 2006, 9 million low-income beneficiaries will have a bigger number of plans to pick from. For those who want to stick with their current plan, coverage will be more stable.

Medicare's open enrollment begins Nov. 15 and consumer advocates say the more than 17 million seniors enrolled in private prescription plans should take a particularly close look at their benefits for next year. Millions face double-digit premium hikes unless they shop for a cheaper plan.

Premiums will go up an average of 10 percent among the top plans that have signed up some 70 percent of seniors, according to an earlier Avalere analysis.

___

Online:

Avalere Health: http://www.avalerehealth.net/

Financial Tips For Seniors

Invisible Abuse: Financial Exploitation and Senior Citizens

By: Elizabeth Ryan

Financial abuse and material exploitation of the elderly may not cause physical injuries or leave scars, but they can have devastating effects and ruin the lives of victims. An elder’s entire life savings can disappear, leaving the victim unable to provide for his or her own needs and causing harmful stress and agitation.

Financial elder abuse and material exploitation occur when an abuser uses an elder’s money or assets in a manner contrary to elder’s wishes, needs, or best interests, or for the abuser’s personal gain. Oftentimes, elderly victims are exploited because of vulnerabilities associated with advanced age, such as impaired mental capacity. Abusers can be caregivers in nursing homes or assisted living facilities, professionals hired by the elder (such as accountants), strangers, or family members.

Financial elder abuse can take many forms. The abuser may steal money or items from the elder’s bank account or home, sell or transfer property against the elder’s wishes, use the elder’s credit cards for unauthorized purchases, use the elder’s name to open new credit accounts, and create or alter a living trust or will for the abuser’s benefit. Financial elder abuse also can take the form of telemarketing fraud, identity theft, predatory lending, home improvement scams, and estate planning scams.

Unexplained behavioral changes, such as sudden secrecy or reluctance to speak freely, may be warning signs of financial elder abuse. If an elder appears withdrawn, helpless, frightened, or angry, this may also indicate that abuse is taking place. Some of the warning signs of financial elder abuse can be explained by other causes, and no single indicator can be taken as decisive proof. However, a pattern of multiple warning signs may suggest that a problem is present.

The following are warning signs of financial elder abuse:

• Unusual bank account activity, such as ATM withdrawals at a bank the elder cannot travel to



• Signatures on checks and documents that do not match the elder’s signature



• Checks or documents signed despite the fact elder cannot write or understand what he/she is signing



• Unexplained change in spending patterns or unusual/out of character purchases



• Unusual medical charges or nursing home charges



• Generous gifts to a person the elder has only met recently



• Change in lawyer or bank for unknown reason



• Change in who has power of attorney for unknown reason



• Stranger who initiates close relationship with elder and offers to manage finances and assets

Factors which make elders susceptible to financial abuse include isolation, loneliness, physical and/or mental disabilities, and lack of familiarity with financial issues. Elder financial exploitation often goes unreported. The senior may be unaware that exploitation is taking place or remain silent due to intimidation by the abuser. The elder victim may also be embarrassed about the situation or worried that making accusations will cause him or her to be labeled senile or too demanding.

Reporting financial elder abuse can save the assets, dignity, and health of an elder. If you suspect abuse, it is better to err on the side of caution in order to protect an senior from victimization.

About the Author

To learn more about elder abuse and nursing home abuse, visit IQ Nursing Homes, a site dedicated to providing informational resources and legal help for nursing home residents and their families.

(ArticlesBase SC #527608)

Article Source: http://www.articlesbase.com/ - Invisible Abuse: Financial Exploitation and Senior Citizens