Prevent Medicare Fraud

Keeping up with Medicare changes can be a tedious but necessary chore when you have elderly parents to watch out for. Currently, Medicare is cracking down on issues for which seniors are treated in the hospital. Billings from healthcare providers and treatment centers should always be scrutinized for errors and discrepancies. We all need to do our part to prevent Medicare fraud and keep costs down.

Medicare Plans Coming Around Again

Economic times have been hard on everyone, but especially the senior citizen on a fixed income. Although it is only the end of August, in two and a half months, the hype will start on Medicare health plans.

Many seniors are aware of Medicare and Medicare Supplements. The government supplies Medicare(which you have already contributed to)and Medicare Supplements are private companies plans approved for sale to the over age 65 population to pick up the 20% not covered under Medicare. That is a rough explanation, by the way. For a more detailed explanation, go to www.medicare.gov.

The reason I mention the elderly and Medicare plans coming into view November 15th, is because the confusion continues...not always due to poor explanations on the part of the plan companies, but due to the fact the elderly plainly cannot comprehend the complicated details of what is covered and how the deductibles work. The Medicare Advantage Plans further add to the confusion. I do, however, think these plans are definitely worth the time to figue them out.

Once again, let me say, it is NOT all the fault of the insurance companies. Granted, they need to get their act together sooner rather than later. Meaning, talking about what is available and changing details time after time before the end of each calendar year is unacceptable. Also,someone in Medicare needs to make a decision on approving these plans sooner then December of each year!

Let's see what happens in 22 1/2 months.

Cruising through Old Age

How's this for an idea? The Journal of American Geriatrics Society has reported great similarities between living on a cruise ship and in an assisted living facility. In fact, the November 2007 issue of the Journal described the "at sea" option as a feasible and cost effective alternative to landlocked living!

The many amenities on a cruise ship, including 3 meals a day, escorts to meals, on board physician, and housekeeping/laundry services rival those of assisted living and for very little cost difference.
For seniors who love to travel, have good to excellent cognitive memory, and who require a little help with activities of daily living, it sounds like an unusual and attractive arrangement.

Factored into the research were life expectancy of seniors moving into assisted living and nursing homes, costs of treating acute illness, medicare reimbursement and other costs.

Parents in Financial Trouble

For most older people, the fear of outliving their money ranks right up there with having to move out of their homes. If you find out your parents are in financial trouble, here are some things to look at to determine your next step.

First is to determine the source and amount of their income. Second, list their monthly payments. See what can be eliminated. If they have used all their savings and investments, check for maintenance fees on those accounts. Be sure to check for penalties on CDs or annuities before you close all accounts that are empty or nearly empty. You may find your parents have several checking accounts that are charging a service fee. Except for unusual circumstances, they only need one checking account at this time. Unless they have told you in so many words, this may be when you find that your parents are living on social security income and the bills are not being paid.

Scrutinize their health care plans. If they are on Medicare and paying for a medicare supplement, go online to www.medicare.gov or talk to an agent about other options. They are available and can save a ton of money. If one of your parents is a veteran, see if they qualify for veteran's benefits. See if there are life insurance plans that could be cashed in. Many parents balk at this until they realize their lifestyle will have to be subsidized by their children.

Check into a reverse mortgage. Your parents could be living off the equity in their home. That, combined with social security could save you and your family from having to pony up the money to keep them going. Downsizing, if they haven't already done so, could be the only other option to keep them living on their own.

Ideally, expenses can be eliminated and living arrangements altered enough to provide relief from expenses. If your own finances or other siblings are not in any shape to take on the extra burden of helping your parents, qualifying them for state run medicaid is the final option. But that's another blog.

Understanding Medicare

This time of the year can be confusing for those of us who have loved ones over age 65 on Medicare. There are so many health plans being dangled in front of our elderly, they hardly know which way to turn! If your loved one is not represented by an agent you can trust to explain your options in a clear and concise manner, I would advise you go to www.medicare.gov for help. All medicare approved health plans are listed by state and county, with links to benefits, providers lists and more. Between January 1st and March 31st, 2008, those currently enrolled in a medicare health plan may change plans ONE time, so understand what the premiums are, co-pays and deductibles, as well as what the prescriptions drug costs are since they have to live with it until next year.