January 11

Medicare Advantage “Do-Over” Window Will Soon Close

Medicare’s annual open enrollment period ended last month, but certain beneficiaries who regret their selection can get a do-over from now through mid-February. The Medicare Advantage disenrollment period runs from Jan. 1 through Feb. 14. During this time, beneficiaries in private Medicare Advantage plans can switch to Original Medicare and, if desired, select a Part D drug plan. This is the only move permitted: Those in Original Medicare can’t switch to Medicare Advantage and those already in Medicare Advantage can’t switch to a different Medicare Advantage plan. Unless those beneficiaries qualify for a special enrollment period, they will have to wait until the fall to make any changes to their coverage that will be effective at the start of 2018. The winter disenrollment period for Medicare Advantage may be easy to miss. It’s not accompanied by the same advertising blitz that characterizes the annual fall open enrollment, when the airwaves fill with commercials for Medicare Advantage and Part D drug plans. For those unhappy with their Medicare Advantage coverage, it’s an important chance to leave your plan, regardless of whether you enrolled years ago or during the recent open enrollment. (For tips on navigating Medicare in general, check out Money’s comprehensive guide.) Beneficiaries aren’t limited in the number of times they can take advantage of the Medicare Advantage disenrollment period during their lifetimes.

January 11

2017 Key Medicare & Medicaid Figures

Below are the most important figures seniors and their families will confront in 2017:

Medicare Part A deductible: $1316 for each benefit period

Medicare Part A hospital stay day 1-60: $0 co-insurance for each benefit period

Medicare Part A hospital stay day 61-90: $329/day co-insurance for each benefit period

Medicare Part A hospital stay beyond 91 days: $658/day co-insurance for each benefit period

Medicare Part B Premium: $134/month.

Medicare Part B Deductible: $183/year

Medicare Skilled nursing home co-payment day 21-100: $164.50/day

Medicaid Individual Resource Allowance: $2000.00

Resource Allowance for a Couple who both reside in a facility: $3,000.00

Medicaid Community Spouse Resource Allowance: Minimum $24,180.00; Maximum $120,900.00

Medicaid Monthly Maintenance Needs Allowance: Minimum $2,002.50; Maximum $3,022.50

Medicaid Monthly Personal Needs Allowance: $35.00/month

Medicaid Divestment Penalty Divisor: $332.50/day

Medicaid Income Cap Limit: When is a Miller Trust required? $2205/month

Principal Residence Equity Exclusion: $840,000.00

Community Spouse Monthly Housing Allowance: $600.75

Standard Heating & Utility Allowance: $501.00

Federal Estate Tax Threshold: $5,490,000

Federal Gift Tax Exclusion: $14,000.00

NJ Estate Tax Threshold: $2,000,000.00

NJ Inheritance Tax: Class A & E exempt

December 19

Dismay as Alzheimer’s Drug Fails in Clinical Trials

A drug that was seen as a strong contender to slow the progression of Alzheimer’s disease has failed to deliver in the final stage of clinical trials. The results, based on 2,000 patients with mild dementia, are a significant blow because there are currently no treatments to slow the effects of Alzheimer’s. Few have made it to phase three trials. The drug, called solanezumab, is an injectable antibody designed to stick to amyloid plaques in the brains of Alzheimer’s patients and clear away the abnormal proteins. Scientists had hoped that, by helping to destroy the sticky plaques in the early stages of the disease, the drug would protect patients against more severe cognitive decline later on. However, the latest results, announced by the pharmaceutical company Eli Lilly ahead of the Clinical Trials on Alzheimer’s Disease conference in San Diego next month, show the drug has no significant benefits to memory when compared with the placebo taken by some patients. John Lechleiter, president and chief executive of Eli Lilly, said: “The results of the solanezumab trial were not what we had hoped for and we are disappointed for the millions of people waiting for a potential disease-modifying treatment for Alzheimer’s.” In a statement, the company said: “Lilly will not pursue regulatory submissions for solanezumab for the treatment of mild dementia due to Alzheimer’s disease.”

For the article from The Guardian, click here.

December 15

Creating a Safety Net for Isolated Seniors

The rapidly rising number of elderly Americans has prompted the American Geriatrics Society (AGS) to unveil guidelines for a segment of these older adults who can no longer make their own medical decisions and have no designated surrogates. The nonprofit dubbed them “unbefriended” and called for a national effort to help prevent a surge among incapacitated seniors who don’t have a decision maker and face a health crisis. Single seniors have always existed, but demographic and social changes have slowly transformed aging America. In 1900, average life expectancy was 47. Now, the combination of increased longevity, the large and graying baby boom generation, the decline in marriage, the rise in divorce, increased childlessness and family mobility has upended the traditional caregiving support system. Timothy Farrell, a physician and associate professor at the University of Utah School of Medicine in Salt Lake City who worked on the new AGS policies, said he would “regularly encounter patients with no clear surrogate decision maker.” The guidelines include “identifying ‘non-traditional’ surrogates — such as close friends, neighbors, or others who know a person well.” Boosting social ties among elders is part of a national campaign launched last week by the AARP Foundation and the National Association of Area Agencies on Aging, a nonprofit. The aim is to combat loneliness.

For the article from Kaiser Health News, click here.

December 13

Rep. Tom Price for HHS

President-Elect Donald Trump has named Georgia Rep. Tom Price, a leading critic of President Barack Obama’s sweeping health care law, to head the Department of Health and Human Services. A key Senate Democrat immediately criticized the choice. If confirmed by the Senate, Price would play a central role in Republican efforts to repeal and replace the current health care law. Trump has pledged to move quickly on overhauling the landmark measure, but has been vague about what he hopes to see in a replacement bill. Also Seema Verma, the founder and CEO of a health policy consulting firm, was picked to serve as Administrator of the Centers for Medicare and Medicaid Services. The president-elect has said he favors keeping provisions that allow young people to stay on their parents’ health insurance and which prevent insurance companies from denying coverage to those with pre-existing conditions. Replacing President Barack Obama’s health care law is “one of the things he’s going to lead the charge on as secretary of HHS,” said Jason Miller, a Trump transition team spokesman.

For the article from the U.S. News and World Report, click here.

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