Aging News Alert

Consumer Spending

 
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Consumers to Benefit from New Rules for Medical Debt

Effective Sept. 15, the three largest credit reporting agencies -- Experian, Equifax, and TransUnion -- will no longer report medical debts that are less than six months past due on credit reports and will also remove medical debts if the debt is later paid by insurance.

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IRS: Fake Charity Scams Arise in Wake of Orlando Shootings

The Internal Revenue Service is warning consumers about possible fake charity scams emerging due to last weekendís mass shooting in Orlando, FL, and encouraging taxpayers to seek out recognized charitable groups.

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Net Savvy Boomers Go Online for Age-Related Products, Services

To maximize health and independence, seniors and their families should focus on four key areas: (1) skincare, (2) dietary supplements, (3) wound care and (4) mobility. With convenient access to products, supplies and equipment that are specifically designed for seniors at home, itís possible to not only make life easier, but also avoid or delay transition into a long-term care facility.

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(PRESCRIPTION DRUGS) Brand Name Drug Prices Skyrocket; Advocacy Group's Analysis Finds 8.3% Jump

This is especially troubling news for Medicare Part D beneficiaries who are close to or are in the coverage gap, also known as the "donut hole." For these individuals, higher prices on brand name drugs equates to greater out-of-pocket costs. The new healthcare law enacted earlier this year will begin a phased closing of the donut hole in 2011 and provide people who fall into the gap this year with an extra $250 to help pay for their drug costs. But the coverage gap won't be completely eliminated until 2020.

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(AARP) Costs of Top Medicare Prescription Drugs Continue to Skyrocket

While inflation in the United States continues to hover at the lowest rate its seen in four decades, the cost of prescription drugs has climbed nearly 10% in the past year alone. The latest research, just released by AARP, shows the increase is higher than any year prior, since AARP began tracking prices in 2004.

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(AARP) Rx Watchdog: Consumers Face Skyrocketing Rx Drug Prices

A new report finds consumers were hit with nearly 10% increases in brand name drug prices over the 12-month period ending in March of this year. The 9.7% jump in manufacturer prices for brand name drugs widely used by people in Medicare was the largest twelve-month spike since AARP began tracking drug prices in 2002. By comparison, general inflation during the same twelve-month period remained nearly flat at 0.3%.

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(REVERSE MORTGAGES) Seniors' Home Equity Under Attack; Abuse Rising in Reverse Mortgage Market

Abuses and abusers from the subprime mortgage market have begun showing up in the reverse mortgage market, putting at risk the equity and savings of millions of seniors. That's the main finding of "Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk," a report issued today (Oct. 6) by the National Consumer Law Center.

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