February 8, 2012

Counselors available to advise seniors enrolled in Medicare GAP program

06Medicare counselors will be made available to assist seniors who will be impacted by the end of the SC GAP Assistance Pharmacy Program which ends on July 1, 2010 due to a lack of state funds.

Lt. Governor André Bauer announced that Medicare counselors from the Office on Aging will advise seniors on alternative prescription drug assistance and will help seniors who are currently enrolled in the program to understand the impact of its ending.  

The SC GAP program has provided assistance to certain beneficiaries with Medicare Part D coverage who needed more assistance because they were in the coverage gap commonly called the “doughnut hole.”

When the program began in January of 2006, state funds covered 95 percent of prescription drug costs for beneficiaries with limited monthly incomes. Due to budget cuts over the last four years, reimbursements have been reduced to 40 percent.

Some assistance is already on the way to Part D beneficiaries lost in the gap.  The Center for Medicare and Medicaid Services began sending tax-free $250 rebate checks on June 10. The rebate is the first of several steps to eliminate the doughnut hole by 2020.

For more information on the Lt. Governor’s Office on Aging or to reach a Medicare counselor, seniors can call toll free at 1-800-868-9095 or visit the agency website www.aging.sc.gov.

Charleston man sentenced to 20 years for Ponzi scheme

Prosecutors say a Charleston man has received 20 years behind bars for his part in a con game.

U.S. Attorney William Nettles says 51-year-old Michael Derrick Peninger of Daniel Island was sentenced in federal court in Charleston on charges of Mail Fraud and Making a False Statement to the FBI.

For six years Peninger was President of the Cooper River Group Inc., CSA Trading Group Inc., and Daniel Island Builders LLC., firms that purported to trade commodity futures contracts and to develop real estate. Peninger obtained more than $7 million from more than 40 investors. Authorities say Peninger and others at his companies actually engaged in very little trading. Instead, they say Peninger misappropriated funds for his personal use, to fund unauthorized business ventures, and to pay previous investors to further the “Ponzi scheme.”  Prosecutors say investors lost approximately $5 million, much of which came from their retirement savings.