Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2024. These are the key changes to Medicare’s premiums and coverages.
• Part A deductible – Will be $1632 up from $1600 (per 60 day Benefit Stay)
• Part B Deductible – Will be $240 up from $226 (Annual deductible)
• Part B Premium – Will be $174.70 up from $164.90 (for most people)
• Part D Maximum Deductible – Will be $545 up from $505 (Some plans don’t have a deductible and most have a “hybrid” deductible.)
• Part D Premium National Average – Will be $34.70 up from $31.50 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va. area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
Tag Archives: medicare
Finally, CMS Fixes Late IEP Part B Request Effective Date Determinant
One thing I have complained about and blogged for a long time was CMS’ arcane formula for determining the Part B effective date for people who requested it during their IEP (Initial Enrollment Period) when first eligible for Medicare. The old system had multi month delays in Part B effective date if requested during the last 3 months of their initial 7-month IEP window (after their birthday month). It had a weird schedule of delayed effective dates and even eliminated one month from contention. Finally, they have fixed it with a common-sense approach. For someone making their request in the first 3 months of their IEP, it is still the first of their birthday month. But now, if they make their request in the last 3 months of their IEP (after their birthday month), the effective date will be the first of the following month. Very simple, easy to understand and common sense.
That is one less thing I now have to complain about and explain to clients. Am looking for a new demon, perhaps the Irmaa income surcharges. Nobody likes that. Oh well.
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
MEDICARE REDUCES COST OF PART B PREMIUM AND DEDUCTIBLE FOR 2023
As predicted a few months back, Medicare has just announced there will be a rare reduction in the Part B premium cost and the Part B deductible effective Jan 1st, 2023. The Part B premium will reduce from current $170.10 to $164.90 and the deductible from current $233/year to $226/year! While both of these factors tend to increase over time, some years they remain flat and are now seeing a reduction. As previously noted, one of the big reasons for the reduction is lower than expected Alzheimer drug costs to Medicare.
In addition, there is expected to be a larger than normal Social Security Cola increase. The combination of these factors will lead to larger than normal net increases in monthly income for most seniors.
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, VA area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
2022 Medicare Part B Premium and Deductible Amounts Announced
Medicare finally announced the 2022 Part B costs late Friday afternoon. The key numbers are the monthly Premium and the annual Deductible. The Part B premium that most people pay will go up 14.5% from $148.50 to $170.10. (Higher income people must pay an income surcharge called, Irmaa. These amounts as well as the thresholds increased also.) The Part B deductible increased a similar percentage from $203 to $233.
These increases were more than projected just a couple of months ago. The primary drivers for these increases were medical inflation and potential coverage of a new, hi-cost Alzheimer drug. While these increases seem large, people on Social Security will still see a net increase due to the Hold Harmless provision that insures people’s Cola increase will cover the Medicare Part B premium increase.
As usual, I will post all of the key Medicare cost share amounts next month. If any questions about how these apply to you, contact me.
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
Thyroid prescription issues
In my daily efforts to assist people in selecting a Part D Drug Plan (PDP), I have many clients who take prescriptions for thyroid issues. It usually comes down to the brand, Synthroid or the generic, Levothyroxine. As the generic has a substantially lower cost than the brand, it is preferred. In many cases, I have clients who fear the consistent quality of the generic. And because of this, they pay substantially more. This causes them to question if they need to pay more.
I came across the article linked below which describes some good strategies to make the generic an easier path. Take a look and see if it helps you.
https://advertiser-tribune.com/news/333873/bones-sometimes-show-up-in-unlikely-places/
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
New 2020 Medicare Costs At A Glance
New 2020 Medicare Costs at a Glance
Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2020. These are the key changes to Medicare’s premiums and coverages. A highlight is the average costs for Part D drug plans have gone done and the infamous “Donut Hole” (aka Coverage Gap) name no longer applies as costs for people who do reach this stage now only pay 25% of the cost for Brand or Generic drugs.
- Part A deductible – Will be $1408 up from $1364 (per 60 day Benefit Stay)
- Part B Deductible – Will be $198 up from $185 (Annual deductible)
- Part B Premium – Will be $144.60 up from $135.50 (Excluding Irmaa)
- Part D Maximum Deductible – Will be $435 up from $415 (Some plans don’t have a deductible)
- Part D Premium National Average – Will be $32.74 DOWN from $33.19 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
Social Security Errs in Administering Medicare Premiums
The Social Security Administration recently announced that they failed to deduct certain Medicare Plan premiums from beneficiary checks. Due to a software glitch since about January of this year, they were supposed to deduct premiums for some Medicare Advantage and Part D drug plans and remit to the appropriate carriers. This affected about 250,000 beneficiaries. Many of those are now getting bills directly from their Plan carrier.
This is supposed to be a good way to pay eligible premiums for those already drawing Social Security. I recommend to all of my clients who are drawing Social Security to elect this payment mode.
If you want to read more about this situation, you can click on the link below.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
New 2019 Medicare Costs at a Glance
As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2019. These are the key changes to Medicare’s premiums and coverages. A couple of the highlights are that the Part B premium only went up $1.50 and the Part B deductible only went up $2.
- Part A deductible – Will be $1364 up from $1340 (per 60 day Benefit Stay)
- Part B Deductible – Will be $185 up from $183 (Annual deductible)
- Part B Premium – Will be $135.50 up from $134.00
- Part D Maximum Deductible – Will be $415 up from $405 (Some plans don’t have a deductible)
- Part D Premium National Average – Will be $33.19 DOWN from $35.02 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
Medicare Open Enrollment – AEP
It’s that time of year, again. We are coming up on the Annual Election Period (AEP) for Medicare. That means you are going to be seeing a lot of commercials and receiving a lot of mail about making changes. You may be wondering what you should do, if anything.
So, what do you need to do? It depends.
The AEP is the Open Enrollment period for Medicare Advantage Plans and Part D drug plans that occurs every year from October 15th through December 7th. This is the time for those that may want to make changes which will become effective January 1, 2018. Remember that the insurance companies that offer Medicare Advantage Plans and Part D drug plans can change them from year-to-year. You will receive a letter from the insurance company called an Annual Notice of Change (ANOC) that will describe any changes they are going to make for the coming year. If you are happy with the plan and want to keep it, you don’t have to do anything. Just continue to pay your premium (if applicable) and the plan will remain in effect for 2019.
If your prescriptions have changed, you can update them at Medicare.gov. Also, if you have any changes in doctors, you can look to see if they participate with your plan. All of the new Plan information will be available Oct. 1st in Medicare.gov. You can’t make any changes until October 15th. If you want to make any changes or have questions or need assistance, contact me.
Medicare Supplements aka, Medigap policies, are not impacted by the AEP. They are guaranteed renewable as long as premiums are paid.
As always, call me with any questions, any time about your Medicare coverages. I will help you sort through the info and options. Thanks, David.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
New Medicare Cards Beginning April 2018
As I noted last year, Medicare has been working on issuing new Medicare Cards which will begin arriving in mailboxes next month. The primary purpose for this project is security. Social Security numbers will be replaced with a Medicare Beneficiary Identifier. Finally! They have been working on this project for years and made all insurance companies make this change years ago.
Medicare beneficiaries do not have to do anything. As long as their address is current in Medicare’s system, their card will arrive without request some time over the next year. Once received, the old card should be destroyed and begin using the new card immediately.
One caution is to be aware of scammers who will try to take advantage of this event. To learn more about this issue, I have included a link to an article that describes more about the new cards and process.
https://www.aafp.org/news/practice-professional-issues/20180301medicarecards.html
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com