There is agreement among GOP strategists that delving too far into the policy details surrounding the Ryan plan to convert Medicare into a voucher system in 2023 would be suicidal in the heat of a general election campaign. Romney attempted to put some meat on his budget plan by outlining it on a whiteboard this week, but getting bogged down in a policy debate isn’t advisable, they say. The campaign instead plans to contrast its big-picture vision for fiscal responsibility with Obama’s irresponsible economic stewardship.
Video: Medicare Enrollment Advice
Medicare now sending all RA in 5010 format
That means health care practitioners who have not yet converted their practice software systems from the old Version 4010 to the new Version 5010 format may not be able to open and read their Medicare remittance advice to review payments, adjustments, and denials, or even post payments to patient accounts, the CMS noted.
TRUTH about the Paul Ryan (R) and Ron Wyden (D) Medicare Reform Plan.
Each year, once the Medicare’s Chief Actuary determines that the projected per capita growth rate for Medicare exceeds the designated target growth rate (which is an inevitability), the IPAB is required to submit a plan which will cut healthcare costs sufficiently to bring the growth rate back in line; which is to say, the IPAB will determine what will be paid for and what will not. Then, the Secretary of HHS is required to implement the IPAB’s plan in its entirety, without exception – unless Congress acts to block implementation. However, the ability of Congress to do so is severely limited. The representatives of the people are forbidden from taking any action “that would repeal or otherwise change the recommendations of the Board,” unless it: a)votes to halt the IPAB mandates with a SUPER MAJORITY of the Senate; and b: devises its own specific cost cutting scheme that will achieve equivalent results. If Congress had the will to do such a thing, however, we never would have needed Obamacare in the first place.
Why Medicare Cards Still Show Social Security Numbers
In a report issued in 2006, C.M.S. said it would cost $300 million to remove SSNs from Medicare cards. Then, in an updated report last November, it said it would cost at least $803 million, and possibly as much as $845 million, depending on the option chosen. Much of the cost, the agency said, was for upgrading computer systems not only at the federal level, but also at the state level, for coordination with Medicaid systems.
Medicare to Begin Penalizing Hospitals For Readmission Rates
Starting in October 2012, the government will begin penalizing more than 2,000 hospitals because many of their patients are being readmitted soon after discharge. Together, these hospitals will forfeit about $280 million over the next year as the government begins pursuing the idea of paying healthcare providers based on the quality of care they provide, according to Kaiser Health News. The penalties are authorized by the Affordable Care Act.
Healthcare in Retirement: What Will It Cost?
Health care costs are a huge issue, especially for anyone close to retirement. According to a recent poll by Harris Interactive, almost 50 percent of U.S. adults are ‘extremely’ or ‘very’ worried about how they’ll pay for rising health-care costs. And the closer they are to retirement, the greater their concern. That’s justified considering that some financial experts are predicting that, even with Medicare benefits, a 65-year-old couple today could need well over $250,000 just to cover out-of-pocket health costs during the rest of their lives. While it sounds like a whopping sum, when you consider that only represents an annual cost of $12,500 for 20 years, it’s realistic—and may even be low.
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THE Consortium: Medicare to Automatically Convert Format 4010A1 Electronic Remittance Advice (835) to X12 Version 5010 Effective August 1, 2012
Effective August 1, 2012, if you have not yet converted from the 4010A1 format of the electronic remittance advice, the Medicare Fee-For-Service (FFS) program will automatically convert your electronic remittance advice to the X12 Version 5010 format. If the computer software you use to open/translate the electronic remittance advice X12 Version 5010 format is not ready for this conversion, you may not be able to open and read the electronic remittance advice to review payments, adjustments, and denials, as well as post payments to patient accounts. If you use a vendor, clearinghouse, or billing service for receipt of your electronic remittance advice and your computer software is unable to open/translate the electronic remittance advice X12 Version 5010 format, please contact your vendor, clearinghouse, or billing service before contacting your Medicare contractor.
IRS Clarifies Medicare Premium Deductions for Sole Proprietors, Partners and S Corporation Shareholder
Sole proprietors, partners (including LLC members) and two percent shareholders in an S corporation are not treated as “employees” for purposes of certain benefits. Among those benefits is employer provided health insurance coverage. While employer subsidies for health coverage are generally excluded from the income of employees, that is not the case for sole proprietors, partners and two percent S corporation shareholders. Those individuals must include in income the amount of any subsidy and can take a deduction for their health insurance coverage, if at all, on their individual Form 1040 under Section 162(l) of the Internal Revenue Code. A deduction under Section 162(l) is available only if the individual is not eligible for subsidized coverage through the spouse or through another employer.
dennisdietz8: GOP advice on Medicare: Attack
There is agreement among GOP strategists that delving too far into the policy details surrounding the Ryan plan to convert Medicare into a voucher system in 2023 would be suicidal in the heat of a general election campaign. Romney attempted to put some meat on his budget plan by outlining it on a whiteboard this week, but getting bogged down in a policy debate isn?t advisable, they say. The campaign instead plans to contrast its big-picture vision for fiscal responsibility with Obama?s irresponsible economic stewardship.