Before the passage of the Affordable Care Act (ACA), in 2010, the U.S. Congress had to approve any proposals that would affect Medicare payment rates and program rules. But that will change in 2017, as the Affordale Care Act created the Independent Payment Advisory Board (IPAB), a 15-member panel that would be empowered to propose changes if Medicare exceeds spending growth thresholds. The IPAB’s proposals are intended to extend the solvency of Medicare, slow Medicare cost growth, and improve the quality of care delivered to Medicare beneficiaries. Any recommendations would automatically go into effect, unless Congress took steps to override them. According to the, Medicare Trustees, a group that oversees the financial operations of the Hospital Insurance and Supplementary Medical Insurance trust funds, the Medicare per capita growth rate is projected to exceed the per capita target growth rate in 2017, triggering the IPAB for the first time. This means three in ten people will be hit with a 25% increase for Medicare Part B, and that 70% of people with Medicare will be exempt from paying. And, according to a recent report from the Medicare Trustees, because the law requires Medicare Part B premiums to cover 25% of program costs, the 30% of those with Medicare premiums will see an increase to at least $159.30 each month, and couples who earn $428,000 annually will pay a monthly premium of $509.80.
2016 Medicare Premiums and Deductibles
You may be able to avoid paying this late enrollment penalty if you delayed Medicare Part B because you had other health coverage, such as through an employer-sponsored group plan (either through your own or your spouse’s work). In this case, you can enroll through a Special Enrollment Period when you or your spouse stop working or that other health coverage ends, whichever comes first. If you have to pay a monthly premium for Medicare Part A, you may decide to delay enrollment in Part A as well and sign up during your Special Enrollment Period. If you enroll in Medicare with a Special Enrollment Period, you generally won’t have to pay a late enrollment penalty.
Big Price Hikes Coming for Medicare Premiums 2016
The actual rates for Part B (which covers the costs of doctor visits and outpatient care) will be announced in October and take effect Jan. 1. The boost may be 15% for all participants or a whopping 52% for some, depending on whether Social Security recipients see a cost-of-living raise for 2016.
AARP Medicare Supplement Insurance Premiums
Joan, If you initially worked with a local agent in Florida I would start there. You could call customer service but that will probably be a waste of time. If you are healthy and believe that you would have no problem passing medical underwriting, it may be time to shop. Medicare supplements offer standardized benefits so Plan F for instance will be the same for all companies. As you have learned, there is not necessarily a reward for staying with the same company. Most major companies offering supplements will offer the same level of service and payment of claims. Take this time to see if you can save some money. Call PlanPrescriber at (888) 310-0376 to speak with an agent. They represent most all carriers.
Medicare Part A Overview: Coverage and Premiums
Hospice care is for the terminally ill who are expected to have six months or less to live. Coverage includes pain-relief and symptom-control prescription drugs, medical and support services, grief counseling, and other services. Care is provided by a Medicare-approved hospice provider who will visit you at your home. Medicare also provides additional care for a hospice patient so that the usual caregiver can take a time of rest. Medicare may not cover all services that are provided to patients who receive hospice assistance.
Compare Medicare Advantage & Supplemental Plans
Medicare Advantage insurance is offered by private insurance companies with a Medicare contract, and replaces Original Medicare Part A and Part B. You must continue to pay your Part B premiums. Medicare Advantage plans typically offer additional benefit options and have less cost-sharing than Original Medicare, and you may have to pay a monthly premium in return for the extra benefits. Medicare Advantage plans come in a variety of formats, such as HMO, PPO and PFFS plans, as well as special needs plans. Medicare beneficiaries can enroll in Medicare Advantage plans if they have Medicare Part A and Part B, but only during designated enrollment periods. These enrollment periods change from time-to-time, so please call us to get the most-up-to-date information.
Medicare Part B Overview: Coverage and Premiums
You’ll typically pay a premium for Medicare Part B unless you qualify for financial assistance. Because of this, you have the option of turning it down, although you might pay a late-enrollment penalty if you decide to enroll in Medicare Part B later on. This monthly Part B premium amount may vary from year to year. Remember, you must have both Part A and Part B if you decide to enroll in a Medicare Advantage plan.
Ways to pay Part A & Part B premiums
4. Pay by credit card or debit card. Complete the bottom portion of the payment coupon on your Medicare bill. You’ll need to provide the account information and expiration date as it appears on your card. Most credit cards today only have the month and year in expiration date field. If your credit card only has a month and year in the expiration date, fill in the month and year on the payment coupon and leave the boxes for the day field blank. Mail your payment to the address above.