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Posted in Boomer Fun, Goldenboomer video
Tagged golden boomers, Light Side of Boomers
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Medicare Adjustments for 2012
For the longest time, my friend (three years ahead of me) and I have had a discrepancy in our Plan B payments. His was around $96 and mine around $116. Finally, I have discovered the reason. Our thanks to Kiplinger.com for the facts:
Everyone except high-income beneficiaries will pay $99.90 per month for Medicare Part B in 2012, which is a $3.50 monthly increase for most people — those whose premiums had been frozen at $96.40 for the past two years because there was no Social Security cost-of-living adjustment. But thanks to a 3.6% cost-of-living adjustment in 2012, there will no longer be a patchwork of several different premiums.
A rule called the hold-harmless provision prohibits a person’s Social Security benefits from declining from one year to the next. Because most retirees have their Medicare Part B premiums deducted from their monthly Social Security payments, an increase in Medicare premiums in a year with no cost-of-living adjustment in Social Security benefits — such as in 2010 and 2011 — would result in a smaller check if not for the hold-harmless provision. But new enrollees in Medicare were not protected by the hold-harmless provision in the first year that they signed up, so people who first enrolled in Medicare in 2010 have been paying $110.50 per month for Part B, and those who enrolled in 2011 have been paying $115.40 per month. Their monthly premiums will decrease to $99.90 per month in 2012, too.
Posted in Boomer retirement articles, Goldenboomer income
Tagged baby boomer income, golden boomers, Medicare
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Medicare Advantage
A Medicare Advantage Plan provides Medicare Part A and Part B benefits and other benefits, depending upon the plan. Most include Medicare prescription drug coverage (Part D). Many times Medicare Advantage is referred to as Part C.
The cost for the insurance is usually less than a Medicare Supplement plan (Medigap). However, you may face higher out-of-pocket expenses, and you will be limited to doctors and hospitals in your plan’s network.
There are different types of Medicare Advantage Plans:
- Health Maintenance Organization (HMO) Plans
- Preferred Provider Organization (PPO) Plans
- Private Fee-for-Service (PFFS) Plans
- Special Needs Plans (SNP)
The most common forms of Medicare Advantage Plans are Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). Like many employer health insurance plans, these plans restrict the doctors, services and hospitals that you can use to their network. Some let you pay a higher price to go out of network. These plans promote preventative care. You pay co-pays and deductibles so that you share in the cost of any service you use.
Additional benefits beyond Medicare Part A and Part B are included in most Medicare Advantage Plans. They can include vision, physical fitness and dental benefits and many also include prescription drugs, so you may not need a separate stand-alone Prescription Drug Plan (Part D). Make sure you ask if prescription drugs are covered and whether it is good coverage for your prescription drugs.
Medicare Advantage Plans are very specific to local areas, by counties and zip codes. Before signing up, check to make sure your preferred physicians will accept the Medicare Advantage Plan you are considering.
