New Data Shows Impact on Obamacare Cuts to Medicare Advantage

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By: Attorney Nathan Simpson

New data has been released showing the effects that the Affordable Care Act’s cuts to the Medicare Advantage Program will have on American seniors. In Ohio, we are expecting to see a $55-$65 decrease in benefits or premium reduction each month for members of the Medicare Advantage program. This is just the first of many negative impacts that the Affordable Care Act could have on Ohio Seniors.

For a more detailed breakdown of how the Affordable Care Act will affect Ohio and other states, see the following link: http://www.ahipcoverage.com/2014/03/11/new-state-by-state-data-show-impact-on-seniors-of-proposed-cuts-to-medicare-advantage/.

If you would like to learn more about how the Affordable Care Act and the rising cost of long term care may affect your estate plan, please call an Ohio Elder Law Attorney today.

 

Medicare cost increases will affect seniors negatively

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By Kathy Cooper

Kaiser Family Foundation recently reported that increase in seniors’ share of the cost burden for Medicare under Obamacare will negatively affect most seniors. The purpose of the Kaiser study was to determine how well seniors would be able to absorb rising Medicare premiums, co-pays, deductibles and related costs. The study concluded that most seniors are of modest means – low income, low savings and low home equity.

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When Should I Apply for Medicare?

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By Chris Meyer

Many of our clients are unsure about when they should apply for Medicare. With the ever-changing rules and regulations of the healthcare world, it is difficult to keep up to date on the suggested age of applying for Medicare as well as the standard procedure as how to apply. It is important to know, assuming that you are not covered by an employer-sponsored program that you can and should apply three months before you turn age 65, including the month you turn 65. You can also apply three months after you turn age 65. If you do not sign up during this time period, you may have to pay a higher premium for late enrollment in Part B!

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2014 Medicare Updates, Premiums and Co-Pays

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By Roy Whited

Medicare Part A (hospital insurance) cost– Part A monthly premium

  • Most people don’t pay a Part A premium because they paid Medicare taxes while working. For those who don’t get premium free Part A, it can cost up to $426.00 each month.

Hospital stay- 2014 those on Medicare pay

  • $1,216.00 deductible per benefit period

  • $0 for the first 60 days of each benefit period

  • $304.00 per day for days 61-90 of each benefit period

  • $608.00 per “lifetime reserve days” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime)

Skilled nursing facility stay (skilled care only & requires a 3 day hospital stay) In 2014, you pay

  • $0 for the first 20 days of each benefit period

  • $152.00 per day for days 21-100 for each benefit period

  • All cost for each day after day 100 of the benefit period

Medicare Part B (medical insurance) cost– Part B monthly premium

  • You pay a Part B premium each month. Most people will pay the standard premium of $104.90. However, if your modified adjusted gross income as reported to the IRS is above certain amounts, you pay more.
    Example, Individuals earning above $85,000.00 and under $107,000.00 and those filing jointly with income above $170,000.00 up to $214,000.00 pay $146.90 monthly. Top earners pay $335.70 monthly for their Part B coverage for 2014.

Medicare Advantage Plans (also called Plan C)

Medicare advantage plan costs can vary in different areas. We suggest you visit medicare.gov/find-a-plan to get plan premiums or call 1-800-Medicare (1-800-633-4227) TTY users should call 1-877-486-2068. You can also call your state insurance department.

Part D monthly premium

  • Medicare prescription drug plans monthly premium is based on your income. Your plan premium can be increased by $12.10 a month up to $69.30 a month for the top wage earners.

Summary-

All that being said, those on Medicare need to realize the greatest danger to losing their assets to a health care problem is usually related to long term nursing home stay. Remember Medicare only pays for skilled care in the nursing home and then only for a limited number of days and requires a 3 day hospital stay prior to going into the nursing home.

To learn about how you can protect your assets from being lost to these long term care cost, call Cooper, Adel & Associates and schedule a free 1 hour consultation.