2013 Medicare Part B premium announced

[Roland Slugg]

On November 16, 2012, Medicare announced that the 2013 premium for Part B coverage will be $104.90 per month. This represents an increase of $5.00 per month for most covered Medicare recipients. Higher income individuals who are also covered by Medicare will continue to pay higher premiums than the "standard/base" rate.

[smithtax]

Ummm...

So....there's a 5% increase in Part B....but only a 1.7% increase in benefits.

Is that how we provide for our elderly?

[ChEAr$]

So....there's a 5% increase in Part B....but only a 1.7% increase in benefits.

Is that how we provide for our elderly?

If that five dollars is more than the 1.7% increase, the benefit will be increased to compensate.

Of course that would only happen is one's monthly benefit were $ 294 or less. (grin

[PIGLEE]

Now the rest of the story.

2013 the rate will be 120.20.

THEN in 2014 the rates will increase to 247.00.

and the supplement insurance keeps going up also.

[FEDUKE404]

Incorrect number ?

Now the rest of the story.

2013 the rate will be 120.20.

THEN in 2014 the rates will increase to 247.00.

and the supplement insurance keeps going up also.

Where did you find these numbers???

Everything I see, including here ( http://blog.medicare.gov/2012/11/16/...dicare-update/ ) states the monthly rate for Medicare B will rise to $104.90 in January of 2013, as originally stated by Roland Slugg.

FE

[Black Bart]

Piglee

Now the rest of the story. 2013 the rate will be 120.20. THEN in 2014 the rates will increase to 247.00. and the supplement insurance keeps going up also.

I saw that on the internet and was somewhat taken aback too, but here's some SNOPES (the urban legend debunker-link) dope which offers we of the long-in-the-tooth crowd some comfort -- saying "it ain't so" (link). They are usually reliable.

http://en.wikipedia.org/wiki/Snopes.com

http://www.snopes.com/politics/medical/medicare.asp

[JohnH]

Since I just signed up for Medicare today (3 months in advance), this thread took on special significance for me. Looks like the projected increase to $247 is indeed a hoax. But what isn't a hoax is I'm 90 days from being counted among the "elderly".

And the thing that's more confusing than Medicare is trying to figure out what to do about medicare supplements and "Part D". The indecision surrounding that set of decisions is enough to add 10 years to one's life.

[FEDUKE404]

Government grace via the Medicare premium route

Since I just signed up for Medicare today (3 months in advance), this thread took on special significance for me. Looks like the projected increase to 247 is indeed a hoax. But what isn't a hoax is I'm 90 days from being counted among the "elderly".

And the thing that's more confusing than Medicare is trying to figure out what to do about medicare supplements and "Part D". The indecision surrounding that set of decisions is enough to add 10 years to one's life.

And, of course, if you make "too much" overall income (think of it as the MAGIcal factor ) then your monthly Medicare B premiums for 2013 could be as much as $335.70 each month. The increase kicks in (from your existing 2011 income tax return) at incomes >$85k for single and >$170 for couples.

LINK-->>> 2013 Medicare B rates

Oh yes: There is a similar "surcharge" on any Medicare D premiums you end up paying.

FE

[Black Bart]

...But what isn't a hoax is I'm 90 days from being counted among the "elderly".

Nah, you became that when you turned 50 and AARP started mailing solicitations trying to get you to join up.

And the thing that's more confusing than Medicare is trying to figure out what to do about medicare supplements and "Part D". The indecision surrounding that set of decisions is enough to add 10 years to one's life.

Try Humana; they gave me a better/cheaper deal than AARP.

[FEDUKE404]

Running the Med D gauntlet

Try Humana; they gave me a better/cheaper deal than AARP.

Not wishing to hijack this thread, however:

There is no "correct" choice for Med D plans. To compare plans can be like comparing apples and oranges and Ford Escorts. You need to find a web site (Medicare has one, and most pharmacies have their own) where you enter your own specific meds and then receive suggestions. The donut hole can be an issue, as well as how many meds you take and whether those meds are/are not available in a generic form.

( Also most of the plans are state-specific - I know JohnH would need to consider NC plans. )

Another route is to consider some of the Blue Medicare plans. NC has several, of both PPO and HMO type. With some of those plans, you can effectively get a Med D plan for ZERO monthly premium. Even the "Cadillac" plans have monthly costs of ~$110/month. You also need to factor in what coverage, if any, will occur from a previous/current employer. Only caveat there is most of those policies will view Medicare as primary, thus their coverage becomes secondary and may pay little.

Yes, it is an ordeal but you simply have to do your homework to see what best applies to YOUR situation. That means be wary of what a commissioned salesman/agent is trying to push, and even well-intentioned friends may not have all of the relevant facts!

FE

[JohnH]

One thing which concerns me is the whole Part D decision process. Just because a particular plan is favorable to your current prescription regimen doesn't mean it will be the best if you develop a new illness and require a different set of drugs which may not be in your plan's formulary. And the same seems to be true of the Medicare supplement plans, but you'll never know if you made the right or wrong choice until you file a claim. Add to that the fact that we may move to SC some day and have to rethink this whole mess - suddenly it seems like a crap shoot.

In my case, I'm already paying for my spousal coverage on my wife's insurance plan because she's a retired state employee. When I hit 65, that plan automatically becomes "secondary" when I begin Medicare coverage. The premium for the state plan remains within $100/month of the cost for a Medicare Supplement plus a decent Part D. Im leaning toward keeping what I have and paying the extra premium, at least until I develop some incurable illness and a death panel decides I'm not worth treating no matter what coverage I have.

[Black Bart]

John

Well, shoot - there's simply no way to out-argue that danged FE; he always does his homework (on Escorts and everything else). Actually, it seems like you've already done some yourself. But anyway, after you decide what sort of policies you're going to buy, I still maintain that Humana's cheaper overall on D and Blue Cross is/was cheapest/best on the Medicare supplement (was for me anyway).

Yours truly,

A well-intentioned friend (who, true enough, doesn't have all the relevant facts).

[JohnH]

Thanks Bart. Humana is definitely at the top of my list if I decide to bail out of the state plan, based entirely on your recommensation. And if I go with them, I'll also get back to you if they ever disapoint me for any reason. (Isn't that how it usually works when we refer a client to another client?)

[Black Bart]

Wait! Wait!

Thanks Bart. Humana is definitely at the top of my list if I decide to bail out of the state plan, based entirely on your recommensation. And if I go with them, I'll also get back to you if they ever disapoint me for any reason. (Isn't that how it usually works when we refer a client to another client?)

I haven't renewed my E&O policy yet (shoulda kept my mouth shut -- I wuz thinkin' about throwin' it overboard and goin' bare).

[JohnH]

Better keep paying those E&O premiums.
Never know when I might get upset with Humana.

I'm adopting a variation of the bank's "Comfort Letter" philosophy here, since it seems to be working so well for them.