Monthly Archives

October 2012

Social Security and Part B announcement

By Making the Most of your Medicare No Comments

The Government announced the cost of living adjustment for Social Security beneficiaries for 2013.   Your monthly benefit will increase by 1.7% next year, which represents a $20-$30/month increase on average.  Cost of living adjustments or COLAs, have provided much needed relief for seniors who rely on Social Security as their primary source of income.  Because of these increases, Social Security recipients are the only group of Americans who have not reported a decrease in overall income in the last 4 years.  These increases occur automatically and will reflect your January checks. In the same announcement, the Government also announced the increase to Medicare Part B for 2013.  The Medicare premium has prompted many questions from clients who are concerned about a sharp increase if the ACA (Health Care Reform) remains.  I wrote about those concerns in a previous blog suggesting there was not going to be a drastic increase and…

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Information on Medicare Part B Premiums for 2013

By Making the Most of your Medicare 2 Comments

The Supreme Court’s decision upholding much of the Affordable Care Act opened an annual unfounded rumor that is of concern for seniors on Medicare.  The rumor floating around is that the per person Medicare insurance premium will increase from the present monthly fee of $99.90 to $120.20 in 2013 AND $247.00 IN 2014. Supposedly, these are provisions incorporated in the Obamacare Legislation, purposely delayed because of the 2012 Re-election Campaign. Is there truth to this rumor? The short answer: No, there is not. The 2012 Medicare Part B premiums is $99.90* for individuals with income of up to $85,000 or married couples with income up to $170,000. The premiums go up on a sliding scale for Medicare beneficiaries with higher incomes.  Medicare Part B premiums, which pay for doctor’s visits and other outpatient costs, are not set arbitrarily. CMS sets the standard premium every fall for the upcoming calendar year…

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