Archive for the ‘Seniors’ Category
Friday, August 12th, 2011
All of us are finding that our dollars are not going as far as they used to, but none are feeling the hit as much as senior citizens. It is shown that senior citizen’s expenses are rising twice as fast as their Social Security checks, and as many use this as their sole means of income, this is a frightening statistic. As a means to combat this gap in living expenses versus check totals, the Social Security Department created the Cost of Living Adjustment (COLA) in 1975. COLA was intended to be an automatic yearly increase based on the Consumer Price Index (CPI), and proved to be consistent until 2010. However, over the last two years, our senior citizens have received no COLA on their monthly checks.
With cost of living expenses far outpacing the calculated percentage of the CPI, many are lobbying for a review on this process. Currently, the Consumer Price Index is calculated via urban wage earners for all age groups. However, this does not take into account the higher costs for health care and other expenses older Americans need. As a means to more accurately gauge COLA, it is proposed the government use the spending patterns of seniors by means of the CPI for Elderly Consumers, and use this information to balance their checks accordingly.
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Tags: health care costs, medicare, medigap, wellness
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Monday, July 11th, 2011
As baby boomers begin to reach the age of Medicare eligibility, the program designed to cover senior’s health care faces an overwhelming addition of new enrollees. In fact, this year sees 7,000 new beneficiaries per day. Over the next 20 years 70 million are expected to be eligible for benefits, as compared with 45.2 million in 2008. As the aged population grows almost as quickly as the cost of medical care and pharmaceuticals, fears are growing that the Medicare system will become insolvent for many, even though they have paid into the system for their entire work lives.
This is a preview of
Medicare Faces Insolvency As Baby Boomers Enter System
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Read the full post (285 words, estimated 1:08 mins reading time)
Tags: deductibles, health insurance, medicare, medicare supplement, medigap
Posted in Resources, Seniors, Tools | No Comments »
Thursday, January 20th, 2011
The good news? People are living longer. The bad? Costs for Long Term Care (LTC) are increasing steadily with each passing years, outpacing inflation. Should you need care after an accident or illness, you may find that savings can rapidly deplete when paying for the care you need. It is estimated that over two-thirds of the over 65 population will need some form of long term care, whether it is in as assisted living facility, adult day care facility, or home health services. Medicare offers some basic skilled care in a nursing home, but is limited to 100 days. When faced with a long term illness which impairs your ability to perform the basic activities of living, such as eating, bathing, or dressing, it is imperative to have access to continuous care. Long Term Care insurance helps you maintain your dignity and financial freedom and gives you the ability to contribute to the choices that affect your care — about the services you receive, where you receive them and who provides the care you need.
Tags: Chronic Condition, health care costs, long term care
Posted in General, Group, Individual, Resources, Seniors, Tools | No Comments »
Thursday, January 6th, 2011
While numbers vary from carrier to carrier, it is expected that Medicare Part D (prescription) plans will increase by an average of 10% in 2011. Premiums have increased steadily over the years, but this one seems particularly steep. With the Patient Protection and Affordable Care Act, higher-income enrollees will pay a greater share of standard Part D costs, while low-income clients will continue to have access to plans with no monthly premium at all. Fortunately, all will benefit from health care reform when reaching the dreaded “doughnut hole”, as 2011 will bring some relief during this time. Manufacturer prices will be discounted by 50% and the plans will also cover 7% of generic drugs while in the coverage gap (between $2,840 and $4,550 in out of pocket spending), rather than requiring enrollees to cover 100% of their drug costs. Note that this applies only to original Medicare Supplement plans and Part D options, as most Medicare Advantage enrollees have drug coverage built into their plan.
This is a preview of
Medicare Prescription Drugs Plan Premiums Increase in 2011
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Tags: doughnut hole, medicare, medicare supplement, medigap, part d
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Monday, August 16th, 2010
The American Medical Association is working diligently to fight the cuts in Medicare reimbursement rates, which is about 21% less than current compensation rates. Though the House delayed the cuts via HR 3962 (Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010) until at least November of this year, many physicians see this as only a temporary fix to a flawed system. Congress states they have no other choice, as mounting deficits play a role in their decision. Medicare overall is in a difficult financial state, leaving little to no room for improvements. The only choice doctors will have, other than dropping Medicare patients altogether, will be getting more patients in the door. Either way, patient care will be compromised if the Medicare pay cuts occur.
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Tags: health care costs, medicare supplement, network provider
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Thursday, June 24th, 2010
As of June 1, 2010 major changes will be made to the Medicare Supplement industry. This comes via HR 6331, also known as the Medicare Improvements for Patients and Providers Act, which was passed on July 9, 2008. This act intends to modernize the current Medicare market by dropping some coverage options and adding others to streamline the plans. Here is an overview of some of these changes:
“At-Home Recovery” benefit will be dropped from all 2010 Medicare Supplement plans
Medigap Plans I and J will no longer be available for new sales
Plan G will be modified to increase excess charges from 80% to 100%
New Hospice Benefit will be added to all plans
Two new Medigap Plans M & N will be available in 2010
Tags: health insurance, medicare supplement, medigap
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Thursday, April 8th, 2010
This is a preview of
The Balance Between Age and Health Insurance Coverage
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Tags: health care reform, health insurance, health plan, individual health, medicare
Posted in Family, General, Individual, Seniors | No Comments »
Tuesday, March 9th, 2010
You would be surprised to hear how many Medicare eligible clients do not understand how Medicare actually works. With an aging population, and enrollees at the highest levels to date (expected to increase dramatically with the baby boomers entering the system starting in 2011), it is most important to know the ins and outs of the system to ensure coverage in place when you need it.
People age 65 or older are entitled to Medicare Part A (hospital coverage) if they or their spouse are eligible for Social Security payments and have made payroll tax contributions for 10 or more years. Medicare coverage was also expanded to offer coverage for clients under the age of 65 if they have permanent disabilities.
Tags: heath insurance, medicare, medicare supplement, medigap
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Monday, September 28th, 2009
For the 42 million seniors and people with disabilities who are currently enrolled in Medicare Part B, a recent vote has ensured that there will be no premium increase for Part B. The standard premium is currently $96.40; slightly higher for those with incomes over $85,000 for individuals or $170,000 for couples. This premium is calculated annually to cover around 25% of the Medicare program. For 2010, this would mean the premiums would be at about $103 (and up!) per month. However, there is a “hold harmless” policy which eliminates this rate hike, by utilizing $2.8 billion from a 2008 fund to improve Medicare.
Due to the economic recession, Social Security’s cost-of-living adjustment is expected to be zero, and therefore the checks will not increase. Therefore, if the Part B premium increase is projected to be more than the increase in Social Security, most current Medicare enrollees are ensured no premium hikes. As with any law, however, there are loopholes and if Congress did not step in, there would have been some enrollees who would have not fallen under the hold harmless policy (i.e. new Medicare enrollments, and those whose premiums are not deducted from the Social Security checks). With the implementation of this act, all Medicare enrollees will be spared any rate increases for their Part B premiums.
Permanent link to this post (222 words, estimated 53 secs reading time)
Tags: heath insurance, medicare
Posted in Federal, Laws, Resources, Seniors | No Comments »
