Posts Tagged ‘medicare’

Trying to understand Medicare?

Written on November 13th, 2017 by Jamesno shouts

This document is one of the better ones I’ve found for Medicare basics.  If you know someone nearing age 65 pass it along:Medicare basics (1)

Filed under General, Insurance Tags:

Retirement Minute Episode 15: Social Security & Medicare 2017 increases

Written on November 29th, 2016 by Jamesno shouts

Medicare open enrollment time

Written on October 19th, 2016 by Jamesno shouts

Did you know the State of Georgia has a free service that can help answer your medicare questions?  It’s called Georgia Cares and help can be found here:  http://www.mygeorgiacares.org/

Filed under Miser Tip Tags:

Retirement Minute – Medicare Costs

Written on October 3rd, 2015 by Jamesno shouts

On this episode we wrap up the medicare series with a discussion of how your monthly medicare premium is calculated.

Retirement Minute – Episode 9: Medicare Basics Part 2

Written on March 10th, 2015 by Jamesno shouts

Retirement Minute Episode 8: Medicare Basics Part 1

Written on January 18th, 2015 by Jamesno shouts

Medicare rates increasing?

Written on January 30th, 2014 by Jamesno shouts

Medicare premiums have been based on a sliding scale related to household income since 2007.  There has been some chatter that the current 4 means tested brackets aren’t cutting it as far as meeting the programs needs.  This Marketwatch article discusses some potential changes to increase the number of brackets and possibly raise rates across the board.

While keeping an eye on this, as you can see from the breakdown you would have to be a high earner or quite a nice retirement income to pay more than $146/month in Part B premiums.  Currently this isn’t a huge concern, but something to keep on the radar in case of changes in Washington:

http://www.marketwatch.com/story/little-known-medicare-fact-will-impact-your-retirement-2014-01-30?dist=beforebell

Long Term Scare

Written on December 2nd, 2013 by Jamesno shouts

An article in the Atlanta Journal yesterday confirmed industry news that I had been hearing for sometime, namely that as Americans we are woefully unprepared for the potential costs of Long Term Care.  The article stated that an estimated 70% of those turning age 65 will eventually need some form of assistance with the Activities of Daily Living (ADL’s) during their retirement years.  The problem is that only a fraction of those have any form of Long Term Care insurance so they will be forced to dip into their retirement savings to cover and/or have a family member help them.

The Activities of Daily Living are defined as someone needing help with: bathing, continence, mobility, dressing and feeding.

The story in the AJC highlighted a man who went to put his wife in an assisted living center only to learn that Medicare doesn’t cover it.  This is a very common misconception about medicare.  Medicare is designed to be coverage for healthcare, not custodial type care.  If transferred to an Assisted Living facility out of the hospital for recuperation, medicare will generally cover 20 days.  After than you are on the hook for $148/day co-pay until day 100.  After day 100 you are completely responsible for the cost of care.

I realize it isn’t the most encouraging topic to think about, but whether you are retiring or have parents in this age group the topic should be discussed.  For additional info on Medicare here are some links:

http://www.ssa.gov/pubs/EN-05-10043.pdf

http://www.medicare.gov/coverage/skilled-nursing-facility-care.html

medicare resources

Written on November 8th, 2013 by Jamesno shouts

It’s open enrollment season for Medicare and Medicare Prescription Drug Plans through Dec 7th.  During this time you can jump back and forth between Original Medicare and an Advantage Plan, switch Advantage Plans, join a Medicare Drug plan.  Confusing isn’t it?  I spent a little time in the insurance world long ago but this area still confuses me enough that I have to really devote some time to grasp all the moving parts.

If you are in the 65+ age bracket some things to consider when shopping your plans:  health status, medications and health providers.  Armed with that info you then need to begin your search for plans where your health providers are “in network” and your needed meds are on the Tier 1 list of approved medications.  Start your search with that focus first and try not to focus on who has the lowest initial premium.  If shopping on premium alone you could then get a nasty surprise when it comes to out of pocket costs.

As for resources, the first would be the www.medicare.gov website.  It is loaded with all the info you could ever hope to learn on Medicare, for all you analytics.  Another source for an independent review would be a Medicare consultant such as Goodcare:  http://www.goodcare.com/consumers/promotions.php  this organization will walk you through all the variables and counsel you on the best type of plan based on your parameters.

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