On the 48th anniversary of the signing of Medicare and Medicaid into law, the Department of Health and Human Services (HHS) released data showing that the average premium for a basic prescription drug plan in 2014 is projected to remain stable, at an estimated $31 per month. This news comes as seniors and people with disabilities continue to save money on out-of-pocket drug costs. Yesterday, HHS announced that more than 6.6 million people with Medicare have saved over $7 billion on prescription drugs as a result of the Affordable Care Act, an average of $1,061 per beneficiary. The Affordable Care…
The 2013 Medicare Part A and B general enrollment period runs from January 1 through March 31, 2013. As detailed below, this enrollment period is especially important for many individuals who are not eligible for premium-free Medicare Part A. Most people do not pay a premium for Medicare Part A because they have sufficient work history. However, for people who do not have this work history, the Part A premium can cost several hundred dollars per month. In addition to the important benefits covered under this component of Medicare (primarily hospital, skilled nursing facility, and some home health and hospice…
Medicare Part D prescription drug plan premiums are generally expected to remain steady in 2013, and AARP Public Policy Institute analysis finds that premiums for many popular plans will actually be considerably higher than they were in 2012. Many plans are also increasing cost-sharing and their reliance on utilization management tools for covered prescription drugs. Medicare beneficiaries should closely examine their 2013 prescription drug plan choices during open enrollment for Part D. Source/more: AARP Public Policy Institute
This is a drug prescription plan. It went into effect on January 1, 2006 with the passage of the Medicare Prescription Drug, Improvement, and Modernization Act. But it has been amended, as we'll see in a bit. In essence, Part D moves some costs of prescription drugs to patients through what is called the "donut hole" or coverage gap. In order to receive Part D, a person with Medicare must enroll in a stand-alone Prescription Drug Plan or the Medicare Advantage plan with prescription drug coverage. These plans are regulated by Medicare, but are designed and run by private health…
Senior Life Care Planning’s Elder Care Coordinators are specialists who help family members find the right sources and services for their aging parents. Additionally, they provide care coordination and advocacy, be it home care, assisted living or nursing home facilities. We help family member’s cope with their burden. Let’s look at a hypothetical example to see how valuable Senior Life Care Planning’s care coordinators can be. Wife is providing extensive care for her housebound husband. Wife has difficulty getting her husband out of bed, bathed and dressed. Additionally, Wife relies on her son who lives nearby to help her manage…
The Medicare Part D donut hole affects many millions of seniors. Seniors with annual drug expenses exceeding $2,830 had to pay all of their drug costs up to $4,550, at which point catastrophic coverage went into effect. Unfortunately, some seniors in the donut hole did not take or cut up their medications. Consequently, this made their condition worse. Basically, if seniors don’t be sparing or withhold their prescribed drugs, their long-term health improves dramatically. However, the new healthcare law completely phases out the donut hole. Last year, the government sent $250 rebate checks to Medicare recipients in the gap. This…
Have they signed up for the VA Aid and Attendance pension? Most veterans, over 65, do not know they may be entitled to Veteran’s Benefits, or have enquired, but because of they have been told they may not be eligible or the complex forms to complete, they give up. However, we have found that veterans can qualify, and we can complete the paperwork for them. With Veterans Benefits you can help offset some of the costs of home care and/or assisted living care. Additionally, Veterans are also eligible to receive free medications from a VA mail-order pharmacy after they receive…
There are many new developments in the world of Medicare. And, with many seniors beginning their decision process, it is important to know some of these changes are good and some are bad. One of the new developments getting a good deal of attention is the new plan operated jointly by insurer Humana and retail giant Walmart. However, according to a recent AP article (Walmart Drug Plan for Seniors May Not Be Best Deal), the plan has equal measures of good and bad, too. The plan has the lowest monthly premium, almost half the average, at $14.80. Nevertheless, the important…
If you will be Medicare eligible this year, you know two things: First: It’s time to start! Medicare’s open-enrollment program began November 15th. Second: There are many differences from last year, and your options can be rather confusing. A recent article from the Wall Street Journal’s Personal finance section tries to round up some of the new rules from the overhaul, and how they differ between Traditional and Advantage Medicare plans. Traditional Plans will see an increase in coverage extending out to preventative services – including mammograms, Pap tests, and screenings for prostate or colorectal cancer – as well as…
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