If you were born after 1956, listen up: Medicare may not be there for you when you retire. Now, this is not just some statistical research mumbo-jumbo. No, The Wall Street Journal last week reported in their SmartMoney section that House Budget Committee Chairman Paul Ryan’s solution to stem rising Medicare costs is to end the current Medicare program for people born in 1957 and after. Starting in 2022, when those American begin turning 65, they would no longer get their medical bills paid directly by the government. According to the Centers for Medicare and Medicaid Services, Medicare spent an…
It is unclear whether Speaker of the House John Boehner (R-OH) and Senate Majority Leader Harry Reid (D-NV) will be able to come to an agreement regarding the federal budget for the rest of this fiscal year. The House has offered a short-term, one week continuing resolution with $12 billion in cuts from fiscal year 2010 funding levels for the coming week. The Senate has countered with a proposal for a one week continuing resolution at the current funding levels. The President is not encouraging these short-term solutions and is pressing for a long-term agreement. We are monitoring the budget…
This phase occurs during the final years of the accumulation phase and should begin when you reach 50 years old or are 15 years away from retiring, whichever happens first. Now is the time to get your plan in place, making sure your finances are lined up correctly for retirement day so nothing will be left to chance. If you work for a company with a benefits specialist, arrange an appointment to become informed about the various ways you can convert your employer retirement savings into a stream of income or an IRA. Give yourself time to learn the ropes…
Home health agencies, hospitals and consumer groups are complaining that a new rule intended to curb unnecessary Medicare spending will make it harder for senior citizens to get home care services. Under the requirement, which is to take effect Friday, Medicare beneficiaries will have to see doctors 90 days before or 30 days after starting home health services in order for the home health agencies to be reimbursed. Those face-to-face visits may be a burden for some home-bound frail seniors, as well as those who live in rural areas, the industry says. Under current law, doctors must prescribe home health…
Medicare patients typically receive home care services because it is difficult or impossible for them to leave their homes. But the Centers for Medicare and Medicare Services (CMS) has now implemented a new Medicare requirement that doctors must meet face-to-face with their patients who are receiving home health care in order for the patient's home health visits to be reimbursed. Under the requirement, Medicare beneficiaries will have to see doctors 90 days before or 30 days after starting home health services. The move is aimed at reducing unnecessary Medicare home health care, which doubled to $19 billion from 2002 to…
Nursing homes and long-term care options are never favorite topics for conversation, regardless whether you are the elderly person needing care, or the family member trying to find care for a loved one. Still, with the fact that 40 percent of adults over the age of 65 will spend some time in a nursing home, the topic is likely to come up at some point. The question is how do you choose the right nursing home? SmartMoney addressed the issue in a recent article, offering up some helpful tips. In essence, the name of the game is research, both remote…
Anyone with Medicare Part B has access to the following preventive services: Initial physical exam. If your Medicare Part B coverage begins on or after January 1, 2005, Medicare will cover a one-time “Welcome to Medicare” preventive physical exam within the first six months that you have Part B. Additionally, those at risk for abdominal aortic aneurysms may be referred for a one-time ultrasound at their initial exam. Cardiovascular screening. Medicare covers one test every five years to check your cholesterol and other blood fat levels. Cancer tests. Medicare covers breast cancer screening (mammograms) once a year for women over…
Your doctor suggests you have a minor operation procedure. You took your doctor’s advice and you went ahead with the procedure. However, Medicare won't pay for it. What is your recourse? Appeal. Medicare covers procedures that are deemed medically necessary. "Appealing is easy and most people win so it is worth your while to challenge a Medicare denial," says the Medicare Rights Center, a national nonprofit organization. The denial of coverage may be due, for example, to a simple coding error in your doctor's office. People have a strong chance of winning their Medicare appeal. According to Center, 80 percent…
It’s no secret that state (and federal) budgets are severely stressed. While lawmakers look for revenue and cost-cutting measures, Medicaid services are coming under scrutiny. Managed care plans are becoming increasingly popular as one way to cut Medicaid costs. Currently six states require the elderly and disabled who need long-term care to enroll in a managed care plan. At least 10 other states are reportedly considering the same, according to a recent article from The Kaiser Health News. Traditionally, states pay Medicaid providers directly for individual services. Under managed care, states pay health insurers a fixed monthly fee for each…
The Centers for Medicare and Medicaid Services recently announced they are preliminarily raising the reimbursement rate for Medicare Advantage plans by 1.6 percent in 2012. This could make the popular plans more profitable for the companies offering them, and perhaps help hold the line on premium increases. Medicare Advantage plans are privately run versions of Medicare. Subsidized by the government, the plans offer basic Medicare coverage, but with extras like vision or dental coverage – and usually at premiums lower than standard Medicare rates. According to Forbes, the 1.6% increase is about what investors and provider companies had expected. The…
Frederick, MD 
301-663-9230
