The latest budgetary shenanigans in Washington threaten Medicare. The sequester, a fiscal death-pact entered into by Congress and the President, will hit health care professionals right in the pocketbook, and the pain will likely be shared with patients. American Medical News reports that Medicare cuts make up 12 percent of the sequester, and these cuts include a 2 percent cut in doctors’ pay which kicks in April 1. The real-life effect of these cuts will hit primary care doctors and their elderly patients the hardest. If caring for Medicare patients is too costly, doctors will simply opt out and care…
Recently, the Senate Special Committee on Aging held a hearing examining ways to strengthen Medicare. The panel discussed methods to control Medicare costs by lowering fraud and abuse, reforming the delivery system, and moving away from the fee-for-service model.
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…
The White House Press Secretary announced that President Obama was no longer considering raising the Medicare eligibility age as a means to achieve deficit reduction. In the past, President Obama was willing to consider raising the Medicare eligibility age from 65 to 67 as part of a “grand bargain” that included both tax revenue and spending cuts. Read more in the Hill.
President Barack Obama renominated one of his top health care advisers to lead the federal agency responsible for overseeing Medicare, Medicaid, and the implementation of his 2010 health care reform law. If confirmed by the Senate, Marilyn Tavenner would become the first official head of the CMS since 2006. She currently leads the same agency as acting administrator. As part of the U.S. Department of Health and Human Services, CMS runs the Medicare and Medicaid health care programs that serve about 100 million elderly, disabled, and low-income people at a cost estimated at $885 billion for this year. Both programs…
The Medicare Advantage Disenrollment Period (MADP) lasts from January 1 through February 14 of each year. During the MADP, a beneficiary can switch from an MA plan to traditional Medicare. The new MADP also provides an opportunity to enroll in a Part D drug plan for those who have not already done so. When disenrolling from an MA plan during the MADP, the effective date of disenrollment is the first day of the month following the date the disenrollment request is received. Thus, disenrollment requests received by MA organizations in January are effective February 1; those received February 1 through…
Here are some changes that appear relatively certain regardless of the action Congress takes: • The personal exemption will increase, reportedly to $3,900, in 2013 from $3,800 this year. • The maximum earnings subject to the Social Security tax will increase to $113,700 in 2013 from $110,100 in 2012. • Contributions to defined contribution plans will climb to a maximum $23,000 — $17,500 in regular contributions, up from $17,000 in 2012, plus $5,500 in catch-up contributions for those 50-plus, same as in 2012. • There will be a higher threshold on medical deductions, meaning it will be harder to qualify….
The Centers for Medicare and Medicaid has announced the new Medicare premiums, deductibles, and coinsurances. The standard Medicare Part B premium is increasing by $5 to $104.90 a month, smaller than the $9 per month increase predicted earlier in the year. Social Security recipients will receive a 1.7 percent increase in payments in 2013. Most people have their Medicare premiums deducted from their Social Security benefits. The smaller-than-expected hike means that most Medicare recipients will still receive a modest boost in Social Security benefits. Here are all the new Medicare figures: Part B premium: $104.90/month (was $99.90) Part B deductible:…
Now that the votes are counted and President Obama has a second term, what does it mean for seniors? While President Obama's re-election means Medicare and Medicaid as we know them will likely be preserved at least for the next four years, many challenges are still ahead. One of the biggest outcomes of the election is that the Affordable Care Act (ACA – a.k.a. "Obamacare"), which candidate Mitt Romney had promised to repeal, will almost certainly remain as law and be fully implemented. The law is already beginning to close the gap in Medicare’s prescription drug coverage known as the…
A recent report in the Wall Street Journal suggests the following tips for taking stock of your parents’ health – and recommends that, if faced with dementia or Alzheimer’s symptoms or signs of waning physical health, family members contact a professional geriatric care manager to get help creating a customized care plan. 1. Medical needs Get a sense of your aging parents’ physical and mental health, either by accompanying them to doctor’s appointments or requesting their permission to review medical records. Consider a consultation or full assessment with a geriatric care manager to go over possible health risks and lifestyle…
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