Medicare Recipient Cost Changes for 2018
It is that time of year again for the annual change in co-payments for Medicare recipients. So what does that mean exactly for you? That means modest price increases for those Medicare recipients who choose to stick with Original Medicare Part A and Part B. Although the increases are not much it is still a price increase that you could potentially avoid by choosing a Medicare Supplement or a Medicare Advantage Plan.
Original Medicare Price Increases
Key facts to remember is that with a Medicare Supplement you will likely not be responsible for any of these cost. With a Medicare Advantage they bill different, but you would still receive a charge for the first 4 days with some plans up to 7 days with other plans. Often times Medicare Advantage co-pays are higher than Original Medicare’s Deductible.
You would also have co-pays past day 20 in a Skilled Nursing Facility, but can often be avoided with a Medicare supplement.
Part B Premium Changes
For the record 30% of recipients that are not beneficiaries of the “Hold Harmless Act” their premiums will jump to $134 and those who have been paying $104.90 under the “Hold Harmless Act” will increase to $109/month.
Part A Premiums 2018
Enrollees age 65 and over who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium in order to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $232 in 2018, a $5 increase from 2017. Uninsured aged and certain individuals with disabilities who have exhausted other entitlement and who have less than 30 quarters of coverage will pay the full premium, which will be $422 a month, a $9 increase from 2017.
Most individuals will not have a Premium for Part A as they have worked 40 quarters in their lifetime or they have a spouse who has worked 40 quarters. The Premium is conditionally free for these Medicare Recipients.
For the individuals who have already locked into a Medicare Advantage Plan in 2018 by enrolling between October 15th and December 7th 2017, the Annual Enrollment period (AEP) you are where you are until next year. That is unless you qualify for a Special Enrollment Period (SEP) during 2018. So sit back, relax, and enjoy your benefits. You might want to cross your fingers that you don’t get to sick in 2018 because those pesky co-payments will add up fast. Up to $6700 out of pocket in a year.
For those of you who chose to stick with Original Medicare Part A and Part B with a Part D prescription drug plan (PDP), you want to cross your fingers to that you don’t get hit with any major illness. Co-pays add up and there is not a Maximum Out of Pocket. But fortunately there is still time to get a Medicare Supplement. Medicare Supplements do not have an annual enrollment period. As log as you do not have a Medicare Advantage plan you can add or change your Medicare Supplement anytime you would like throughout the year. That is as long as you can pass the Medical Underwriting questions.
For the Jedi Masters who already have a Medicare Supplement, (I had to get a Star Wars Pun in with the release this week), you have chosen wisely. The only thing you need to do is call me and do a price comparison to see if there is a better price since pricing changes yearly. Some go up, some go down, and new plans are released all the time.
I am Mark Garrett and I am a Medicare Specialist Agent and owner at National Senior Savings. I want to thank all of my clients and people who have called this year to make the year truly amazing. No matter what you celebrate during this Holiday Season, may it be wonderful and blessed with family and friends. Merry Christmas from my family to yours. If you need to speak with me you can reach me at 800-708-5810, email me at firstname.lastname@example.org or simply browse the site for tons of FREE information.