Ken asks…
Seniors: Should we accept the fact that COLAs are a thing of the past?
The government is projecting a slight cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums threaten to wipe out any increase in payments, leaving them without a raise for a third straight year.
About 45 million people — one in seven in the country — receive both Medicare and Social Security. By law, beneficiaries have their Medicare Part B premiums, which cover doctor visits, deducted from their Social Security payments each month.
When Medicare premiums rise more than Social Security payments, millions of people living on fixed incomes don’t get raises. On the other hand, most don’t get pay cuts, either, because a hold-harmless provision prevents higher Part B premiums from reducing Social Security payments for most people.
Bob – Not worried, just an observation
Medicare Insurance AZ staff answers:
Isn’t it “interesting” how Boomers are more or less becoming eligible to retire, in droves…and Social/COLAs are not being increased…?!!
Coincidence!
Sharon asks…
Any Young At Heart Seniors Out There Changed Their HMO Plan Recently?
and is it a good idea to do so?
I’m currently in Blue Shield HMO but seriously thinking of changing to Central Health Medicare Plan HMO.
There are certain things I don’t like about Blue Shield such as all the co-pays. I had to pay a co-pay to see a Cardiologist and another to see a Intervention Specialist and I also had $125 co-pay for a CT Scan. I want to get work done on my teeth but there will be a sizable co-pay if I need dentures.
I have had a certain procedures done and the doctor told me to follow up with him in March but I need to make a decision before Dec. 31st if I want to change my HMO plan.
The company I am thinking about going with is Central Health HMO Plan which has no co-pays for any non-primary doctor visits, specialists or procedures and I will get a $20 reduction on my Medicare Part B premium. They pay for all denture work also and the prescription plan is not bad. So far is sounds like something that will benefit more than Blue Shield. The agent is sending me the paperwork today.
This is my first year with Medicare/Blue Shield and I was wondering is it a good idea to change Plans or does it really make that big of a difference.
Medicare Insurance AZ staff answers:
Your Medicare monthly premiums dont change when you switch plans. Every state or region has different plans. Where I live there is no such plan as Central Health. I use Kaiser. You should check every single benefit and compare it to the Blue Shield Medicare plan before you switch. I assume you are in Medicare Advantage.
Chris asks…
Am I calculating Pennsylvania Income Tax correctly?
For my disabled brother (age 61 in 2009):
Social Security Benefits $14,969.
Medicare Part B premiums $1,157.
Interest income $11
Dividends $1,445 ($471 in qualfied dividends)
Other income $139
On the tax software, coming up with tax of $46. Is this about right?
The problem is that someone else prepared my bother’s tax return for 2008, and they came up with zero Pennsylvania tax with similar numbers. Am I missing something, or did they do it wrong for 2008. (Unfortunately, nobody seems to have a copy of the 2008 returns).
Medicare Insurance AZ staff answers:
The deductions you list have nothing to do with his state income tax. PA doesn’t tax income of SS or pension, although the ‘other income’ IS most likely PA taxable – without knowing what it is though, can’t even say that for sure. If he won it on the PA lottery it wouldn’t be. The interest and dividend income are taxable for PA, unless the interest is from US savings bonds, that wouldn’t be PA taxable.
If his total reportable income for PA is small, he’s very likely eligible for tax forgiveness – you need PA form SP for that. It could very possibly take his PA tax to zero. That’s probably what you’re leaving out.
If you post again with any other INCOME amounts and what they’re for, someone can help you.
Ruth asks…
Penalty for not buying Medicare Part-A?
My parents are immigrants and over 65 yrs old, when they come to the US with a greencard, I heard that they are eligible to buy medicare after 5 years. Since they have not paid any social security, they need to pay a pretty high premium. If they don’t want to buy Medicare Part-A after they quality and do it in a later date, is there any penalty for Part-A? I know there is a penalty for part-B and Part-D, but no one seems to have a clear answer for Penalty for Part-A. Thanks!
Medicare Insurance AZ staff answers:
Please contact your local Social Security office & ask someone who is qualified to answer your questions. It’s best to visit your SS office & sit down face to face with someone.
James asks…
What will my medicare pay for?
I just got medicare insurance for my Bipolar disabilty. I have to pay a premium each month for it. What about when i go and see all my doctors and go and get my prescriptions for all my meds, will I have to pay money for my medications and when I see my doctors will I have to pay a copay? Also If I was too get hospitalized again will I have to pay for that too? I tried asking the medicare number that I was assigned to all of these questions but it was a long phone wait so I wanted to see if anyone knew any information on it on here. I am on medicare part A and medicare part B so any information that anyone has on medicare, I would like to know all about because I know absolutley nothing about Medicare. Thanks so much in advance =]
Medicare Insurance AZ staff answers:
Medicare is available by phone 24 hours 7 days a week so try calling during the night to get some of your questions answered without the long wait.
Right now, it sounds like you have Medicare Part A which covers in-patient hospitalization. You do not have a premium for Part A. However, Part A has a large deductible over $1000 the first time during the calendar year you are in-patient and that deductible re-occurs more than once during a year. Otherwise, your inpatient services are paid at 80%.
If you took Part B, you are paying a premium which you might be having deducted from social security disability payments or medicare premiums. If they aren’t automatically being deducted from a government check being sent to you, make sure your Part B premiums are paid monthly. Part B pays for outpatient services such as doctor’s visit. Part B will pay 50% of a mental health visit and you will have to pay the 50%.
Since you can there are many out of pockets costs you have even with Medicare Part A&B, it might be a good idea to purchase a medicare supplement. A medicare supplement picks up everything that was not paid by medicare. A medicare supplement is normally $200 per month.
Neither Medicare Part A nor Part B pay for prescription medications. You can purchase Medicare Part D for prescription coverage or you can ask your doctor if he or she has already arranged for your medications to be provided for you.
Good luck. I hope you continue to feel well.
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