By Tucker Thompson
Because the impact some of these changes can have on both your healthcare and checkbook, thorough reviews are recommended! Highlights are mentioned, with special emphasis on checklists to help better understand your choices.
While most Medicare recipients still won’t pay any “monthly premiums” for Part A in 2017, patient responsibilities per benefit period will include a $1,316 “deductible” for hospital stays from one to 60 days and $164.50 “coinsurance” after 20 days for skilled nursing facility stays. Part B “monthly premiums” will be $134 this year, with final figures income based. Additional patient costs include this year’s $183 annual deductible and 20% of your Medicare approved bill.
To help offset costs, Medicare supplements or Part C [including Advantage Plans, HMOs, PPOs, PFFS] offer additional coverage seniors can buy. While some plans can save you thousands, others can cost you thousands! When reviewing plans:
Make sure your doctors accept the plan.
Carefully review the coverage, monthly premiums, deductibles, & co-pays.
Ask what the maximum, worse case out of your pocket is.
Check at least one other company’s plans for comparison!
Look at company support systems––an 800 number––with or without a local agent.
Prescription Drug Plans [Part D] for 2017 have made changes to their formularies, their premiums, and deductibles may be as high as $400, and co-pays. When reviewing
Prescription Drug Plans:
Make sure your prescriptions are on the plans formulary!
Estimate expected annual costs for your prescriptions.
Are there savings using “mail order” or buying 90 day supply?
What’s the monthly premium? Include any deductibles!
Are “preferred pharmacies” convenient for you?
For 2017 “the gap/donut hole” is between $3,700 and $4,950. You’re responsible for paying 40% of your brand name drugs and 51% of your generic drugs while in this “gap/donut hole.”
The Cost of Living Adjustment [COLA] for Social Security participants is .0003% for 2017.
With so many moving parts to Medicare, seeking help from an experienced independent agent who specializes in Medicare plans and is licensed with several companies can be indispensable!
Tucker Thompson, CSA, has worked in the insurance field for over 24 years in Life Insurance, Long-Term Care, Medicare Supplements, Medicare Advantage Plans, and Prescription Drug Plans.
