Even if you are satisfied with your Medicare Drug Plan from 2007, it is wise to evaluate your plan and other options for 2008. Beginning November 15 Medicare recipients have an Annual Enrollment Period. After that date, seniors can make changes to the drug insurance and also their
health plan coverage. That enrollment period ends December 31 and coverage begins January 1, 2008. To date, about 8.3 million people nation-wide have elected to have a Medicare Advantage Plan as a replacement for their Medicare supplement. It does work different that the original Medicare benefit structure. The key is to determine if it is right for you.
Many prescription drug plans are slated to take increases in premium. Others have dropped a plan or removed a covered drug from the plan formulary. "As much of a hassle as it is, (shopping around) could save you thousands of dollar. You could be horribly surprised in January if you don't check now." This is a quote from Bill Vaughan, senior policy analyst for Consumers Union.
The Formulary Finder on www.Medicare.gov will give you an independent review of how each plan covers your individual medications. The PDP plan websites can also provide answers to "How much is it?" and "What does it cover?" Take some time to review your options for 2008.
Reviewing your benefit options can give you peace of mind that your plan will cover your 2008 medications and do so with the lowest premiums and co-pays available.
Wednesday, November 14, 2007
2008 Medicare Figures
By now most people on Medicare have received their 2008 Medicare and You Handbook. If not, a call to Medicare (1-800-Medicare) will be able to secure a copy of this important guidebook. Like every prior year, there are changes to the out-of-pocket amounts seniors will pay towards their medical care. The following is a list of these changes:
Part B (Doctor Visit) premium increased from $93.50 to $96.40.
Part B deductible increased from $131 to $135.
Part A (Hospital) deductible increased from $992 to $1024
Also, Part B premiums are now subject to means testing. This means higher income seniors (those earning $80,000) will receive higher Part B premium.
These are a few changes to Medicare for 2008. A complete listing of changes can be gained from the Medicare and You Handbook.
Part B (Doctor Visit) premium increased from $93.50 to $96.40.
Part B deductible increased from $131 to $135.
Part A (Hospital) deductible increased from $992 to $1024
Also, Part B premiums are now subject to means testing. This means higher income seniors (those earning $80,000) will receive higher Part B premium.
These are a few changes to Medicare for 2008. A complete listing of changes can be gained from the Medicare and You Handbook.
Thursday, November 1, 2007
Out-Of-Pocket Spending Increases For Medicare Beneficiaries
A growing share of Medicare beneficiaries' income was spent on health care, with median out-of-pocket health spending up from 11.9% of income in 1997 to 15.5% in 2003, according to a new study published in the November/December 2007 issue of the journal Health Affairs.
The study found that about four in 10 beneficiaries spent at least one-fifth of their income on health care in 2003. The top 10% of beneficiaries spent more than half of their income on health care. The study found that growth in out-of-pocket health spending outpaced growth in income over time. Between 1997 and 2003, median out-of-pocket health spending increased by $1,116 — a 50% increase, while median individual income rose by just 15%. Premiums for Medicare and supplemental insurance were the largest component of the increase, followed by payments for medical care providers and services.
Spending on prescription drugs accounted for a relatively small share of total out-of-pocket health spending in 2003 (13.7%), but accounted for 18.1% of the out-of-pocket spending increase between 1997 and 2003. The authors note that it is too early to determine the effect of the Medicare Part D drug benefit on the overall financial burden of health care spending by Medicare beneficiaries. The article can be found at www.kff.org/medicare/med110107oth.cfm.
The study found that about four in 10 beneficiaries spent at least one-fifth of their income on health care in 2003. The top 10% of beneficiaries spent more than half of their income on health care. The study found that growth in out-of-pocket health spending outpaced growth in income over time. Between 1997 and 2003, median out-of-pocket health spending increased by $1,116 — a 50% increase, while median individual income rose by just 15%. Premiums for Medicare and supplemental insurance were the largest component of the increase, followed by payments for medical care providers and services.
Spending on prescription drugs accounted for a relatively small share of total out-of-pocket health spending in 2003 (13.7%), but accounted for 18.1% of the out-of-pocket spending increase between 1997 and 2003. The authors note that it is too early to determine the effect of the Medicare Part D drug benefit on the overall financial burden of health care spending by Medicare beneficiaries. The article can be found at www.kff.org/medicare/med110107oth.cfm.
1 in 7 Older Americans Has Dementia
According to the National Institutes of Health, an estimated one in seven Americans over 70 have dementia, including 2.4 million who have Alzheimer’s disease, according to a new study funded by the National Institutes of Health. “As the population ages during the next few decades, the prevalence of Alzheimer’s disease will increase several-fold unless effective interventions are discovered and implemented,” said Richard Hodes, M.D., director of the National Institute on Aging. “These data underscore the urgency of research in this area.”
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