HCN Reader MEDICARE/SOCIAL SECURITY ALERT: Social Security release COLA 1.7% increase and Part B Premiums for 2015
Last week was a good week for those receiving Social Security and also Medicare benefits. Not only did Americans receive a 1.7% COLA (cost of living adjustment) which is an increase of .04%. The average monthly Social Security check is about $1,328.00 which is about a $22 a month increase.
On Thursday, October 9th, Medicare released what the 2015 Part A and Part B deductibles as well as the new Part B premium will be. The standard Part B premium for 2015 will not change and will remain the same as 2014 a premium of $104.90 a month.
Most Medicare beneficiaries will have a $104.90 monthly premium, but some on Medicare whose income is more than $85,001 for an individual or $170,001 for a couple will pay more than $104.90. If your income is above that range, go online to www.medicare.gov for what the new Part B premiums will be as well as all of Medicare other new deductibles.
Also released were the new Part A and Part B deductibles. The new Part A hospital deductible will be an increase of $44.00 to $1,260.00, but Part B’s deductible the same at $147.00. This is FANTASTIC because normally the Part B deductible increases each year that I have been working with Medicare clients.
Medicare skilled nursing for 2015 will be days 1-20 $0 co pay and days 21- 100 will change from $152.00 for 2014 to $157.50.
All changes to Medicare Parts A and B as well as the changes to Social Security checks will begin January 1, 2015.
Dear Toni:
I am so confused because I get all of this mail on Medicare. My Medicare does not begin until February 1, 2015. Will I get this penalty that everyone is talking about if I do not enroll in something by December 7th? I don’t want to do something wrong…Thanks, Sam from Bellaire
Hello: Sam:
The enrollment period of October 15 to December 7th has nothing to do with people who are getting on Medicare or going to be receiving Medicare in 2015 like you are. This time period is only for Medicare Beneficiaries who are already on Medicare and want to change or enroll in a standalone “Part D” Medicare Prescription Drug plan or change or enroll in a Medicare Advantage plan that is with or without a “Part D” Medicare Prescription Drug plan.
Since you are receiving your Medicare in February, then you will have three (3) months before February, the month of February and three (3) months after which will end May 31st to enroll in Part B of Medicare or also either a standalone Medicare “Part D” prescription drug plan.
If you are leaving your company benefits in February, you might want to apply for a Medicare supplement with a standalone Part D Medicare prescription drug plan or look into what Medicare Advantage plan might meet your Medicare needs
Right now there are over 10,000 baby boomers joining Medicare every day for the next 18 years, so you are not the only person who is a little confused on what Medicare is all about!!
Sam, if you are still confused about your Medicare options you can always email me at
www.tonisays.com/ask-toni.
Toni King is the author of Medicare Survival Guide is available only at www.tonisays.com . Toni is an advocate/consultant for those “Confused about Medicare”. Email questions or to consult with Toni and her team about your Medicare needs to www.tonisays.com/ask-toni or call 832/519-TONI (8664).
