Hello Toni:
I have recently enrolled in Medicare and have received my Medicare and You handbook. I have looked all through this book and cannot find what the Medicare Part A and B deductible or maximum out of pocket is. Can you provide me with an easy way to find these numbers? I really would not want to pay more than I have to.
~ Thank You, Sylvia from Kingwood
Happy New Year, Sylvia:
Every year the Medicare and You handbook is mailed out before October 1st to all Medicare beneficiaries, to help guide them with their choices for the Medicare open enrollment period which just ended on December 7th of last year.
The handbook states on page 152 that at the time of printing the 2015 premiums and deductible amounts for Part A and Part B were not available at the time of printing. It wasn’t until Oct 9th that these numbers were released.
I wanted to start the 2015 New Year’s Medicare column with the new Part A and Part B premiums and costs.
- Part A Costs (Inpatient Hospital): The new 2015 Part A inpatient hospital deductible will be an increase of $44.00 to $1,260. Remember the Part A deductible starts over every 60 days. It is not a once a year deductible. Under Part A is also Medicare Skilled Nursing for 2015 your costs will be days 1-20 $0 co pay per day and days 21- 100 will be $157.50 per day.
- Part B Costs (Medical): The new 2015 Part B medical/doctor deductible will be the same as 2014 which is $147 once a year. This is FANTASTIC because normally the Part B deductible increases each year that I have been consulting with Medicare clients. 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.
- Part D Costs (Prescription Drug Plan): The new 2015 Part D changes are the deductible is $320 once a year. You will pay your share for your prescription drugs until the combined amount reaches $2,960 and then you have reached the famous donut hole. When you have reached the donut hole or coverage gap as Medicare call it, then you will pay 45% for your prescription drug plan’s cost for “covered” brand name drugs and 65% for the plan’s cost for “covered” generic drugs until a total of $4,700 has been spent out-of-pocket for the year. Once that amount has been spent, then you will enter catastrophic coverage and will pay a small coinsurance or copayment for each “covered” drug. *When choosing a Medicare Part D plan be sure that all of your drugs are “covered” or you will pay 100% for that specific drug. I cannot stress the importance of verifying that your prescription drugs are in that specific plans formulary.
Medicare has made the 2015 costs available at www.medicare.gov/your-medicare-costs. Many are surprised to learn that your Medicare Part B and Part D premiums are based on your income.
I am making available to all HCN readers the 2015 Medicare costs by visiting www.tonisays.com.
Toni King, author of the Medicare Survival Guide®, which is a simple guide that puts Medicare in people terms, is on sale at www.tonisays.com. Email questions or to schedule a “Confused about Social Security and Medicare Workshop” to www.tonisays.com/ask-toni or call 832/519-TONI (8664).
