Changes in Medicare for 2018

Respite Care & Assisted Living FLLast week our blog covered some of the changes in Social Security coming in 2018. Medicare is the other “twin” government program that is of essential interest to seniors and, of course, to OurSeniors.net. There will be some changes to Medicare in 2018 and they are briefly described below.
Medicare Part A. Medicare Part A (hospital insurance) is a no-premium benefit to most seniors aged 65 or over.  If you are already getting Social Security benefits or are eligible to receive them but have not yet chosen to do so, Medicare Part A costs nothing in 2018 as it has in the past. A small number of people aged under 65 (mainly those receiving Social Security Disability Benefits) are allowed to purchase Part A Medicare plans.  The cost to these people ($413 per month) should remind seniors of how important this no-premium benefit is to them.
Medicare Part B. If you are receiving Social Security benefits, the Part B premium is automatically deducted from your monthly Social Security payment. Social Security is trying to “go green” and provide as much information as possible by internet. They encourage people to create a secure account at the Social Security website. If you have done so already, you can view your 2018 Benefit Amount Statement by logging on at www.socialsecurity.gov/myaccount. If you have not already created an online account, you should have received your Benefit Amount Statement for 2018 by mail.
The standard Part B premium is $134 a month, but because of the complicated relationship between Social Security benefits, Medicare premiums and a person’s non-Social Security income, it is not possible to tell exactly what your Medicare Part B premium will be without looking at your Benefit Amount Statement. For some seniors, it may be as low as $109 per month; however, in many cases the 3% Social Security COLA is going to be partly lost to increased Part B premiums. Click to read, “Changes in Social Security Benefits, 2018.”
Part D. The drug benefit plan covers prescription drug costs. Many Advantage plans cover Part D, but Medigap plans do not and those who choose a Medigap plan must also get a stand-alone Part D plan if you want drug coverage. The premiums for these plans vary by location and the plan chosen, but premiums for Part D coverage are expected to actually decline slightly in 2018.
Medicare Deductibles. The expense you (or your insurance) pay before Medicare begins to pay is called the deductible. The Medicare Part A hospital deductible in 2018 will be $1,340. This is an increase of $24 for the year. The Medicare Part B deductible remains at $183 for 2018.
Medicare Supplement (Medigap) and Medicare Advantage Plans. These are private insurance plans offered to Medicare beneficiaries. The differences between these programs should be the subject of a separate article. For now, know that the premiums are expected to be stable, but will vary from plan to plan.
Unfortunately, dealing with Medicare choices is one of the challenges of senior life. OurSeniors.net exists to serve the needs of seniors in every way we can. Please call on us if you or a loved one needs assistance finding help with senior-related financial, housing and other questions. Our directory contains information about professional and knowledgeable financial advice for seniors, finding a Florida attorney, Florida CPA, or senior real estate specialist. The OurSeniors.net website can direct you to dependable providers of-

  • 55+ communities in Florida
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Check out our website at OurSeniors.net and take an online look at our senior living magazine, OurSeniors.net Magazine by clicking its link. Our core mission is always to help meet the needs of seniors in every way. You can talk to an OurSeniors.net Advisor by calling 866-333-2657 or by clicking on this link, Contact OurSeniors.net.

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