Medicare Part B Excess Charges
For those of us who elect to stick with Original Medicare (not Medicare Part C (Medicare Advantage)), Medicare Part B Excess Charges are charges that a doctor adds above and beyond the Medicare-approved amount for a procedure or service. When a provider/doctor accepts Medicare “assignment”, the provider/doctor won’t bill...
Basic Medicare (Part A and Part B) doesn’t cover everything
There are extra coverage costs that must be considered when signing up for Medicare. You can elect to stay with Original Medicare and sign up for Medicare Part D (Drug coverage) and Medicare Supplement (Medigap) OR elect to sign up with a Medicare Advantage (Part C) plan. Original Medicare...
Medicare Advantage participants should appeal denial of claim
The bad news is “a new report by federal investigators finds that [Medicare] Advantage plans have a pattern of inappropriately denying patient claims.” “The good news is that those denials are frequently overturned if people bother to appeal.” “The [Medicare] Advantage payment model reimburses plans a pre-set amount per patient,...
Do seniors need to be wary of Medicare Advantage plans?
Medicare Advantage (Medicare Part C) is basically a replacement for traditional Medicare. With Medicare Advantage you purchase a private health care plan that replaces almost all of Medicare Part A (hospitalization), Medicare Part B (medical), Medicare Supplemental (Medigap) plans and many times Medicare Part D (prescription). You cannot get a...
CMS announces 2019 Medicare Parts A & B premiums and deductibles
The Center for Medicare and Medicaid Services announces Medicare Parts A & B premiums and deductibles increase in 2019. Medicare Part A (hospitalization) Premiums/Deductibles Medicare Part A covers inpatient hospital, skilled nursing facility, and some home health care services. About 99 percent of Medicare beneficiaries do not have a...
Social Security 2019 increase of 2.8%! However….
From CNBC, The Social Security Administration announced that the cost-of-living adjustment for 2019 will be 2.8 percent. The increase marks the biggest boost to benefits since 2012, when beneficiaries saw a 3.6 percent increase. From 2013 to 2018, the increases were 1.7%, 1.5%, 1.7%, 0.0%, 0.3%, 2.0%, respectively. This is...
Medicare improvements in 2019
According to AARP, there are “7 Ways Medicare Will Improve in 2019.” Changes range from an early close of the prescription drug coverage donut hole to outpatient therapy caps gone to expanded Medicare Advantage plan benefits. 1) Medicare Part D (prescription drug coverage donut hole) Thanks to the Affordable...
Banks can help to fight “elder financial exploitation”
Reported instances of elder financial exploitation are on the rise. The Consumer Financial Protection Bureau (CFPB) has attempted to track the losses and its estimates range wildly, somewhere between $2.9 and $36 billion per year. This significant spread is caused mainly by the difficulties in determining actual abuse cases...
Why should family leave be a part of Social Security?
A bill was introduced this month that would “allow parents to use Social Security benefits to pay for new-parent leave.” The Economic Security for New Parents Act (S.3345) would “borrow from the Treasury in the short term running a deficit, but it would recoup costs and break even fully...
Federal Income Tax on Social Security Benefits
When Social Security was initiated (1935), it was excluded from federal income taxation. The Treasury Department’s underlying rationale for not taxing Social Security benefits was that the benefits under the Act could be considered as “gratuities,” and since gifts or gratuities were not generally taxable In 1983, Congress passed...