Pharmacy and Medicare information!
Changes in Medicare Premiums and Co-Pays
The Centers for Medicare and Medicaid has announced the new Medicare premiums, deductibles, and coinsurances. The standard Medicare Part B premium is increasing by $5 to $104.90 a month, smaller than the $9 per month increase predicted earlier in the year.
As previously reported, Social Security recipients will receive a 1.7 percent increase in payments in 2013. Most people have their Medicare premiums deducted from their Social Security benefits. The smaller-than-expected hike means that most Medicare recipients will still receive a modest boost in Social Security benefits.
Here are all the new Medicare figures:
- Part B premium: $104.90/month (was $99.90)
- Part B deductible: $147 (was $140)
- Part A deductible: $1,184 (was $1,156)
- Co-payment for hospital stay days 61-90: $296/day (was $289)
- Co-payment for hospital stay days 91 and beyond: $592/day (was $578)
- Skilled nursing facility co-payment, days 21-100: $148/day (was $144.50)
As directed by the 2003 Medicare law, higher-income beneficiaries will pay higher Part B premiums. Following are those amounts for 2012:
- Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000 will pay a monthly premium of $146.90 (was $139.90).
- Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 will pay a monthly premium of $209.80 (was $199.80).
- Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000 will pay a monthly premium of $272.70 (was $259.70).
- Individuals with annual incomes of $214,000 or more and married couples with annual incomes of $428,000 or more will pay a monthly premium of $335.70 (was $319.70).
Medicare Medicare Low-Income Subsidy (“Extra Help”) Medicare beneficiaries are eligible for “Extra Help” paying for prescription drugs if they have limited income and resources. The extra help can increase their cost savings by paying for part of the monthly premiums, annual deductibles and prescription co-payments under the Medicare Part D prescription drug program. The extra help is estimated to be worth an average of $4,000 per year. You may need to reapply annually.
For more information or to apply, contact the Social Security Adminstration at 1-800-772-1213, 1-800-325-0778 (TTY) and ask for the Application for Help with Medicare Prescription Drug Plan Costs. To apply online, visit www.ssa.gov/prescriptionhelp/
You may also contact: i Illinois Department on Aging Senior HelpLine at 1-800-252-8966, 1-888-206-1327 (TTY), e-mail: email@example.com. Senior Health Assistance Program (SHAP) sites provide free counseling and assistance applying for prescription drug assistance programs, including Benefits Access Applications, Medicare Part D and “Extra Help.” For a list of SHAP sites, visit www.state.il.us/aging/1directory/directory-main.htm#rx-help.