Medicare Rate Review For 2010
It happens every year. Medicare establishes how much beneficiaries pay for their Medicare premiums, deductibles and co-payments.
Most people dont pay a monthly Part A premium because they worked 40 or more quarters of Medicare-covered employment, notes Alan Weinstock an insurance broker at www.MedicareSupplementPlans.com. However, Medicare Part B is a different story. The current rate is being increased, but will mainly affect new enrollees.
Heres a complete look at the changes to Medicare premiums for Part A and Part B as well as a look a changes to deductibles and co-payments.
Medicare Premiums for Part A and Part B
Anyone who has worked and paid taxes has paid into Medicare. However, you have to work at least 40 quarters in order to contribute enough so that you dont pay for Medicare Part A (hospital coverage) when you sign up at age 65.
If, on the other hand, youve worked fewer than 40 quarters of covered employment you can still buy Part A coverage. For those who have worked 30 and 39 quarters the current cost is $254 a month. For those with less than 30 quarters of covered employment the cost is $461 per month.
As for Medicare Part B (medical coverage), most people who were already covered by Part B will be able to hold their current monthly rate to $96.40 per month due to the hold harmless provision of law. However, some people, especially those who are new to Medicare in 2010 will now be paying the higher rate of $110.50 per month. Heres the breakdown:
Individuals
Married Couples
Medicare Part B
Up to $85K, held harmless
Up to $170K, held harmless
$96.40
Up to $85K, not held harmless
Up to $170K, not held harmless
$110.50
$85K to $107K
$170K to $214K
$154.70
$107K to $160K
$214K to $320K
$221.00
$160K to $214K
$320K to $428K
$287.39
Over $214K
Over $428K
$353.60
Deductibles and Co-Payments
If you hadnt already noticed, the premiums werent the only things that went up this year. Deductibles and co-payments increased as well.
The 2010 Medicare Part A deductible went up $32 to $1,100 per illness, while the Medicare Part B deductible increased by $20 to $155. In addition, the Medicare Part A deductible covers your first 60 days of Medicare-covered hospital stay. After that you pay $275 a day for days 61 through 90. After the 90th day, your co-pay for lifetime reserve days increases to $550 a day.
Having a good Medicare supplement plan (also known as Medigap) can help defray the impact of some of these increases. In fact if you want a convenient website that allows you to compare rates, plans and benefits from several prominent insurance companies you should visit the experts at http://www.MedicareSupplementPlans.com.
by: SophieBen
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