Medicare Gives Itself a Raise

The cost of your part B Medicare has gone up, now there's a surprise.... not! But the good news is that it wasn't raised very much. You will now be paying 3.1% more or $96.40. This increase is the smallest since 1999-2000, when the premium was at the same level, $45.50, for two years in a row. The maximum will be $238.40 a month for the most affluent, individuals with annual incomes exceeding $205,000 and each member of a couple reporting combined income of more than $410,000. For an individual with annual income from $102,000 to $153,000, the premium will be $160.90 a month.

The annual deductible for doctors’ visits and other Part B services will be $135, up from $131. The deductible was fixed at $100 a year from 1991 to 2004. It now increases to reflect the growing average cost of Part B services for beneficiaries 65 and older. For a beneficiary admitted to a hospital, the deductible will be $1,024 next year, up from $992.

Are you a Quimby? or What the heck does QMB mean?

What are some of the ways to save on part B payments?

Taking advantage of private insurers that enroll in alternatives to traditional Medicare, like HMOs. They offer rebates on all or part of the Part B premium. Details are available here soon. These plans are not the proper decision for everyone and like I've said ad nauseam consult and compare, do a needs assessment.

Are you a Quimby?

For assistance with your Medicare Part B premium, you may be eligible to have your State pay the $96.40 for you. The program is called “QMB” or “Qualified Medicare Beneficiary.”- Under the QMB program, states must pay Medicare premiums, deductibles and co-insurance for aged and disabled people with countable incomes below 100% of federal poverty levels and with countable resources below $4,000 for an individual and $6,000 for a couple. The current 2007 income eligibility limit for QMBs is $837 per month for an individual and $1120 per month for a couple.