NewRetirement Blog » Medicare

Income Levels and Heart Disease

Erin — Tue, 15 Nov 2011 23:22:59 +0000

It’s no secret that money can usually buy better medical coverage in our country. Better health care plans with better doctors who have access to better supplies and equipment can be taken advantage of if you have the money to spend. This is why it wasn’t all too shocking when the American Heart Association released results regarding seniors and their risk of heart failure. Seniors with low incomes (benchmark for low income equaling $25,000 a year or less) were found to develop a risk of heart failure at a greater rate than those with higher incomes, even if they had Medicare coverage. The study also took into account education levels, but the biggest influence was the senior’s income level.

It is a sad reality that many low-income seniors sometimes have to make the difficult decision between food and housing or their medications. And more often than not, food and housing win. The study was not published in a medical journal as of yet and was only presented at a medical meeting so the findings cannot yet be taken as concrete, but it’s not a far reach to understand why a senior who is forced to skip their heart medication for food could very easily increase their risk for any disease.

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Don’t Forget! Medicare Open Enrollment Starts This Weekend!

Erin — Fri, 14 Oct 2011 23:19:17 +0000

Just a quick reminder – Medicare Open Enrollment begins this weekend and runs through December 7^th.

If you have moved, been diagnosed with a new medical condition or have started taking new medication, your current Medicare plan may not be sufficient anymore. Many plans have also changed, meaning the medications you take may be dropped from the plan or the costs may have fluctuated. To make sure no changes have been made or to see if you need to switch plans, visit the website www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227)

Medicare Annual Enrollment is Early This Year

Erin — Mon, 19 Sep 2011 21:47:04 +0000

Heads up! Now is a good time to start looking at your current Medicare plan and figuring out what kind of coverage you will want for 2012. Annual Medicare enrollment is coming earlier this year. October 15^th marks the first day and it will continue until the last day for enrollment on December 7^th.

This year, the benefits are remaining virtually the same for the majority of recipients but the program premiums will be falling by four percent, which is good news. In 2012, due to the Affordable Care Act, all beneficiaries will have access to Annual Wellness Visits as well as Medicare covered preventative services with no co-pay or deductible. It is worth noting that if you do not choose a plan for 2012 and you are currently enrolled in a Medicare Advantage plan, you will automatically be switched to original Medicare. The agency also made clear that in order to keep any prescription drug coverage, everyone will need to enroll in Part D plan.

Medicare Overwhelming for Some Adults

Erin — Tue, 30 Aug 2011 00:29:04 +0000

Have you or someone you know begun the process of choosing Medicare coverage? In a new study, it was found that many Americans are not choosing the best plan for them because of how complex Medicare is. According to assistant professor of health care policy and medicine at Harvard Medical School Dr. J. Michael McWilliams, “We are providing the most complex insurance choices to the very population that is least equipped to make these high-stakes decisions.” Many times, seniors with impaired brain functions are becoming overwhelmed by the choices that are available to them. And often times when more confusing options are presented to seniors, the default plan is chosen out of frustration and this results in people not taking advantage of the plan that could potentially serve them better.

What has been your experience with Medicare? Are you frustrated? Confused? Or do you now understand why people find it so confusing?

Want more information on Medicare Supplemental Insurance? Click here to read more.

Average Medicare Costs Falling in 2012

Erin — Fri, 05 Aug 2011 22:48:11 +0000

Let’s talk about some good news for once! The Obama administration announced on Thursday of this week that the average monthly premium for Medicare Part D (prescription drugs) will not go up – in fact, the average will drop slightly. How so? Apparently, the drug benefits program is benefiting from competition between private insurance plans and the growing popularity of generic drugs. Another possible reason is due to greater access to preventative health care.

Though this is great news for seniors, some still believe that the current Medicare model will bankrupt future generations. What’s your opinion?

Medicare Fraud

Erin — Wed, 03 Aug 2011 23:56:51 +0000

Did you know that every year, an estimated $60 billion (yes, that’s with a “b”) is lost in Medicare fraud? It seems hard to believe, but this type of crime has become one of the most profitable crimes in the U.S.

What is Medicare fraud? It’s when Medicare is billed for fake or unnecessary medical services and supplies. Some examples include your healthcare provider billing Medicare for a service you never received, or someone billing Medicare for medical equipment that you have sent back. How can you spot possible fraud? Make sure you keep all receipts to compare against your Medicare claims. If they don’t match up, don’t be afraid to report the questionable items. You can call 1-800-MEDICARE (1-800-633-4227) or visit the Stop Medicare Fraud website.

Have questions on Medicare? Ask one of our experts!

Medicare Part D Benefits

Erin — Sat, 30 Jul 2011 00:34:45 +0000

In a study that was released in the Journal of the American Medical Association on Wednesday concerning Medicare Part D, it was found that seniors who participate in the Medicare Part D program have significant savings that extend past the costs of drugs. It seems that seniors who are part of this plan not only have lower hospital bills but they also use more prescription medications, use those medications correctly and in the long run, have less out-of-pocket costs.

Want to learn more about Medicare Part D? Read more here.

The Cost of Medication

Erin — Thu, 16 Jun 2011 20:54:13 +0000

Imagine you are diagnosed with cancer and your doctor has prescribed you a drug that you need to prevent the disease from spreading. Now imagine standing at the pharmacy and the pharmacist tells you the drug will cost you more money than you make in a month. This scenario isn’t as unlikely as most would hope – it has been reported that one in six Medicare beneficiaries do not fill their prescriptions.

Why is this? Why are the drugs that are sometimes the only option for a patient, so expensive that many could never afford them? Private insurance companies blame the drug makers for making the medicine too expensive. Drug makers blame the private insurance companies for creating high co payments on their drugs. In an article posted by the Associated Press, one senior who had to find alternative measures when she could not afford her medications described the situation as this, “After you’ve worked all your life, you get something catastrophic and you run into news like your drugs are going to cost $2,400.” Have you or anyone you know run into problems with the cost of medication on Medicare? What, if anything, were you able to do to get these drugs?

Read the full article, Seniors Face Medicare Cost Barrier For Cancer Meds,” here.

Have a question about Medicare Supplemental Insurance? Ask here.

How Would You Save Medicare?

Erin — Wed, 15 Jun 2011 00:24:28 +0000

When it comes to funding Medicare, who has the answers? It’s been estimated that the typical 56 year old couple pays approximately $140,000 into Medicare over their lifetime, but receives $430,000 back in benefits. You don’t have to be a mathematician to know that with these numbers, Medicare is on track to run out of money (some think it will disappear in a decade if action isn’t taken now).

So how would you help fix the problem? Some favor a competition-based plan. Some favor a plan that is set up like a menu where seniors would be able to pick and choose their insurance plans. No matter what side of the political spectrum you’re on, you have to admit – Medicare needs fixing.

Republican Medicare plan is off the table

Jason — Thu, 05 May 2011 18:40:36 +0000

It appears in recent days that the House republicans have been backing down on their proposed plan for replacing Medicare with a voucher-based system to control the spiraling costs of the federal program. While this is probably a move designed to enable a deal to be worked out over the impending debt ceiling increase, it still leaves Medicare’s ultimate future in flux.\

Whatever alterations are made to Medicare are unlikely to affect those currently receiving benefits, but those who are turning 65 in a few years would be well advised to consider their retirement plan in the light of possible changes to the program, and decide whether supplemental coverage is likely or not to assist them in their overall retirement strategy.