Now that we have begun a new year we wanted to take this time to inform you of the current Medicare costs for 2014. The Part A Premium hospital inpatient deductible is $1,216 for each benefit period. Costs for skilled nursing facility stay under Medicare Part A is $0 for days 1-20 and $152 coinsurance per day for days 21-100 (It is wise to verify with your co-insurance carrier if you have coverage for this co-insurance). The Medicare recipient is then responsible for all costs for days 101 and beyond. The yearly Medicare outpatient physical therapy cap is $1,920.
The Part B premium is $104.90 for most people. However, those with an adjusted gross income above a certain amount for the year 2012 will be pay more. The official U.S. government site for Medicare provides a chart that outlines the premium amounts based on your 2012 income: http://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html. The Part B deductible will remain the same as last year at $147.
Medicare Part C Advantage Plans vary depending on the plan. Medicare.gov advises Part C recipients to “review the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC) your plan sends you each fall. The EOC gives you details about what the plan covers, how much you pay, and more. The ANOC includes any changes in coverage, costs, or service area that will be effective in January.” They also advise that you contact your plan if you do not receive the aforementioned documents.
The Part D monthly premium also varies by plan. Specific plans can be searched for at the following: http://www.medicare.gov/find-a-plan/questions/search-by-plan-name-or-plan-id.aspx. The Part D deductible decreased $15 since last year and is now set at $310. The Part D doughnut hole is now $2850 after a decrease of $158.75.
Further information can be found at: http://www.medicare.gov/your-medicare-costs/costs-at-a-glance/costs-at-glance.html#collapse-4808
To download a copy of Medicare and You 2014 click the following: http://www.medicare.gov/Pubs/pdf/10050.pdf