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For many Americans, Medicare premiums will increase in the year 2017.

family_health_insurance_1Always speak to a professional to help you choose the best coverage to fit your specific medical and financial situation.

  • Deciding if you want the Original Medicare or possibly an Advantage Plan as with an HMO and or PPO.
  • You will have decisions to make for types of prescription drug coverage plans or supplemental coverage.
  • If you have limited income, you may be eligible to join different types of Medicare Health Plans. What about coverage like employer, union, military, or veterans’ benefits.
  • What about getting Medicare when you turn 65 years of age?

Use the form above to find whats available in your area. 

On New Year’s Day, 2011, the first baby boomers celebrated their 65th birthdays.

Baby boomers are the 77 million Americans born between the years, 1946 and 1964. Since that first day of 2011, baby boomers have been turning 65 at a rate of 10,000 per day, and that daily rate will continue until the year 2030.

What’s that got to do with Medicare premiums in the year 2017? The difference between the benefits promised and the taxes actually being paid into Medicare is already underfunded by at least $23 trillion, and if that trend continues, Medicare could go bankrupt as early as 2017.

According to David Walker, former U.S. comptroller general and CEO of the Comeback America Initiative, “The retirement of the baby boom generation will bring a tsunami of spending that will cause a severe problem for the federal government’s budget.”

The number of people eligible for Medicare will nearly double from 46 million to 80 million by the time all the boomers reach the age of 65.

It’s estimated the cost of Medicare, will grow from $500 billion a year, from the present year of 2015, to $929 billion over the next five years; and conversely, as the number of Medicare recipients increases, the number of workers supporting each recipient will decrease.
As stated by David Walker, “Ultimately we’re going to have to make tough choices about how much health care we can afford and sustain, and how we are going to change our payment systems to make sure that it doesn’t bankrupt the country.”

Before the passage of the Affordable Care Act (ACA), in 2010, the U.S. Congress had to approve any proposals that would affect Medicare payment rates and program rules. But that will change in 2017, as the Affordale Care Act created the Independent Payment Advisory Board (IPAB), a 15-member panel that would be empowered to propose changes if Medicare exceeds spending growth thresholds. The IPAB’s proposals are intended to extend the solvency of Medicare, slow Medicare cost growth, and improve the quality of care delivered to Medicare beneficiaries. Any recommendations would automatically go into effect, unless Congress took steps to override them. According to the, Medicare Trustees, a group that oversees the financial operations of the Hospital Insurance and Supplementary Medical Insurance trust funds, the Medicare per capita growth rate is projected to exceed the per capita target growth rate in 2017, triggering the IPAB for the first time.  This means three in ten people will be hit with a 25% increase for Medicare Part B, and that 70% of people with Medicare will be exempt from paying. And, according to a recent report from the Medicare Trustees, because the law requires Medicare Part B premiums to cover 25% of program costs, the 30% of those with Medicare premiums will see an increase to at least $159.30 each month, and couples who earn $428,000 annually will pay a monthly premium of $509.80.

 

Choosing a Medicare 2017 Supplement Plan

Posted by on Nov 14, 2015 in Medicare News | 0 comments

Choosing a Medicare Supplement Plan for 2017 will require balancing what the plan covers against what the plan will cost. Supplemental Plan F, covers all charges that Medicare 2017 Part A and Part B don’t. That means no out-of-pocket expenses for the beneficiary, however, Plan F is the most expensive plan, so it may not be cost-effective for everyone. Supplemental Plan G, is less expensive, but doesn’t cover any Medicare 2017 Part B annual deductibles. So again, the beneficiary must balance the cost of the plan against the actual...

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2017 Medigap Plans

Posted by on Nov 13, 2015 in Medigap Plans | 0 comments

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Posted by on Nov 3, 2015 in Medicare News | 0 comments

Under present laws, new enrollees in Medicare, non-senior Americans with Medicaid or Medicare, and those with income-adjustments Medicare premiums, can face premium increases. But without a Social Security benefit increase, disabled and retired senior adults cannot be issued Medicare premiums.

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Threat of higher taxes to cover increased costs, Americans don’t want to raise the age for Medicare

Posted by on Nov 3, 2015 in Medicare News | 0 comments

Americans still want it all. Recent polls conducted by the Associated Press/GfK, indicate that even with the threat of higher taxes to cover increased costs, Americans don’t want to raise the age for Medicare. Over sixty percent favor raising Medicare taxes to avoid cutting Medicare benefits, and a majority of young and old politicans would rather raise taxes than cut benefits. To save the system, fiscal watchdogs insist Americans will ultimately have to work longer and get used to less government help. The question is not...

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