Seven Medicare Mistakes to Avoid- Mistake # 1 Failing to Pay Your Part B premiums

Posted by Allen Heffler on 05/11/2017 https://plus.google.com/+AllenHeffler/posts/6LZyfWxKNSN

Seven Medicare Mistakes to Avoid- Mistake # 1 Failing to Pay Your Part B premiums by Allen Heffler

Failing to Pay Your Part B premiums

In today’s world, many of us work past the age of 65. Many of us might delay our Social Security income benefit to age 67 or 70, since you have sufficient income from work. Because you are not receiving a Social Security check, Medicare is unable to deduct your Part B premiums from a Social Security check. Thus, Social Security mails a quarterly bill for Medicare Part B instead. Medicare Beneficiaries get a lot of mail! It can be very easy to overlook a piece of mail from Social Security- which could be your quarterly invoice. Sadly, the result could be catastrophic. Social Security can revoke your Medicare Part B for non-payment. If this occurs, not only will you not have Part B/Medical coverage through Medicare, they also could notify your Medigap carrier, who might cancel your Medigap plan. It is possible that you might be left with no coverage for outpatient services, which includes doctor visits, lab-work, medical equipment, surgeries, chemotherapy, dialysis and many other expensive services. To make matters worse, you will now have to wait until the next Medicare General Enrollment Period (GEP) to enroll in Medicare Part B. The GEP runs from January 1st – March 31st each year. Though you can enroll during this period, your coverage won’t start until the following July. A serious illness or injury during this uncovered time could result in thousands of dollars of unpaid medical expenses. We want to avoid that at all costs. Best tip: If you are enrolled in Part B before you begin taking Social Security, contact them at 1-800-772-1213 and ask them to set up bank draft for you. This is the easiest way to make sure you don’t overlook paying your Part B and causing yourself a world of hurt. While mistakes do happen, it is important to try to avoid them! Since even the most prepared person might encounter issues, it’s in your best interest to work with an independent Medicare broker who knows what they are doing when it comes to Medicare. We are here to help you every step of the way! Wouldn’t it be nice to have someone on your side with Medicare? Just call Allen Heffler – MyMedicareAdvisor at (215) 658-1776.

Allen Heffler – Seniors Will Pay More For Medical Care

Posted on 03/31/2017 by Allen Heffler Medical Costs Projected to Continue to Increase for Seniors- Allen Heffler Medicare provides extremely important medical coverage for older adults. A recent study indicates that, even with Medicare, medical costs for seniors are likely to rise significantly. By 2035, a typical older adult will spend one out of every seven dollars of retirement income on medical care. This is a whoppng 40% increase just from the year 2012. The study is out of Harvard Medical School and The Urban Institute. Keep in mind that the study refers to the cost of medical care only. This does not refer to the need for Long Term Care, which it is estimated that over half of all Americans will need before they die. And many of those that do need this care will require significant levels of assistance, which will be quite expensive
A Worrisome Future
The results of their health cost projections are scary, especially as elected officials debate whether to restructuring Medicare in ways that would require seniors to pay an even greater share of their medical costs than current law. Even without those changes, older adults are confronting a long list of troubling trends. For many, overall health costs are growing faster than their incomes. And employers are scaling back or eliminating retiree health benefits.
What will these and other changes mean for those 65 and older? By 2035, median out-of-pocket spending for medical care—both insurance premiums and direct costs such as co-pays and deductibles—will rise from 10 percent of income to 14 percent (Remember: median means that half will pay more and half will pay less). But there will be big differences depending on a senior’s income and medical needs.
For example, the very poorest will continue to pay almost nothing out-of-pocket, thanks to Medicaid. Still, among the lowest-income one-fifth of older households (who among all households made an average of about $22,800 in 2015), median health spending will rise from 5 percent of their income to 25 percent. The sickest will pay half of their income on medical care. Among those seniors in the group of all households that made an average of about $43,500 in 2015 median spending will grow from 21 percent of income to 26 percent. Out-of-pocket costs for those in poor health will rise from 23 percent to 29 percent. By contrast, the highest income 20 percent of older adults—a group in the overall population that made $117,000 or more in 2015—will pay about 5 percent of their income for health care in 2035, roughly the same share they do today. Rising out-of-pocket costs will be a particular problem for those with chronic medical conditions and persistent high expenses. The study found that in 2014, about one-third of older adults paid at least 20 percent of their income for medical care for a period of five years (in any given year, and the two years before and after that year). By 2035, 44 percent will spend a fifth of their income on health costs for five years in a row. Scary stuff! If you have any questions concerning your Medicare options today, Allen Heffler at MyMedicareAdvisor can help. Just call 215-658-1776. We Make Your Medicare Decision Easy.    

Main Line Night School Medicare 101 Course

Posted on 03/09/2017 by Allen Heffler – MyMedicareAdvisor Allen Heffler will be teaching Medicare 101 class at Main Line Night School on Monday March 13 2017 at 6:30 PM.   mlsn-logo-fall2015