Beginning January 1, 2014, Medicare Beneficiaries will see changes in their deductibles and co insurance rates for Traditional Medicare. The Medicare Part B premium will remain $104.90 for 2014 and the Part B deductible remains the same at $147 annually. There is however a notable change in the Medicare Part A deductible.
Traditional Medicare Rates for 2014
For 2013, the Medicare Part A deductible was $1,186 per benefit period and this has risen for 2014 to be $1,216 per benefit period. Also changing for Part A is the co pay amount for a skilled nursing facility. As in the past for days 1 through 20 the co pay for a skilled nursing facility remains $0 for co-pay. Days 21-100 the co pay has risen from $148 per day to $152 per day for 2014.
Medicare Beneficiaries can also expect changes in their Medicare Part D coverage as well. If you have prescription drug coverage under Medicare Part D and fall into the coverage gap, or doughnut hole, your out-of-pocket drug costs will be greatly reduced in the future. You’ll get discounts on brand-name and generic prescription drugs while you are in the doughnut hole. These discounts will continue to increase until 2020, when the doughnut hole will disappear.
However, everyone on Medicare Part D will still have out-of-pocket costs for premiums and co-payments, just like now before you reach the doughnut hole. The doughnut hole begins when the retail value of your prescriptions reach $2,850 and the catastrophic level is reached when the retail value of your prescriptions reach $4,550. You will still be responsible for paying your premiums for your part D plan and any deductibles associated with your plan.
If you joined a Medicare Advantage Plan, and you decide you want to leave, you can opt out of this plan from January 1 to February 14. You cannot use this time to switch to another Medicare Advantage plan, but you can return to Original Medicare and join a Medicare Drug Plan.
Register at mymedicare.gov to access your preventative health information. Track your preventative services and personal info on Medicare benefits including claims.
By: Appalachian Area on Aging ADRC (Aging & Disability Resources Center) (800) 434-4036 www.scupstateadrc.org