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.
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.
Here’s how:
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
