Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
2008 Medicare Part A and B
[By Staff Writers]
CMS annually updates Medicare Beneficiary premiums, deductibles and co-payments, using formula driven adjustments set by statute.
As a reminder, Medicare Part A pays for inpatient hospital, skilled nursing facility and some home health care and Part B refers to outpatient expenses and pays doctors. About 99 percent of Medicare beneficiaries do not pay a premium for Part A services, since they have at least 40 quarters for Medicare-covered employment.
The Part A deductible is the beneficiary’s only cost sharing for up to 60 days of Medicare-covered inpatient hospital care, but additional cost sharing applies after 60 days.
Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment and other items.
2008 Premium and Deductible Levels*
- Part A Monthly Premium: $423.00 Part B Monthly Premium: $96.40*
- Part A Annual Deductible: $1,024.00 Part B Annual Deductible: $135.00
And now for 2010
Due to the lack of a cost of living increase for 2010 in Social Security benefits, 75% of all Medicare beneficiaries were already exempt from any Part B premium increase in 2010. Currently, single earners above $85,000 and couples above $170,000 are not exempt and would likely be seeing a larger than normal increase to help off-set the lack of increases from the rest of the beneficiaries. This may change.
*Note: standard premium rate before income-related monthly adjustments
A Matter of Law
Now, by statute, the standard Medicare Part B premium must be sufficient to cover 25 percent of the program’s costs, with Medicare bearing the remaining 75 percent.
So, what do you think of similar statutory formulas that are used to determine the Medicare Part B deductible, the Part A deductible for hospital stays and other enrollee contributions?
Channel Surfing
Have you visited our other topic channels? Established to facilitate idea exchange and link our community together, the value of these topics is dependent upon your input. Please take a minute to visit. And, to prevent that annoying spam, we ask that you register.
Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
Share this:
Filed under: Healthcare Finance | Tagged: Health Economics |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
From 2000 to 2009, Medicare Part B premiums went up by an average of about 8 per cent a year.
In 2010, Part B premiums will go up to $110.50 a month from $96.40, but for only about 27 percent of those in the program. Most people won’t have to pay that increase due to a “hold harmless” provision in the law.
And, since there will be no Social Security cost-of-living adjustment in 2010, most people in Medicare won’t have to pay the higher premiums.
Barbara
LikeLike
Doctor’s visit may not be covered before deductible
For patients still looking for ACA or private health insurance, the plan with the lowest premium may not be the best option.
High deductible = low premium.
Low deductible = high premium
Debra
LikeLike
2015 Medicare Part B Premiums and Deductibles to Remain the Same as Last 2 Years
Secretary of Health and Human Services (HHS) Sylvia Burwell announced today that next year’s standard Medicare Part B monthly premium and deductible will remain the same as in the last two years.
Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and other items. For the approximately 49 million Americans enrolled in Medicare Part B, premiums and deductibles will remain unchanged in 2015 at $104.90 and $147, respectively.
Source: CMS [10/9/14]
LikeLike
Average Deductibles For PP-ACA Marketplace Metal Plans
According to a recent study released by HealthPocket:
• Bronze plans averaged a $5,181 deductible for individuals, up from $5,081 in 2014.
• 2015: average amount is 326% higher than average deductible for employer-sponsored health plans.
• Silver plans averaged $2,927 as the deductible amount for individuals.
• The average deductible amount for families was $10,545 and $6,010 for bronze and silver plans.
• 2015: average deductible for gold plans is $1,198 & platinum plans averaged $243 for a single deductible.
• These averages were lower than the averages observed for 2014 ($1,277 for gold plans and $347 for platinum plans).
Source: HealthPocket
LikeLike
Rise in High Deductibles
According to a 2014 Kaiser Family Foundation study, physicians will have to face high deductibles of $1,000 or more in 2015. People are drawing towards high deductible plans due to low premiums.
When patients come in for care with high deductibles, practices face a huge risk of not getting paid. In order to obtain the payment, doctors’ offices have to spend considerable amount of resources behind collectibles.
Ellen
LikeLike
Ellen,
Agreed – Even though the majority of your patients may have insurance, many today also have a high deductible health plan; as noted. This means that they are truly “self pay” until they have met their deductible.
Janice
LikeLike