Tuesday, November 16, 2021

"Older Adult Finances: Tips & Traps" Free Download Coming

 Much of the research I'm doing these days related to issues encountered by older adults like myself involves finance. Especially now, the Medicare Annual Election Period (AEP), which will end December 7th, this topic is important and requires immediate attention. Most agents now are very busy, and require an appointment to answer questions and make suggestions for either Medicare Advantage Plans (MAPs) or Medicare Supplement Plans (MSPs), two very different entities.

As a way of promoting this blog and my beginning YouTube channel, I'm creating a short pdf with some suggestions about how to approach senior finance.

You can sign up for this download my shooting me an email: info at 3rdActJourney dot com. I expect this download will be available towards the end of this month, but it surely will be worth your while.

Stay tuned for the official launch of my YouTube channel!

Saturday, November 13, 2021

Exorbitant Rise in Medicare Part B Premium and Deductible

This is the typical government strategy of releasing bad news on a late Friday afternoon.

Departing from the Medicare Trustees' recommendation, the out-patient Part B premiums will increase 14.8%, or more than an extra $260 per year for 2022. The 2021 Medicare Part B premium cost was $148.50 per month, but for 2022 it will be $170.10. It was anticipated that the increase would be to $158.50 per month. The Trustees' report recommended a $215 to $217 increase in the yearly cost. The deductible will be increasing from $203 to $233. (The increase in Social Security is 5.9%.)

For those on a fixed income, or those not able to work overtime, will have this added to the extra burden of food costs due to increasing inflation.

The new Alzheimer's drug, Aduhelm (aducanumab), is a Part B administered drug, and therefore not a Part D drug administered through a separate plan. It is being suggested that CMS is anticipating billions of dollars in extra cost due to this drug, which merits the 14.8% increase in the Part B premium.

It's also being suggested that the anticipate costs of free Covid-19 care is driving this.

People who are choosing their new Medicare Advantage Plans, who still must pay their Part B premium despite some deceptive advertisements, should check the summary of benefits for Part B drugs to see if the cost of this new drug will be passed to them directly. 

"Medicare Part B premiums for 2022 jump by 14.5% from this year, far above the estimated rise in cost," CNBC is reporting.

Another cause for worry will be the ending of the waivers for Covid-19 treatment and care by private insurers which is not mandated by Congress.

CMS Announces 2022 Medicare Part B Premiums

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