Maybe you have heard the news but, just in case:
“…The Centers for Medicare and Medicaid Services (CMS) has announced the new Medicare premiums, deductibles, and coinsurances. The standard Medicare Part B premium is increasing by 3.1 percent to $96.40 a month, the smallest increase since 2001…”
The increase is lower than previously expected in part due to the correction of an accounting error. Money for certain hospice benefits had been inadvertently drawn from the Part B trust fund rather than the fund that pays hospital costs. In addition, the lower premium assumes that physicians will take a 10 percent cut in their reimbursement rates. It is expected that Congress will act to offset some of or all of that pay cut, meaning that future-year premiums will reflect the additional expense.
Here are all the new Medicare figures:
· Part B premium: $96.40/month (was $93.50)
· Part B deductible: $135 (was $131)
· Part A deductible: $1,024 (was $992)
· Co-payment for hospital stay days 61-90: $256/day (was $248)
· Co-payment for hospital stay days 91 and beyond: $512/day (was $496)
· Skilled nursing facility co-payment, days 21-100: $128/day (was $124)
As directed by the 2003 Medicare law, for the first time, higher income beneficiaries will pay higher Part B premiums. But, for married couples your income must be over $102,000, so you want to make sure that if you take any capital gains that they don’t throw you over this threshold – there is a 2 year delay. In other words, if you made $102,000 in 2006 then you would have to pay a higher Medicare Premium of $122.20.
As income goes up, the numbers go up from there.
· I have only seen “unofficial amounts” for the social security Cost of Living Adjustment that will take place January 1, 2008 and at this time is estimated at a 2.2% increase. We will see.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.