Medicare Changes for 2017 (Supplement Updates)

Hi, I am Matthew Claassen with and in this video we will bring you up to speed with the changes in Medicare for 2017. Each year Medicare will announce changes to the copays and deductibles associated with Medicare Parts A & Part B. We have been doing videos now for some time, as well as articles and so the copays and the deductibles have changed quite a bit since we started. In this video I want to get you up to speed with the copays and the deductible as they are in 2017, as well as touch on some of the changes that you should be expecting in the years ahead. Also check out the link below in the video and there is a direct link to the page that we will be reviewing. Price changes for Part A and B. The deductibles as well as some of the premium changes that have occurred. As of January 2017 the Medicare Part A hospital inpatient deductible; the deductible that occurs when you are an inpatient, not under observation, in a hospital is now $1,316. This is a per event deductible, not an annual deductible. By per event it means that every 60-days it resets. You can go in and out of a hospital over any period of time. But once you’re out of a hospital for 60-days are more you would then pay that deductible again. There are other copays that you pay if your hospital stay is for 60 days to 90 days. However, if you have a Medicare supplement then no worries here because with Medicare supplements almost every Medicare supplement pays that deductible and copay. For Medicare Part B Outpatient and Physician services if you’re going to be new to Medicare in 2017 and you’re not yet collecting Social Security income then your Medicare Part B premium is going to be about $134 a month, with some exceptions. Keep in mind that once you start receiving your Social Security income and you are paying your Medicare Part B premium from that income, then your part B premium will be linked to the Social Security Cost-of-Living index (COLA). in which case the part premium can only go up as much as your Social Security cost of living. For those who are new to Medicare you’re going to pay $134 /month this year. Or if you are on Medicare but have delayed your Social Security it will go up to that price. If you already have your Social Security then the increase cannot be any more than a cost of living increase. Also we have income adjustments. Depending on your level of income you can be subject to an income related adjustment. In general if your individual modified adjusted gross income is greater than $85,000 from individual or $170,000 jointly then you will pay a premium on top of your $134 a month. The adjustments show up on this page here. To find the income adjustments on this page you can scroll down to your Medicare Part B section. If you scroll down from the first table on this page you’ll find here the table of the adjustments. As long as your income, your modified adjusted gross income is $85,000 or less as an individual or $170,000 or less if you file jointly it is $134.00 a month for your Medicare Part B premium Beyond that, the next step is $187.50 a month and that’s going to be for incomes of $107,000 individual or $214,000 if filing jointly. That continues to go up to the maximum of$428.60 per month . This is linked below if you want to go back and reference that later. What’s important is that they are actually looking at your modified adjusted gross income two years ago. Not just last year or this year. They are there going back two years. Which also means that once you start retirement, if your income goes down then you could be paying this extra premium here for a couple years until your income two years ago has fallen. to a lower bracket. In addition to the increase in your Medicare Part B premium, the Medicare Part B annual deductible has also increased. In 2016 that was a deductible of $166. That has changed to $183 for 2017 That is an annual deductible. You pay for once a year and you’re done. that deductible has gone up and down in the past. You should expect to see that deductible increase to somewhere around $250 a year over the next 7 to 10 years. It’s not expected to get out of hand, but you should expect that is going to go up a bit over time. This brings us to the Medicare Supplement Plan F- High Deductible . The Plan F-High Deductible also has an annual deductible that is linked to the Social Security Cost-of-Living index In 2016 the Medicare Plan F-high deductible had a $2,180 annual deductible. that’s gone up $20.00. It’s now $2,200 for the Medicare supplement deductible. And, again, that too is linked to the Social Security cost-of-living index (COLA) Remember the plan as high deductible is expected to be phased out as of the year 2020, along with the Plan F. The Plan F-HD will be replaced by a Plan G- High Deductible. Next on the list here is your Medicare card and your Medicare claim number. Right now as you know, you have probably looked at your card first time and said “Oh, that’s my Social Security number”. You’re right! Your Medicare claim number is your Social Security number or your spouse’s Social Security number, with a letter on it. The letter is really just an indication of how you got your social security. There are 30 letter combinations. They show how you got your Social Security. Whether you earned it yourself. If you delayed your income, are divorced or using your spouses earnings Anyway, your Medicare claim number is your Social Security number with a letter. That has become a significant source of ID theft. The bottom line is every criminal that’s into ID theft, their cousin, their Cousins mother knows that your Medicare card has your Social Security number on it. The law has changed so that sometime in 2018 or 2019 you can expect to get a new Medicare claim number that will not be your Social Security number, and it will not be linked to any personal information. It will be very important to protect that. Right now we work with your doctor’s Office & Insurance Company we can figure out what your Medicare claime number is. We are able then to make sure that we’re doing the right services for you. Once they change that number you’re going to be the only source for it. So make sure that you keep and protect that card no matter what you do with your insurance. Again expect that card, probably not this year, expect it in either 2018 or 2019. Something you can do to protect yourself all right now is to photocopy your Medicare card Use a black marker to mark out of all but the last four digits and the letter. Then you’ll probably have to photocopy one more time so the bleed through doesn’t show. Then carry the photocopy with you. That way if something happens people will know that you have Medicare. Keep your Medicare card in a safe space in your house. You’ll have access to it when you change doctors or you are going to see a new doctor you can bring the original Medicare card with you. But, by keeping the copy in your wallet or purse during most occasions you are preventing how yourself from being any easy victim to ID theft. The last but not least… as many of you know that in 2020 there’s an expectation of of phasing out Medicare Plan F and Plan C from Medicare supplements , that’s going to mean we will have a new benefit table. What we’re showing here, this is the a benefit table we expect to see. You can see hear that there is a separate side here for the Plan F and the Plan C are shown. It includes the asterisk for the high deductible. And that these will only be available to people who have started their Medicare prior to the year 2020. There will then be the introduction of the new Medigap Plan G high deductible as well. You can also download a copy of this from the web site and I have a link below That is what you should expect in the years ahead. If you’d like this video and the information we provide, then please vote; click on the like button. When you click easier for other people were looking for the same information o find this video. Of course we have an entire library of free educational videos on Medicare. They are up both here and on YouTube. as well as on our web site. So please feel free to go through. If you subscribe to the channel make it easier for define these ballot here on you to the board has gotten and take a look at are on demand video library. Hi, I am Matthew Claassen with thank you for watching! th F and

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3 thoughts on “Medicare Changes for 2017 (Supplement Updates)

  1. Is there a way to find out if anyone is using our social security number ILLEGALLY?
    Prior to applying for social security benefits or Medicare eligibility?

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