Projected 2024 Social Security COLA & Rise In Medicare Premiums

debodun said:
Unfortunately, I am locked into a traditional Mediocre-care Part A & B insurance plan, because I had health insurance through my employer who now picks up the tab for my Mediacre supplemental insurance premium if I stay with United Healthcare. However, it does not include dental, hearing or many other services, so I pay for them OOP. Those insurance premiums cost more than just paying outright.
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That sounds like a good deal to me. I'd keep letting the employer pay the premiums.
 

We just switched providers for our plan G medigap plans. Seems like every 3- 5 years or so you need to switch to keep your
premiums from jumping a bit more then you'd be ok with.
 
debodun said:
Unfortunately, I am locked into a traditional Mediocre-care Part A & B insurance plan, because I had health insurance through my employer who now picks up the tab for my Mediacre supplemental insurance premium if I stay with United Healthcare. However, it does not include dental, hearing or many other services, so I pay for them OOP. Those insurance premiums cost more than just paying outright.
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Regular traditional Medicare is superior, IMO, to the Medicare Advantage Plans that include dental, hearing, glasses, etc. With regular Medicare if you want to go to the Mayo Clinic or the Oshkosh Center for Cancer you can. Advantage plans limit what doctors and clinics you may choose. OTOH, if you never get seriously ill, Advantage plans can be cheaper. Just don’t get very sick. And die quickly if you do get very sick.
 

Maybe where you live makes a difference We have Medicare Advantage.

1.Yearly wellness exam with PCP $0.00
2.Then follow up every 4 months $0.00 .
3.$0.00 cost for labs.
4.$0.00 cost for specialists.
5.Eye exam yearly no referral needed $0.00 OOP We did pay $50.00 for cataract surgery
6.Dental no referral needed $4,000.00 each for dental care.
7.$105.00 each quarterly to buy misc. needs either online or @ CVS pharmacy.
8. Meds thru OptumRx generic $0.00 refills automatically checked by rx service with our doctor & refilled then shipped free way before script runs out.

As for out of area medical needs. IF we should need medical care from out of service area provider & IF it's an emergency need the emergency would be covered.

I think this qualifies for seriously ill. The same day I had pain across my abdomen I went to the contracted hospital which happens to have the best rating. I did have a $90.00 emergency room co-pay for gall bladder removal. While there they discovered heart A-fib. 8 days in the hospital in a single bed room $0.00 OOP. Surgeon for Gall bladder removal $0.00. Cardiologist $0.00 So for us Medicare Advantage works
 
OneEyedDiva said:
I read in USA today that we are likely to get a 3.2% COLA. It was bumped up from 3% due to the inflation rate in August. The basic Medicare premium is projected to rise to $174.90, $10 more than the current premium. This article also highlights the struggles seniors on SS still face, even after this year's healthy COLA (which still didn't keep pace with real inflation).
Social Security COLA 2024 prediction rises with latest CPI report, inflation data
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And what about the yearly deductible for Medicare part B?
That usually goes up too. I wonder how much increase in that, Jan. 2024?:unsure:
 
Kaila said:
And what about the yearly deductible for Medicare part B?
That usually goes up too. I wonder how much increase in that, Jan. 2024?:unsure:
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According to this article, Part A will increase by $32 and part B by $14. I didn't even concider those factors because after my co-pays ($10 doctors, $75 ER if not admitted) my plan pays all costs. I pay next to nothing (or nothing) for lab tests, imaging, surgeries & hospital stays. I had Aetna HMO and now its PPO thru my state retiree benefits plan.
What You’ll Pay for Medicare in 2024
 
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Brookswood said:
Medicare Advantage plans vary all over the map, so it’s hard to compare them as a group to regular Medicare with a Medigap plan. I am trying to warn people that they need to look at more than the monthly cost before making a choice. Let me give you a real life example.

Last year both a friend of mine and myself sought physical therapy for certain knee and back conditions. My PCP gave me the name of a PT therapist, I made the appointments and went. The total cost of me of the eight appointments was ZERO DOLLARS. Between Medicare and Medigap it was all paid for. My friend with the Advantage plan got a referrel from here PCP doctor. It was for four visits. His copay for each visit was $20.
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Bottom line it comes down to researching what works best for a person.
 
Brookswood said:
Regular traditional Medicare is superior, IMO, to the Medicare Advantage Plans that include dental, hearing, glasses, etc. With regular Medicare if you want to go to the Mayo Clinic or the Oshkosh Center for Cancer you can. Advantage plans limit what doctors and clinics you may choose. OTOH, if you never get seriously ill, Advantage plans can be cheaper. Just don’t get very sick. And die quickly if you do get very sick.
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I agree,I have known too many people who had medicare advantage and thought it was great and got very ill and went into a hospital and was stuck with huge bills, like you said "it is great till you need it". People are paying all those co-pays and can't choose their Doctors or hospitals, it is only my opinion if it works for them that is great.
 
perplexed said:
I agree,I have known too many people who had medicare advantage and thought it was great and got very ill and went into a hospital and was stuck with huge bills, like you said "it is great till you need it". People are paying all those co-pays and can't choose their Doctors or hospitals, it is only my opinion if it works for them that is great.
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Not everyone has the same experience. My post # 29 clearly shows there is a difference. As was pointed out as a plan Advantage isn't the same everywhere.
 
Another person who did Not understand Advantage Plans. From the WSJ article…..

Lothaire Bluteau, 66 years old, an actor who lives in West Hollywood, Calif., last year enrolled in one of the private plans known as Medicare Advantage. After he was diagnosed with prostate cancer last May, he discovered the specialists he wanted to see weren’t in his UnitedHealthcare HMO’s limited network. He faced delays getting tests and treatment.

He got a bigger shock when he tried to get access to more doctors by switching to traditional Medicare, run by the federal government. Bluteau worried about the steep out-of-pocket costs, so he tried to get a fill-in policy known as a Medigap plan that would cover many of those expenses. Yet health insurers said no because of his cancer diagnosis.

He didn’t realize he could be rejected. “I didn’t inform myself enough,” Bluteau said. “I was so stupid.”

Bluteau’s struggle to get a Medigap plan shows one of the risks seniors may miss when they are selecting coverage. Medicare beneficiaries generally don’t know that they have a right to get Medigap policies only at certain times, and if they don’t jump then, they might not be able to purchase them later.
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I know 2 people that are only still alive because they had regular Medicare so could go to another state for the best treatment available. That’s why I won’t consider an advantage plan. They offer free items to hook people.

A friend of mine has an advantage plan and had to pay the maximum out of pocket 3 years in a row because he had surgery every time and it cost him 7k each year. He wouldn’t have paid anything with regular Medicare and a medigap plan.
 
Teacher Terry said:
I know 2 people that are only still alive because they had regular Medicare so could go to another state for the best treatment available. That’s why I won’t consider an advantage plan. They offer free items to hook people.

A friend of mine has an advantage plan and had to pay the maximum out of pocket 3 years in a row because he had surgery every time and it cost him 7k each year. He wouldn’t have paid anything with regular Medicare and a medigap plan.
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How unfortunate for your friend! I imagine it depends on which plan one choses. I've mentioned that my plan is sponsored by the state (of NJ) retiree benefits plan. I think it's considered a Medicare Advantage plan. The state offered a few choices. Blue Cross & Blue Shield sucks, so I'd never choose that. Aetna HMO (and later it's PPO) were by far the best IMO. I also had Aetna HMO before I got on Medicare. I pay nothing for lab tests, imaging, surgeries and the first post op visits for each surgery. Oral surgery is also covered.

I changed to the PPO last year because I can go to out of network doctors and pay the same co-pay ($10). I could have gone to any out of network doctor with the HMO but the co-pays would have been higher. The ER co-pay is $75, but that is waived if I'm admitted. I pay the same as everyone else who pays the basic Medicare premium and get reimbursed $46 a month, which is added to my pension. My plan also pays for 35 hours a week of at home care for an unlimited period of time and 3 months (per benefit period) of nursing home care.
 
I think as a topic for discussion this is one of the better ones. No arguing just input about various experiences. If anything it should be a wake up call for those that will be eligible for Medicare in their near future to investigate/research what will be best for them.
 
Knight said:
I think as a topic for discussion this is one of the better ones. No arguing just input about various experiences. If anything it should be a wake up call for those that will be eligible for Medicare in their near future to investigate/research what will be best for them.
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Glad you feel that way Knight. :)
 
I don't know what others experience with Medicare Advantage but my experience has been positive. Some of the cost of my Gall Bladder removal & discovery that A-Fib needed correction. The eliquis was to thin the blood to get my blood pressure back to what I normally have which is 127/67

Processed
- 06/28/2023ELIQUIS TAB 5MG
Total Drug Cost
Total Drug Cost $1,991.11
$1,991.11
Plan Paid
Plan Paid $1,860.11
$1,860.11
Other Payments
Other Payments $0.00
$0.00
Your Share
Your Share $131.00
$131.00
This ends up at zero cost to me. When I retired part of my retirement package included a Health Savings Account that pays for any out of pocket medical expenses

Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $12,312.00
$12,312.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $510.60
$510.60
Plan Paid
Plan Paid $420.60
$420.60
Your Share
Your Share $90.00
$90.00
The $90.00 comes under the HSA so there is zero cost to me. The $90.00 was explained in my post #29.

Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $3,640.00
$3,640.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $314.38
$314.38
Plan Paid
Plan Paid $314.38
$314.38
Your Share
Your Share $0.00
$0.00
Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $2,335.00
$2,335.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $678.11
$678.11
Plan Paid
Plan Paid $678.11
$678.11
Your Share
Your Share $0.00
$0.00

I don't know what cost if any others pay if using regular Medicare, So as I've said before check everything so that whatever you choose meets your needs.
 
Knight said:
I don't know what others experience with Medicare Advantage but my experience has been positive. Some of the cost of my Gall Bladder removal & discovery that A-Fib needed correction. The eliquis was to thin the blood to get my blood pressure back to what I normally have which is 127/67

Processed
- 06/28/2023ELIQUIS TAB 5MG
Total Drug Cost
Total Drug Cost $1,991.11
$1,991.11
Plan Paid
Plan Paid $1,860.11
$1,860.11
Other Payments
Other Payments $0.00
$0.00
Your Share
Your Share $131.00
$131.00
This ends up at zero cost to me. When I retired part of my retirement package included a Health Savings Account that pays for any out of pocket medical expenses

Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $12,312.00
$12,312.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $510.60
$510.60
Plan Paid
Plan Paid $420.60
$420.60
Your Share
Your Share $90.00
$90.00
The $90.00 comes under the HSA so there is zero cost to me. The $90.00 was explained in my post #29.

Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $3,640.00
$3,640.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $314.38
$314.38
Plan Paid
Plan Paid $314.38
$314.38
Your Share
Your Share $0.00
$0.00
Processed
- 06/28/2023
Medicare Advantage
Provider Billed Plan
Provider Billed Plan $2,335.00
$2,335.00
Total Cost (Allowed Amount)
Total Cost (Allowed Amount) $678.11
$678.11
Plan Paid
Plan Paid $678.11
$678.11
Your Share
Your Share $0.00
$0.00

I don't know what cost if any others pay if using regular Medicare, So as I've said before check everything so that whatever you choose meets your needs.
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I've read your posts about your excellent coverage, but unless I missed something, you didn't mention what company your plan is with. I wish the State had an HSA when I was there, maybe they do now. I pay $28 for a 3 month supply of Eliquis through Optum RX. Most of my meds are only $5, a couple are $3 and change. All are for 90 days. I take a lot of medications, including three eyedrops, each $28 and my monthly average is only $35.
 
OneEyedDiva said:
I've read your posts about your excellent coverage, but unless I missed something, you didn't mention what company your plan is with. I wish the State had an HSA when I was there, maybe they do now. I pay $28 for a 3 month supply of Eliquis through Optum RX. Most of my meds are only $5, a couple are $3 and change. All are for 90 days. I take a lot of medications, including three eyedrops, each $28 and my monthly average is only $35.
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To answer your question Diva the company I worked for contracted with VIA benefits. The HSA funding began when Medicare was successfully implemented. It can be for meds, dental, or co pay for something like the emergency room copay.

After signing up for Medicare $4,500 a year was deposited into the HSA for our use. We've used some over the last 17 years of accumulation. When I die that funding will stop, but whatever remains, my wife has access to. What happens after that I don't know.

With Medicare Advantage the 2024 $4,000.00 dental coverage & as shown no out of pocket expense except for hospital emergency room copay IF NEEDED. It's not likely we'll draw on those HSA funds.
 
Knight said:
To answer your question Diva the company I worked for contracted with VIA benefits. The HSA funding began when Medicare was successfully implemented. It can be for meds, dental, or co pay for something like the emergency room copay.

After signing up for Medicare $4,500 a year was deposited into the HSA for our use. We've used some over the last 17 years of accumulation. When I die that funding will stop, but whatever remains, my wife has access to. What happens after that I don't know.

With Medicare Advantage the 2024 $4,000.00 dental coverage & as shown no out of pocket expense except for hospital emergency room copay IF NEEDED. It's not likely we'll draw on those HSA funds.
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Thank you Knight. You and I are blessed to have excellent retiree plans (see my post #39).
 
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