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Home » Elder Law » Seniors Enrolled in Medicare Program Must Dig Deeper in 2013

Seniors Enrolled in Medicare Program Must Dig Deeper in 2013

February 27, 2013 by John Potter

The Medicare program is not something that pays for all health care needs in full without the senior having to pay any out-of-pocket costs. The fact is that there are deductibles, co-payments, and premiums, and they consistently rise over the years.

In addition, with all the talk about reducing the federal deficit it would not be surprising to see these out-of-pocket expenses go up at an even faster rate in the coming years.

A very difficult situation is brewing. There are thousands upon thousands of senior citizens becoming eligible for Social Security and Medicare weekly because the baby boom generation is reaching retirement age.

The majority of people who receive Social Security say that it is their primary sources of income. A significant percentage say that it is their only source of income.

But when your income stays more or less the same and prices around you rise you are faced with a challenge.

In 2011 and 2010 there were no increases in Social Security benefits to account for inflation. In 2012 a 3.6% cost-of-living adjustment was granted, and in 2013 the COLA is 1.7%.

However, Medicare costs are also higher in 2013 with the Medicare Part A deductible rising to $1184 and the Part B deductible going up to $147.

Medicare Part B is the portion of the program that covers outpatient services and visits to physicians. You have to pay a monthly premium to receive this coverage, and that went up  for 2013.  Co-payments for long-term hospital stays are also increasing.

The key to being able to absorb higher costs is to plan ahead intelligently so that you are not overly reliant on Social Security when you do in fact retire. Planning now can make a significant difference in your lifestyle in future years.

The Potter Law Firm is an Estate Planning and Elder Law firm with offices in Ashland, Kentucky; northern Kentucky; and the Ballantyne area of Charlotte, North Carolina.

 

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John Potter
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Filed Under: Elder Law Tagged With: Elder Law, Medicare, Retirement Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

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15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
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