So far, it is not all bad news. Well at least not for everyone. Medicare Part B premiums will not increase this year. However, for some California residents it may as well because the state will no longer pick up the bill for their Medicare Part B premiums. Social Security benefits recipient will receive the largest cost of living increase granted in 26 years…5.8%. So all is not totally loss…but these small gains will be offset by another Senior Citizen health care increase. A very important one! Medicare Part D premium and co-payments will increase for many of them. Medicare Part D covers prescription drugs.
Medicare and its various programs provide health care coverage for over 50% of the senior citizen population in the U.S. This is the only affordable health care option available to many of them. With the great majority of them living on a fixed income, even the slightest increase in one of their monthly expenses can result in cataclysmic ripples thru their economic well being. With 48 of the 54 available Medicare Part D plans expecting to raise premiums anywhere from 8% to 63%, it is not difficult to understand the anxiety and scary scenarios concerning basic survival that is plaguing some of the seniors.
Add to this, a decrease in the number of no premium due Extra Help plans, beneficiaries increased co-pay responsibilities and a move to encourage enrollment in generic drugs programs even though many brand name drugs have no generic alternative, and it …Read More