The Connecticut Elder Law Blog

Big Problems for Medicare in 11 Years

It appears that the Medicare program will become unable to pay full benefits starting in 2019, and the same problem will arise for Social Security in 2041 (shortly after I can start drawing benefits...of course!), according to the trustees of those programs. 

Since the clock is (still) ticking, let's hope that reforming these programs enters the national dialogue soon.  Unfortunately, this particular issue is not on the radar for the presidential campaigns.

Full story is here.

After a Full Year of Medicare D, the Results Are In...

Believe it or not, a full year has gone by since the establishment of Medicare Part D (Medicare drug benefit), and after a highly confusing start to the sweeping program, the Chicago Tribune reports in this article that out-of-pocket expenses for patients dropped by 13.1% and prescription use increased by nearly 6%.

The savings was good news for patients in 2006, but it also contributed greatly to a $63.3 billion increase in Medicare spending for the federal government compared to 2005.

Medicare Part D Enrollment Penalty Waived for 2007

Good news on the Medicare homefront!  If you qualify for extra help with paying for the Medicare prescription drug plan, then this is your good news for the weekend: the Centers for Medicare and Medicaid Services (CMMS) announced on April 30th that you will not face any late enrollment penalities during 2007 (no word on 2008) if you do not enroll during the initial enrollment period.  The general rule is that if you enroll late then you have to pay a penalty by paying a higher monthly premium for every month that you delay enrollment.  But now it looks like if you qualify for extra help then you can enroll at any time in 2007 without having to worry about a penalty.

I can hear your question already..."How do I know if I qualify for extra help?"  Extra help is available to individuals with low incomes and less than $11,710 in assets, or less than $25,410 in assets for married couples living together.  The extra help comes in the form of lower monthly premiums and deductibles.  To see for sure if you qualify, and to apply, click here.