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Medicare Advice and Analysis: The 2014 Medicare Costs

The 2014 Medicare numbers have been released. This includes the new costs you can expect for Medicare’s premiums, copays and deductibles. The numbers have not changed drastically for 2014. Some costs have stayed the same, some had small increases and the Part A premium (for those who pay it) will actually decrease. Here’s a quick summary of the how the Medicare costs for 2013 and 2014 compare:

Part A (hospital insurance) premium

Most people do not pay a premium. If you do not have sufficient work quarters, you will pay up to $426/month to buy in to Medicare A (down from $441 this year).

Part A deductibles/co-insurance for inpatient hospital stays

$1216 deductible for each benefit period (up from $1,184 in 2013)

Co-insurance of $0 days 1-60 in hospital

Co-insurance of $304/day for days 61-90 (up from $296 in 2013)

Co-insurance of $608/day for each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime, beyond reserves you pay all costs) (up from $592 in 2013)

Part A skilled nursing facility (SNF) co-pays

$0 for days 1-20

$152 for days 21-100 (up from $148 in 2013)

*Skilled nursing facility coverage is based on meeting criteria (medical necessity for skilled inpatient rehabilitation/care and services are reasonable and necessary for your condition/prognosis). You do not automatically get a full 100 days and for many conditions, less time is very likely. The SNF coverage is also dependent upon a qualifying 3-day hospital stay for the related condition. To learn more about this and when a hospital stay qualifies (i.e. is “inpatient” versus “observation”) read our article Important Information on Hospital Coverage for Medicare Recipients.

Part B (medical insurance) premium

$104.90/month for beneficiaries in the standard income category (making less than $85,000 or less as an individual) (unchanged from 2013)

Higher income individuals pay higher amounts, up to $335.70

Part B deductible

$147/year (unchanged from 2013)

Part D (prescription drugs)

Your premium is based on the plan you choose. You will also pay an extra adjustment each month if your income is greater than $85,000/year (for an individual, $170,000 for joint filers).

For an overview of all the costs plus a more detailed summary of Medicare’s parts, enrollment periods and more, check out Aging Wisely’s 2014 Medicare fact sheet. If you would like copies of this resource for your clients or community group, please contact Aging Wisely at 727-447-5845.

Aging Wisely’s patient advocates provide advice on Florida Medicare and Medicaid, a complete analysis of Medicare options for each individual and help with any insurance coverage issues. Until December 7th, Medicare recipients have the opportunity to switch plans for 2014 (Medicare D plans or switch to/from a Medicare Advantage plan). This is a critical time to evaluate if you are in the right plan, to potentially save costs for 2014. Give our Senior Care Consultant, Sue Talbott, a call at 727-447-5845 to discuss how we can help with Florida Medicare and other insurance and benefits issues!

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