Insurance Corner
Here are the new Medicare costs for 2018.
The standard Medicare
Part B
monthly premium and deductibles for 2018 won’t change.
Part B
pays for doctor/medical visits. The Medicare
Part B
monthly premium will stay at $134 and the Medicare
Part B
annual deductible will stay at $183.
However, approximately 42% of Medicare beneficiaries who were held harmless against the rising annual costs of Medicare in past years will now see their Part B premium increase to $134, because of the 2018 Social Security Cost of Living Adjustment (COLA). So it appears that all Medicare beneficiaries will now pay $134 for their
Part B
premium.
Let’s talk about the Medicare
Part A
hospital deductible. The annual deductible will also increase $24 and the new
Part A
annual deductible for 2018 will now cost $1,340, per admittance.
The Centers for Medicare & Medicaid Services (CMS) will begin issuing new Medicare cards in April 2018 that no longer include your Social Security number. The new cards will be mailed to the address of record on file with the Social Security Administration.
The
Part D
(prescription) annual deductible will increase ($5) to $405. Not all Medicare prescription plans include a Part D annual deductible.
If you need help paying for prescription premiums and co-payments, Medicare has programs to help a Medicare eligible with these costs. The
Extra Help
program (also known as the Low Income Subsidy (LIS program)) and
EPIC
(Elderly Pharmaceutical Insurance Coverage) programs are two programs that are income based which help reduce the cost of prescription premiums, copays, and may help with the annual deductible also. To find out more, contact Social Security Administration at
800-772-1213
to ask about the Extra Help Program. Contact EPIC at
800-332-3742
.
