1 27-12 medicare confuses many seniors
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1 27-12 medicare confuses many seniors

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Most seniors on Medicare will pay $99.90 per month this year for Part B outpatient coverage. But how would you like to pay 10 percent more for that coverage, or 50 percent more?

Most seniors on Medicare will pay $99.90 per month this year for Part B outpatient coverage. But how would you like to pay 10 percent more for that coverage, or 50 percent more?

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1 27-12 medicare confuses many seniors Presentation Transcript

  • 1. Medicare Confuses Many SeniorsMost seniors on Medicare will pay $99.90 per month this year for Part B outpatientcoverage. But how would you like to pay 10 percent more for that coverage, or 50 percentmore? Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
  • 2.  The rules for filing for Medicare benefits can be confusing. Even worse, they contain land mines. A particularly nasty land mine, as described in a recent article out of Reuters, involves the penalty for late filing for Medicare Part B benefits. The problem arises because Social Security and Medicare are no longer on the same timetable. Social Security retirement benefits can only be taken in full at age 67, but for Medicare the eligibility age remains 65. This little inconsistency in elder law can make a big difference for some. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  • 3.  For each full year that a qualified senior fails to enroll in Medicare Part B, the monthly premium jumps ten percent. The average premium is just under $100, so two years of delinquency (achieved by filing for Medicare at the same time as the senior becomes eligible for Social Security) results in a $20 increase in the monthly premium. For many retirees, this can represent a considerable amount of wasted money. It’s entirely avoidable, and it’s permanent. A small amount of monthly expenditure can, over time, do unpleasant things in terms of NY estate planning and New York asset protection. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  • 4.  In addition, with many people not actually leaving the workforce it’s easy to forget (or fail to realize, since you’re not really retired) that it might be time for Medicare. If you are still working at age 65 and your employer has fewer than 20 employees, Medicare is the primary payor; at companies with more than 20 workers, the employers plan is primary. In the latter situation, a senior can postpone filing for Parts A (hospitalization) or Part B, although many choose to enroll for Part A anyway, since it doesnt require premium payments. If you delay your Part B coverage, you can enroll without penalty when you do retire for up to eight months following that point. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  • 5.  What’s the final word? Be aware of all this, and as in all retirement planning and estate planning matters, early is better than late. This is true whether or not you will be relying on Medicare. In fact, not relying on Medicare when it becomes available could present problems in the long run. If you are still employed, a visit to the company accountant might be in order to determine where your company stands in terms of medical care for senior-citizen employees, and what your actions should be as a result. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  • 6. Law Office of David Parker Estate Planning and Elder Law  www.parkertrustlaw.com