Health care is an essential part of life, especially as you age, but does it take away from your social security fund?
Recently, reports have found that over half of the senior citizens that were surveyed had used a portion of their social security or retirement fund to pay for costs deriving from health care. For example, with most plans there are some out-of-pocket costs.
Investing in different Medicare Supplements (Medigap policies) can sometimes aid in saving money. Also, looking at all of the different plans and finding which one would be the best for your financial situation is critical. A Medicare Advantage plan may be better for some beneficiaries. Medicare Advantage plans do not work with The Original Medicare Part A and B because they are benefits in themselves. Medicare supplements (Medigap policies) work with The Original Medicare Part A and B by covering costs that are left out by it. Also, many Medicare supplements (Medigap policies) don’t have co-pays like Medicare Advantage plans.
In this survey, conducted by The Senior Citizens League, it was also found that the respondents believed that House members handling Medicare issues were doing a failing job. They were rated on a scale from one to five and the average score received was 2.6. Converted to a scale from one to one hundred, the House would be rated at a 52 percent.
The House of Representative has attempted to cut Medicare costs before. For example, last year they tried to cut $127 billion from Medicare for a ten-year period. The Senate also attempted to tackle cuts at about four times as much as the House. These chambers were both unsuccessful in doing so, but senior citizens continue to worry if Congress will try to cut Medicare costs again.
This survey also displayed that about eighty-six percent of seniors support Medicare negotiating prescription drug prices. Many respondents also support adjusting out-of-pocket caps on prescription drug spending to at least $250 a month. For this upcoming year, 2019, the average cost for the Prescription Drug Plan (Part D) premium is decreasing by one dollar per month. That will make the cost $32.50 per month. But, sometimes lower per-month payments can result in higher copayments, so beneficiaries should be prepared for that.
In addition to reviewing all of your Medicare health plan options, it’s important to remember costs and coverage of plans change every year, so it’s important to keep up with the fluctuations of important changes in your health and your income. Medicare Pathways can help you with reviewing your current plan and see if it’s still meeting your medical and financial needs.
It is unlikely that Medicare budgets will be cut this term, according to Beltway observers, but because of the swelling budget deficit, many Democrats believe that Republicans will be in favor of cutting Medicare and Social Security costs in the future.
For now, The White House plans to cut $15 billion on spending. About $7 billion of the cuts would go towards the Children’s Health Insurance Program and the Center for Medicare and Medicaid Innovation Program. The rest would go to a federal loan program used to aid in auto manufacturers developing new vehicle technology.
Let us help you find a plan perfect for you! Call Medicare Pathways at 800-466-9118 so we can help you save the most on Medicare costs.