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The Bottom-Line for Seniors
Those on Social Security, Medicare Gain $12.57
Monthly in 2005, Maybe
Higher inflation and going into the hospital or healthcare facility
may
eat up any gains
Oct. 19, 2004 - If the average senior citizen on
Social Security and Medicare does not spend time in a hospital or
healthcare facility, they should have an extra $12.57 per month to spend
in 2005. And, if consumer prices don't out strip the Social Security
increase.
Social Security is going up 2.7 percent, based on
inflation from September 2003 through September 2004. But, the
government announced today that inflation for the first nine months of
2004 is increasing at an annual rate of 3.5 percent.
Social Security for the average retired worker will
increase by $25 per month that will be offset by an extra $11.60 per
month for Medicare Part B and 83 cents per month for the increase in the
deductible ($10 for the year). About 93 percent of all Medicare
beneficiaries voluntarily subscribe to Part B.
The major risk is becoming a hospital or healthcare
facility patient, since these deductibles in Medicare Part A are also
increasing.
The deductible paid when admitted as a hospital
inpatient will be $912 in 2005, an increase of $36 from this year's $876
deductible. The Part A deductible is the beneficiary's only cost for up
to 60 days of Medicare-covered inpatient hospital care in a benefit
period. Beneficiaries must pay an additional $228 per day for days 61
through 90 in 2005, and $456 per day for hospital stays beyond the 90th
day in a benefit period. For 2004, per day payment for days 61 through
90 was $219, and $438 for beyond 90 days.
For beneficiaries in skilled nursing facilities,
the daily co-insurance for days 21 through 100 in a benefit period will
be $114 in 2005, compared to $109.50 in 2004.
Those who enroll in Medicare Advantage plans may
not be affected by the Part A increase, and may receive additional
benefits with different cost-sharing arrangements.
More about Medicare increases for 2005.
Copyright: SeniorJournal.com |
