#asktheinsurnacelady

[asktheinsurancelady]

Social Security...changing the rules again.

Married couples will have fewer claiming options.

By Friday, April 29, 2016—about six months after the bill’s signing—people who have not yet filed for Social Security benefits will no longer be able to use the program’s “file and suspend” rule. This claiming strategy has permitted one member of a married couple to file for Social Security, thereby enabling a husband or wife to file for a spousal benefit. (Or other family members to file for ancillary benefits.) The spouse, meanwhile, could suspend his or her own retirement benefit, which then could grow due to delayed retirement credits by 8% a year. The changes also will end the ability of anyone born in 1954 or later to file what’s called a restricted application and collect only a spousal benefit while letting their own retirement benefits rise by 8% a year for up to four years, until age 70. Instead, filing for spousal benefits will be deemed by Social Security to also trigger a person’s own retirement benefit. The agency will pay only an amount that is roughly equal to the greater of the two benefits. Right now, deeming only applies to benefits claimed before age 66, but the new law will eventually extend it to older filers as well.

Find out more options here:

http://time.com/money/4105571/new-social-security-claiming-rules/

TheInsuranceLady

[asktheinsurancelady]

Medicare, Part B Premiums, and the “Hold Harmless Provision”

Something you should consider in the coming days when figuring your health insurance budget for 2016. On April 16th, 2015 the President signed into law H.R. 2, the “Medicare Access and Chip Reauthorization Act of 2015″. 

It provides for extended funding for several gov’t. programs but the biggest change it provides for is the permanent funding of the “Doctor Fix”. Doctors had been facing an accumulated annual rate reduction in Medicare reimbursements that threaten to reduce their reimbursement for services from Medicare by nearly 30%. This came with no small price tag and, to offset the $210 billion dollar price tag, Medicare was seeking an across the board rate increase for part B premiums. 

Enter Section 1395r(f) of the Medicare code, which simply put denies Medicare the right to raise Part B premiums to folks that do not get a COLA raise that same year. The rub here is it only protects those that have their Part B premiums deducted from the SSI check directly each month, about 70% of Medicare folks fall into this category. 

Who could see a rate increase in Part B premiums? New enrollies into Medicare as of Jan.1st, individuals that already pay more because of higher incomes, Medicare/Medicaid dual eligible folks, and folks that do not pay their Part B premiums directly from their SSI check each month. 

How much more? the CMS has not determined 2016′s new rate for part B premiums they are projecting a “possible” rate increase from the current $104.90 to as much as $159.30, unless congress steps in to ease the blow on an election year this could be a huge increase over recent years. Until we get the official number stay tuned!

The Insurance Lady

https://rleeinsurancesolutions.com