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SENIOR MOMENT UPDATE
Incorrectly refunded premiums
Earlier this year, SSA incorrectly refunded some premiums for Medicare Advantage and
prescription drug plans. This mistake will not affect the beneficiary’s Medicare coverage, but it will have to be repaid. SSA will deduct the incorrect refund from the Social Security payment beneficiaries will receive in December. SSA has instructed that beneficiaries will receive a letter about the amount of money they will receive in December. Beneficiaries will not owe any more money for the incorrect refund after December. A letter will also be sent out to Social Security recipients regarding their regular January payment. If a recipient has specific questions regarding this matter, (s)he may call (800)772-1213 or the local social security office.
Asset Limits for LIS and Medicare Savings Programs
New asset limits have been released for the low income subsidy (assistance with prescription drugs under Medicare Part D) and the Medicare Savings Programs (QMB, SLMB, SLMB+) effective January 1, 2011.
2011 MSP asset limit
$6,680 (individual); $10,020 (married)
Low Income Subsidy*
2011 LIS asset limit
$6,680 (individual); $10,020(married)
Partial Subsidy $11,010 (individual); $22,010(married)
$11,140 (individual); $22,260 (married)
*These resource limits do not include $1,500 per person for burial expenses.
Income Based Medicare Part B and Part D Premiums
And, thanks to the Affordable Care Act, the same beneficiaries subject to the income based Part B premiums are subject to income based Part D premiums.
If Beneficiary’s Yearly
Income (Single Tax
Filer) in 2009 was If Beneficiary’s
Yearly Income (Joint
Tax Filer) in 2009
was Then
Beneficiary
pays a Part B
premium of And a Part D
premium of
$85,000 or below $170,000 or below 2011 - $115.40
2010 - $110.50
2009 - $96.40 Same as according to plan
$85,001–$107,000 $170,001–$214,000 $161.50 $12.00 + additional
$107,001–$160,000 $214,001–$320,000 $230.70 $31.10 + additional
$160,001–$214,000 $320,001–$428,000 $299.90 $50.10 + additional
above $214,000 above $428,000 $369.10 $69.10 + additional
Incorrectly refunded premiums
Earlier this year, SSA incorrectly refunded some premiums for Medicare Advantage and
prescription drug plans. This mistake will not affect the beneficiary’s Medicare coverage, but it will have to be repaid. SSA will deduct the incorrect refund from the Social Security payment beneficiaries will receive in December. SSA has instructed that beneficiaries will receive a letter about the amount of money they will receive in December. Beneficiaries will not owe any more money for the incorrect refund after December. A letter will also be sent out to Social Security recipients regarding their regular January payment. If a recipient has specific questions regarding this matter, (s)he may call (800)772-1213 or the local social security office.
Asset Limits for LIS and Medicare Savings Programs
New asset limits have been released for the low income subsidy (assistance with prescription drugs under Medicare Part D) and the Medicare Savings Programs (QMB, SLMB, SLMB+) effective January 1, 2011.
2011 MSP asset limit
$6,680 (individual); $10,020 (married)
Low Income Subsidy*
2011 LIS asset limit
$6,680 (individual); $10,020(married)
Partial Subsidy $11,010 (individual); $22,010(married)
$11,140 (individual); $22,260 (married)
*These resource limits do not include $1,500 per person for burial expenses.
Income Based Medicare Part B and Part D Premiums
And, thanks to the Affordable Care Act, the same beneficiaries subject to the income based Part B premiums are subject to income based Part D premiums.
If Beneficiary’s Yearly
Income (Single Tax
Filer) in 2009 was If Beneficiary’s
Yearly Income (Joint
Tax Filer) in 2009
was Then
Beneficiary
pays a Part B
premium of And a Part D
premium of
$85,000 or below $170,000 or below 2011 - $115.40
2010 - $110.50
2009 - $96.40 Same as according to plan
$85,001–$107,000 $170,001–$214,000 $161.50 $12.00 + additional
$107,001–$160,000 $214,001–$320,000 $230.70 $31.10 + additional
$160,001–$214,000 $320,001–$428,000 $299.90 $50.10 + additional
above $214,000 above $428,000 $369.10 $69.10 + additional
posted by Bob Hoffmaster - KFIZ at 12:49 PM
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