The feds announced yesterday Medicare Part B premiums will be increased to $110.50 monthly in 2010, an increase of 15%.
This increase effects 12 million people or 27% of those on Medicare. The rest are not subject to the increase due to the fact that by law, Medicare premiums can't be increased more than Social Security benefits which are not being increased.
Rising medical costs are being blamed which some feel is right in line with what they've been trying to fix with healthcare reform.
Medicare is currently a hot topic in many areas. Obama feels cutting the massive fraud that's been identified will help greatly in savings to use in support of healthcare reform and keep it budget neutral. Some seniors worry the money savings will somehow result in issues with their coverage and treatments. Also, more and more doctors have given consideration to no longer accepting Medicare all together. This stems from the already low reimbersments from the government that some make up for by hiking rates to the private insurance companies.
Another big worry with Medicare is the fact that it keeps going over budget. If the government is having problems predicting the costs of Medicare, how can they predict healthcare costs on a much larger scale with healthcare reform? Experts expect baby boomers to hit Medicare hard over the next few years as more become eligible for coverage. Without a doubt this will increase costs, but what will happen? Will the budget just be greatly increased? Will there be restrictions? Will payouts or coverage be reduced?
Regardless of your position, it's easy to understand the reason behind concerns seniors are having. Medicare and Medicare supplement insurance are held in high regards by those covered and nobody wants that to change.
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