Medicare Changes in 2014 – Premiums and Costs

The post below describes 2014 Medicare changes for Premiums and Costs for Medicare Part A, Part B as well as for Part D.

Medicare Part A Premiums and Costs in 2014

Medicare changes in 2014 for Part A include:

  • Part A premium (for people who pay a premium)
    • For individuals with 30-39 quarters of Medicare-covered employment: $234 per month ($243 in 2013)
    • For individuals with less than 30 quarters of Medicare-covered employment: $426 per month ($441 in 2013)
  • Hospital Inpatient Stay
    • Deductible for days 1-60 of each benefit period: $1,216 (1,184 in 2013)
    • Coinsurance per day for days 61-90 of each benefit period: $304 ($296 in 2013)
    • For days 91 and beyond: $608 per lifetime reserved day ($592 in 2013)
  • Mental Health Inpatient Stay
    • Deductible for days 1-60 of each benefit period: $1,216 (1,184 in 2013)
    • Coinsurance per day for days 61-90 of each benefit period: $304 ($296 in 2013)
    • For days 91 and beyond: $608 per lifetime reserved day ($592 in 2013)
  • Skilled Nursing Facility Stay
    • $0 for the first 20 days of each benefit period
    • $152 per day for days 21-100 of each benefit period ($148 in 2013)
    • All costs for each day after day 100 in a benefit period

For more information, please visit Medicare costs at a glance.

Medicare Part B Premiums and Costs in 2014

Medicare 2014 changes for Part B include:

  • Part B annual deductible
    • $147 (the same as in 2013)
  • Part B premium
    • If modified adjusted gross income is $85,000 or less for individual tax returns or $170,000 or less for joint tax returns: $104.90 per month (the same as in 2013)
    • If modified adjusted gross income is $85,001 to $107,000 for individual tax returns or $170,001 to $214,000 for joint tax returns: $146.40 per month (the same as in 2013)
    • If modified adjusted gross income is $107,001 up to $160,000 for individual tax returns or $214,001 up to $320,000 for joint tax returns: $209.80 per month (the same as in 2013)
    • If modified adjusted gross income is $160,001 up to $214,000 for individual tax returns or $320,001 up to $428,000 for joint tax returns: $272.70 per month (the same as in 2013)
    • If modified adjusted gross income is above $214,001 for individual tax returns or above $428,001 for joint tax returns: $335.70 per month

Visit Medicare costs at a glance more information.

Medicare Changes in 2014 for the Part D

Medicare changes in 2014 for Part D include:

  • Yearly Deductible
    • You are responsible for the first $310 of drug costs ($325 in 2013)
  • Initial Coverage
    • The initial coverage (when you typically pay 25% of drug costs) starts after you’ve satisfied the yearly deductible and continues until the total drug costs (paid by you and your insurance company) reach $2,850 ($2,970 in 2013).
  • Coverage Gap
    • Once the total cost of prescriptions has reached $2,850, you are responsible for ALL drug costs until you’ve spent $4,550 out-of-pocket ($4,750 in 2013). During the gap period, you’ll get the following discounts on your prescriptions: 52.5% from the price of brand drugs (the same as in 2013) and 28% from the price of generic drugs (21% in 2013).
  • Catastrophic Coverage
    • Catastrophic coverage starts once you’ve spent $4,550 out-of-pocket. From then until the end of the calendar year, you are paying the greater of either a 5% coinsurance (the same as in 2013) or a small copayment: $2.55 for generic drugs ($2.65 in 2013) or $6.35 for brand name drugs ($6.60 in 2013).
  • Low Income Subsidy (LIS)
    • Maximum copayment for people qualified for LIS programs is $2.55 for generic or preferred drugs ($2.65 in 2013) or $6.35 for brand name drugs ($6.50 in 2013).

Please give us your feedback!

What do you think about Medicare Changes in 2014? Write your comments.

Contact Us

For help finding the best Medicare or Individual Health Plan for you, please contact Liberty Medicare or call us at 877-657-7477.

×

Comments are closed.