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The increase in Medicare insurance premiums threaten to cancel out the increase in Social Security payments next year, leaving millions of disabled and retired Americans without an income increase for the third consecutive year.
About 45 million Americans - 1 in 7 in the country - are on Medicare insurance and Social Security. By law, donees have their Medicare Part B premium, which covers doctor visits, deducted from their Social Security payments each month.
Million of disabled and retired Americans in the United States had better prepare for another year with no increment in Social Security payments.
When the increase in Medicare insurance premiums more than that of Social Security payments, millions of Americans living on fixed incomes do not get raises. On the other hand, most do not receive pay cuts, either, because a hold-harmless provision prevents higher Part B premiums from reducing Social Security payments for most people.
The government projects a modest cost of living adjustment (COLA) for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, the increase in Medicare insurance premiums threaten to cancel out any increase in payments, leaving them without a raise for a third consecutive year.
The discount in health care law on brand name drugs for some Medicare beneficiaries has been used by 48,000 people who saved a combined total of $ 38,000,000 - $ 800 on average - through the first two months of this year, according to Department of Health and Human Services.
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Starting this year, Medicare beneficiaries arriving at the doughnut hole will receive a discount of 50 percent on brand name drugs and 7 percent discount on generic drugs to help offset the cost of prescriptions. Even when getting the 50 percent discount, the full prices of the drug counts toward reaching the $4,550 limit to get out of the doughnut hole.
The law closes the doughnut hole by 2020.
While Obama administration officials celebrate the one-year anniversary of the health bill this week, they have promoted many of its provisions, including the rebate checks and discounts on drug prices, hoping to get support from the elders. However, according to the latest survey by Kaiser Family Foundation tracking poll, 52 percent of senior American citizens oppose the law.
Employers and even some younger people would pay more for health care insurance if lawmakers raise the eligibility age for Medicare, a study released on Tuesday concludes.
The report by the nonpartisan Kaiser Family Foundation shows that federal taxpayers would save billions if the Medicare insurance eligibility age, now 65, is increased in two years. Nevertheless, people of 65 and 66 employers - together with the states, Medicare beneficiaries and even some younger families - to see a domino effect in addition to their costs.
Medicare is increasingly mounting as baby boomers start hitting retirement. The amount of money coming in is less than exiting, and as such, it is perceived that the current generation of taxpayers does not receive social security for 2012.
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