Welcome to 2007!! We hope that it will be a healthy and peaceful year for all of you and your families. We feel so fortunate to have each of you as part of our “family.” Thank you for continuing to provide such nice cards and emails to the office about the usefulness of the newsletter and the services we provide to you. It is truly a pleasure to work with each of you.
Well, as with each other year, the federal government takes this opportunity to change various charges.
The Medicare premiums are now as follows:
Part B premium: $93.50/month (was $88.50);
Part B deductible: $131 (was $124);
Part A deductible: $992 (was $952);
A total of $992 for a hospital stay of 1-60 days.
Co-Payment for hospital stay days 61-90: $248 per day (was $238);
Co-Payment for hospital stay days 91 – 150: $496 per day (was $476);
All costs for each day beyond 150 days.
Skilled nursing facility co-payment, days 21-100: $124 per day (was $119).
As directed by the 2003 Medicare law, for the first time higher-income beneficiaries will pay higher Part B premiums.
At the end of 2006, Social Security should have sent you a letter if your Part B premium will increase based on the level of your income and to tell you what you can do if you disagree. For more information about Part B premiums based on income, call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778.
The chart below shows the Part B monthly premium amounts based on income.
These amounts change each year. There may be a late-enrollment penalty.
|
You Pay
|
If Your Yearly Income is
|
|
Single
|
Married Couple
|
$93.50
|
$80,000 or less |
$160,000 or less |
$105.80
|
$80,001-$100,000 |
$160,001-$200,000 |
$124.40
|
$100,001-$150,000 |
$200,001-$300,000 |
$142.90
|
$150,001-$200,000 |
$300,001-$400,000 |
$161.40
|
Above $200,000 |
Above $400,000 |
You Pay |
If You Are Married but You File a Separate Tax Return From Your Spouse and Your Yearly Income is |
$93.50 |
Under $80,000 or less |
$142.90 |
$80,001-$120,000 |
$161.40 |
Above $120,000 |
Making the decision about purchasing any type of investment is important. We do not provide financial, tax or investment advice. If you would like such advice, we recommend you seek the advice of a professional who can provide such advice and information.
The Law Office of Emily B. Kile, P.C. also provides services related to: Estate/Trust Settlement, Medicaid and Long Term Care planning, conservatorships and guardianships.
The Estate Planning and Elder Law Newsletter is written by Emily B. Kile, Attorney at Law. This newsletter is published as a service of the Law Office of Emily B. Kile, P.C., 5429 East Caron Street , Paradise Valley , Arizona 85253 . This information is for general informational purposes only and does not constitute legal advice. For specific questions you should consult a qualified attorney. |
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