Social Security and Medicare Answer Book, Ninth Edition, is a comprehensive and accessible resource for attorneys, accountants, estate planners, financial planners, insurance agents, and others who counsel either older Americans or their younger counterparts who are planning for future retirement. It is also an excellent resource for individuals who want to achieve a better understanding of Social Security, Medicare, and Medicaid and how these exceptionally important programs affect them, now or in the future. An understanding of Social Security and Medicare benefits is an essential component of any retirement planning exercise. An informed estimate of the benefits that will be available under these public programs is a prerequisite to any determination of how much income will be required from private retirement programs and personal savings. The recent financial crises and the COVID-19 pandemic have underscored the importance of careful planning for retirement, and the need to understand Social Security and Medicare benefits.
Social Security and Medicare Answer Book addresses the key questions that arise under Social Security and Medicare and covers all developments, including the extensive Medicare and Medicaid changes under the Affordable Care Act (ACA) and subsequent statutory and regulatory developments. The book also includes a description of the most important features of Medicaid and discusses how Medicare and Medicaid benefits are coordinated. At the time of this writing (August 2020), there are no pending bills to “repeal and replace” the ACA, but further attempts to roll back its major provisions can be expected, and the Supreme Court will be hearing oral arguments on the constitutionality of the entire ACA after the November elections. Regulatory actions taken by the Trump administration have significantly affected both Medicare and Medicaid, and the outcome of the elections will have a profound effect on the future of Social Security, Medicare, and Medicaid.
The Ninth Edition of Social Security and Medicare Answer Book brings you up to date on the latest developments, including:
- Social Security tax rates for employers and employees
- Updates on the different types of benefits available under Social Security, the methods for calculating each type of benefit and circumstances in which benefits may be lost
- Updated maximum retirement benefit at full retirement age (FRA) (see Q 5:20) and updated earnings exemption amounts for Social Security recipients below FRA
- Effect of underreporting self-employment income on Social Security benefits • Description of a recent law (H.R. 4547) intended to strengthen oversight of the Representative Payee Program for beneficiaries who are incapable of managing their Social Security of Supplemental Security Income payments
- A detailed explanation of the administrative and judicial review processes under Social Security and Medicare, including efforts to reduce backlogs in the appeals process
- Updated Medicare Part B costs
- Updated coverage of the eligibility requirements for, and benefits provided under, the four parts of Medicare
- Coverage of Medicare Secondary Payer reporting, now required for prescription drug coverage
- Discussion of likely changes to home health care, based on a Proposed Rule [CMS-1730-P]
- Telehealth coverage under Medicare Part B
- Discussion of recent regulations and rulings from the Internal Revenue Service, the Social Security Administration, and the Centers for Medicare and Medicaid Services, as well as a discussion of recent case law (throughout the 2021 Supplement).
- Cost-of-living adjustments to Medicare premiums, co-payments, and deductibles
- Description of the Executive Order on Protecting and Improving Medicare for Our Nation’s Seniors
- Discussion of the “windfall elimination provision”
- Unintended effect of Social Security coverage on tax deduction related to Health Savings Accounts
- Discussion of likely changes to home health care, based on Proposed Rule CMS-1730-P
- Legislation and regulatory actions taken in response to the COVID-19 pandemic, including guidance on health care coverage of testing and treatmentsrelated to the virus
- Legislation and regulatory actions taken in response to the COVID-19 pandemic, including guidance on health care coverage of testing and treatments related to the virus
- Notices from the Social Security Administration and Centers for Medicare & Medicaid Services detailing changes to key figures for 2021.