With the new year here there are new Medicare Parts A and B premiums and deductibles. The standard Medicare Part B premium will hold steady at $104.90 a month, but for almost a third of beneficiaries, the premium will rise to $121.80 a month. The Part D deductible will rise to $166 for all beneficiaries. If you are enrolled in Medicare but are not receiving Social Security, are a new Medicare beneficiary, are a senior earning more than $85,000 a year, receive both Medicare and Medicaid, then you are not protected from the rising premium. For those who enroll in Medicare Advantage plans, cost-sharing arrangements may be different and the premium is expected to decrease from $32.91 to $32.60.
Important Figures:
Basic Part B Premium $104.90/month (unchanged)
Part B Premium for those not “held harmless” $121.80
Part B Deductible $166 (was $147)
Part A Deductible $1,288 (was $1,260)
Co-Payment for hospital stay days 61-90 $322/day (was $315)
Co-Payment for hospital stay days 91 and beyond $644/day (was $630)
Skilled nursing facility co-payment, days 21-100 $161/day (was $157.50)
Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000/$170.50 monthly premium
Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000/$243.60 monthly premium
Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000/$316.70 monthly premium
Individuals with annual incomes $214,000 or more and married couples with annual incomes $428,000 or more/$389.80 monthly premium
Individuals who are married, but filing separately with incomes between $85,000 and $129,000/$316.70 monthly premium
Individuals who are married, but filing separately with incomes $129,000 or more/$389.90 monthly premium
The number used to calculate the 2016 Part B beneficiary’s premiums is the income reported two years ago when filing taxes. To calculate income, tax-exempt interest, U.S. savings bond interest used to pay tuition and certain income from foreign sources are included in the modified adjusted gross income.
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