16 November 2015

2016 Medicare Part B Premiums Officially Announced

On November 10th, the Centers for Medicare and Medicaid Services (CMS) officially announced the 2016 Medicare Part B premiums.  In addition, the Medicare Part A deductible and coinsurance amounts, and Part B deductible were released.  Check out the summary below:


Medicare Part B Premiums

Remember that those already receiving Social Security retirement benefits who are also enrolled in Medicare Part B will continue to pay the current Part B premium of $104.90/mo.  This is because of a “hold harmless” provision that protects Medicare beneficiaries from a Part B premium increase in years when there is NOT a cost of living adjustment (COLA) for Social Security.  There is not a Social Security COLA in 2016.


Since 2007, Medicare beneficiaries with higher incomes have paid higher Part B monthly premiums (and an extra amount on Part D…on top of any Part D prescription drug plan premium to an insurance carrier).  Below, is a table summarizing the 2016 Part B monthly premiums for all income levels.


If your yearly income in 2014 was… You pay (in 2016)
File Individual Tax Return File Joint Tax Return FIle Married & Separate Tax Return Monthly Premium
$85,000 or less $170,000 or less $85,000 or less $121.80
above $85,000 and up to $107,000 above $170,000 and up to $214,000 N/A $170.50
above $107,000 and up to $160,000 above $214,000 and up to $320,000 N/A $243.60
above $160,000 and up to $214,000 above $320,000 and up to $428,000 above $85,000 and up to $129,000 $316.70
above $214,000 above $428,000 above $129,000 $389.80


Medicare Part A (hospital) Deductible and Coinsurance Amounts

  • Part A deductible: $1,288
  • Part A coinsurance (inpatient hospital stay…days 61-90): $322 per day
  • Part A coinsurance (inpatient hospital stay…lifetime reserve days): $644 per day
  • Skilled Nursing Facility coinsurance (days 21-100): $161 per day


Medicare Part B (medical) Deductible

  • Part B deductible: $166


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