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
