On November 10th, the Centers for Medicare and Medicaid Services (CMS) officially announced the 2017 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
Those already receiving Social Security retirement benefits who are also enrolled in Medicare Part B will again have a lower Part B premium than those not receiving Social Security retirement benefits. 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. But there actually is a 0.3% COLA increase in 2017. This increase is small enough that CMS wants to protect those already on Medicare Part B and receiving Social Security retirement benefits from experiencing a larger premium increase. Unfortunately, those not receiving Social Security retirement benefits, and starting Medicare Part B 1/1/17 and after, will essentially pick up the slack (see table below).
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 2017 Part B monthly premiums for all income levels.
|If your yearly income in 2015 was…||You pay (in 2017)|
|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||$134.00|
|above $85,000 and up to $107,000||above $170,000 and up to $214,000||N/A||$187.50|
|above $107,000 and up to $160,000||above $214,000 and up to $320,000||N/A||$267.90|
|above $160,000 and up to $214,000||above $320,000 and up to $428,000||above $85,000 and up to $129,000||$348.30|
|above $214,000||above $428,000||above $129,000||$428.60|
Medicare Part A (hospital) Deductible and Coinsurance Amounts
- Part A deductible: $1,316
- Part A coinsurance (inpatient hospital stay…days 61-90): $329 per day
- Part A coinsurance (inpatient hospital stay…lifetime reserve days): $658 per day
- Skilled Nursing Facility coinsurance (days 21-100): $164.50 per day
Medicare Part B (medical) Deductible
- Part B deductible: $183
To see the full details, go here.