18 November 2016

2017 Medicare Part B Premiums Announced

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.

 

 

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