By: Paul Lorrah
The Centers for Medicare and Medicaid has announced that in 2017 the Medicare premiums, deductibles, and coinsurances will increase.
After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will rise 4 percent to about $109 a month. However, approximately 30 percent of beneficiaries will see their Part B premium rise from $121.80 to $134 a month, a 10 percent increase. Meanwhile, all beneficiaries will face a higher Part B deductible, which will go from the current $166 to $183 in 2017.
The reason for the two different Part B premiums is that about 70 percent of beneficiaries are protected from any increase in premiums when Social Security benefits remain stagnant, as has been the case for the last several years.
Medicare beneficiaries who are unprotected from a premium rise include:
- those enrolled in Medicare but who are not yet receiving Social Security;
- new Medicare beneficiaries;
- seniors earning more than $85,000 a year and
- “dual eligibles” [those who receive both Medicare and Medicaid benefits].
Here are all of the new Medicare payment figures:
- Basic Part B premium: $109/month (was $104.90)
- Part B premium for those not protected: $134 (was $121.80)
- Part B deductible: $183 (was $166)
- Part A deductible: $1,316 (was $1,288)
- Co-payment for hospital stay days 61-90: $329/day (was $322)
- Co-payment for hospital stay days 91 and beyond: $658/day (was $644)
- Skilled nursing facility co-payment, days 21-100: $164.50/day (was $161)
Higher-income beneficiaries will pay higher Part B premiums:
- Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000 will pay a monthly premium of $187.50 (was $170.50).
- Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 will pay a monthly premium of $267.90 (was $243.60).
- Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000 will pay a monthly premium of $348.30 (was $316.70).
- Individuals with annual incomes of $214,000 or more and married couples with annual incomes of $428,000 or more will pay a monthly premium of $428.60 (was $389.80).
- Those with incomes between $85,000 and $129,000 will pay a monthly premium of $348.30 (was $316.70).
- Those with incomes greater than $129,000 will pay a monthly premium of $428.60 (was $389.80).
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