October 12, 2015
You might have been hearing about a possible rate increase for some Medicare subscribers. There have been a number of very confusing newspaper articles over the last several days.
Unless some sort of political deal is struck over the next few weeks, about 30% of Medicare beneficiaries will receive significant Part B rate increase for 2016. These increases will range from $54.40/month for incomes of $85,000 ($170,000 per couple) to $174.10/month for incomes over $214,000 ($428,000 per couple).
About 70% of you will have no increase.
You will have no increase if:
- You are currently enrolled in Medicare; and
- You are collecting Social Security benefits and the current Part B premium is being deducted from you check; and
- Your income is less than $85,000 ($170,000 per couple).
The 30% of you that are projected to have the increase primarily fall into 3 categories:
- You have not yet started your Medicare benefits, but plan on doing so in 2016.
- You are covered by Medicare, but are not yet collecting Social Security benefits.
- Your annual income is over $85,000 ($170,000 per couple).
Remember that these potential increases are not yet official. There is tremendous political pressure to avert any increase, particularly for incomes under $85,000 ($170,000 per couple). We will keep you posted.