Still sorting through the new Medicare premiums, deductible, and co-insurances for 2016? Here is a link to a Medicare press release detailing the 2016 amounts.
As set forth in the press release, most Medicare Part B recipients did not experience a change in their 2016 Part B premiums, as their premiums remain at $104.90 per month. Some (approximately 30%), however, have experienced an increase in their 2016 Part B premiums, and must now pay a premium of $121.80 per month. The press release further explains the 2016 premium increase for the 30% of beneficiaries, who are those who are not “held harmless” from premium increases when Social Security benefits remain unchanged. All other Medicare premiums, deductibles, and co-insurance amounts for 2016 are increasing. The following is an at-a-glance review of the 2016 numbers:
- Basic Part B premium: $104.90/month (unchanged for those “held harmless”)
- Part B premium for those not “held harmless”: $121.80
- Part B deductible: $166 (was $147)
- Part A deductible: $1,288 (was $1,260)
- Co-payment for hospital stay days 61-90: $322/day (was $315)
- Co-payment for hospital stay days 91 and beyond: $644/day (was $630)
- Skilled nursing facility co-payment, days 21-100: $161/day (was $157.50)
Additionally, higher-income beneficiaries will pay higher Part B premiums, as follows:
- Individuals with annual incomes between $85,000 and $107,000 and married couples (filing a joint tax return) with annual incomes between $170,000 and $214,000 will pay a monthly premium of $170.50 (was $146.90).
- Individuals with annual incomes between $107,000 and $160,000 and married couples (filing a joint tax return) with annual incomes between $214,000 and $320,000 will pay a monthly premium of $243.60 (was $209.80).
- Individuals with annual incomes between $160,000 and $214,000 and married couples (filing a joint tax return) with annual incomes between $320,000 and $428,000 will pay a monthly premium of $316.70 (was $272.70).
- Individuals with annual incomes of $214,000 or more and married couples (filing a joint tax return) with annual incomes of $428,000 or more will pay a monthly premium of $389.80 (was $335.70).
Note: The premiums differ for beneficiaries who are married and lived with their spouse at any time during the year, but file a separate tax return from their spouse. For additional information regarding those premium amounts, see the press release noted above.
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