Medicare has announced the new premium rates and deductible for Medicare Part B for 2016, as follows:
| If your yearly income in 2014 (for what you pay in 2016) was | You pay (in 2016) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $85,000 or less | $170,000 or less | $85,000 or less | $121.80 |
| above $85,000 up to $107,000 | above $170,000 up to $214,000 | Not applicable | $170.50 |
| above $107,000 up to $160,000 | above $214,000 up to $320,000 | Not applicable | $243.60 |
| above $160,000 up to $214,000 | above $320,000 up to $428,000 | above $85,000 and up to $129,000 | $316.70 |
| above $214,000 | above $428,000 | above $129,000 | $389.80 |
(table cited from Part B Costs webpage on Medicare.gov)
Please note, most people who were receiving social security retirement benefits in 2015 may be able to continue paying the same Part B monthly premium they were paying because there was not an increase for a cost of living adjustment for 2016 social security benefits. Â You will pay the new 2016 rates if you fall under one of the following conditions:
- Â New to Medicare and enrolling in Part B in 2016
- On Medicare and not receiving social security benefits
- You receive direct billing for your Part B premiums
- You have Medicare and Medicaid, or your modified adjusted gross income (MAGI) on your tax return from 2 years prior is above a certain figure.
The Part B deductible for 2016 will increase to $166 (up from $147 in 2015).
When you’re new to Medicare Part B, you will start a six-month initial open enrollment period to buy a Medicare Supplement plan (also known as a Medigap plan) with NOÂ medical underwriting! Â This is the best time to buy a Medigap plan! Â Beyond your initial open enrollment period, you will be subject to medical underwriting which may include yes/no health questions, a prescription check, and a personal health phone interview.
Even if you already have a Medigap plan, we can check to see if we can lower your rate for you – it takes less than 5 minutes and could save you hundreds of dollars a year! Medigap plans are standardized so a plan from one carrier is the exact same plan from another carrier – the only difference is price.
Call us now at 1-888-972-0024 and speak with a live, expert agent to see how we can save you money today! Â You can also e-mail us 24 hours a day by CLICKING HERE.