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


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.  You will pay the new 2016 rates if you fall under one of the following conditions:

  •  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 NO medical underwriting!  This is the best time to buy a Medigap plan!  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!  You can also e-mail us 24 hours a day by CLICKING HERE.