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. 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.