Wondering what your 2016 Medicare Part B premium will be? Here’s the skinny

The chaos surrounding Medicare premiums for 2016 finally has settled down, and we now have final figures on  monthly premiums will look like in Part B (outpatient services).

If you’re already on Social Security, your premium stays at $104.90. You’re held harmless due to the lack of a Social Security COLA for next year.

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If you’re not on Social Security but enrolled in Medicare, you’ll be paying $118.80 per month, plus a monthly $3 surcharge, for a total of $121.80. That’s the “fix” to what otherwise would have been a much larger increase in your premium. The Part B deductible will be $166 for all beneficiaries, up from $147.

A small group of high-income seniors pay extra surcharges.

2016 Medicare Part B high income premium
Individual filer
Joint filers
Income* Income* Monthly premium
$85,000 – $107,000 $170,000 – $214,000 $170.50
$107,000 – $160,000 $214,000 – $320,000 $243.60
$160,000 – $214,000 $320,000 – $428,000 $316.70
Greater than $214,000 Greater than $428,000 $389.80
*Income is defined as modified adjusted gross income

Full details on 2016 premiums and deductibles can be found here.

Comments

  1. Inquiring Mind says:

    The government is no better than the money-grubbing insurance companies. Those who have to pay for Parts B, C, and/or D get shafted the same as before they became Medicare eligible. The do’s and don’ts read like spaghetti programming code…filled with “buts”, “ifs”, “thens”, “whens”, and “until” loops and subroutines (yeah, I did some programming in my career)! This is why I am starting research on Medicare and its overly complicated requirements and conditions. Unfortunately, I have a anal retentive former employer plan that is unfairly dropping huge numbers of retirees at the end of 2016 and leaving us to ACA or private coverage. No, I don’t feel entitled. There were some snags in practice that might be applied and options are being considered. That;s life, I guess…they think they found a way out of keeping us and are taking it. There is a class action to counter it but it doesn’t look very promising.
    One thing I can say is that this has been eye-opening! I am learning much more about social security much soon than I imagined. It is becoming abundantly clear that the only winners in health care are the profit or dollar-consumed employers who conscientiously discard loyal and dedicated employees without consideration for their services , the for-profit medical establishments and institutions, the dishonest medical professionals who illegally submit claims, and the arrogant and greedy insurance companies. Notice none of these include the lowly plan/policy holder or participant.
    The way this country operates, at present, really leaves no choice other than private coverage, Medicaid-mostly those under 65 or disabled, and low-income
    Medicare/Medicaid-mostly those 65 and older or disabled, and low-income
    Medicare-mostly those 65 and older regardless of income
    ACA (aka “Obamacare”-ALL US citizens (who can afford “affordable” care)
    There HAS to be a better way out there somewhere…or, at least, I hope so.

  2. Carroll Wiggins says:

    Why not eliminate Health insurance companies? All they are is a skim operation and an unnecessary middle man. When you get a broken arm do want a doctor or insurance man? The doctor can fix a broken arm.

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