Announcement coming from The Center for Medicare & Medicaid Services (CMS) last month. Individuals on Medicare plans will see increases in their premiums for following:
Medicare Part B Premiums:
- Approximately 70% of Medicare beneficiaries will now pay about $109 for their Part B premium, compared to the $104.90 they’ve been paying the last four years, an increase of 3.9%.
- For the other 30% not “held harmless” will have a monthly increase of 10% from 2016. The new monthly premium for Medicare Part B in 2017 will be $134.
Please note: The “hold harmless” provision applies to beneficiaries who do not receive Social Security benefits, those who enroll in Part B for the first time in 2017, those directly billed for their Part B premium, those who are dually eligible for Medicaid and have their premium paid by the state Medicaid agencies, and those who pay an income-related premium.
Medicare Part B Deductibles:
- The annual deductible for all Part B beneficiaries will increase from $166 in 2016 to $183 in 2017, a 13% increase.
Please note: The premiums and deductibles for MA plans and prescription drug plans are unaffected by this announcement.
Medicare Part A Premiums:
- The 2017 Part A deductible is increasing from $1,288 in 2016 to $1,316 per benefit period in 2017, an increase of $28.
- The coinsurance is increasing to $329 per day for day 61 through day 90 of hospitalization in a benefit period, ($322 in 2016) and $658 per day for lifetime reserve days, ($644 in 2016). The daily coinsurance for beneficiaries in skilled nursing facilities for day 21 through day 100 of extended care services in a benefit period will be $164.50 in 2017, ($161 in 2016).
- Those who haven’t acquired premium-free Part A from 40 quarters of Medicare-covered employment will pay $227 monthly for Part A coverage, an increase of $1 from 2016.
As we head into the new year, there will be more changes to your healthcare coverage. Stay up to date with healthcare news by subscribing to 1800health.com’s newsletter. To read the full article published by CMS, please click here.
Image credit: Flickr / Ronny Richert