Note: these numbers have been finalized for 2016 at slightly less than originally reported. Apologies for any confusion. As we discussed in a previous post, with the lack of a Cost of Living Adjustment coming for Social Security recipients benefits in 2016, for most Medicare Part B participants the premium will remain unchanged at $104.90 in 2016. However, approximately 30% of Part B participants will see an increase to their premium for 2016 – and originally this amount was going to be a 52% increase. Lost in all of the hullabaloo around the elimination of File & Suspend, a part of the Bipartisan Budget Act of 2015 helped to reduce that increase, which will be “only” 16% for 2016. Instead of increasing to nearly $160 per month, the Medicare Part B premium will only increase to $121.80 per month for most of those affected. This change was taken care of in […]
medicare part b
File For Part B Medicare – COBRA Isn’t Enough
For most folks, when you reach age 65 and have ceased regular work, filing for Medicare Parts A & B is an automatic thing. If you don’t file during the 3 months before or after your 65th birthday, you may have penalties to pay. This applies even if you have recently been laid off of work and are covered for health insurance under a COBRA plan. Part A carries no cost if you’re fully covered (40 quarters of coverage), but Part B requires a monthly premium. When laid off from an employer who has provided health insurance coverage to you while employed, you have the option of continuing the health coverage for a period of time, up to two years. This continuation of coverage is called COBRA, named for the law that put it into place (Consolidated Omnibus Budget Reconciliation Act). You have to file in a timely manner for […]
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Medicare Part B and D Premiums for 2014
Even though other retirement-related items increased for 2014, such as the taxable income limit for Social Security tax ($117,000, up $3,300), the earnings limits for pre-Full Retirement Age Social Security benefits ($15,480 before FRA year, $41,400 during FRA year), and the COLA for Social Security benefits (+1.5%), the premium for Medicare Part B coverage remained the same for 2014, at $104.90 per month. However, if your income in 2012 was above $85,000 for single filers or $170,000 for married filers, you will have to pay more for your Medicare Part B insurance, but it’s the same increase as in 2013. Medicare Part D coverage for upper income folks will rise slightly. The maximum increase for both Part B and Part D tops out at $300.10 per month, for a total premium of $405 per month. This income amount is actually your Modified Adjusted Gross Income, which is equal to your […]
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Medicare Part B
The next letter in our Medicare alphabet soup is Part B. Part B is essentially medical insurance that covers doctor’s services, outpatient care, home health services, and durable medical equipment. It will also cover some other services as well as well as many preventative services. As far as what doctors will and will not cover Part B depends on whether or not they have agreed to assignment. Assignment is simply your doctor or another health care provider agreeing to be paid directly by Medicare and be willing to accept the payment amount that Medicare decides is the value of the service. Agreement also means the doctor or health care provider cannot charge you any more than what the deductible and coinsurance amounts are. The basic cost for Medicare Part B for 2013 is $104.90 monthly. Individuals with higher AGI may end up paying more. The table below, courtesy of Medicare.gov shows […]
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