The 2016 Changes to Medicare were found throughout the parts of Medicare. Since most people do not pay a Part A premium, that change is kind of irrelevant. There were some changes to what you pay under Part A deductible and coinsurance but none as noteworthy as the Part B changes. The Part B deductible and Part B premium both changed in 2016. View the chart below to see the exact differences.
Please note … The standard Part B premium amount if you enroll after 2016 is $121.80 (or higher depending on your income). However, most people who get Social Security benefits will continue to pay the same Part B premium amount as they paid in 2015. This is because there wasn’t a cost-of-living increase for 2016 Social Security benefits.
You’ll pay a different Part B premium amount if:
You enroll in Part B for the first time in 2016.
You don’t get Social Security benefits.
You’re directly billed for your Part B premiums.
You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $121.80.)
Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.
How will the 2016 Changes to Medicare effect me?
The 2016 changes to Medicare may effect each person differently. If you only have Original Medicare, then your overall out-of-pocket costs will be greater. If you have a Plan F, you may see your actual supplement premium increased. If you have a Plan C, G, or any other plan that didn’t pay the Part B deductible … your premium may not have increased as much, but you will notice when you go to the doctor you will pay a little more the first of the year over what you paid last year. If you have Part C, or a Medicare Advantage Plan, then you may see changes when the plan renews for next year. Regardless of the specifics, the 2016 changes to Medicare will have some effect on everyone who is on Medicare currently or who will be enrolling.
Need more information?
If you would like to shop for Medicare Supplemental Plans or need help with Medicare give us a call, we will be happy to help 877-740-8683 or locally 936-756-6199.