Changes for Medicare Parts A & B in 2017
Hi I'm Lynn Zaffke
I'm a licensed insurance broker who specializes in Medicare supplement insurance and retirement planning. My email address is at the bottom.
Medicare Part A does not have a premium for most people, that does not change. Part A deductible for 2017 is going to go up $1316 for the first 60 days in the hospital. For 2016 the deductible for Medicare Part A was $1,288, so that's a $28 increase. The rest of the deductibles for Part A are also increasing. For instance Skilled Nursing Care is going to $164.00 from $161.00. The first twenty days will still be covered 100%. There are no changes for Hospice Care.
Now the Part B premium increase is rather confusing for 2017. Those of you who are currently paying $104.90 will see your premium increase to $109. This is due to the hold harmless provision in Medicare. as you may have been notified Social Security is going up .3% for 2017. Or about 4 – $5 on average. This is why the premium for Medicare Part B can only increase about $ $4.
Unfortunately, for those who turn 65 in 2017 and those who turned 65 in 2016, their Medicare Part B premium will increase from $121.10 to $134.00 for 2017. This is an increase of nearly $13.00. Due to the changes in Medicare last year the “hold harmless” provision does not include you.
If you are subject to MACRA or the Medicare Access and Chip Reauthorization Act of 2015 comma then your premium will also increase according to the income schedule.
Not only will your premiums go up in 2017 but the Part B annual deductible is going to increase from $166 to $183 dollars annually. this increase will affect people who are on original Medicare and a supplement Plan that does not cover the Part B Deductible.
If you are on a Medicare Advantage plan this increase will not affect you as it is absorbed by your plan.
I have not included the changes to Medicare prescription drug plans to this presentation as there are so many plans and changes to each of those plans to put into this video.
I hope you find this video helpful and will subscribed to my YouTube channel.
Information for this video came from the press release by the CMS titled: “2017 Medicare Parts a & B Premiums and Deductibles Announced” on November 10, 2016.
My name is Lynn Zaffke. I'm a licensed insurance broker who specializes in Medicare and retirement planning. If you have any questions my email address is [email protected]