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This video addresses whether or not Medicare premiums will be going up in 2017.
There are several factors that will determine whether or not individuals will see an increase in Medicare premiums for 2017.
This video is specifically referring to Medicare part B premiums. Medicare Part B covers doctor visits and outpatient care.
Medicare Part A covers inpatient hospital stays and most people don’t pay premiums for Part A.
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Currently most people pay $121.80 per month for Part B premiums and have them deducted from their Social Security payments.
Other than legislative changes, Part B increases is largely determined by any Cost of Living Adjustment (COLA) in Social Security. Over the past few years the cost of living adjustment has been minimal. In other words, raises in Social Security are virtually non-existent.
It’s expected that most people will not see an increase in 2017 Medicare premiums but there are groups of people who will.
People who are newly entitled to Part B in 2017 you will pay more
Individuals with incomes above $85,000 annually will pay more (above $85,000 Medicare premiums are based on income)
People who do not have their Medicare premiums automatically deducted from their Social Security will pay more in Medicare premiums in 2017
In all, approximately 70% of Medicare beneficiaries will not see an increase in their Medicare premiums in 2017.
When are Medicare premiums announced? Medicare premiums are announced each year in October and become effective on January 1st.