Update on Medicare's 2016 costs and deductibles

The Center for Medicare and Medicaid Services (CMS) released on November 10, 2015 what the monthly cost will be for Medicare's Part B (outpatient treatment) beginning January 1, 2016. Some points on these:

● Individuals currently enrolled in Part B, and not earning over $85,000, will continue to pay $104.90 each month. The amount is the same as in 2015 because CMS has a hold harmless regulation so a person's monthly payment will not be reduced if Social Security will not have a cost of living increase in the upcoming year.
Note: Part B's monthly cost for individuals is normally based on Medicare's total Part B cost; divided by everyone enrolled; and multiplied by 25%.

● Individuals who enroll in Medicare Part B effective January 2016 or later will have a monthly cost of $121.80.

● Everyone enrolled in Part B will continue to be responsible for 20% of the amount Medicare allows for any outpatient treatment. Most individuals buy a Medicare Supplement or a Medicare Advantage plan to cover their 20% cost sharing and the Part A and Part B deductibles.

● The recent federal budget authorization also added a $3 per month surcharge for Part B. It will be added to the monthly cost of everyone enrolled beginning January 1, 2017.

● Medicare's Part A (hospitalization) has a per admission deductible. It will be $1,288 for 2016 up from $1,260.

● Medicare's Part B has an annual deductible. It will be $166 for 2016 up from $147.

Questions - Call my Google Voice # today - (860) 451-9793 if any questions about Medicare in 2016 or a Medicare Health plan to cover your share of Medicare's treatment expenses.