What you’ll pay for Medicare next year
Dear Savvy Senior,
If you fit into this category, here’s what you’ll pay for your Part B premium next year, based on your 2015 tax returns:
• Individuals with incomes of $85,000 to $107,000, or married couples filing joint tax returns with incomes of $170,000 to $214,000, will pay $187.50 per month.
• Individuals earning $107,000 to $160,000 (couples $214,000 to $320,000) will pay $267.90 per month.
• Individuals with incomes of $160,000 to $214,000 (couples $320,000 to $428,000) will pay $348.30 per month.
• Individuals with incomes over $214,000 or couples above $428,000 will pay $428.60 per month.
Another increase that high-income beneficiaries (those with incomes over $85,000, or $170,000 for joint filers) need to be aware of is the surcharge on Part D premiums.
Affluent seniors that have a Medicare Part D prescription drug plan will pay an additional $13.30 to $76.20 per month, depending on their income, on top of their regular Part D premiums.
Deductibles and co-pays
Other changes that will affect all Medicare beneficiaries include the Part B deductible, which will increase from $166 in 2016 to $183 in 2017.
The Part A (hospital insurance) annual deductible will also go up to $1,316 in 2017 (it’s currently $1,288) for hospital stays up to 60 days. That increases to $329 per day for days 61 through 90, and to $658 a day for days 91 and beyond. And the skilled nursing facility coinsurance for days 21-100 will increase from $161 per day in 2016 to $164.50 per day next year.
For more information on all the Medicare costs for 2017, visit www.medicare.gov and click on “Find out how much Medicare costs in 2017,” or call 1-800-633-4227.
Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
