Nov 3, 2015 Bad News for Some Medicare Beneficiaries
According to the Social Security Administration, Medicare Part B premiums will be going up beginning January 1, 2016 for more than 7 million Americans. The reason for this increase has to do with the decision not to do a cost of living increase for social security in 2016.
A provision in the law states that individuals already using Medicare & social security cannot have any increases to their premiums. So that means those new to Medicare (including those who have suspended their benefits) and high income earners will be making up the difference with higher premiums.
Here’s who will be impacted:
– New enrolles in 2016
– Enrollees who don’t collect Social Security yet
– Enrollees with high incomes (individuals earning $85,000 or married couples bringing in $170,000)
– Dual Medicare-Medicaid beneficiaries
There may still be time for Congress to act and make changes but there’s no guarantee.
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Market Update: February 2023