The standard Part B premium amount in 2017 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). Social Security will tell you the exact amount you’ll pay for Part B in 2017. You’ll pay the standard premium amount if:
As Medicare Part B premiums rise, survival strategies for 2017
• Sign up for Part B as soon as eligible. If you don’t sign up for Medicare Part B as soon as you’re eligible in most, but not all, cases you’ll have to pay a late-enrollment penalty for as long as you have Part B, says Daniels. Plus, you won’t be among those held harmless if that provision is triggered when you do enroll for the first time. “Too often, older employees, delay enrollment in Part B because the employer is providing health insurance benefits,” says Oh. “However, that also exposes future beneficiaries to ongoing rises in Part B premiums.”
Medicare Part B Monthly Premium 2017
Actually, these numbers are valid for most persons on Medicare. You will have to pay a higher premium if you filed an individual tax return last year and reported income over $85,000 or $170,000 for a joint return. Depending on the amount of your taxable income, you may have to pay between $187.50 up to the maximum Part B premium of $428.60 per person. Fortunately, income-related adjustments affect less than 5 percent of Medicare beneficiaries. If you have to pay a higher Part B premium because of your income, you should be notified by Social Security.
2017 Medicare Part B Premiums for New Enrollees
High-income earners pay more for their Medicare Part B premiums. The income is determined by your tax return two years prior. So if your first year on Medicare is 2017, your 2015 modified adjusted gross income (MAGI) (based on the numbers in your tax return) will be used to determine your premium amounts. It is based on the schedule below.
The surprising news about 2017 Medicare premiums and deductibles you may have missed
However, the COLA this year was zero, so most people saw their Part B premiums frozen for 2016. However, about 30 percent of Medicare enrollees are not held harmless, and the 2016 premiums for most of them rose to $121.80 a month. This group includes people who do not yet receive Social Security, those new to Medicare, people whose Medicare premiums are not deducted from Social Security, lower-income Medicare enrollees who also receive Medicaid and people who pay higher-income premiums for Medicare.