Medicare Cost Increases For 2017
On November 10, 2016 Medicare announced costs increases for 2017 for Medicare beneficiaries. First and foremost; the annual Part B deductible is going to increase from $166 to $183. This means that folks with plans G and N will pay an additional $17 for the year in out-of-pockets costs, compared to what they paid in 2016. Remember, the Part B deductible is associated with outpatient doctor services. Go here for a full list of the costs associated with Medicare.
Does This Mean Plan F Is The Better Option?
No. Plan G still remains the better option as insurance carriers will have no option but to increase the premiums on Plan F to account for the higher embedded Part B deductible cost. See my explanation of my Plan G is better than F here. Plan G still remains the better option over Plan F. Insurance companies will not simply eat the cost of the Part B deductible increase on Plan F!
Other Medicare Cost Increases
The Part B premium is increasing from $104.90 to $109. This is only for those individuals who are protected by the”hold harmless agreement” and whom are not subject to the income-related adjustment (high income). Those who are not protected by the hold harmless agreement will pay $134 per month for 2017.
For those folks who are new to Medicare in 2017, you will pay a Part B premium of $134. This increased from $121.80 in 2016. See the chart below if you are going to be going onto Medicare for the first time in 2017. (Click to view the full image in a new window).
Other Cost Increases:
Below are other costs increases for 2017. NOTE: if you have a Medicare Supplement plan F, G or N these costs are covered at 100%!
Contact me if you have any questions at 800-208-4974, I’d be happy to answer your questions!
Alex Wender is the owner of Bluewaveinsurance.com. He’s an independent insurance agent who has helped 1,000’s of consumers purchase Medicare Supplement insurance online and over the phone.